Ankam, Inc. Reports Revenue Growth to $104,450 but Faces Net Loss of $136,846 for Fiscal Year Ending November 30, 2024

Ankam, Inc. reported a significant increase in revenue for the fiscal year ending November 30, 2024, generating $104,450 compared to $27,173 in the previous year. This growth is attributed to the launch of its subsidiary, Mei Sheng Corporation Limited, which focuses on expanding the company's market share in the Asia Pacific region. Despite the revenue increase, the company reported a net loss of $136,846, an improvement from the $279,157 loss recorded in the prior year. The reduction in losses is primarily due to gains from debt forgiveness and the sale of assets.

Operating expenses for Ankam, Inc. rose to $395,605 in 2024, up from $325,220 in 2023. The increase in expenses was driven by higher professional fees and software development costs, which included significant investments in API and website development. The company also incurred amortization expenses that increased from $24,944 to $49,034 year-over-year. These operational costs reflect the company's ongoing investment in its technology and product development.

Strategically, Ankam, Inc. has made several key organizational changes and acquisitions. In January 2024, the company acquired Apex Intelligence LLC for $158,040, which includes a currency converter service. Additionally, on August 8, 2024, a group of investors acquired a controlling 77% equity stake in Ankam, leading to a change in leadership with Wang Wen Lung appointed as the new President and Secretary. The establishment of Mei Sheng Corporation Limited on August 27, 2024, further emphasizes the company's commitment to geographic expansion, particularly in Asian markets.

As of November 30, 2024, Ankam, Inc. reported total assets of $178,708, an increase from $108,323 in the previous year, while total liabilities rose to $502,817 from $433,626. The company’s accumulated deficit increased to $497,739, reflecting ongoing challenges in achieving profitability. The total number of shares outstanding increased to 4,558,063, following the issuance of shares to settle outstanding debts. The company continues to face liquidity challenges, with cash reserves dwindling to $57 by the end of the reporting period.

Looking ahead, Ankam, Inc. anticipates further losses as it continues to develop its business and expand its product offerings. The company plans to enhance its marketing strategies to build awareness for its applications, Expense Minder and MoneySaverApp, while also exploring additional funding opportunities to support its growth initiatives. The management remains cautious about the future, acknowledging the need for additional capital to sustain operations and achieve long-term objectives.