10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 10-Q

[X] Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended May 31, 2023

or

[ ] Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from __________ to __________

Commission file number 333-255392

ANKAM INC.

(Exact name of registrant as specified in its charter)

Nevada		61-1900749	7370
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification Number)	(Primary Standard Industrial Classification Code Number)
	Bakur Kalichava 5348 Vegas Drive, Las Vegas, NV, 89108 +136-12325001 mainoffice@ankam.net
	(Address, including Zip Code, and Telephone Number, including Area Code, of Registrant's Principal Executive Office)

Securities registered under Section 12(b) of the Exchange Act:
Title of each class	Trading Symbol	Name of each exchange on which registered
N/a	N/a	N/a

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes [X]       No [ ]

Indicate by check mark whether the registrant has submitted electronically on its corporate Web site, if any, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes [ ]       No [X]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer	[   ]	Accelerated filer	[   ]
Non-accelerated Filer	[X]	Smaller reporting company	[X]
(Do not check if a smaller reporting company)		Emerging growth company	[X]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. [ ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes [ ]       No [X]

State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date: 4,327,996 common shares issued and outstanding as of July 14, 2023.

ANKAM

FORM 10-Q

Quarterly Period Ended May 31, 2023

INDEX

		Page
PART I	FINANCIAL INFORMATION:
Item 1.	Financial Statements (Unaudited)	5
	Balance Sheets as of May 31, 2023 (Unaudited) and November 30, 2022	6
	Statements of Operations for the three and six months ended May 31, 2023 and 2022 (Unaudited)	7
	Statements of Stockholders' Deficit for the three and six months ended May 31, 2023 and 2022 (Unaudited)	8
	Statements of Cash Flows for the six months ended May 31, 2023 and 2022 (Unaudited)	9
	Notes to the Financial Statements (Unaudited)	10
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	16
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	18
Item 4.	Controls and Procedures	19
PART II	OTHER INFORMATION:
Item 1.	Legal Proceedings	19
Item 1A.	Risk Factors	19
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	19
Item 3.	Defaults Upon Senior Securities	19
Item 4.	Mine Safety Disclosures	19
Item 5.	Other Information	19
Item 6.	Exhibits	20
Signatures		20

4

PART I - FINANCIAL INFORMATION

Item 1.   Financial Statements (Unaudited)

The accompanying interim financial statements of Ankam, Inc. (“the Company”, “we”, “us” or “our”), have been prepared without audit pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with United States generally accepted accounting principles have been omitted pursuant to such rules and regulations. 

The interim financial statements should be read in conjunction with the Company’s latest annual financial statements.

In the opinion of management, the financial statements contain all material adjustments, consisting only of normal adjustments considered necessary to present fairly the financial condition, results of operations, and cash flows of the Company for the interim periods presented.

5

ANKAM, INC

BALANCE SHEETS

	May 31, 2023 (Unaudited)		November 30, 2022
ASSETS
CURRENT ASSETS:
Cash	$	3,956	$	2,277
Accounts receivable		-		4,800
Prepaid Expenses		10,000		-
Right-of-use asset, net		79,956		169,752
Total current assets		93,912		176,829
Project in process		198,710		198,710
Capitalized software costs, net		56,536		70,491
TOTAL ASSETS	$	349,158	$	446,030
LIABILITIES AND STOCKHOLDERS’ DEFICIT
CURRENT LIABILITIES:
Accounts payable and accrued expenses	$	85,600	$	123,499
Deferred revenue		4,080		4,000
Related party loan		374,717		215,017
Lease liability		77,460		149,660
Total current liabilities		541,857		492,176
Total liabilities		541,857		492,176
Commitments and contingencies (Note 8)
STOCKHOLDERS’ DEFICIT:
Common stock: $0.001 par value, 75,000,000 shares authorized, 4,327,996 shares issued and outstanding as of May 31, 2023 and November 30, 2022, respectively		4,328		4,328
Additional paid in capital		31,262		31,262
Accumulated deficit		(228,289)		(81,736)
Total stockholders’ deficit		(192,699)		(46,146)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT	$	349,158	$	446,030

The accompanying notes are an integral part of these unaudited financial statements.

