| Summary of Significant Accounting Policies | Note 2 – Summary of Significant Accounting
Policies Basis of Presentation The financial statements for the Company are prepared
in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and the rules and
regulations of the Securities and Exchange Commission (“SEC”). The Company has adopted October 31 as its fiscal year end. Basis of Consolidation The consolidated financial statements are comprised
of all of the accounts of GMTech Inc. and Anptech Inc., a wholly owned subsidiary. All intercompany accounts and transactions have been
eliminated in consolidation. Use of Estimates Management uses estimates and assumptions in preparing
these financial statements in accordance with US GAAP. Those estimates and assumptions affect the reported amounts of assets and liabilities,
the disclosure of contingent assets and liabilities in the balance sheets, and the reported revenue and expenses during the periods reported.
Actual results may differ from these estimates. Cash and Cash Equivalents Cash and cash equivalents are carried at cost
and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an
original maturity of three months or less as of the purchase date of such investments. Accounts Receivable The Company’s accounts receivables arise
from provision of services to customers. In general, the Company invoices for services rendered at the time the service is provided or
the cost incurred. The Company reviews its receivables in accordance with Accounting Standards Update (“ASU”) 2016-13 Financial
Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASC 326”), which currently
has a minimal impact to the Company. In the event the Company does have accounts receivable, the Company will evaluate each reporting
period to provide a reserve against accounts receivable for estimated losses that may result from a customer’s inability to pay
based on customer-specific analysis and general matters such as current assessments of past due balances, economic conditions and forecasts,
and historical credit loss activity. Amounts determined to be uncollectible will be charged or written-off. The Company had accounts receivable
of zero no Revenue Recognition The Company recognizes revenue from service-related
agreements and contracts in accordance with Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers
(“ASC 606”) by applying the following steps: (1) identify the contract with a customer; (2) identify the performance obligations
in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract;
and (5) recognize revenue when each performance obligation is satisfied. Once a contract is determined to be within the scope of ASC 606
at contract inception, the Company reviews the contract to determine which performance obligations the Company must deliver and which
of these performance obligations are distinct. The performance obligations are consulting services to clients for their websites, apps,
and/or systems. Revenue is recognized each month during the service term of each contract. Amounts that have been invoiced are recorded
in accounts receivable and in either deferred revenue or revenue in the Company's consolidated financial statements, depending on whether
the underlying performance obligation has been satisfied. Deferred revenue consists of payments made in advance of services provided to
customers as defined within the contracts. For the nine months ended July 31, 2024, three customers accounted for 100 100 100 100 0 14,800 The Company provides IT consulting services to
businesses on a fixed-price basis. Revenue is recognized when services are provided over the period of service agreement. Any offsetting
costs or expenses are also recognized when services are provided to customers. In certain instances, the Company also determines whether
it acts as a principal or as an agent in a transaction. For services sourced through third-party exchanges, our accounting analysis for
principal versus agent follows the two-step evaluation prescribed in ASC 606-10-55-36A to evaluate the nature of our promise and conclude
whether we are the principal or agent: 1. Identify the specified good(s) or service(s)
provided to the customer (i.e., distinct good(s) or service(s)); and 2. Determine if GMTech controls each specified
good or service before that good or service is transferred to the customer. Step 1 - Identify the specified good(s) or service(s) ASC 606-10-55-36 indicates that an entity must
determine whether it is a principal or an agent for each specified good or service promised to the customer. As noted in BC24 of ASU 2016-08,
“The principal versus agent considerations relate to the application of Step 2 of the revenue recognition model—identify the
performance obligations in the contract. Appropriately identifying the good or service to be provided is a critical step in appropriately
identifying whether the nature of an entity’s promise is to act as a principal or an agent.” In determining the specified goods or services
provided to our customers, we considered the nature of our promise to customers, the customers’ perspectives and expectations, and
our contract with customers. The contracts with customers specify that we will provide consulting services to the client for the purpose
of website development and related services. The client will pay GMTech for the fees incurred on a fixed basis. There is an identified
service provided to the customer. Step 2 - Determine if GMTech controls each specified
good or service In accordance with ASC 606-10-55-37, an entity
is a principal if it controls the specific good or service before that good or service is transferred to a customer. The guidance further
states that an entity that is a principal may satisfy its performance obligation to provide the specified good or service itself or may
engage another party to satisfy some or all of the performance obligation on its behalf. In accordance with ASC 606-10-55-38 an entity
is an agent if the entity’s performance obligation is to arrange for the provision of the specified good or service by another party.
