Cover
Cover - shares | 9 Months Ended | |
Aug. 31, 2023 | Oct. 16, 2023 | |
Cover [Abstract] | ||
DocumentType | 10-Q | |
Amendment Flag | false | |
DocumentQuarterlyReport | true | |
DocumentTransitionReport | false | |
DocumentPeriodEndDate | Aug. 31, 2023 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --11-30 | |
FileNumber | 333-255392 | |
RegistrantName | ANKAM, INC. | |
Entity Central Index Key | 0001781629 | |
TaxIdentificationNumber | 61-1900749 | |
IncorporationStateCountryCode | NV | |
AddressLine1 | 5348 Vegas Drive | |
AddressCity | Las Vegas | |
AddressState | NV | |
AddressPostalZipCode | 89108 | |
CityAreaCode | 136 | |
LocalPhoneNumber | 12325001 | |
EntityCurrentReportingStatus | Yes | |
InteractiveDataCurrent | No | |
FilerCategory | Non-accelerated Filer | |
SmallBusiness | true | |
Emerging growth company | true | |
extended transition period | false | |
ShellCompany | false | |
CommonStockSharesOutstanding | 4,327,996 |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Aug. 31, 2023 | Nov. 30, 2022 |
CURRENT ASSETS: | ||
Cash | $ 355 | $ 2,277 |
Accounts receivable | 4,800 | |
Prepaid expenses | 20,099 | |
Right-of-use asset, net | 35,058 | 169,752 |
Total current assets | 55,512 | 176,829 |
Project in process | 198,710 | 198,710 |
Capitalized software costs, net | 49,558 | 70,491 |
TOTAL ASSETS | 303,780 | 446,030 |
CURRENT LIABILITIES: | ||
Accounts payable and accrued expenses | 83,175 | 123,499 |
Deferred revenue | 9,057 | 4,000 |
Related party loan | 450,367 | 215,017 |
Lease liability | 22,885 | 149,660 |
Total current liabilities | 565,484 | 492,176 |
Total liabilities | 565,484 | 492,176 |
STOCKHOLDERS’ DEFICIT: | ||
Common stock: $0.001 par value, 75,000,000 shares authorized, 4,327,996 shares issued and outstanding | 4,328 | 4,328 |
Additional paid in capital | 31,262 | 31,262 |
Accumulated deficit | (297,294) | (81,736) |
Total stockholders’ deficit | (261,704) | (46,146) |
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | $ 303,780 | $ 446,030 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Aug. 31, 2023 | Nov. 30, 2022 |
Statement of Financial Position [Abstract] | ||
Common StockP Stated Value Per Share | $ 0.001 | $ 0.001 |
CommonStockSharesAuthorized | 75,000,000 | 75,000,000 |
CommonStockShares | 4,327,996 | 4,327,996 |
CommonStockShares | 4,327,996 | 4,327,996 |
STATEMENTS OF OPERATIONS
STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2023 | Aug. 31, 2022 | Aug. 31, 2023 | Aug. 31, 2022 | |
Income Statement [Abstract] | ||||
REVENUE: | $ 5,999 | $ 19,697 | ||
General and administrative expenses | 63,038 | 5 | 189,000 | 4,730 |
Professional fees | 4,989 | 3,635 | 25,322 | 14,403 |
Amortization | 6,978 | 5,144 | 20,933 | 6,266 |
Total expenses | 75,004 | 8,784 | 235,255 | 25,399 |
Loss before income taxes | (69,005) | (8,784) | (215,558) | (25,399) |
Provision for income taxes | ||||
NET LOSS | $ (69,005) | $ (8,784) | $ (215,558) | $ (25,399) |
Net loss per common share - basic | $ (0.02) | $ 0 | $ (0.05) | $ 0 |
Weighted average number of common shares outstanding - basic and diluted | 4,327,996 | 4,327,996 | 4,327,996 | 4,004,149 |
Statements of Changes in Stockh
Statements of Changes in Stockholders Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance, shares | 3,250,000 | |||
Beginning balance, value at Nov. 30, 2021 | $ 3,250 | $ (26,445) | $ (23,195) | |
Common stock issued for cash | 967 | 28,043 | $ 29,010 | |
Common stock issued for cash | 967,000 | |||
Net loss | (10,073) | $ (10,073) | ||
Ending balance, value at Feb. 28, 2022 | 4,217 | 28,043 | (36,518) | $ (4,258) |
Balance, shares | 4,217,000 | |||
Common stock issued for cash | 111 | 3,219 | $ 3,330 | |
Common stock issued for cash | 110,996 | |||
Net loss | (6,542) | $ (6,542) | ||
Ending balance, value at May. 31, 2022 | 4,328 | 31,262 | (43,060) | $ (7,470) |
Balance, shares | 4,327,996 | |||
Net loss | (8,784) | $ (8,784) | ||
Ending balance, value at Aug. 31, 2022 | 4,328 | 31,262 | (51,844) | $ (16,254) |
Balance, shares | 4,327,996 | |||
Balance, shares | 4,327,996 | |||
Beginning balance, value at Nov. 30, 2022 | 4,328 | 31,262 | (81,736) | $ (46,146) |
Net loss | (81,677) | (81,677) | ||
Ending balance, value at Feb. 28, 2023 | 4,328 | 31,262 | (163,413) | $ (127,823) |
Balance, shares | 4,327,996 | |||
Net loss | (64,876) | $ (64,876) | ||
Ending balance, value at May. 31, 2023 | 4,328 | 31,262 | (228,289) | $ (69,005) |
Balance, shares | 4,327,996 | |||
Net loss | (69,005) | $ (69,005) | ||
Ending balance, value at Aug. 31, 2023 | $ 4,328 | $ 31,262 | $ (297,294) | $ (261,704) |
Balance, shares | 4,327,996 |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 9 Months Ended | 12 Months Ended | |
Aug. 31, 2023 | Aug. 31, 2022 | Nov. 30, 2022 | |