6

ANKAM, INC
STATEMENTS OF OPERATIONS

(Unaudited)

	For three months ended May 31, 2023		For three months ended May 31, 2022		For six months ended May 31, 2023		For six months ended May 31, 2022
REVENUE:	$	10,598	$	-	$	13,698	$	-
EXPENSES:
General and administrative expenses		62,980		1,713		125,963		4,725
Professional fees		5,516		4,268		20,333		10,768
Amortization		6,978		561		13,955		1,122
Total expenses		75,474		6,542		160,251		16,615
Loss before income taxes		(64,876)		(6,542)		(146,553)		(16,615)
Provision for income taxes		-		-		-		-
NET LOSS	$	(64,876)	$	(6,542)	$	(146,553)	$	(16,615)
Net loss per common share - basic	$	(0.02)	$	(0.00)	$	(0.03)	$	(0.00)
Weighted average number of common shares outstanding - basic and diluted		4,327,996		4,257,739		4,327,996		3,818,448

The accompanying notes are an integral part of these unaudited financial statements.

7

ANKAM, INC.

STATEMENTS OF STOCKHOLDERS’ DEFICIT

(Unaudited)

	Common Stock			Additional Paid-in Capital		Accumulated Deficit		Total Stockholders' Deficit
	Shares	Amount
Balance as of November 30, 2021	3,250,000	$	3,250	$	-	$	(26,445)	$	(23,195)
Common stock issued for cash	967,000		967		28,043		-		29,010
Net loss	-		-		-		(10,073)		(10,073)
Balance as of February 28, 2022	4,217,000		4,217		28,043		(36,518)		(4,258)
Common stock issued for cash	110,996		111		3,219		-		3,330
Net loss	-		-		-		(6,542)		(6,542)
Balance as of May 31, 2022	4,327,996	$	4,328	$	31,262	$	(43,060)	$	(7,470)
Balance as of November 30, 2022	4,327,996	$	4,328	$	31,262	$	(81,736)	$	(46,146)
Net loss	-		-		-		(81,677)		(81,677)
Balance as of February 28, 2023	4,327,996		4,328		31,262		(163,413)		(127,823)
Net loss	-		-		-		(64,876)		(64,876)
Balance as of May 31, 2023	4,327,996	$	4,328	$	31,262	$	(228,289)	$	(192,699)

The accompanying notes are an integral part of these unaudited financial statements.

8

ANKAM, INC.
STATEMENTS OF CASH FLOWS

(Unaudited)

	For six months ended May 31, 2023		For six months ended May 31, 2022
Cash Flows from Operating Activities:
Net loss	$	(146,553)	$	(16,615)
Adjustments to reconcile net loss to net cash provided by operating activities:
Amortization expense		13,955		1,122
Changes in operating assets and liabilities:
Accounts receivable		4,800		-
Prepaid expenses		(10,000)		3,265
Project in process		-		(156,810)
Right-of-use asset/liability, net		17,596		-
Accounts payable and accrued expenses		(37,899)		167,500
Deferred revenue		80		-
Net cash used in operating activities		(158,021)		(1,538)
Cash Flow from Investing Activities:
Purchase of software		-		(55,000)
Net cash used in investing activities		-		(55,000)
Cash Flows from Financing Activities:
Proceeds from the issuance of common stock		-		32,340
Related party activity, net		159,700		31,013
Net cash provided by financing activities		159,700		63,353
NET INCREASE IN CASH		1,679		6,815
CASH AT BEGINNING OF THE PERIOD		2,277		877
CASH AT THE END OF THE PERIOD	$	3,956	$	7,692
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest	$	-	$	-
Cash paid for income taxes	$	-	$	-

The accompanying notes are an integral part of these unaudited financial statements.

9

ANKAM, INC.

NOTES TO THE FINANCIAL STATEMENTS

As of May 31, 2023

(Unaudited)

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.

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 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 Securities and Exchange Commission (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 six months ended May 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.

10

ANKAM

NOTES TO THE FINANCIAL STATEMENTS

As of May 31, 2023

(Unaudited)

The Company recognizes revenue in accordance with Accounting Standards Update (“ASU”) No. 2014-09, "Revenue from Contracts with Customer". The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements:

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 May 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”. Capitalized costs will be amortized on a straight-line basis over the estimated useful life of the asset upon completion.

