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Item 8. Financial Statements and Supplementary Data

2021-02-02 compared with 2020-02-28 · 53 added, 76 removed, 155 unchanged (45% of the section changed)

1 unchanged sentence

FINANCIAL STATEMENTS

Reports of Independent Registered Public Accounting Firm

Report of Independent Registered Public Accounting Firm

Balance Sheets as of November 30, 2020 and 2019

Statements of Operations for the year ended November 30, 2019 and 2018

Statement of Stockholders Equity as of November 30, 2019 and 2018

Statements of Cash Flows for the year ended November 30, 2019 and 2018

Statements of Operations for the years ended November 30, 2020 and 2019

Statement of Stockholders Deficit as of November 30, 2020 and 2019

Statements of Cash Flows for the years ended November 30, 2020 and 2019

Notes to the Audited Financial Statements

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Stockholders

_______________________________________________________________________________________________________

To the Board of Directors and Stockholders INKY Inc.

Opinion on the Financial Statements

We have audited the accompanying balance sheet of INKY Inc.

(the Company) as of November 30, 2019, and the related statements of operations, changes in stockholders equity, and cash flows for the year ended November 30, 2019, 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, 2019, and the results of its operations and its cash flows for the year ended November 30, 2019, in conformity with accounting principles generally accepted in the United States of America.

We have audited the accompanying balance sheets of INKY Inc.

(the Company) as of November 30, 2020 and 2019, 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, 2020 and 2019, 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

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These financial statements are the responsibility of the Company ' s management.

Our responsibility is to express an opinion on the Companys financial statements based on our audit.

Our responsibility is to express an opinion on the Company's financial statements based on our audits.

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 audit in accordance with the standards of the PCAOB.

Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

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 audit, 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 Companys 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 audit 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.

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 audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of 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 audit provides a reasonable basis for our opinion.

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Pinnacle Accountancy Group of Utah

(a dba of Heaton & Company, PLLC)

Farmington, Utah

February 1, 2021

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors of

Opinion on the Financial Statements

We have audited the accompanying balance sheet of Inky (the Company) as of November 30, 2018, and the related statements of income, stockholders' equity, and cash flows from inception June 12, 2018 through November 30, 2018, 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, 2018, and the results of its operations and its cash flows from inception June 12, 2018 through November 30, 2018, 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.

As discussed in Note 2 to the financial statements, the Company has incurred loss since inception, has negative cash flow from operation, and has negative working capital.

These factors raise substantial doubt about the Company s ability to continue as a going concern.

Management s plans in regard to these matters are also described in Note 2 to the financial statements.

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 audit.

federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB.

Those standards require that we plan and perform the audit 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.

Accordingly, we express no such opinion.

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

Our audit 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 audit provides a reasonable basis for our opinion.

/s/ KSP Group, Inc.

CERTIFIED PUBLIC ACCOUNTANTS

We have served as the Company s auditor since 2019.

Los Angeles, CA

January 28, 2019

BALANCE SHEETS

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Cash and cash equivalent

Prepaid expenses

Total Current Assets

LIABILITIES AND STOCKHOLDERS DEFICIT

Current Liabilities

Accounts Payable

Related-party loan

1 unchanged sentence

Total Liabilities

STOCKHOLDERS EQUITY

STOCKHOLDERS DEFICIT

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

4,000,000 shares issued and outstanding as of November 30, 2019 and November 30, 2018, respectively

4,654,200 and 4,000,000 shares issued and outstanding as of November 30, 2020 and 2019, respectively

Additional paid-in capital

Accumulated deficit

Total stockholders deficit

TOTAL LIABILITIES AND STOCKHOLDERS DEFICIT

Total stockholders deficit

TOTAL LIABILITIES AND STOCKHOLDERS DEFICIT

The accompanying notes are an integral part of these audited financial statements.

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November 30, 2020

For the period June 12, 2018 (inception)

For the year ended

November 30, 2019

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INCOME (LOSS) BEFORE TAX PROVISION

NET INCOME (LOSS)

INCOME TAX PROVISION

NET INCOME (LOSS)

WEIGHTED AVERAGE SHARES OUTSTANDING, BASIC AND DILUTED

1 unchanged sentence

The accompanying notes are an integral part of these audited financial statements.

