Cover
Cover - shares | 6 Months Ended | ||
May 31, 2021 | May 31, 2021 | Jul. 09, 2021 | |
Cover [Abstract] | |||
Document Type | 10-Q | ||
Amendment Flag | false | ||
Quarterly Report | true | ||
Document Transition Report | false | ||
Document Period End Date | May 31, 2021 | ||
Document Fiscal Period Focus | Q2 | ||
Document Fiscal Year Focus | 2021 | ||
Current Fiscal Year End Date | --11-30 | ||
File Number | 333-229748 | ||
Registrant Name | INKY INC. | ||
Entity Central Index Key | 0001753373 | ||
Identification Number | 37-1904036 | ||
Incorporation State | NV | ||
Address Line 1 | 36 Aigyptou Avenue | ||
Address City | Larnaca | ||
Address Country | CY | ||
Address Postal Zip Code | 6030 | ||
City Area Code | 357-25057246 | ||
Phone Number | 25057246 | ||
Current Reporting Status | Yes | ||
Interactive Data Current | No | ||
Non-accelerated Filer | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | true | |
Extended Transition Period | false | ||
Shell Company | true | ||
Common Stock Shares Outstanding | 5,092,023 |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) | May 31, 2021 | Nov. 30, 2020 |
CURRENT ASSETS | ||
Cash and cash equivalent | $ 1,631 | $ 11,312 |
Prepaid expenses | 18,854 | 379 |
Total Current Assets | 20,485 | 11,691 |
TOTAL ASSETS | 20,485 | 11,691 |
Current Liabilities | ||
Related-party loan | 27,744 | 27,545 |
Total Current Liabilities | 27,744 | 27,545 |
Total Liabilities | 27,744 | 27,545 |
STOCKHOLDERS’ DEFICIT | ||
Additional paid-in capital | 31,668 | 18,972 |
Accumulated deficit | (44,019) | (39,480) |
Total stockholders’ deficit | (7,259) | (15,854) |
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | $ 20,485 | $ 11,691 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 6 Months Ended | ||
May 31, 2021 | May 31, 2020 | May 31, 2021 | May 31, 2020 | |
EXPENSES | ||||
General and administrative expenses | $ 1,842 | $ 6,289 | $ 4,539 | $ 12,992 |
Total expenses | 1,842 | 6,289 | 4,539 | 12,992 |
INCOME (LOSS) BEFORE TAX PROVISION | (1,842) | (6,289) | (4,539) | (12,992) |
INCOME TAX EXPENSE | ||||
NET LOSS | $ (1,842) | $ (6,289) | $ (4,539) | $ (12,992) |
WEIGHTED AVERAGE SHARES OUTSTANDING, BASIC AND DILUTED | 5,032,996 | 4,022,609 | 4,956,248 | 4,011,366 |
BASIC AND DILUTED NET LOSS PER SHARE | $ 0 | $ 0 | $ 0 | $ 0 |
CONDENSED STATEMENT OF CHANGES
CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS' DEFICIT - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance, shares | 4,000,000 | |||
Beginning balance, value at Nov. 30, 2019 | $ 4,000 | $ (20,285) | $ (16,285) | |
Beginning balance, shares at Nov. 30, 2019 | 4,000,000 | |||
Net income (loss) | (6,703) | (6,703) | ||
Ending balance, value at Feb. 29, 2020 | $ 4,000 | (26,988) | (22,988) | |
Ending balance, shares at Feb. 29, 2020 | 4,000,000 | |||
Balance, shares | 4,000,000 | |||
Net income (loss) | (6,289) | (6,289) | ||
Issuance of common stock for cash | 80 | 2,320 | 2,400 | |
Ending balance, value at May. 31, 2020 | $ 4,080 | 2,320 | (33,277) | (26,877) |
Ending balance, shares at May. 31, 2020 | 4,080,000 | |||
Balance, shares | 4,080,000 | |||
Balance, shares | 4,654,200 | |||
Beginning balance, value at Nov. 30, 2020 | $ 4,654 | 18,972 | (39,480) | (15,854) |
Beginning balance, shares at Nov. 30, 2020 | 4,654,200 | |||
Net income (loss) | (2,697) | (2,697) | ||
Issuance of common stock for cash | $ 370 | 10,734 | 11,104 | |
suance of common stock for cash, in shares | 370,156 | |||
Ending balance, value at Feb. 28, 2021 | $ 5,024 | 29,706 | (42,177) | (7,447) |
Ending balance, shares at Feb. 28, 2021 | 5,024,356 | |||
Beginning balance, value at Nov. 30, 2020 | $ 4,654 | 18,972 | (39,480) | (15,854) |
Beginning balance, shares at Nov. 30, 2020 | 4,654,200 | |||
Issuance of common stock for cash | $ 80,000 | |||
Ending balance, value at May. 31, 2021 | $ 5,092 | 31,668 | (44,019) | (7,259) |
Ending balance, shares at May. 31, 2021 | 5,092,023 | |||
Balance, shares | 5,024,356 | |||
Beginning balance, value at Feb. 28, 2021 | $ 5,024 | 29,706 | (42,177) | (7,447) |
Beginning balance, shares at Feb. 28, 2021 | 5,024,356 | |||
Net income (loss) | (1,842) | (1,842) | ||
Issuance of common stock for cash | 68 | 1,962 | 2,030 | |
Issuance of common stock for cash, in shares | 67,667 | |||
Ending balance, value at May. 31, 2021 | $ 5,092 | $ 31,668 | $ (44,019) | $ (7,259) |
Ending balance, shares at May. 31, 2021 | 5,092,023 | |||
Balance, shares | 5,092,023 |
Condensed Statements Of Cash Fl
Condensed Statements Of Cash Flows - USD ($) | 6 Months Ended | |
May 31, 2021 | May 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net (loss) | $ (4,539) | $ (12,992) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Prepaid expenses | (18,475) | |
Accounts payable | 3,175 | |
Net cash flows used in operating activities | (23,014) | (9,817) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from sale of common stock | 13,134 | 2,400 |
Related-party loan | 199 | 8,000 |
Net cash flows provided by financing activities | 13,333 | 10,400 |
NET DECREASE IN CASH | (9,681) | 583 |