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”. ASC 360-10-15 requires the Company to group assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities and evaluate the asset group against the sum of the undiscounted future cash flows. If the undiscounted cash flows do not indicate the carrying amount of the asset is recoverable, an impairment charge is measured as the amount by which the carrying amount of the asset group exceeds its fair value based on discounted cash flow analysis or appraisals.

11

ANKAM, INC.

NOTES TO THE FINANCIAL STATEMENTS

As of May 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”. Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during each period. Diluted earnings per share is computed by dividing net loss by the weighted-average number of shares of common stock, common stock equivalents and other potentially dilutive securities outstanding during the period. There were no dilutive securities as of May 31, 2023 and 2022.

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.

12

ANKAM, INC.

NOTES TO THE FINANCIAL STATEMENTS

As of May 31, 2023

(Unaudited)

Lease

ASC 842, "Leases", requires that lessees recognize right-of-use (“ROU”) assets and lease liabilities. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. ASC 842 distinguishes leases as either a finance lease or an operating lease that affects how the leases are measured and presented in the statements of operations and cash flows.

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.

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 May 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.

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 May 31, 2023 and November 30, 2022 is $79,956 and $169,752, respectively.

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 May 31, 2023 and 2022, the Company recorded $44,898 and $1,315 as operating lease expenses which is included in general and administrative expenses on the statements of operations. During the six months ended May 31, 2023 and 2022, the Company recorded $89,796 and $3,715 as operating lease expenses which is included in general and administrative expenses on the statements of operations.

13

ANKAM, INC.

NOTES TO THE FINANCIAL STATEMENTS

As of May 31, 2023

(Unaudited)

Operating right-of-use are summarized below:

	May 31, 2023		November 30, 2022
Server rental	$	179,592	$	179,592
Less: accumulated amortization		(99,636)		(9,840)
Right-of-use, net	$	79,956	$	169,752

Operating lease liabilities are summarized below:

	May 31, 2023		November 30, 2022
Server rental	$	77,460	$	149,660
Less: current portion		77,460		149,660
Long term portion	$	—	$	—

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 May 31, 2023, the total cost of the project is approximately $276,000. The project is planned to launch in September 2023.

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.

NOTE 6 – CAPITALIZED SOFTWARE COSTS

	Useful Life	As of May 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			(27,199)		(13,244)
Balance		$	56,536	$	70,491

During the three months ended May 31, 2023 and 2022, the amortization expense was $6,978 and $561, respectively. During the six months ended May 31, 2023 and 2022, the amortization expense was $13,955 and $1,122, respectively.

NOTE 7 – RELATED PARTY TRANSACTIONS

The Company owed its sole director $374,717 and $215,017 as of May 31, 2023 and November 30, 2022, respectively, for unpaid operating advances. This loan is unsecured, non-interest bearing and due on demand.

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”. The Company evaluates its exposure to the matter, possible legal or settlement strategies and the likelihood of an unfavorable outcome. If the Company determines that an unfavorable outcome is probable and can be reasonably estimated, it establishes the necessary accruals. As of May 31, 2023, the Company is not aware of any contingent liabilities that should be reflected in the financial statements.

14

ANKAM, INC.

NOTES TO THE FINANCIAL STATEMENTS

As of May 31, 2023

(Unaudited)

NOTE 9 – INCOME TAXES

The components of the Company’s provision for federal income tax for the six months ended May 31, 2023 and the year ended November 30, 2022 consists of the following:

		May 31, 2023		November 30, 2022
Federal income tax benefit attributable to:
Current operations	$	228,289	$	81,736
Less: valuation allowance		(228,289)		(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 amount is as follows:

		May 31, 2023		November 30, 2022
Deferred tax asset attributable to:
Net operating loss carryover	$	47,940	$	17,165
Less: valuation allowance		(47,940)		(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 $228,289 as of May 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.

NOTE 10 – SUBSEQUENT EVENTS

In accordance with ASC 855-10, “Subsequent Events”, the Company has analyzed its operations subsequent to May 31, 2023, through the date when financial statements were issued, and has determined that it does not have any material subsequent events to disclose in these financial statements.

15

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

DESCRIPTION OF BUSINESS

Business Strategy

Ankam Inc. (the “Company”) was incorporated in August 2018 under the laws of the State of Nevada. Ankam Inc. actively works in two directions: application development MoneySaver App and crypto wallet project.

