Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
May 31, 2020 | Jul. 10, 2020 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | May 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | INKY INC. | |
Entity Central Index Key | 0001753373 | |
Current Fiscal Year End Date | --11-30 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 4,080,000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | No | |
Entity Shell Company | true | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false |
CONDENSED BALANCE SHEETS (Unaud
CONDENSED BALANCE SHEETS (Unaudited) - USD ($) | May 31, 2020 | Nov. 30, 2019 |
CURRENT ASSETS | ||
Cash and cash equivalent | $ 974 | $ 391 |
Total Current Assets | 974 | 391 |
TOTAL ASSETS | 974 | 391 |
Current Liabilities | ||
Accounts Payable | 3,175 | 0 |
Related-party loan | 24,676 | 16,676 |
Total Current Liabilities | 27,851 | 16,676 |
Total Liabilities | $ 27,851 | $ 16,676 |
STOCKHOLDERS' Deficit | ||
Common stock, $0.001 par value, 75,000,000 shares authorized; 4,080,000 and 4,000,000 shares issued and outstanding as of May 31, 2020 and November 30, 2019, respectively | 4,080 | 4,000 |
Additional paid-in capital | $ 2,320 | $ 0 |
Accumulated deficit | (33,277) | (20,285) |
Total stockholders' deficit | (26,877) | (16,285) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 974 | $ 391 |
CONDENSED BALANCE SHEETS (Una_2
CONDENSED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) | May 31, 2020 | Nov. 30, 2019 |
Statement of Financial Position [Abstract] | ||
Common stock par value | $ 0.001 | $ 0.001 |
Common stock shares authorized | 75,000,000 | 75,000,000 |
Common stock shares issued and outstanding | 4,080,000 | 4,000,000 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
May 31, 2020 | May 31, 2019 | May 31, 2020 | May 31, 2019 | |
EXPENSES | ||||
General and administrative expenses | $ 6,289 | $ 3,966 | $ 12,992 | $ 10,274 |
Total expenses | 6,289 | 3,966 | 12,992 | 10,274 |
INCOME (LOSS) BEFORE TAX PROVISION | (6,289) | (3,966) | (12,992) | (10,274) |
NET INCOME (LOSS) | (6,289) | (3,966) | (12,992) | (10,274) |
INCOME TAX PROVISION | $ 0 | $ 0 | $ 0 | $ 0 |
WEIGHTED AVERAGE SHARES OUTSTANDING, BASIC AND DILUTED | 4,022,609 | 4,000,000 | 4,011,366 | 4,000,000 |
BASIC AND DILUTED NET LOSS PER SHARE | $ 0 | $ 0 | $ 0 | $ 0 |
CONDENSED STATEMENT OF CHANGES
CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS' DEFICIT (Unaudited) - USD ($) | Total | Common stock | Additional paid-in capital | Accumulated deficit |
Balance at Nov. 30, 2018 | $ (901) | $ 4,000 | $ (4,901) | |
Balance (in shares) at Nov. 30, 2018 | 4,000,000 | |||
Net income (loss) | (6,308) | (6,308) | ||
Balance at Feb. 28, 2019 | (7,209) | $ 4,000 | (11,209) | |
Balance (in shares) at Feb. 28, 2019 | 4,000,000 | |||
Net income (loss) | (3,966) | (3,966) | ||
Balance at May. 31, 2019 | (11,175) | $ 4,000 | (15,175) | |
Balance (in shares) at May. 31, 2019 | 4,000,000 | |||
Balance at Nov. 30, 2019 | (16,285) | $ 4,000 | (20,285) | |
Balance (in shares) at Nov. 30, 2019 | 4,000,000 | |||
Net income (loss) | (6,703) | (6,703) | ||
Balance at Feb. 29, 2020 | (22,988) | $ 4,000 | (26,988) | |
Balance (in shares) at Feb. 29, 2020 | 4,000,000 | |||
Net income (loss) | (6,289) | (6,289) | ||
Balance at May. 31, 2020 | $ (26,877) | $ 4,080 | $ 2,320 | $ (33,277) |
Balance (in shares) at May. 31, 2020 | 4,080,000 | |||
Issuance of common stock | 2,400 | 80 | 2,320 | |
Issuance of common stock (in shares) | $ 80,000 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 6 Months Ended | |
May 31, 2020 | May 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net (loss) | $ (12,992) | $ (10,274) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Prepaid rent | 0 | 1,671 |
Accounts payable | 3,175 | (2,000) |
Net cash flows used in operating activities | (9,817) | (10,603) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from sale of common stock | 2,400 | |
Related-party loan | 8,000 | 6,255 |
Net cash flows provided by financing activities | 10,400 | 6,255 |
NET INCREASE (DECREASE) IN CASH | 583 | (4,348) |
CASH, BEGINNING OF PERIOD | 391 | 5,150 |
CASH, END OF PERIOD | 974 | 802 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Cash paid for interest | 0 | 0 |
Cash paid for income tax | $ 0 | $ 0 |
- Description of Organization a
- Description of Organization and Business Operations | 6 Months Ended |
May 31, 2020 | |
- Description of Organization and Business Operations [Abstract] | |
- Description of Organization and Business Operations | Note 1 - Description of Organization and Business Operations Inky is a startup corporation, registered under the laws in the State of Nevada on June 12, 2018. 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 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 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 24 Penteliss, Limassol 4102, Cyprus. The Company's functional and reporting currency is the U.S. dollar. |
- Going Concern
- Going Concern | 6 Months Ended |
May 31, 2020 | |
- Going Concern [Abstract] | |
- Going Concern | Note 2 - Going Concern 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 startup company, the Company had no revenues and incurred losses as of May 31, 2020. 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. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses. The 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. |
- Summary of Significant Accoun
- Summary of Significant Accounting Policies | 6 Months Ended |
May 31, 2020 | |
- Summary of Significant Accounting Policies [Abstract] | |
