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Item 8. Financial Statements and Supplementary Data

2024-04-16 compared with 2023-03-15 · 15 added, 321 removed, 0 unchanged (100% of the section changed)

Financial Statements

and Supplementary Data

FINANCIAL STATEMENTS

Report of Independent Registered Public Accounting Firm

Balance Sheets as of November 30, 2022 and 2021

Statements of Operations for the years ended November 30, 2022 and 2021

Statements of Changes in Stockholders’ Deficit as of November 30, 2022 and 2021

Statements of Cash Flows for the years ended November 30, 2022 and 2021

Notes to the Audited Financial Statements

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

To the Board of Directors and Stockholders

Opinion on the Financial Statements

We have audited the accompanying balance sheets

(the Company) as of November 30, 2022 and 2021, and the related statements of operations, changes in stockholders’

equity (deficit), and cash flows for the years then ended, and the related notes (collectively referred to as the financial statements).

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of November

30, 2022 and 2021, and the results of its operations and its cash flows for the years then ended, in conformity with accounting principles

generally accepted in the United States of America.

Consideration of the Company’s Ability

to Continue as a Going Concern

The accompanying financial statements have been

prepared assuming that the Company will continue as a going concern.

The Company has suffered losses and has minimal operations

which raise substantial doubt about its ability to continue as a going concern.

Management’s plans in regard to these matters

are described in Note 2.

The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Basis for Opinion

These financial statements are the responsibility

of the Company’s management.

Our responsibility is to express an opinion on the Company’s financial statements based on our

We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are

required to be independent with respect to the Company in accordance with the U.S.

federal securities laws and the applicable rules and

regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the

standards of the PCAOB.

Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial

statements are free of material misstatement, whether due to error or fraud.

The Company is not required to have, nor were we engaged

to perform, an audit of its internal control over financial reporting.

As part of our audits, we are required to obtain an understanding

of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s

internal control over financial reporting.

Accordingly, we express no such opinion.

Our audits included performing procedures to assess

the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond

to those risks.

Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating

the overall presentation of the financial statements.

We believe that our audits provide a reasonable basis for our opinion.

/s/ Pinnacle Accountancy Group of Utah

We have served as the Company’s auditor since 2019.

Pinnacle Accountancy Group of Utah

(a dba of Heaton & Company, PLLC )

Farmington, Utah

March 14, 2023

BALANCE SHEETS

As of November 30,

of November 30, 2021

CURRENT ASSETS

Cash and cash equivalent

Prepaid expenses

Total Current Assets

Intangible Assets

LIABILITIES AND STOCKHOLDERS’ DEFICIT

Current Liabilities

Accounts payable

Accrued payroll - related party

Related-party loan

Total Current Liabilities

Total Liabilities

STOCKHOLDERS’ DEFICIT

Common stock, $ 0.001 par value, 75,000,000 shares authorized;

7,105,357 and 5,092,023 shares issued and outstanding as of

November 30, 2022 and 2021, respectively

Additional paid-in capital

Accumulated deficit

Total stockholders’ deficit

TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT

The accompanying notes are an integral part of these

financial statements.

STATEMENTS OF OPERATIONS

For the year ended

November 30, 2022

For the year ended

November 30, 2021

Cost of revenues

Gross (Loss) profit

General and administrative expenses

Total expenses

INCOME (LOSS) BEFORE TAX PROVISION

INCOME TAX EXPENSE

WEIGHTED AVERAGE SHARES OUTSTANDING, BASIC AND DILUTED

BASIC AND DILUTED NET LOSS PER SHARE

The accompanying notes are an integral part of these

financial statements.

STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT

For the years ended November 30, 2022 and 2021

Additional paid-in capital

stockholders’

Balance, November 30, 2020

Issuance of common stock for cash

Net income (loss)

Balance, November 30, 2021

of common stock for intangible assets

Net income (loss)

Balance, November 30, 2022

The accompanying notes are an integral part of these

financial statements.

STATEMENTS OF CASH FLOWS

CASH FLOWS FROM OPERATING ACTIVITIES

Adjustments to reconcile net loss

to net cash used in operating activities:

Changes in operating assets and liabilities:

Decrease (increase) in prepaid expenses

Increase in accrued payroll – related party

Increase (decrease) in accounts payable

Net cash flows used in operating activities

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of intangible assets

Net cash flows used in investing activities

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from sale of common stock

Related-party loan

Net cash flows provided by financing activities

NET INCREASE (DECREASE) IN CASH

CASH, BEGINNING OF PERIOD

CASH, END OF PERIOD

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

Cash paid for interest

Cash paid for income tax

NON-CASH INVESTING AND FINANCING ACTIVITIES:

stock issued for intangible assets

The accompanying notes are an integral part of these

financial statements.