MoneySaver App is an application created to aggregate various discount cards on a mobile device. The main advantage of the MoneySaver App is the user can get easy access to any discounts at any moment from anywhere. The idea of the app appeared as a way of simplifying the use of discount cards, enabling people to share them with anyone and getting new discounts.

Simultaneously, Ankam Inc. is focused on the development and implementation of the cryptocurrency wallet project. The Company creates a service with the ability to manage cryptocurrency funds. As an additional option, the functionality for real-time monitoring of cryptocurrency price changes with news overviews will be implemented as well.

The cryptocurrency wallet will have the functionality of buying coin by bank deposit and payment gateway. In addition, it will have a deposit, withdrawal, referral system, membership system, blocked coin, as well as getting bonus, and many other functions required to launch the wallet. The real-time monitoring function of cryptocurrency price changes will allow users to stay up to date, as well as those interested in news in the sphere of cryptocurrency. This service functionality is convenient and practical, as it enables users to perform all the transactions they need in one service, which, as a result, will save their time and efforts.

The project will be released as a web version https://wallet.ankam.net/ as well as an app. Users will be able to download a mobile app to keep the service always at hand, while the website will allow them to access their account from anywhere.

According to its wide functionality and ease of use, it will be the perfect platform to create your own cryptocurrency wallet.

Marketing  

The Company will begin its marketing program online, where our potential customers are likely to be able and willing to associate.

Advertising

With limited funds, the Company will rely on management for advertising decisions. The Company has developed an overall advertising scenario, which it has implemented in preliminary form. As more funds become available, the advertising budget will increase in a commensurate manner.

Employees

We have no employees other than our Director and President.

16

Description of Property

Our current office space is located at Besiki Business Center, Besiki 4, corner with Rustavelli Ave., Tbilisi, Georgia. The premises are provided to us by our President, Bakur Kalichava, for no consideration and is a ‘home office’. We believe these facilities are in good condition, but that we may need to expand our space as our research and development efforts increase.

Legal Proceedings

We are not involved in certain legal claims or proceedings, nor have we ever been.

RESULTS OF OPERATIONS

Three months ended May 31, 2023, compared to May 31, 2022

Revenues

During the three months ended May 31, 2023 and 2022, we have generated total revenue of $10,598 and $0, respectively.

In September 2022, the Company began selling its services, which caused an increase in revenue for the quarter ended May 31, 2023 compared to the quarter ended May 31, 2022.

Operating Expenses

Total operating expenses for the three months ended May 31, 2023 were $75,474 compared to $6,542 for the three months ended May 31, 2022. Our operating expenses consisted of general and administrative costs $62,980(May 31, 2022 - $1,713), professional fees $5,516 (May 31, 2022 - $4,268) and amortization $6,978 (May 31, 2022 - $561). Expenses increased in the three months ended May 31, 2023 primarily due to the server rental expense.

Net Losses

The net loss for the three months ended May 31, 2023, was $64,876, compared to $6,542 for the three months ended May 31, 2022, due to the factors discussed above.

Six months ended May 31, 2023, compared to May 31, 2022

Revenues

During the six months ended May 31, 2023 and 2022, we have generated total revenue of $13,698 and $0, respectively.

In September 2022, the Company began selling its services, which caused an increase in revenue for the six months ended May 31, 2023 compared to the six months ended May 31, 2022.

Operating Expenses

Total operating expenses for the six months ended May 31, 2023 were $160,251 compared to $16,615 for the six months ended May 31, 2022. Our operating expenses consisted of general and administrative costs $125,963 (May 31, 2022 - $4,725), professional fees $20,333 (May 31, 2022 - $10,768) and amortization $13,955 (May 31, 2022 - $1,122). Expenses increased in the six months ended May 31, 2023 primarily due to the server rental expense and professional expenses. Professional expenses increased due to transfer agent fees

Net Losses

The net loss for the six months ended May 31, 2023, was $146,553 compared to $16,615 for the six months ended May 31, 2022, due to the factors discussed above.

Liquidity and Capital Resources

As of May 31, 2023, our total assets were $349,158 and comprised of cash of $3,956, prepaid expenses of $10,000, right-of-use asset of $79,956, project in process of $198,710 and capitalized software costs of $56,536. Our total liabilities were $541,857 and comprised of advances from our director of $374,717, deferred revenue of $4,080, lease liability of $77,460 and accounts payable and accrued expenses of $85,600.