Cash Flows from Operating Activities: | |||
Net loss | $ (215,558) | $ (25,399) | |
Amortization expense | 20,933 | 6,266 | |
Accounts receivable | 4,800 | ||
Prepaid expenses | (20,099) | 3,265 | |
Project in process | (134,810) | ||
Right-of-use asset/liability, net | 7,919 | ||
Accounts payable and accrued expenses | (40,324) | 92,599 | |
Deferred revenue | 5,057 | ||
Net cash used in operating activities | (237,272) | (58,079) | |
Cash Flow from Investing Activities: | |||
Purchase of software | (77,000) | ||
Net cash used in investing activities | (77,000) | ||
Cash Flows from Financing Activities: | |||
Proceeds from the issuance of common stock | 32,340 | ||
Related party activity, net | 235,350 | 106,013 | |
Net cash provided by financing activities | 235,350 | 138,353 | |
NET CHANGE IN CASH | (1,922) | 3,274 | |
CASH AT BEGINNING OF THE PERIOD | 2,277 | 877 | $ 877 |
CASH AT THE END OF THE PERIOD | 355 | 4,151 | 2,277 |
Cash paid for interest | |||
Cash paid for income taxes |
ORGANIZATION AND NATURE OF BUSI
ORGANIZATION AND NATURE OF BUSINESS | 9 Months Ended |
Aug. 31, 2023 | |
Accounting Policies [Abstract] | |
ORGANIZATION AND NATURE OF BUSINESS | NOTE 1 – ORGANIZATION AND NATURE OF BUSINESS Ankam, Inc. (the “Company”) was incorporated in August 2018 under the laws of the State of Nevada. The Company's product is MoneySaverApp, an application created to aggregate various discount cards on your mobile device. This way, users can easily access any discounts at any time. The idea for the app emerged as a way to simplify the use of discount cards and enable people to share them with anyone. With this product, users can obtain discounts for services such as chain stores, gas stations, car dealerships, sports clubs, laundries, pharmacies, clinics, airlines, beauty salons, restaurants, clubs, internet service providers, car repair shops, pet stores, and other customer loyalty programs. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Aug. 31, 2023 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Interim Financial Statements The unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The results of operations for such periods are not necessarily indicative of the results expected for a full year or for any future period. Therefore, these financial statements should be read in conjunction with the Company’s audited financial statements and notes filed with the Securities and Exchange Commission (the “SEC”) for the year ended November 30, 2022. Basis of presentation The accompanying financial statements have been prepared in accordance with GAAP and pursuant to the rules and regulations of the SEC and reflect all adjustments, consisting of normal recurring adjustments, which management believes are necessary to fairly present the financial position, results of operations and cash flows of the Company for the nine months ended August 31, 2023 and 2022. Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. Revenue Recognition The Company offers a newsletter subscription, which contains the most significant news in the cryptocurrency market. In most cases identified articles show price changes, experts opinions, technical information that can be used to understand the market and make right decisions in this area. 8 ANKAM, INC. NOTES TO THE FINANCIAL STATEMENTS As of August 31, 2023 (Unaudited) The Company recognizes revenue in accordance with Accounting Standards Update (“ASU”) No. 2014-09, "Revenue from Contracts with Customer" Step 1: Identify the contract with a customer Step 2: Identify the performance obligations in the contract Step 3: Determine the transaction price Step 4: Allocate the transaction price to the performance obligations in the contract Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation The Company recognizes revenue when title, ownership, and risk of loss pass to the customer, all of which occurs upon shipment or delivery of the product. The Company collects payment from customers before the service is provided. If deposits are collected before the service is provided, the Company recognizes deferred revenue. Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are recorded at invoiced amount and generally do not bear interest. An allowance for doubtful accounts is established, as necessary, based on past experience and other factors which, in management's judgment, deserve current recognition in estimating bad debts. Such factors include growth and composition of accounts receivable, the relationship of the allowance for doubtful accounts to accounts receivable, and current economic conditions. As of August 31, 2023 and November 30, 2022 the Company had no allowance for bad debt. Capitalized Software Costs The Company capitalizes the application development phase costs of internal use software in accordance with Accounting Standards Codification (“ASC”) 350-40, “ Intangibles-Goodwill and Other-Internal Use Software Impairment of Long-Lived Assets The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the asset’s carrying amount may not be recoverable. The Company conducts its long-lived asset impairment analyses in accordance with ASC 360-10-15, “Impairment or Disposal of Long-Lived Assets”. 