STATEMENT OF CHANGES IN STOCKHOLDERS EQUITY

stockholders

Balance, June 12, 2018 (inception)

Issuance of common stock for cash

STATEMENT OF CHANGES IN STOCKHOLDER S DEFICIT

For the years ended November 30, 2020 and 2019

stockholders

Balance, November 30, 2018

Net income (loss)

Balance, November 30, 2019

Issuance of common stock for cash

Net income (loss)

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As of November 30,

For the period June 12, 2018 (inception)

November 30, 2018

As of November 30,

CASH FLOWS FROM OPERATING ACTIVITIES

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to net cash used in operating activities:

Prepaid expenses

Accounts payable

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NOTES TO THE AUDITED FINANCIAL STATEMENTS

NOVEMBER 30, 2020 AND 2019

Note 1 Description of Organization and Business Operations

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Inky ( we, us, or the Company ) develops, publishes and markets mobile software application for smartphones and tablet devices ( Apps ).

Inky is engaged in the mobile applications development area.

Inky is engaged in the mobile applications develop ment area.

Inky is an 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 designs by different tattoo artists that can be tested virtually via the automation of smartphone-powered augmented reality placing pixels on your flesh in real-time.

Our principal executive office is located at Artemidos 42, Larnaca 6030, Cyprus.

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

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

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The 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 start up company, the Company had no revenues and incurred losses as of November 30, 2019.

As a startup company, the Company had no revenues and incurred losses as of November 3 0 , 20 20 .

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 of time.

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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.

At this time any results of financial impact of the COVID-19 pandemic cannot be reasonably estimated now but it may have a material adverse impact on our business, financial condition and results of operations.

Note 3 Summary of Significant Accounting Policies

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Net Income (Loss) Per Common Share

The 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.

The 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, 2020 and 2019, 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.

4 unchanged sentences

Actual results could differ from those estimates.

NOTES TO THE AUDITED FINANCIAL STATEMENTS

Note 3 Summary of Significant Accounting Policies (cont.)

Cash and Cash Equivalents

1 unchanged sentence

The Company had $11,312 of cash and cash equivalents as of November 30, 2020 ($391 as of November 30, 2019).

NOTES TO THE AUDITED FINANCIAL STATEMENTS

Note 3 Summary of Significant Accounting Policies (cont.)

The 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.

The 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.

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

No amounts were accrued for the payment of interest and penalties for the period from June 12, 2018 (inception) through November 30, 2018, and for the year ended November 30, 2019.

As of November 30, 2020 and 2019, 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.

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Recent Accounting Pronouncements

In February 2016, the FASB issued ASU 2016-02, Lease (Topic 842), which amends recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases.

Under the new guidance, lessees will be required to recognize a lease liability and a right-of-use asset for all leases (with the exception of short-term leases) at the commencement date.

This standard takes effect for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018.

The company has elected the short-term lease exemption.

The 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.

Note 4 Stockholders Equity

Upon 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.

On November 29, 2018 the Company issued 4,000,000 shares of common stock to a director for cash proceeds of $4,000 at $0.001 per share.

There were 4,000,000 shares of common stock issued and outstanding as of November 30, 2019.

During the year ended November 30, 2020, the Company issued 654,200 shares of common stock for cash proceeds of $19,626 at $0.03 per share.

There were 4,654,200 and 4,000,000 shares of common stock issued and outstanding as of November 30, 2020 and 2019, respectively.

NOTES TO THE AUDITED FINANCIAL STATEMENTS

Note 5 Related Party Transactions

During the period from June 12, 2018 (inception) through November 30, 2018, our sole director loaned to the Company $6,000.

During the year ended November 30, 2019, the Company s director loaned to the Company $10,676.

During the year ended November 30, 2020, the Company s director loaned to the Company $10,869.

As of November 30, 2020, our sole director has loaned to the Company $27,545.

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November 30, 2020

For the Period June 12, 2018 (inception)

For the Year Ended

November 30, 2019

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Note 7 Subsequent Events

The Company has evaluated all subsequent events through to 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 be disclosed.

The 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 below.

During December 2020 the Company issued 181,823 shares of common stock for cash proceeds of $5,455 at $0.03 per share.

During January 2021 the Company issued 122,000 shares of common stock for cash proceeds of $3,660 at $0.03 per share.

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

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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