As of November 30, 2022, our total assets were $446,030 and comprised of cash of $2,277, accounts receivable of $4,800, project in process of $198,710, right-of-use asset of $169,752 and capitalized software costs of $70,491. Our total liabilities were $492,176 and comprised of advances from our director of $215,017, deferred revenue of $4,000, lease liability of $149,660 and accounts payable and accrued expenses of $123,499.

17

Stockholders’ deficit has increased from $46,146 as of November 30, 2022 to $192,699 as of May 31, 2023.

The Company has accumulated a deficit of $228,289 as of May 31, 2023, compared to $81,736 as of November 30, 2022, and further losses are anticipated in the development of its business.

During the six months ended May 31, 2023, the Company used $158,021 of cash in operating activities due to its net loss $146,553 increase in amortization expense of $13,955, decrease in accounts receivable of $4,800, increase in prepaid expenses of $10,000, decrease in right-of-use asset/liability, net of $17,596, increase in account payable of $37,899 and increase in deferred revenue of $80.  

Net cash flows provided by financing activities for the six months ended May 31, 2023, were $159,700 due to proceeds from related party loan.

Off-Balance Sheet Arrangements

As of May 31, 2023, we did not have any off-balance sheet arrangements that have or are reasonably likely to have a material current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

Limited Operating History and Need for Additional Capital

There is no historical financial information about us upon which to base an evaluation of our performance. We are in start-up stage operations and have generated limited revenues. Our business is subject to risks inherent in the establishment of a new business enterprise, including limited capital resources and possible cost overruns due to price and cost increases in services and products.

We have no assurance that future financing will be available to us on acceptable terms. If financing is not available on satisfactory terms, we may be unable to continue, develop or expand our operations. Equity financing could result in additional dilution to existing shareholders.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Not Applicable.

18

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

We carried out an evaluation as of May 31, 2023, under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, who are one and the same, of the effectiveness of our disclosure controls and procedures (as defined in Exchange Act Rules 13a–15(f) and 15d–15(e)). Based upon that evaluation, our principal executive officer and principal financial officer concluded that, as of the end of the period covered in this report, our disclosure controls and procedures were not effective to ensure that information required to be disclosed in reports filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the required time periods and is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting during our most recent quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

During the period ending May 31, 2023, there were no pending or threatened legal actions against us.

Item 1A. Risk Factors

As a smaller reporting company, we are not required to provide the information required by this Item.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Not Applicable.

Item 3. Defaults Upon Senior Securities

Not Applicable.

Item 4. Mine Safety Disclosures

Not Applicable.

Item 5. Other Information

There is no other information required to be disclosed under this item that has not previously been reported.

19

Item 6. Exhibits

Exhibit No.	Description
31.1	Certification of Chief Executive Officer and Chief Financial Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(a) or 15d-14(a).
32.1	Certifications pursuant to Securities Exchange Act of 1934 Rule 13a-14(b) or 15d-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes- Oxley Act of 2002.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	ANKAM
Date: July 14, 2023	By:	/s/ Bakur Kalichava
		Name: Bakur Kalichava Title: President, Secretary, Treasurer, Director, Chief Executive Officer (Principal Executive Officer) and Chief Financial Officer (Principal Financial and Accounting Officer)

20

EX-31.1

Exhibit 31.1

Certification

I, Bakur Kalichava, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of  Ankam Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:

a)	designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)	designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability o f financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)	evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)	disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)	all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)	any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

	ANKAM
Date: July 14, 2023	By:	/s/ Bakur Kalichava
		Name: Bakur Kalichava Title: President, Secretary, Treasurer, Director, Chief Executive Officer (Principal Executive Officer) and Chief Financial Officer (Principal Financial and Accounting Officer)

EX-32.1

Exhibit 32.1

CERTIFICATION

In connection with the Quarterly Report of Ankam Inc. (the “Company”) on Form 10-Q for the quarter ended  May 31, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”) I, Bakur Kalichava, Principal Executive, Financial and Accounting Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

	ANKAM
Date: July 14, 2023	By:	/s/ Bakur Kalichava
		Name: Bakur Kalichava Title: President, Secretary, Treasurer, Director, Chief Executive Officer (Principal Executive Officer) and Chief Financial Officer (Principal Financial and Accounting Officer)

