Ankam, Inc 10-K for FY2024

Ankam, Inc. (ANKM)

10-K 2025-03-14 For: 2024-11-30

Added on April 06, 2026

About this 10-K

Ankam, Inc filed this 10-K on March 14, 2025, covering the fiscal year ended November 30, 2024 (FY2024).

Headline figures

Fiscal year ended November 30, 2024, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $104.45K; up 284.4% from $27.17K a year earlier
Net loss: $136.85K; compared with a net loss of $279.16K a year earlier
Diluted EPS: -$0.03; compared with -$0.06 a year earlier

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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

Large accelerated Filer	☐	Accelerated Filer	☐
Non-accelerated Filer	☒	Smaller reporting company	☒
		Emerging growth company	☒

		Page
PART I

Item 1.	Business.	1
Item 1A.	Risk Factors.	3
Item 1B.	Unresolved Staff Comments.	3
Item 1C.	Cybersecurity.	3
Item 2.	Properties.	3
Item 3.	Legal Proceedings.	3
Item 4.	Mine Safety Disclosures.	3

PART II

Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.	4
Item 6.	Selected Financial Data.	5
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	5
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk.	8
Item 8.	Financial Statements and Supplementary Data.	8
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.	9
Item 9A (T).	Controls and Procedures.	9
Item 9B.	Other Information.	9

PART III

Item 10.	Directors, Executive Officers and Corporate Governance.	11
Item 11.	Executive Compensation.	12
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.	13
Item 13.	Certain Relationships and Related Transactions, and Director Independence.	13
Item 14.	Principal Accounting Fees and Services.	14

PART IV

Item 15.	Exhibits.	15
Item 16.	Form 10–K Summary.	15

Signatures		16

		Page
Report of Independent Registered Public Accounting Firm (ID: 6235)		F-2

Consolidated Balance Sheets as of November 30, 2024 and 2023		F-4

Consolidated Statements of Operations for the years ended November 30, 2024 and 2023		F-5

Consolidated Statements of Stockholders’ Deficit as of November 30, 2024 and 2023		F-6

Consolidated Statements of Cash Flows for the years ended November 30, 2024 and 2023		F-7

Notes to the Consolidated Financial Statements		F-8

	November 30, 2024			November 30, 2023

ASSETS
CURRENT ASSETS:
Cash	$	57		$	286
Accounts receivable		–			21,390
Prepaid expenses		–			15,847
Right-of-use asset, net		–			48,643
Director C/A		74,128			–
Total current assets		74,185			86,166

Capitalized software costs, net		104,523			22,157

TOTAL ASSETS	$	178,708		$	108,323

LIABILITIES AND STOCKHOLDERS’ DEFICIT
CURRENT LIABILITIES:
Accounts payable and accrued expenses	$	3,479		$	84,000
Deferred revenue		–			12,700
Amount due to director		499,338			292,026
Lease liability		–			44,900
Total current liabilities		502,817			433,626

Total liabilities		502,817			433,626

Commitments and contingencies (Note 7)		–			–

STOCKHOLDERS’ DEFICIT:
Common stock: $0.001 par value, 75,000,000 shares authorized, 4,558,063 shares issued and outstanding		4,558			4,328
Additional paid in capital		169,072			31,262
Accumulated deficit		(497,739	)		(360,893	)

Total stockholders’ deficit		(324,109	)		(325,303	)

TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT	$	178,708		$	108,323

	For year ended November 30, 2024			For year ended November 30, 2023

REVENUE	$	104,450		$	27,173

EXPENSES:
General and administrative expenses		63,115			390
Director fee		–			72,000
Professional fees		84,448			48,656
Software Development Expenses		26,640			–
Server expense		172,367			179,230
Amortization		49,034			24,944
Total expenses		395,604			325,220

LOSS FROM OPERATIONS		(291,154	)		(298,047	)

OTHER INCOME (EXPENSES):
Gain on sale of asset		–			18,890
Gain on debt forgiveness		154,308			–

Loss before income taxes		(136,846	)		(279,157	)

Provision for income taxes		–			–

NET LOSS	$	(136,846	)	$	(279,157	)

Net loss per common share - basic	$	(0.03	)	$	(0.06	)

Weighted average number of common shares outstanding - basic and diluted		4,558,063			4,327,996


					Additional					Total
	Common Stock				Paid-in		Accumulated			Stockholders’
	Shares		Amount		Capital		Deficit			Deficit

Balance as of November 30, 2022		4,327,996	$	4,328	$	31,262	$	(81,736	)	$	(46,146	)

Net loss		–		–		–		(279,157	)		(279,157	)

Balance as of November 30, 2023		4,327,996	$	4,328	$	31,262	$	(360,893	)	$	(325,303	)

Additional Paid-in Capital		230,067		230		137,810		–			138,040
Net loss		–		–		–		(136,846	)		(136,846	)

Balance as of November 30, 2024		4,558,063	$	4,558	$	169,072	$	(497,739	)	$	(324,109	)

	For year ended November 30, 2024			For year ended November 30, 2023

Cash Flows from Operating Activities:
Net loss	$	(136,846	)		(279,157	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Amortization expense		49,034			24,944
Gain on sale of asset		–			(18,890	)
Changes in operating assets and liabilities:
Accounts receivable		21,390			(16,590	)
Prepaid expenses		15,847			(15,847	)
Related party activity, net		(24,128	)		–
Right-of-use asset/liability, net		10,383			15,949
Accounts payable and accrued expenses		(80,521	)		(39,499	)
Deferred revenue		(12,700	)		8,700
Net cash used in operating activities		(157,541	)		(320,390	)

