Ankam, Inc. reported significant financial developments in its 10-Q filing for the period ending August 31, 2024. The company experienced a notable increase in revenue, with total revenue for the three months reaching $8.7 million, up from $6.0 million in the same period of 2023. For the nine months, revenue rose to $33.8 million compared to $19.7 million in the prior year, reflecting growth in operating activities.
Despite the revenue increase, Ankam, Inc. reported a net loss of $83.9 million for the three months ended August 31, 2024, compared to a net loss of $69.0 million for the same period in 2023. For the nine months, the net loss improved to $106.6 million from $215.6 million in the previous year. The increase in operating expenses, which totaled $79.1 million for the three months and $294.8 million for the nine months, contributed to the losses. Key components of operating expenses included general and administrative costs, director fees, and amortization expenses, which rose due to the acquisition of Apex Intelligence LLC in January 2024.
Total assets as of August 31, 2024, were reported at $177.4 million, a significant increase from $108.3 million as of November 30, 2023. However, total current assets decreased to $59.7 million from $86.2 million in the same timeframe. Total liabilities remained stable at $471.3 million, with current liabilities increasing slightly from $433.6 million. The company’s stockholders’ deficit improved to $(293.9 million) from $(325.3 million) in the previous period.
Strategically, Ankam, Inc. has made several key moves, including the acquisition of Apex Intelligence LLC for $158.0 million, which was financed through a convertible promissory note. The company also established a new subsidiary, Mei Sheng Corporation Limited, to expand its presence in the Asian market. Additionally, a group of investors acquired a controlling 77% equity stake in Ankam, Inc. on August 12, 2024.
Leadership changes occurred with the resignation of Bakur Kalichava and the appointment of Wang Wen Lung as the new President and Director. The company is focusing on marketing strategies for its applications, including Expense Minder and MoneySaverApp, while also navigating challenges related to limited working capital and reliance on future investment capital.
About Ankam, Inc.
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