9 ANKAM, INC. NOTES TO THE FINANCIAL STATEMENTS As of August 31, 2023 (Unaudited) Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. Earnings (Loss) Per Share The Company reports earnings (loss) per share in accordance with ASC 260, “Earnings per Share” Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance on deferred tax assets is established when management considers it is more likely than not that some portion or all of the deferred tax assets will not be realized. Tax benefits from an uncertain tax position are only recognized if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate resolution. Interest and penalties related to unrecognized tax benefits are recorded as incurred as a component of income tax expense. The Company has not recognized any tax benefits from uncertain tax positions for any of the reporting periods presented. Lease ASC 842, "Leases", 10 ANKAM, INC. NOTES TO THE FINANCIAL STATEMENTS As of August 31, 2023 (Unaudited) Recent Accounting Pronouncements The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe any of these pronouncements will have a material impact on the Company. |
GOING CONCERN
GOING CONCERN | 9 Months Ended |
Aug. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | NOTE 3 – GOING CONCERN The accompanying financial statements have been prepared in conformity with GAAP, which contemplates continuation of the Company as a going concern. As a development-stage company, the Company had minimal revenues and incurred losses as of August 31, 2023. The Company currently has limited working capital, and has not completed its efforts to establish a stabilized source of revenue sufficient to cover operating costs over an extended period of time. Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses. The Company intends to position itself so that it will be able to raise additional funds through the capital markets. In light of management’s efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern. |
RIGHT-OF-USE ASSET
RIGHT-OF-USE ASSET | 9 Months Ended |
Aug. 31, 2023 | |
Leases [Abstract] | |
RIGHT-OF-USE ASSET | NOTE 4 – RIGHT-OF-USE ASSET The Company entered into a lease in November 2022 for a period of one year to rent servers on which the web-version of the crypto wallet is actually running and on which the web wallet and app code are being developed. The monthly rental amount is $14,966. The server agreement balance as of August 31, 2023 and November 30, 2022 is $ 35,058 169,752 The Company determined this transaction to reflect an operating lease. The entire invoice was due upon invoice on November 11, 2022 and the Company is making payments towards the balance periodically, however, there are no extended terms for payment. Therefore, the present value of the lease is the invoice date, and all remaining amounts are due and are reflected in the current liability section of the balance sheets. During the three months ended August 31, 2023 and 2022, the Company recorded $44,898 and $0 as operating lease expenses which is included in general and administrative expenses on the statements of operations. During the nine months ended August 31, 2023 and 2022, the Company recorded $134,694 and $3,715 as operating lease expenses which is included in general and administrative expenses on the statements of operations. Operating right-of-use are summarized below: August 31, 2023 November 30, 2022 Server rental $ 179,592 $ 179,592 Less: accumulated amortization (144,534) (9,840) Right-of-use, net $ 35,058 $ 169,752 11 ANKAM, INC. NOTES TO THE FINANCIAL STATEMENTS As of August 31, 2023 (Unaudited) Operating lease liabilities are summarized below: August 31, 2023 November 30, 2022 Server rental $ 22,885 $ 149,660 Less: current portion 22,885 149,660 Long term portion $ - $ - |
PROJECT IN PROGRESS
PROJECT IN PROGRESS | 9 Months Ended |
Aug. 31, 2023 | |
Project In Progress | |
PROJECT IN PROGRESS | NOTE 5 – PROJECT IN PROGRESS The Company is developing and implementing a cryptocurrency wallet project. Upon completion of the development, the Company will receive an application with a cryptocurrency wallet and a version of the website. The initial estimated cost of the project was $255,800, of which $77,000 has been completed and capitalized as shown in Note 6. As of August 31, 2023, the total cost of the project is approximately $276,000. The project is planned to launch in January 2024. The Company believes that the development of this application will be relevant for 3 years with its constant testing, adjustment, control and improvement of functionality based on user feedback. |