NOTES TO THE FINANCIAL

NOVEMBER 30, 2022

1 — Description of Organization and Business Operations

is a startup corporation, registered under the laws in the State of Nevada on June 12, 2018.

The company (“we,” “us,”

or the “Company”) plans to develop, publish and market mobile software application for smartphones and tablet devices (“Apps”).

It is an ‘augmented reality’ (AR) app aiming to help users decide what and where to ink without having to regret the tattoo

after the fact.

The app includes a selection of tattoo sketches by different artists that can be virtually placed via smartphone-powered

A user gets to try on a virtual tattoo on their body in real-time.

principal executive office is located at 24 Penteliss, Limassol 4102, Cyprus.

Company’s functional and reporting currency is the U.S.

2 – Going Concern

accompanying financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate continuation

of the Company as a going concern.

As a startup company, the Company had limited revenues and incurred losses as of November 30, 2022.

The Company currently has limited working capital and has not completed its efforts to establish a stabilized source of revenues sufficient

to cover operating costs over an extended period.

These conditions raise substantial doubt about the Company’s ability to continue

as a going concern.

anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses.

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.

3 — Summary of Significant Accounting Policies

of Presentation

accompanying financial statements are presented in U.S.

dollars in conformity with accounting principles generally accepted in the United

States of America (“U.S.

GAAP”) and pursuant to the rules and regulations of the SEC.

In the opinion of management, all adjustments

(consisting of normal accruals) considered for a fair presentation have been included.

The Company’s year-end is November 30.

Income (Loss) Per Common Share

Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” Net loss per share

is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period.

As of November

30, 2022 and 2 021, the Company did not have

any dilutive securities and other contracts that could, potentially, be exercised or converted into shares of common stock and then share

in the earnings of the Company.

As a result, diluted loss per share is the same as basic loss per share for the periods presented.

preparation of financial statements in conformity with U.S.

GAAP requires the Company’s 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 amounts of revenues and expenses during the reporting period.

Actual results could differ from those estimates.

and Cash Equivalents

Company considers all highly liquid investments with the original maturities of three months or less to be cash equivalents.

had $ 114 of cash and cash equivalents as of November 30, 2022 and November 30, 2021.

Company follows the asset and liability method of accounting for income taxes under FASB ASC 740, “Income Taxes.” Deferred

tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial

statements carrying amounts of existing assets and liabilities and their respective tax bases.

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 included the enactment date.

Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected

to be realized.

ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax

positions taken or expected to be taken in a tax return.

For those benefits to be recognized, a tax position must be more likely than

not to be sustained upon examination by taxing authorities.

There were no unrecognized tax benefits as of November 30, 2022.

recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense.

As of November 30, 2022, and November

30, 2021, no amounts have been accrued for the payment of interest and penalties.

The Company is currently not aware of any issues under

review that could result in significant payments, accruals or material deviation from its position.

The Company is subject to income tax

examinations by major taxing authorities since inception.

TO THE FINANCIAL STATEMENTS

NOVEMBER 30, 2022

3 — Summary of Significant Accounting Policies (cont.)

and Development Policy

730, “Research and Development”, addresses the proper accounting and reporting for research and development costs.

It identifies

those activities that are to be identified as research and development, the elements of costs that shall be identified with research and

development activities, the accounting for these costs, and the financial statement disclosures related to them.

Costs and expenses that

can be clearly identified as research and development are charged to expense as incurred.

Development Policy

Company follows the provisions of ASC 985, “Software”, which requires that all costs incurred be expensed until technological

feasibility has been established.

Company recognizes revenues in accordance with ASC 606 – Revenue from Contracts with Customers .

Revenue related to contracts

with customers is evaluated utilizing the following steps:

(i) Identify the contract, or contracts, with a customer;

(ii) Identify the

performance obligations in the contract;

(iii) Determine the transaction price;

(iv) Allocate the transaction price to the performance

obligations in the contract;

(v) Recognize revenue when the Company satisfies a performance obligation.

The Company has introduced a subscription-based

service that provides users with access to AI-generated tattoo ideas.

As of November 30, 2022, the Company recognized $1,000 in revenues.

The subscriptions range from 14 to 30 days and revenue is recognized over the subscription period on a straight-line basis as the performance

obligation is satisfied.

Accounting Pronouncements

Company reviews new accounting standards as issued.

Management has not identified any new standards that it believes will have a significant

impact on the Company’s financial statements.

4 – Stockholders’ Equity

formation the total number of shares of all classes of stock which the Company is authorized to issue is Seventy-Five Million (75,000,000)

shares of Common Stock, par value $0.001 per share.

the year ended November 30, 2021, the Company issued 437,823 shares of common stock for cash proceeds of $13,134 at $0.03 per share.

