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ANKAM INC. (ANKM0.00%) has submitted its Form 10-K filing for the fiscal year ended November 30, 2024.
The filing details the company's operations as a technology firm specializing in mobile applications, with a focus on Expense Minder, a tool for managing expense reporting, and MoneySaverApp, which has been transferred to its subsidiary, Ankam LLC.
During the fiscal year, ANKAM INC. reported total revenue of $104,450, an increase from $27,173 in the previous year, attributed to the expansion efforts of its subsidiary Mei Sheng Corporation Limited in the Asia Pacific region.
Operating expenses for the year increased to $395,605 from $325,220 in the previous year, primarily due to software development and professional fees.
The company reported a net loss of $136,846 for the year, compared to a net loss of $279,157 in the previous year.
As of November 30, 2024, the company's total assets were $178,708, while total liabilities were $502,817, resulting in a stockholders' deficit of $324,109.
The filing notes that ANKAM INC. is in the start-up stage and has limited capital resources, with future financing necessary to continue operations.
The company also reported on significant transactions, including the acquisition of Apex Intelligence LLC and a stock purchase agreement that resulted in a controlling interest being acquired by a group of investors.
The report highlights the company's strategic initiatives to expand its market presence in Asia and its plans for future growth through digital marketing and advertising.
ANKAM INC. identified material weaknesses in its internal controls over financial reporting, citing a lack of adequate oversight and segregation of duties, as well as inadequate information technology controls.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the ANKAM INC. annual 10-K report dated March 14, 2025. To report an error, please email earnings@qz.com.