Cash Flow from Investing Activities:
Proceeds from sale of asset		–			241,390
Net cash provided by (used in) investing activities		–			241,390

Cash Flows from Financing Activities:
Related party activity, net		157,312			77,009
Net cash provided by financing activities		157,312			77,009

NET CHANGE IN CASH		(229	)		(1,991	)

CASH AT BEGINNING OF THE PERIOD		286			2,277

CASH AT THE END OF THE PERIOD	$	57		$	286

SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest	$	–		$	–
Cash paid for income taxes	$	–		$	–

NON-CASH INVESTING AND FINANCING ACTIVITY:
Operating lease liability and right of use asset	$	–		$	51,052

Schedule of related party receivables	November 30, 2024		November 30, 2023
Amount due from director:
Wen Lung, WANG	$	74,128	$	–

Total	$	74,128	$	–

Schedule of capitalized software	Useful Life	As of November 30, 2024			As of November 30, 2023
MoneySaver Project	3 years		26,645			26,645
API Development	3 years		58,920			–
Website Development	3 years		72,480			–
Total capitalized software			158,045			26,645
Accumulated amortization			(53,522	)		(4,488	)
Balance		$	104,523		$	22,157

Schedule of provision for income taxes	November 30, 2024			November 30, 2023
Federal income tax benefit attributable to:
Current operations	$	497,739		$	360,893
Less: valuation allowance		(497,739	)		(360,893	)
Net provision for federal income taxes	$	–		$	–

Schedule of deferred tax asset	November 30, 2024			November 30, 2023
Deferred tax asset attributable to:
Net operating loss carryover	$	104,525		$	75,787
Less: valuation allowance		(104,525	)		(75,787	)
Net deferred tax asset	$	–		$	–

	1.	The Company does not have an adequate internal control structure or adequate oversight over financial reporting – The Company has only one member of management whom is also the Company’s sole director, therefore the Company lacks adequate segregation of duties. Further, the Company currently has no Audit Committee. While not being legally obligated to have an audit committee, it is management’s view that such a committee, including a financial expert member, is an utmost important entity level control over the Company’s financial statement. Currently the Board of Directors acts in the capacity of the Audit Committee, and does not include a member that is considered to be independent of management to provide the necessary oversight over management’s activities. Lastly, due to the minimal operations and small size of the Company we have not employed individuals that have the necessary accounting knowledge and expertise to ensure accurate financial reporting under US GAAP.

	2.	The Company lacks appropriate information technology controls – As of November 30, 2024, the Company retains copies of all financial data and material agreements; however, there is no formal procedure or evidence of normal backup of the Company’s data or off-site storage of data in the event of theft, misplacement, or loss due to unmitigated factors.

	·	Had a bankruptcy petition filed by or against any business of which such person was a general partner or executive officer either at the time of the bankruptcy or within two years prior to that time.

	·	Been convicted in a criminal proceeding or been subject to a pending criminal proceeding, excluding traffic violations and other minor offenses.

	·	Been subject to any order, judgment or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining, barring, suspending or otherwise limiting his involvement in any type of business, securities or banking activities.

	·	Been found by a court of competent jurisdiction (in a civil action), the SEC, or the Commodities Futures Trading Commission to have violated a federal or state securities or commodities law, and the judgment has not been reversed, suspended or vacated.

	·	Been the subject to, or a party to, any sanction or order, not subsequently reverse, suspended or vacated, of any self-regulatory organization, any registered entity, or any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons associated with a member.

Name and Principal Position	Year	Salary ($)	Bonus ($)	Stock Awards ($)	Option Awards ($)	Non-Equity Incentive Plan Compensation ($)	All Other Compensation ($)	Total ($)
Wen Lung, WANG	2024	-62,000-	-0-	-0-	-0-	-0-	-0-	-62,000-
President, Secretary and Treasurer	2023	-0-	-0-	-0-	-0-	-0-	-0-	-0-

Bakur Kalichava	2024	-0-	-0-	-0-	-0-	-0-	-0-	-0-
Previous President, Secretary and Treasurer	2023	-72,000-	-0-	-0-	-0-	-0-	-0-	-72,000-

	·	each person, or group of affiliated persons, known by us to beneficially own more than five percent of the outstanding shares of our common stock;

	·	each of our directors;

	·	each of our named executive officers; and

	·	all directors and executive officers as a group.

Title of Class	Name and Address of Beneficial Owner	Amount and Nature of Beneficial Ownership	Percentage
Common Stock	Wen Lung, WANG	982,667 shares of common stock (direct)	21.559%

	2024		2023
Audit Fees	$	35,500	$	17,500
Audit Related Fees		–		–
Tax Fees		–		–
All Other Fees		–		–
Total	$	35,500	$	17,500

Exhibit No.		Description
19		ANKAM, Inc. Insider Trading Policy
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.
101.INS		XBRL Instances Document
101.SCH		XBRL Taxonomy Extension Schema Document
101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF		XBRL Taxonomy Extension Definition Linkbase Document
101.LAB		XBRL Taxonomy Extension Label Linkbase Document
101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

	ANKAM, INC.

Date: March 14, 2025	By:	Wen Lung, WANG
		Name: Wen Lung, WANG Title: President, Secretary, Treasurer, Director, Chief Executive Officer (Principal Executive Officer) and Chief Financial Officer (Principal Financial and Accounting Officer)

1.	I have reviewed this Annual Report on Form 10-K 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 of 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

	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, INC.

Date: March 14, 2025	By:	/s/ Wen Lung, WANG
		Name: Wen Lung, WANG Title: President, Secretary, Treasurer, Director, Chief Executive Officer (Principal Executive Officer) and Chief Financial Officer (Principal Financial and Accounting Officer)

(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.