CASH, BEGINNING OF PERIOD | 11,312 | 391 |
CASH, END OF PERIOD | 1,631 | 974 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Cash paid for interest | ||
Cash paid for income tax |
Description of Organization and
Description of Organization and Business Operations | 6 Months Ended |
May 31, 2021 | |
Accounting Policies [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”). It 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 tattoo sketches by different artists that can be virtually placed via smartphone-powered augmented reality. A user gets to try on a virtual tattoo on their 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, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [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, 2021. 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. 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. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
May 31, 2021 | |
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, 2020. 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. 10 INKY NOTES TO THE CONDENSED UNAUDITED FINANCIAL STATEMENTS For the six months ended May 31, 2021 Net Income 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 2021 and 020, 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. 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 $1,631 of cash and cash equivalents as of May 31, 2021 ($11,312 as of November 30, 2020). 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, 2021. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. As of May 31, 2021, and November 30, 2020, 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. 11 INKY NOTES TO THE CONDENSED UNAUDITED FINANCIAL STATEMENTS For the six months ended May 31, 2021 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. 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 financial statements. |
Stockholders_ Equity
Stockholders’ Equity | 6 Months Ended |
May 31, 2021 | |
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 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. During the six months ended May 31, 2021, the Company issued 437,823 shares of common stock for cash proceeds of $13,134 at $0.03 per share. There were 5,092,023 and 4,654,200 shares of common stock issued and outstanding as of May 31, 2021, and November 30, 2020, respectively. |
Note 5 _ Related Party Transact
Note 5 — Related Party Transactions | 6 Months Ended |
May 31, 2021 | |
Related Party Transactions [Abstract] | |
Note 5 — Related Party Transactions | Note 5 — Related Party Transactions During the year ended November 30, 2020, the Company’s director loaned to the Company $10,869. During the six months period ended May 31, 2021, the Company’s director loaned to the Company $199. As of May 31, 2021, our sole director has loaned to the Company $27,744. This loan is unsecured, non-interest bearing and due on demand. 12 INKY NOTES TO THE CONDENSED UNAUDITED FINANCIAL STATEMENTS For the six months ended May 31, 2021 |
Prepaid Expenses
Prepaid Expenses | 6 Months Ended |
May 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid Expenses | Note 6 — Prepaid Expenses As of May 31, 2021, the prepaid balance as of May 31, 2021 Application development $ 18,800 Prepaid business license fees 54 Total prepaid expenses $ 18,854 |
Subsequent Events
Subsequent Events | 6 Months Ended |
May 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 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. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
May 31, 2021 | |
Accounting 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, 2020. 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. 10 INKY NOTES TO THE CONDENSED UNAUDITED FINANCIAL STATEMENTS For the six months ended May 31, 2021 |
Net Income | Net Income 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 2021 and 020, 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. |
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 $1,631 of cash and cash equivalents as of May 31, 2021 ($11,312 as of November 30, 2020). |
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, 2021. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. As of May 31, 2021, and November 30, 2020, 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. 11 INKY NOTES TO THE CONDENSED UNAUDITED FINANCIAL STATEMENTS For the six months ended May 31, 2021 |
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. |
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 financial statements. |
Prepaid Expenses (Tables)
Prepaid Expenses (Tables) | 6 Months Ended |
May 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
prepaid balance | As of May 31, 2021, the prepaid balance as of May 31, 2021 Application development $ 18,800 Prepaid business license fees 54 Total prepaid expenses $ 18,854 |
prepaid balance (Details)
prepaid balance (Details) | 6 Months Ended |
May 31, 2021USD ($) | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Application development | $ 18,800 |
Prepaid business license fees | 54 |
Total prepaid expenses | $ 18,854 |