Quarterly Report for Quarter Ending August 31, 2025 (Form 10-Q)

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 proprietary product designed to streamline and manage expense reporting for users. The Company conceptualizes and is constructing an application that facilitates a user's expense management. Our focus extends to designing and developing a mobile application designed to streamline and automate the tracking, and submission of user's expenses. The application will feature categorization of expenses, saving goals, bill reminders, and customizable categories.

On November 29, 2023, Ankam, Inc. entered into a material definitive agreement by establishing a wholly-owned subsidiary, Ankam LLC. Ankam LLC was organized in Wyoming and is authorized to engage in any legal act. On November 30, 2023, the Company completed the transfer of all operations associated with the business of MoneySaverApp to its wholly-owned subsidiary, Ankam LLC. The assets transferred included 100% of the ownership interests of MoneySaverApp and all operations associated with the MoneySaverApp. Ankam LLC is managed by Ankam, Inc. who holds the position of Manager of the Ankam LLC and owned in its entirety by the Company. The Company holds 100% ownership interest in the Ankam LLC and is duly authorized to oversee and execute its operational activities.

On January 3, 2024, Ankam, Inc. entered into the Acquisition Agreement for the acquisition of complete ownership of Apex Intelligence LLC, a Wyoming limited liability company, inclusive of the Apex, a currency converter service, along with all codes, licenses, intellectual property rights, related documentation and all activities related to the business of the Apex, for total consideration of $158,040. The initial payment of $20,000 was processed to Mr. Hordieiev on January 3, 2024. For the outstanding balance of $138,040 the Company issued a Promissory Note on January 3, 2024 with an annual interest rate of 10% for a duration of one year till January 3, 2025 (the "Closing Date") with the obligation to issue common shares equivalent to the remaining balance if the Company fails to settle the outstanding balance by the Closing Date. The Company signed a Supplement to the Convertible Promissory Note dated January 9, 2024, establishing the conversion price at a per-share value of $0.60.

On July 29, 2024, Ankam, Inc. and Maksym Hordieiev, the holder of the Convertible Promissory Note (the "Holder") signed a Supplementary Agreement regarding the repayment of the outstanding debt of $138,040. And the Company approved the issuance of shares of its common stock to the Holder in exchange for the repayment of $138,040 of outstanding debt. This decision was made in accordance with the terms of the Convertible Promissory Note dated January 3, 2024, and the Supplement to Promissory Note dated January 9, 2024. The conversion price for the shares is set at $0.60 per share, resulting in the issuance of 230,067 shares of common stock to the Holder. The shares are being issued in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended. The shares of common stock have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

On August 8, 2024, a group of investors led by Wang Wen Lung, Lin Chih Hsi, Kuo Yu Min, Sung Hsiang Yu, Wang Pao Kuei and Wang Pao Hua (the "Investor Group") entered into stock purchase agreements for the acquisition of an aggregate of 3,480,067 shares of Common Stock of the Company and acquired a controlling 77% equity stake in ANKAM Inc (the "Company") through a privately negotiated transaction. The Purchase Agreement was fully executed and delivered, and the transaction was consummated on August 12, 2024.

As of August 8, 2024, Bakur Kalichava, the President, Treasurer, Director and Secretary of ANKAM INC. (the "Company"), is no longer holding the positions. Mr. Kalichava's decision to resign is not the result of any disagreement with the Company on any matter relating to the Company's operations, policies, or practices. The Board of the Company appointed Wang Wen Lung as the President, Treasurer, Director and Secretary, effective on August 8, 2024.

On August 27, 2024, Ankam Inc. (the "Company") incorporated a new subsidiary, Mei Sheng Corporation Limited 美盛全球有限公司. This subsidiary mainly focus on expanding the Company's presence in the Asian market, particularly in Hong Kong, Taiwan and surrounding regions. The establishment of Mei Sheng Corporation Limited is part of the Company's strategic initiative to diversify its operations and improve market reach. On August 30, 2024, Mei Sheng Corporation Limited entered into a software application development agreement with a Taiwan company, Consummation International Business Co., Ltd, for the development of a health products sales platform.

Marketing

The Company aims to build awareness and generate interest in Expense Minder, MoneySaverApp and Apex service among potential users. Digital marketing strategies will be employed to enhance online visibility, utilizing targeted campaigns and partnerships to create anticipation for the applications. App store optimization efforts will focus on maximizing visibility and credibility within the online marketplace. As the user base grows, cross-promotion between the applications will be employed to capitalize on synergies and foster internal user engagement. This marketing approach aligns with Ankam, Inc.'s commitment to innovation and user-centric solutions, laying the groundwork for future client acquisition and sustained growth.

Advertising

Ankam, Inc. envisions a future where strategic advertising initiatives play a significant role in establishing a robust market presence for its mobile applications, Expense Minder and MoneySaverApp, and its currency conversion service, Apex. As the Company proceeds to develop these products, the focus on targeted online and potential offline advertising channels will be integral to creating brand awareness and driving interest. This forward-looking advertising strategy aims to position Ankam, Inc.'s applications and currency conversion service effectively in the competitive landscape, paving the way for future user acquisition and sustained success. It is important to note that the implementation of these advertising initiatives will be contingent upon the availability of funds, and as more funds become available, the advertising budget will increase in a commensurate manner.

