Ankam, Inc. Files 10-Q for Q2 2024

TL;DR

Ankam Inc. 10-Q filed. Q2 2024 results out.

AI Summary

Ankam, Inc. filed its 10-Q for the period ending May 31, 2024. The company, operating in computer programming services, is incorporated in Nevada and has its principal business address in Las Vegas, NV. The filing covers the second quarter of their fiscal year, which ends on November 30th.

Why It Matters

This filing provides investors with an update on Ankam, Inc.'s financial performance and operational status for the second quarter of fiscal year 2024.

Risk Assessment

Risk Level: low — This is a routine quarterly filing with no immediately apparent significant negative events or disclosures.

Key Players & Entities

• Ankam, Inc. (company) — Filer of the 10-Q
• 0001781629-24-000014.txt (document) — Accession number for the filing
• 20240531 (date) — End of the reporting period
• 7371 (industry_code) — Standard Industrial Classification for Computer Programming Services
• NV (state) — State of incorporation and business address
• 1130 (date) — Fiscal year end

FAQ

Key Financial Figures

• $158,040 — of the Apex, for total consideration of $158,040. The initial payment of $20,000 was pro
• $20,000 — ion of $158,040. The initial payment of $20,000 was processed to Mr. Hordieiev on Janua
• $138,040 — 3, 2024. For the outstanding balance of $138,040 the Company issued a Promissory Note on
• $0.60 — onversion price at a per-share value of $0.60. NOTE 2 – SUMMARY OF SIGNIFICANT ACCOU
• $14,966 — developed. The monthly rental amount is $14,966. The Company entered into a new lease i
• $4,473 — one year. The monthly rental amount is $4,473. On November 11, 2023, the Company reco
• $51,052 — ght of use asset and lease liability of $51,052. During the six months ended May 31, 2
• $89,796 — November 30, 2023, the Company recorded $89,796 and $53,144 as server rental expenses.
• $53,144 — 2023, the Company recorded $89,796 and $53,144 as server rental expenses. Right-of-us
• $255,800 — itial estimated cost of the project was $255,800, of which $77,000 had been completed an
• $77,000 — t of the project was $255,800, of which $77,000 had been completed and capitalized as o
• $241,390 — The cryptocurrency wallet was sold for $241,390 in October 2023. The gain on the sale o
• $18,890 — The gain on the sale of the wallet was $18,890. T herefore, the Company decided to foc
• $2 — p. The estimated cost of the project is $2 6,645 , of which $26,645 has been compl
• $26,645 — t of the project is $2 6,645 , of which $26,645 has been completed and capitalized as o

Filing Documents

• ankm10q_31may2024.htm (10-Q) — 353KB
• exh31.htm (EX-31.1) — 19KB
• exh32.htm (EX-32.1) — 8KB
• 0001781629-24-000014.txt ( ) — 1776KB
• ankm-20240531.xsd (EX-101.SCH) — 14KB
• ankm-20240531_cal.xml (EX-101.CAL) — 29KB
• ankm-20240531_def.xml (EX-101.DEF) — 15KB
• ankm-20240531_lab.xml (EX-101.LAB) — 118KB
• ankm-20240531_pre.xml (EX-101.PRE) — 88KB
• ankm10q_31may2024_htm.xml (XML) — 173KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 5 Consolidated Balance Sheets as of May 31, 2024 (Unaudited) and November 30, 2023 6 Consolidated Statements of Operations for the three and six months ended May 31, 2024 and 2023(Unaudited) 7 Consolidated Statements of Stockholders' Deficit for the six months ended May 31, 2024 and 2023(Unaudited) 8 Consolidated Statements of Cash Flows for the six months ended May 31, 2024 and 2023(Unaudited) 9 Notes to the Consolidated Financial Statements (Unaudited) 10 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 17 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 21 Item 4.

Controls and Procedures

Controls and Procedures 21 PART II OTHER INFORMATION: Item 1.

Legal Proceedings

Legal Proceedings 21 Item 1A.

Risk Factors

Risk Factors 21 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 21 Item 3. Defaults Upon Senior Securities 21 Item 4. Mine Safety Disclosures 22 Item 5. Other Information 22 Item 6. Exhibits 22

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1.

Financial Statements (Unaudited)

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. CONSOLIDATED BALANCE SHEETS May 31, 2024 November 30, 2023 ASSETS CURRENT ASSETS: Cash $ 1,069 $ 286 Accounts receivable - 21,390 Prepaid expenses 46,846 15,847 Right-of-use asset, net 23,564 48,643 Total current assets 71,479 86,166 Capitalized software costs, net 130,866 22,157 TOTAL ASSETS $ 202,345 $ 108,323 LIABILITIES AND STOCKHOLDERS' DEFICIT CURRENT LIABILITIES: Accounts payable and accrued expenses $ 268,040 $ 84,000 Deferred revenue 17,005 12,700 Related party loan 427,343 292,026 Lease liability 5,801 44,900 Total current liabilities 718,189 433,626 Total liabilities 718,189 433,626 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 4,328 4,328 Additional paid in capital 31,262 31,262 Accumulated deficit ( 551,434 ) ( 360,893 ) Total stockholders' deficit ( 515,844 ) ( 325,303 ) TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 202,345 $ 108

Management's Discussion and Analysis of Financial Condition and Results of Operations

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. operates as a technology company specializing in the development of two mobile applications. The Company's business lies in possessing and developing Expense Minder, a proprie

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