CAPITALIZED SOFTWARE COSTS
CAPITALIZED SOFTWARE COSTS | 9 Months Ended |
Aug. 31, 2023 | |
Leases [Abstract] | |
CAPITALIZED SOFTWARE COSTS | NOTE 6 – CAPITALIZED SOFTWARE COSTS Useful Life As of August 31, 2023 As of November 30, 2022 Cryptocurrency Web Wallet + App 3 years $ 77,000 $ 77,000 MoneySaver App 3 years 6,735 6,735 Total capitalized software 83,735 83,735 Accumulated amortization (34,177) (13,244) Balance $ 49,558 $ 70,491 During the three months ended August 31, 2023 and 2022, the amortization expense was $6,978 and $5,144, respectively. During the nine months ended August 31, 2023 and 2022, the amortization expense was $20,933 and $6,266, respectively. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Aug. 31, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 7 – RELATED PARTY TRANSACTIONS The Company owed its sole director $450,367 and $215,017 as of August 31, 2023 and November 30, 2022, respectively, for unpaid operating advances. This loan is unsecured, non-interest bearing and due on demand. 12 ANKAM, INC. NOTES TO THE FINANCIAL STATEMENTS As of August 31, 2023 (Unaudited) |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Aug. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 8 – COMMITMENTS AND CONTINGENCIES During the normal course of business, the Company may be exposed to litigation. When the Company becomes aware of potential litigation, it evaluates the merits of the case in accordance with Financial Accounting Standards Board (“FASB”) ASC 450-20-50, “Contingencies” |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Aug. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 9 – INCOME TAXES The components of the Company’s provision for federal income tax August 31, 2023 November 30, 2022 Federal income tax benefit attributable to: Current operations $ 297,294 $ 81,736 Less: valuation allowance (297,294) (81,736) Net provision for federal income taxes $ - $ - The cumulative tax effect at the expected rate of 21% of significant items comprising our net deferred tax August 31, 2023 November 30, 2022 Deferred tax asset attributable to: Net operating loss carryover $ 62,432 $ 17,165 Less: valuation allowance (62,432) (17,165) Net deferred tax asset $ - $ - Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards of $297,294 as of August 31, 2023, for federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur, net operating loss carry forwards may be limited as to use in future years. 13 ANKAM, INC. NOTES TO THE FINANCIAL STATEMENTS As of August 31, 2023 (Unaudited) |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Aug. 31, 2023 | |
Accounting Policies [Abstract] | |
SUBSEQUENT EVENTS | NOTE 10 – SUBSEQUENT EVENTS In accordance with ASC 855-10, “Subsequent Events” The Company has elected to divest the cryptocurrency wallet in October 2023. Currently, the Company is engaged in discussions about the sale of the cryptocurrency wallet and already has a letter of intent for a potential sale. Commencing from September 2023, the Company has initiated the development of a new expense planner mobile application "Expense Minder". The Company intends to communicate updates regarding the ongoing development of the Expense Minder to stakeholders and potential users through the Ankam, Inc. website. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Aug. 31, 2023 | |
Accounting Policies [Abstract] | |
Financial Statements | Interim Financial Statements The unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The results of operations for such periods are not necessarily indicative of the results expected for a full year or for any future period. Therefore, these financial statements should be read in conjunction with the Company’s audited financial statements and notes filed with the Securities and Exchange Commission (the “SEC”) for the year ended November 30, 2022. |
Basis of presentation | Basis of presentation The accompanying financial statements have been prepared in accordance with GAAP and pursuant to the rules and regulations of the SEC and reflect all adjustments, consisting of normal recurring adjustments, which management believes are necessary to fairly present the financial position, results of operations and cash flows of the Company for the nine months ended August 31, 2023 and 2022. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. |