An entity that is an agent does not control the specified good or service provided by another party before that good or service is transferred
to the customer. When (or as) an entity that is an agent satisfies a performance obligation, the entity recognizes revenue in the amount
of any fee or commission to which it expects to be entitled in exchange for arranging for the specified goods or services to be provided
by the other party. An entity’s fee or commission might be the net amount of consideration that the entity retains after paying
the other party the consideration received in exchange for the goods or services to be provided by that party. ASC 606-10-55-39 sets forth the following indicators
of an entity that controls the specified good or service before it is transferred to the customer and is therefore a principal: a. The entity is primarily responsible for fulfilling
the promise to provide the specified good or service. This typically includes responsibility for the acceptability of the specified good
or service (for example, primary responsibility for the good or service meeting customer specifications). GMTech is primarily responsible to the customer
for projects and services for developed systems, websites and applications. GMTech contracts directly with the buyer and is viewed by
the buyer as the sole party responsible for fulfilling the buyer’s request. No other party contracts with the buyer or is obligated
to satisfy or fulfill the buyer’s request. GMTech considers this relationship critical in understanding the fulfillment obligations
and expectations of the buyer. b. The entity carries the risk before the specified
good or service has been transferred to a customer or after the transfer of control to the customer. GMTech holds the risk of the specified good or
service prior to transfer to the customer. c. The entity has discretion in establishing the
price for the specified good or service. GMTech is solely responsible for and has latitude
to establish the prices charged to the customer. The Company evaluated the guidance described in
ASC 606-10-55-36 through 55-40 and determined it is the principal in these transactions. This requires significant judgement and is based
on an assessment of the terms of customer arrangements in accordance with ASC 606. When the Company is the principal in a transaction,
revenue is reported on a gross basis, whereas revenues as an agent are reported net of the revenue share. The Company has determined it
is the principal in certain transactions in which the Company pays a commission to an agent for sales obtained for products through various
advertising measures. The Company pays a 30% commission of the gross sales of the service paid. Such commission costs are recorded as
advertising costs. For the nine months ended July 31, 2024, there were no commission costs paid. Deferred Revenue Deferred revenue consists of payments made in
advance of services provided to customers. The deferred revenue balances as of July 31, 2024 and October 31, 2023 are $ 0 14,800 Basic and Diluted Net Income (Loss) Per Share The Company computes net income (loss) per share
in accordance with ASC 260, Earning per Share (“ASC 260”). ASC 260 requires presentation of both basic and diluted earnings
per share (EPS) on the face of the income statement. Basic EPS is computed by dividing net income (loss) available to common shareholders
(numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive
potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted
method. In computing Diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased
from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. Income Taxes As a result of the implementation of certain provisions
of ASC 740, Income Taxes (“ASC 740”), which clarifies the accounting and disclosure for uncertainty in tax position, as defined,
ASC 740 seeks to reduce the diversity in practice associated with certain aspects of the recognition and measurement related to accounting
for income taxes. The Company has adopted the provisions of ASC 740 since inception and has analyzed filing positions in each of the federal
and state jurisdictions where the Company is required to file income tax returns, as well as open tax years in such jurisdictions. The
Company has identified the U.S. federal jurisdiction, and the state of New York, as its “major” tax jurisdictions. As of July
31, 2024, the 2020 through 2023 tax years generally remain subject to examination by federal and state authorities. The Company accounts for income taxes using the
asset and liability method prescribed by ASC 740. Under this method, deferred tax assets and liabilities are determined based on the difference
between the financial reporting and tax bases of assets and liabilities using enacted tax rates that will be in effect in the years in
which the differences are expected to reverse. The Company records a valuation allowance to offset deferred tax assets if based on the
weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred tax assets will not be realized. The
effect on deferred taxes of a change in tax rates is recognized as income or loss in the period that includes the enactment date. New U.S. federal tax legislation, commonly referred
to as the Tax Cuts and Jobs Act (the “U.S. Tax Reform”), was signed into law on December 22, 2017. The U.S. Tax Reform modified
the U.S. Internal Revenue Code by, among other things, reducing the statutory U.S. federal corporate income tax rate from 35% to 21% for
taxable years beginning after December 31, 2017; limiting and/or eliminating many business deductions; migrating the U.S. to a territorial
tax system with a one-time transaction tax on a mandatory deemed repatriation of previously deferred foreign earnings of certain foreign
subsidiaries; subject to certain limitations, generally eliminating U.S. corporate income tax on dividends from foreign subsidiaries;
and providing for new taxes on certain foreign earnings. Taxpayers may elect to pay the one-time transition tax over eight years, or in
a single lump-sum payment. Related Parties Parties, which can be a corporation or individual,
are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant
influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject
to common control or common significant influence. Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards
Board (“FASB”) issued Accounting Standards Update 2016-02 Leases (Topic 842) (“ASU 2016-02”) which supersedes
Topic 840, Leases. ASU 2016-02 applies to all entities that enter into leases. The new standard establishes a right-of-use model (ROU)
that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. The Company adopted ASU 2016-02 during the year
ended October 31, 2023. ASU 2016-02 contains certain practical expedients, which the Company has elected. The Company has elected to exempt
all leases that qualify as short-term leases (leases not longer than 12 months). On January 1, 2024, the Company adopted Accounting
Standards Update (“ASU”) 2016-13 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on
Financial Instruments (“ASC 326”). This standard replaced the incurred loss methodology with an expected loss methodology
that is referred to as the current expected credit loss (“CECL”) methodology. CECL requires an estimate of credit losses for
the remaining estimated life of the financial asset using historical experience, current conditions, and reasonable and supportable forecasts
and generally applies to financial assets measured at amortized cost, such as accounts receivable. At July 31, 2024, the Company’s
accounts receivable balance was zero. The adoption of ASU 2016-13 did not have a material impact to the Company’s financial statements. New Accounting Pronouncements The Company has reviewed recently issued accounting
pronouncements and plans to adopt those that are applicable to it. The Company does not expect the adoption of any other pronouncements
to have an impact on its results of operations or financial position. |