November 30, 2022, the Company issued 2,013,334 shares of common stock valued at $90,600 for intangible assets.

were 7,105,357 and 4,654,200 shares of common stock issued and outstanding as of November 30, 2022, and 2021, respectively.

5 — Related Party Transactions

the years ended November 30, 2022 and 2021, the Company’s director loaned to the Company $ 34,380

and $10,849, respectively.

of November 30, 2022 and November 30, 2021, our sole director has a total outstanding balance

of $ 72,774 and $ 38,394 , respectively.

This loan is unsecured, non-interest bearing and due

of November 30, 2022 and November 30, 2021, the payroll liability to our sole director was

$ 49,000 and $0, respectively.

6 — Prepaid Expenses

of November 30, 2022 and 2021, the prepaid balance was as follows:

As of November 30, 2022

As of November 30, 2021

Application development

API with the Base

Prepaid business license fees

Total prepaid expenses

Note 7 – Intangible

Company follows the provisions of ASC 985, Software, which requires that all costs relating to the purchase or internal development

and production of software products to be sold, leased or otherwise marketed, be expensed in the period incurred unless the

requirements for technological feasibility have been established.

The Company amortizes these costs using the straight-line

method over the three years.

The Company expects to recognize amortization expense of $37,323 annually for the next three fiscal

During the year ended

November 30, 2022, the Company acquired software for $ 100,000 and capitalized website development

costs of $11,970.

As of November 30, 2022 the

Company had intangible assets of $111,970.

Note 8 – Income

Tax Provision

Deferred Tax Assets

of November 30, 2022, the Company had net operating loss (“NOL”) carry-forwards for Federal income tax purposes of $ 123,759 .

tax benefit has been recorded with respect to these net operating loss carry-forwards in the accompanying financial statements as the

management of the Company believes that the realization of the Company’s net deferred tax assets of approximately $25,989 was not

considered more likely than not and accordingly, the potential tax benefits of the net loss carry-forwards are offset by the full valuation

tax assets consist primarily of the tax effect of NOL carry-forwards which was used to offset tax payable from prior year’s

The Company has provided a full valuation allowance on the deferred tax assets because of the uncertainty regarding

its realization.

The current valuation of tax allowance is $25,989 and $12,037 as of November 30, 2022 and 2021, respectively.

TO THE FINANCIAL STATEMENTS

NOVEMBER 30, 2022

of deferred tax assets are as follows:

For the Year Ended

November 30, 2022

For the Year Ended

November 30, 2021

Net Deferred Tax Asset Non-Current:

Net Operating Loss Carry-Forward

Effective tax rate

Expected Income Tax Benefit from NOL Carry-Forward

Valuation Allowance

Deferred Tax Asset, Net of Valuation Allowance

Income Tax Provision in the

Statement of Operations

reconciliation of the federal statutory income tax rate and the effective income tax rate as a percentage of income before income taxes

is as follows:

For the Year Ended

November 30, 2022

Federal statutory income tax rate

Increase (reduction) in income tax provision resulting from:

Net Operating Loss (NOL) carry-forward

Effective income tax rate

9 – Subsequent Events

Company has evaluated all subsequent events through the date when the financial statements were issued to determine if they must be reported.

The Company determined that there were no reportable subsequent events to disclose in these financial statements other than those described

promissory Note was signed by and between Inky Inc and Ioanna Kallidou, the President and Chief Executive Officer of the Company on December

The Promissory Note was issued in order to repay the debt of the Company to the director in shares.

will issue to

Ioanna Kallidou a total of 1,571,400 common shares per value $0.025 per share in exchange of Thirty-Nine Thousand Two Hundred Eighty-Five

Dollars ($39,285).

The shares have not been issued yet.

Changes in and

Disagreements with Accountants on Accounting and Financial Disclosure

Financial Statements and Supplementary Data

full text of our audited consolidated financial statements begins on page F-1 of this annual report .

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

February 8, 2024, M2i Global, Inc.

dismissed Heaton & Company, PLLC dba Pinnacle Accountancy Group of Utah (“Pinnacle”)

as the Company’s independent registered public accounting firm.

During the engagement period from December 6, 2019 to February

8, 2024, there were no disagreements between the Company and Pinnacle on any matter of accounting principles or practices, financial

statement disclosure or auditing scope or procedure which, if not resolved to the satisfaction of Pinnacle, would have caused Pinnacle

to make reference to the matter in a report on the Company’s financial statements.

The decision to replace Pinnacle was approved

by the Board of Directors of the Company.

February 8, 2024, the Company appointed Turner, Stone & Company, LLP (“Turner Stone”) as the independent registered public

accounting firm to audit the consolidated financial statements of the Company, and the related consolidated statements of operations,

changes in stockholders’ deficit, and cash flows of the Company and the related notes to consolidated financial statements.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 8. Financial Statements and Supplementary Data