XML

Cover - shares	6 Months Ended
	May 31, 2023	Jul. 14, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	May 31, 2023
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--11-30
File Number	333-255392
Registrant Name	ANKAM INC.
Entity Central Index Key	0001781629
TaxIdentification Number	61-1900749
Incorporation State	NV
Address Line1	5348 Vegas Drive
Address City	Las Vegas
Address State	NV
Address Postal Zip Code	89108
City Area Code	136
Local Phone Number	12325001
Current Reporting Status	Yes
Interactive Data Current	No
Filer Category	Non-accelerated Filer
Small Business	true
Emerging Growth Company	true
extended transition period	false
Shell Company	false
Common Stock Shares Outstanding		4,327,996

XML

BALANCE SHEETS - USD ($)	May 31, 2023	Nov. 30, 2022
CURRENT ASSETS:
Cash	$ 3,956	$ 2,277
Accounts receivable		4,800
Prepaid Expenses	10,000
Right-of-use asset, net	79,956	169,752
Total current assets	93,912	176,829
Project in process	198,710	198,710
Capitalized software costs, net	56,536	70,491
TOTAL ASSETS	349,158	446,030
CURRENT LIABILITIES:
Accounts payable and accrued expenses	85,600	123,499
Deferred revenue	4,080	4,000
Related party loan	374,717	215,017
Lease liability	77,460	149,660
Total current liabilities	541,857	492,176
Total liabilities	541,857	492,176
STOCKHOLDERS’ DEFICIT:
Common stock: $0.001 par value, 75,000,000 shares authorized, 4,327,996 shares issued and outstanding as of May 31, 2023 and November 30, 2022, respectively	4,328	4,328
Additional paid in capital	31,262	31,262
Accumulated deficit	(228,289)	(81,736)
Total stockholders’ deficit	(192,699)	(46,146)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT	$ 349,158	$ 446,030

XML

BALANCE SHEETS (Parenthetical) - $ / shares	May 31, 2023	Nov. 30, 2022
Statement of Financial Position [Abstract]
Common Stock Stated Value	$ 0.001	$ 0.001
Common Stock Shares Authorized	75,000,000	75,000,000
Common Stock Shares Issued	4,327,996	4,327,996
Common Stock Shares Outstanding	4,327,996	4,327,996

XML

STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2023	May 31, 2022
Income Statement [Abstract]
REVENUE:	$ 10,598		$ 13,698
EXPENSES:
General and administrative expenses	62,980	1,713	125,963	4,725
Professional fees	5,516	4,268	20,333	10,768
Amortization	6,978	561	13,955	1,122
Total expenses	75,474	6,542	160,251	16,615
Loss before income taxes	(64,876)	(6,542)	(146,553)	(16,615)
Provision for income taxes
NET LOSS	$ (64,876)	$ (6,542)	$ (146,553)	$ (16,615)
Net loss per common share - basic	$ (0.02)	$ (0.00)	$ (0.03)	$ (0.00)
Weighted average number of common shares outstanding - basic and diluted	4,327,996	4,257,739	4,327,996	3,818,448

XML

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
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)	$ (192,699)
Balance, shares				4,327,996

XML

STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	May 31, 2023	May 31, 2022
Cash Flows from Operating Activities:
Net loss	$ (146,553)	$ (16,615)
Amortization expense	13,955	1,122
Accounts receivable	4,800
Prepaid expenses	(10,000)	3,265
Project in process		(156,810)
Right-of-use asset/liability, net	17,596
Accounts payable and accrued expenses	(37,899)	167,500
Deferred revenue	80
Net cash used in operating activities	(158,021)	(1,538)
Cash Flow from Investing Activities:
Purchase of software		(55,000)
Net cash used in investing activities		(55,000)
Cash Flows from Financing Activities:
Proceeds from the issuance of common stock		32,340
Related party activity, net	159,700	31,013
Net cash provided by financing activities	159,700	63,353
NET INCREASE IN CASH	1,679	6,815
CASH AT BEGINNING OF THE PERIOD	2,277	877
CASH AT THE END OF THE PERIOD	3,956	7,692
Cash paid for interest
Cash paid for income taxes

XML

ORGANIZATION AND NATURE OF BUSINESS

6 Months Ended

May 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.

XML

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

May 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 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 Securities and Exchange Commission (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 six months ended May 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.