- Summary of Significant Accounting Policies | Note 3 - Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed financial statements of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the "SEC"), including the instructions to Form 10-Q and Regulation S-X. Certain information and note disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"), have been condensed or omitted from these statements pursuant to such rules and regulations and, accordingly, they do not include all the information and notes necessary for comprehensive financial statements and should be read in conjunction with our audited financial statements included in our Annual Report on Form 10-K for the year ended November 30, 2019. 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. 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. As of May 31, 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. As a result, diluted loss per share is the same as basic loss per share for the periods presented. 10 INKY NOTES TO THE CONDENSED UNAUDITED FINANCIAL STATEMENTS Note 3 - Summary of Significant Accounting Policies (cont.) Use of Estimates The 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. Cash and Cash Equivalents The Company considers all highly liquid investments with the original maturities of three months or less to be cash equivalents. The Company had $974 of cash and cash equivalents as of May 31, 2020 ($391 as of November 30, 2019). Income Taxes 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. 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. FASB 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 May 31, 2020. 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. 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. Research and Development Policy ASC 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. Software Development Policy The 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. 11 INKY NOTES TO THE CONDENSED UNAUDITED FINANCIAL STATEMENTS Recent Accounting Pronouncements 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 consolidated financial statements. |
- Stockholders' Equity
- Stockholders' Equity | 6 Months Ended |
May 31, 2020 | |
- Stockholders' Equity [Abstract] | |
- Stockholders' Equity | 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. During the three months period ended May 31, 2020, the Company issued 80,000 shares of common stock for cash proceeds of $2,400 at $0.03 per share. There were 4,080,000 and 4,000,000 shares of common stock issued and outstanding as of May 31, 2020 and November 30, 2019, respectively. |
- Related Party Transactions
- Related Party Transactions | 6 Months Ended |
May 31, 2020 | |
- Related Party Transactions [Abstract] | |
- Related Party Transactions | Note 5 - Related Party Transactions During the year ended November 30, 2019, the Company's director loaned to the Company $16,676. During the six months period ended May 31, 2020, the Company's director loaned to the Company $8,000. As of May 31, 2020, our sole director has loaned to the Company $24,676. This loan is unsecured, non-interest bearing and due on demand. |
- Subsequent Events
- Subsequent Events | 6 Months Ended |
May 31, 2020 | |
- Subsequent Events [Abstract] | |
- Subsequent Events | Note 6 - Subsequent Events 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. 12 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
May 31, 2020 | |
Significant Accounting Policies (Policies) [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed financial statements of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the "SEC"), including the instructions to Form 10-Q and Regulation S-X. Certain information and note disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"), have been condensed or omitted from these statements pursuant to such rules and regulations and, accordingly, they do not include all the information and notes necessary for comprehensive financial statements and should be read in conjunction with our audited financial statements included in our Annual Report on Form 10-K for the year ended November 30, 2019. 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. |
Net Income (Loss) Per Common Share | 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. As of May 31, 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. As a result, diluted loss per share is the same as basic loss per share for the periods presented. 10 INKY NOTES TO THE CONDENSED UNAUDITED FINANCIAL STATEMENTS |
Use of Estimates | Use of Estimates The 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. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with the original maturities of three months or less to be cash equivalents. The Company had $974 of cash and cash equivalents as of May 31, 2020 ($391 as of November 30, 2019). |
Income Taxes | Income Taxes 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. 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. FASB 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 May 31, 2020. 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. 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. |
Research and Development Policy | Research and Development Policy ASC 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. |
Software Development Policy | Software Development Policy The 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. 11 INKY NOTES TO THE CONDENSED UNAUDITED FINANCIAL STATEMENTS |
Recent Accounting Pronouncements | Recent Accounting Pronouncements 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 consolidated financial statements. |
- Summary of Significant Acco_2
- Summary of Significant Accounting Policies (Details Text) - USD ($) | May 31, 2020 | Nov. 30, 2019 | Nov. 26, 2019 | Nov. 26, 2018 |
Summary Of Significant Accounting Policies Details [Abstract] | ||||
The Company had $974 of cash and cash equivalents as of May 31, 2020 ($391 as of November 30, 2019). | $ 974 | $ 391 | $ 391 | $ 5,150 |
- Stockholders' Equity (Details
- Stockholders' Equity (Details Text) - shares | 3 Months Ended | |
May 31, 2020 | Nov. 30, 2019 | |
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
During the three months period ended May 31, 2020, the Company issued 80,000 shares of common stock for cash proceeds of $2,400 at $0.03 per share. | 80,000 | |
There were 4,080,000 and 4,000,000 shares of common stock issued and outstanding as of May 31, 2020 and November 30, 2019, respectively. | 4,080,000 | 4,000,000 |
- Related Party Transactions (D
- Related Party Transactions (Details Text) - USD ($) | 6 Months Ended | 12 Months Ended |
May 31, 2020 | Nov. 30, 2019 | |
Related Party Transaction, Due from (to) Related Party, Current [Abstract] | ||
During the year ended November 30, 2019, the Company's director loaned to the Company $16,676. During the six months period ended May 31, 2020, the Company's director loaned to the Company $8,000. | $ 8,000 | $ 16,676 |
As of May 31, 2020, our sole director has loaned to the Company $24,676 | $ 24,676 |