Revenue Recognition | Revenue Recognition The Company offers a newsletter subscription, which contains the most significant news in the cryptocurrency market. In most cases identified articles show price changes, experts opinions, technical information that can be used to understand the market and make right decisions in this area. 8 ANKAM, INC. NOTES TO THE FINANCIAL STATEMENTS As of August 31, 2023 (Unaudited) The Company recognizes revenue in accordance with Accounting Standards Update (“ASU”) No. 2014-09, "Revenue from Contracts with Customer" Step 1: Identify the contract with a customer Step 2: Identify the performance obligations in the contract Step 3: Determine the transaction price Step 4: Allocate the transaction price to the performance obligations in the contract Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation The Company recognizes revenue when title, ownership, and risk of loss pass to the customer, all of which occurs upon shipment or delivery of the product. The Company collects payment from customers before the service is provided. If deposits are collected before the service is provided, the Company recognizes deferred revenue. |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are recorded at invoiced amount and generally do not bear interest. An allowance for doubtful accounts is established, as necessary, based on past experience and other factors which, in management's judgment, deserve current recognition in estimating bad debts. Such factors include growth and composition of accounts receivable, the relationship of the allowance for doubtful accounts to accounts receivable, and current economic conditions. As of August 31, 2023 and November 30, 2022 the Company had no allowance for bad debt. |
Capitalized Software Costs | Capitalized Software Costs The Company capitalizes the application development phase costs of internal use software in accordance with Accounting Standards Codification (“ASC”) 350-40, “ Intangibles-Goodwill and Other-Internal Use Software |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the asset’s carrying amount may not be recoverable. The Company conducts its long-lived asset impairment analyses in accordance with ASC 360-10-15, “Impairment or Disposal of Long-Lived Assets”. 9 ANKAM, INC. NOTES TO THE FINANCIAL STATEMENTS As of August 31, 2023 (Unaudited) |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Earnings (Loss) Per Share | Earnings (Loss) Per Share The Company reports earnings (loss) per share in accordance with ASC 260, “Earnings per Share” |
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance on deferred tax assets is established when management considers it is more likely than not that some portion or all of the deferred tax assets will not be realized. Tax benefits from an uncertain tax position are only recognized if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate resolution. Interest and penalties related to unrecognized tax benefits are recorded as incurred as a component of income tax expense. The Company has not recognized any tax benefits from uncertain tax positions for any of the reporting periods presented. |
Lease | Lease ASC 842, "Leases", 10 ANKAM, INC. NOTES TO THE FINANCIAL STATEMENTS As of August 31, 2023 (Unaudited) |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 9 Months Ended |
Aug. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
federal income tax | The components of the Company’s provision for federal income tax August 31, 2023 November 30, 2022 Federal income tax benefit attributable to: Current operations $ 297,294 $ 81,736 Less: valuation allowance (297,294) (81,736) Net provision for federal income taxes $ - $ - |
net deferred tax | The cumulative tax effect at the expected rate of 21% of significant items comprising our net deferred tax August 31, 2023 November 30, 2022 Deferred tax asset attributable to: Net operating loss carryover $ 62,432 $ 17,165 Less: valuation allowance (62,432) (17,165) Net deferred tax asset $ - $ - |
RIGHT-OF-USE ASSET (Details Nar
RIGHT-OF-USE ASSET (Details Narrative) - USD ($) | Aug. 31, 2023 | Nov. 30, 2022 |
Leases [Abstract] | ||
server agreement balance as | $ 169,752 | $ 35,058 |
federal income tax (Details)
federal income tax (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |
Aug. 31, 2023 | Aug. 31, 2022 | Nov. 30, 2022 | |
Income Tax Disclosure [Abstract] | |||
Current operations | $ 297,294 | $ 81,736 | |
Less: valuation allowance | (297,294) | (81,736) | |
Net provision for federal income taxes |
net deferred tax (Details)
net deferred tax (Details) - USD ($) | Aug. 31, 2023 | Nov. 30, 2022 |
Income Tax Disclosure [Abstract] | ||
Net operating loss carryover | $ 62,432 | $ 17,165 |
Less: valuation allowance | (62,432) | (17,165) |
Net deferred tax asset |