10

ANKAM

NOTES TO THE FINANCIAL STATEMENTS

As of May 31, 2023

(Unaudited)

The Company recognizes revenue in accordance with Accounting Standards Update (“ASU”) No. 2014-09, "Revenue from Contracts with Customer". The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements:

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 May 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”. Capitalized costs will be amortized on a straight-line basis over the estimated useful life of the asset upon completion.

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”. ASC 360-10-15 requires the Company to group assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities and evaluate the asset group against the sum of the undiscounted future cash flows. If the undiscounted cash flows do not indicate the carrying amount of the asset is recoverable, an impairment charge is measured as the amount by which the carrying amount of the asset group exceeds its fair value based on discounted cash flow analysis or appraisals.

11

ANKAM, INC.

NOTES TO THE FINANCIAL STATEMENTS

As of May 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”. Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during each period. Diluted earnings per share is computed by dividing net loss by the weighted-average number of shares of common stock, common stock equivalents and other potentially dilutive securities outstanding during the period. There were no dilutive securities as of May 31, 2023 and 2022.

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.

12

ANKAM, INC.

NOTES TO THE FINANCIAL STATEMENTS

As of May 31, 2023

(Unaudited)

Lease

ASC 842, "Leases", requires that lessees recognize right-of-use (“ROU”) assets and lease liabilities. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. ASC 842 distinguishes leases as either a finance lease or an operating lease that affects how the leases are measured and presented in the statements of operations and cash flows.

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.

XML

GOING CONCERN

6 Months Ended

May 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 May 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.

XML

RIGHT-OF-USE ASSE

6 Months Ended

May 31, 2023

Leases [Abstract]

RIGHT-OF-USE ASSE

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 May 31, 2023 and November 30, 2022 is $79,956 and $169,752, respectively.

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 May 31, 2023 and 2022, the Company recorded $44,898 and $1,315 as operating lease expenses which is included in general and administrative expenses on the statements of operations. During the six months ended May 31, 2023 and 2022, the Company recorded $89,796 and $3,715 as operating lease expenses which is included in general and administrative expenses on the statements of operations.

13

ANKAM, INC.

NOTES TO THE FINANCIAL STATEMENTS

As of May 31, 2023

(Unaudited)

Operating right-of-use are summarized below:

	May 31, 2023		November 30, 2022
Server rental	$	179,592	$	179,592
Less: accumulated amortization		(99,636)		(9,840)
Right-of-use, net	$	79,956	$	169,752

Operating lease liabilities are summarized below:

	May 31, 2023		November 30, 2022
Server rental	$	77,460	$	149,660
Less: current portion		77,460		149,660
Long term portion	$	—	$	—

XML

PROJECT IN PROGRESS

6 Months Ended

May 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 May 31, 2023, the total cost of the project is approximately $276,000. The project is planned to launch in September 2023.

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.

XML

CAPITALIZED SOFTWARE COSTS

6 Months Ended

May 31, 2023

Leases [Abstract]

CAPITALIZED SOFTWARE COSTS

NOTE 6 – CAPITALIZED SOFTWARE COSTS

	Useful Life	As of May 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			(27,199)		(13,244)
Balance		$	56,536	$	70,491

During the three months ended May 31, 2023 and 2022, the amortization expense was $6,978 and $561, respectively. During the six months ended May 31, 2023 and 2022, the amortization expense was $13,955 and $1,122, respectively.

XML

RELATED PARTY TRANSACTIONS

6 Months Ended

May 31, 2023

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

NOTE 7 – RELATED PARTY TRANSACTIONS

The Company owed its sole director $374,717 and $215,017 as of May 31, 2023 and November 30, 2022, respectively, for unpaid operating advances. This loan is unsecured, non-interest bearing and due on demand.

XML

COMMITMENTS AND CONTINGENCIES

6 Months Ended

May 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”. The Company evaluates its exposure to the matter, possible legal or settlement strategies and the likelihood of an unfavorable outcome. If the Company determines that an unfavorable outcome is probable and can be reasonably estimated, it establishes the necessary accruals. As of May 31, 2023, the Company is not aware of any contingent liabilities that should be reflected in the financial statements.

14

ANKAM, INC.