Employees

The Company's Board Members include: Wen Lung, WANG, President, Secretary, Treasurer, Director, Chief Executive Officer (Principal Executive Officer) and Chief Financial Officer.

Description of Property

Our current office space is located at 5F., No. 97, Jingye 1st Rd., Zhongshan Dist., Taipei City 104, Taiwan (R.O.C.). The premises are provided to us by our President, Wang Wen Lun, 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 August 31, 2025 compared to August 31, 2024

Revenues

During the three months ended August 31, 2025 and 2024, we have generated total revenue of $0 and $8,697, respectively.The decrease in revenue for the quarter ended August 31, 2025 relative to the quarter ended August 31, 2024 resulted from the overall slowdown or contraction in the Company's operating activities.

Operating Expenses

Total operating expenses for the three months ended August 31, 2023 were $55,691 compared to $79,098 for the three months ended August 31, 2024. Our operating expenses consisted of general and administrative costs of $71(August 31, 2024 - $63 ), director fee of $0 (August 31, 2024 - $16,000), professional fees of $10,971 (August 31, 2024 - $4,942), server expense of $31,479 (August 31, 2024 - $44,925) and amortization of $13,170 (August 31, 2024 - $13,170 ). Expenses decreased in the three months ended August 31, 2025 primarily due to lower Director fees and Server expenses.

Other Income

During the three months ended August 31, 2025 and 2024, we have generated Interest Income of $31 and $0, Debt Forgiveness of $0 and $154,308, and Exchange Gain or Loss of $8 and $0, respectively.As of August 8, 2024, the Company entered into a debt forgiveness agreement with its former director, Bakur Kalichava, for an amount of $132,000. This debt pertains to unpaid payroll from October 1, 2022, to July 31, 2024. On the same date, the Company also signed a debt forgiveness agreement with its former independent director, Maksym Hordieiev, who previously served as an authorized manager of Apex Intelligence LLC, a subsidiary of the Company. Maksym Hordieiev agreed to forgive a debt of $14,000 owed to him by the Company, which represents unpaid payroll obligations incurred from January 3, 2024, to July 31, 2024.

Net Profits/ (Losses)

The net profit for the three months ended August 31, 2025, was $60,552, compared to net loss $83,905 for the three months ended August 31, 2023, due to the factors discussed above.

Nine months ended August 31, 2025 compared to August 31, 2024

Revenues

During the nine months ended August 31, 2024 and 2023, we have generated total revenue of$240,000 and $33,842 , respectively. The increase in revenue for the nine months ended August 31, 2025 compared to the nine months ended August 31, 2024 was due to overall growth in the Company's operating activities.

Operating Expenses

Total operating expenses for the nine months ended August 31, 2025 were $147,584 compared to $294,785 for the nine months ended August 31, 2024. Our operating expenses consisted of general and administrative costs of $1,733 (August 31, 2023 - $26,884 ), director fee of $0 (August 31, 2024 - $62,000), professional fees of $11,903 (August 31, 2024 - $35,320), server expense of $94,437 (August 31, 2024 - $134,721) and amortization of $39,511(August 31, 2024 - $35,861). The decrease in expenses for the nine months ended August 31, 2025 relative to the nine months ended August 31, 2024 resulted from the overall slowdown or contraction in the Company's operating activities.

Net Losses

The net loss for the nine months ended August 31, 2025, was $15,445, compared to $106,636 for the nine months ended August 31, 2024, due to the factors discussed above.

Liquidity and Capital Resources

As of August 31, 2025, our total assets were $280,632 and comprised of cash of $ 23,767, Accounts receivable of $ 55,000,prepaid expenses of $ 42,000,Director C/A of $ 94,853 and capitalized software costs of $ 65,012. Our total liabilities were $ 620,186 and related party loan from our director of $449,338, amount due to director of $ 50,932 , deferred revenue of $20,000, and accounts payable and accrued expenses of $ 99,916 .

As of November 30, 2024, our total assets were $178,708, which comprised of cash of $57, director C/A of $74,128 and capitalized software costs of $104,523. Our total liabilities were $502,817, which comprised of advances from our director of $499,338, and accounts payable and accrued expenses of $3,479.

Stockholders' deficit has increased from $324,109 as of November 30, 2024to $339,554 as of August 31, 2025.

The Company has accumulated a deficit of $513,184 as of August 31, 2025, compared to $497,739 as of November 30, 2024, and further losses are anticipated in the development of its business.

During the nine months ended August 31, 2025, the Company generated $43,503 of cash from operating activities due to its net loss of $15,445, increase in amortization expense of $39,511, increase in accounts receivable of $55,000, increase in prepaid expenses of $42,000, increase in accounts payable and accrued expenses of $96,437, and increase in deferred revenue of $2,000.

Net cash inflows provided by financing activities for the nine months ended August 31, 2025, were $19,793 due to a decrease in proceeds from the related party loan.

Off-Balance Sheet Arrangements

As of August 31, 2025, 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.