NOTES TO THE FINANCIAL STATEMENTS

As of May 31, 2023

(Unaudited)

XML

INCOME TAXES

6 Months Ended

May 31, 2023

Income Tax Disclosure [Abstract]

INCOME TAXES

NOTE 9 – INCOME TAXES

The components of the Company’s provision for federal income tax for the six months ended May 31, 2023 and the year ended November 30, 2022 consists of the following:

		May 31, 2023		November 30, 2022
Federal income tax benefit attributable to:
Current operations	$	228,289	$	81,736
Less: valuation allowance		(228,289)		(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 amount is as follows:

		May 31, 2023		November 30, 2022
Deferred tax asset attributable to:
Net operating loss carryover	$	47,940	$	17,165
Less: valuation allowance		(47,940)		(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 $228,289 as of May 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.

XML

SUBSEQUENT EVENTS

6 Months Ended

May 31, 2023

Accounting Policies [Abstract]

SUBSEQUENT EVENTS

NOTE 10 – SUBSEQUENT EVENTS

XML

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

6 Months Ended

May 31, 2023

Accounting Policies [Abstract]

Interim 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 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 Securities and Exchange Commission (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 six months ended May 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.

10

ANKAM

NOTES TO THE FINANCIAL STATEMENTS

As of May 31, 2023

(Unaudited)

The Company recognizes revenue in accordance with Accounting Standards Update (“ASU”) No. 2014-09, "Revenue from Contracts with Customer". The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements:

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 May 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”. Capitalized costs will be amortized on a straight-line basis over the estimated useful life of the asset upon completion.

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”. ASC 360-10-15 requires the Company to group assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities and evaluate the asset group against the sum of the undiscounted future cash flows. If the undiscounted cash flows do not indicate the carrying amount of the asset is recoverable, an impairment charge is measured as the amount by which the carrying amount of the asset group exceeds its fair value based on discounted cash flow analysis or appraisals.

11

ANKAM, INC.

NOTES TO THE FINANCIAL STATEMENTS

As of May 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”. Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during each period. Diluted earnings per share is computed by dividing net loss by the weighted-average number of shares of common stock, common stock equivalents and other potentially dilutive securities outstanding during the period. There were no dilutive securities as of May 31, 2023 and 2022.

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.

12

ANKAM, INC.

NOTES TO THE FINANCIAL STATEMENTS

As of May 31, 2023

(Unaudited)

Lease

Lease

ASC 842, "Leases", requires that lessees recognize right-of-use (“ROU”) assets and lease liabilities. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. ASC 842 distinguishes leases as either a finance lease or an operating lease that affects how the leases are measured and presented in the statements of operations and cash flows.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

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INCOME TAXES (Tables)

6 Months Ended

May 31, 2023

Income Tax Disclosure [Abstract]

net deferred tax

The components of the Company’s provision for federal income tax for the six months ended May 31, 2023 and the year ended November 30, 2022 consists of the following:

		May 31, 2023		November 30, 2022
Federal income tax benefit attributable to:
Current operations	$	228,289	$	81,736
Less: valuation allowance		(228,289)		(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 amount is as follows:

		May 31, 2023		November 30, 2022
Deferred tax asset attributable to:
Net operating loss carryover	$	47,940	$	17,165
Less: valuation allowance		(47,940)		(17,165)
Net deferred tax asset	$	-	$	-

net deferred tax

The cumulative tax effect at the expected rate of 21% of significant items comprising our net deferred tax amount is as follows:

		May 31, 2023		November 30, 2022
Deferred tax asset attributable to:
Net operating loss carryover	$	47,940	$	17,165
Less: valuation allowance		(47,940)		(17,165)
Net deferred tax asset	$	-	$	-

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RIGHT-OF-USE ASSE (Details Narrative) - USD ($)	May 31, 2023	Nov. 30, 2022
Leases [Abstract]
Server Agreement	$ 79,956	$ 169,752

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RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	May 31, 2023	Nov. 30, 2022
Related Party Transactions [Abstract]
Company owed its sole director	$ 374,717	$ 215,017

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net deferred tax (Details) - USD ($)	6 Months Ended
	May 31, 2023	May 31, 2022	Nov. 30, 2022
Income Tax Disclosure [Abstract]
Current operations	$ 228,289	$ 81,736
Less: valuation allowance	(228,289)	$ (81,736)
Net operating loss carryover	47,940		$ 17,165
Less: valuation allowance	(47,940)		(17,165)
Net deferred tax asset