FinanceLooker

Excrept from filing document 2024-11-30

State the aggregate market value of the voting and non voting common equity held by non affiliates computed by reference to the price at which the common equity was last sold or the average bid and asked price of such common equity as of the last business day of the registrant s most recently completed second fiscal quarter
This Annual Report on Form 10 K contains forward looking statements These forward looking statements are not historical facts but rather are based on current expectations estimates and projections We may use words such as anticipate expect intend plan believe foresee estimate and variations of these words and similar expressions to identify forward looking statements These statements are not guarantee of future performance and are subject to certain risks uncertainties and other factors some of which are beyond our control are difficult to predict and could cause actual results to differ materially from those expressed or forecasted These risks and uncertainties include the following
This report should be read completely and with the understanding that actual future results may be materially different from what we expect The forward looking statements included in this report are made as of the date of this report and should be evaluated with consideration of any changes occurring after the date of this Report We will not update forward looking statements even though our situation may change in the future and we assume no obligation to update any forward looking statements whether as a result of new information future events or otherwise
Aceztech Corporation is headquartered in Kuala Lumpur Malaysia herein referred as Malaysia We primarily provide website related services including website development website design and website maintenance to companies and individual customers in Malaysia and Hong Kong Our mission is to serve as a trusted partner on our customers digital journeys
Aceztech Corporation is headquartered in Kuala Lumpur Malaysia At Aceztech Corporation our core expertise lies in providing a comprehensive range of digital solutions including website development website design and website maintenance services We cater to a diverse clientele serving both companies and individual clients across Malaysia Our mission is to serve as a trusted partner on our clients digital journeys assisting them in achieving their objectives connecting with their target audience and maintaining a competitive edge in the ever evolving online landscape We take pride in our commitment to crafting what we believe to be innovative user centric and scalable web solutions that contribute to the success of our clients businesses
Aceztech Corporation is positioned as an organization dedicated to achieving success in the website development industry in Malaysia The company currently specializes in various digital services including website development design and maintenance In response to the expanding entrepreneurial landscape our aim is to translate clients ideas into impactful online ventures facilitating effective communication of their business messages to target online audiences
Website development or website creation is at the core of our services We collaborate closely with clients to design and build custom websites Our process involves in depth consultation conducted online remotely or physically at our office location to understand the client s goals target audience and unique requirements We aim to craft user friendly visually appealing highly functional and responsive websites that not only showcase the client s brand but also provide a seamless user experience Our website development services primarily encompass informative corporate websites spanning across various sectors including product manufacturing and service offerings
Our website design services involve crafting visually captivating and engaging interfaces that align with our client s brand identity We pay meticulous attention to every detail ensuring that each website reflects the essence of the business it represents Consideration is given to color schemes typography and imagery in creating websites that resonate with target audiences In today s digital world users access websites from various devices Therefore we develop responsive design to ensure that our client s website looks and functions flawlessly on PCs tablets and mobile phones
Website maintenance is an often overlooked but critical aspect of online success Our company takes care of this burden for clients ensuring their websites remain up to date secure and functioning optimally This includes regular data maintenance to keep content images and other information accurate and relevant regular backups and uptime monitoring to protect clients data and assure that the websites stay operational even during traffic spikes
Understanding website performance is crucial for business growth Our website traffic analysis services provide clients with valuable insights into user behavior We employ analytics tools to track metrics such as page views traffic sources and conversion rates These insights help clients to identify strengths and weaknesses in their online strategies allowing them to make data driven decisions for content and user optimization
By providing a comprehensive suite of services our company aims to enable clients to establish a strong online presence connect with their target audiences and ultimately achieve their digital objectives Dedication to quality innovation and continuous improvement all play a role in shaping the digital success of our clients and supports them in remaining competitive
The Company has delivered the primary services comprised of website development and website design to two customers at this time and has entered into an agreement to provide ongoing website maintenance services which will be renewed on an annual basis to both customers Our two significant customers are unrelated parties Each customer is based in Malaysia with one operating in the food and beverage industry and the other providing an online reading platform The term and termination provisions of the agreement are This Agreement shall be effective as of the Effective Date and shall remain in force unless otherwise terminated as provided herein Client may at its sole discretion terminate any or all work outstanding or any portion thereof immediately upon written notice Upon receipt of notice of such termination Company shall inform Client of the extent to which performance has been completed through such date The full amount of service fee collected by Company would not be refunded upon termination Company may not terminate any work under this Agreement without prior written consent of Client In the event of any termination of this Agreement all obligations and responsibilities of Company shall survive and continue in effect and shall inure to the benefit of and be binding upon the parties and their legal representatives heirs successors and assigns The termination of any provision of this Agreement shall not excuse a prior breach of that provision
In order to boost our brand and attract more clients we have set up our website at https www aceztech com to showcase our company and services We are also using search engine marketing to help more clients reach our website We believe client referrals are a highly effective and cost efficient way for us to acquire new clients In addition we intend to engage in online paid advertisements to boost our brand recognition while continuing to improve client satisfaction to encourage our word of mouth referrals
The website development industry is currently undergoing a significant transformation characterized by intense competition and fragmentation We anticipate that competition will only intensify in the future The barriers to entry in this industry are relatively low resulting in a saturated market filled with a diverse array of providers These range from freelancers and small agencies to large web development firms Consequently clients have numerous options to choose from creating a highly competitive landscape
The website development industry continually evolves with new technologies frameworks and tools emerging regularly Staying competitive often requires investing in ongoing learning and adapting to industry trends We believe that many of our competitors possess significantly greater resources than we do Furthermore this industry faces global competition as website development services can be provided remotely This allows clients to hire talent from around the world enabling developers and agencies from different countries to compete for the same projects
Price competition is common in this industry with some providers offering low cost solutions to attract clients This adds to the challenge of maintaining profitability while delivering high quality work In periods of reduced demand for our services we must decide between either reducing our prices to remain competitive and retain market share or maintaining our prices potentially sacrificing market share In either case sales and overall profitability could be impacted
As of November 30 2024 Aceztech Corporation has one employee our President and sole director Mr Kae Ren Tee Currently Mr Tee is dedicating up to 30 hours per week to our business but he is prepared to commit more time if necessary Our company plans to expand and we aim to employ six individuals by the end of 2024 These new hires will be distributed across various roles with one employee focusing on management and administration another on marketing and four professionals specializing in website development design and maintenance services It is our priority to hire individuals with industry recognized qualifications primarily recruited from reputable institutions in the information technology sector and possessing an average of approximately 5 years of industry experience It should be noted that the aforementioned plans are in development and the Company may explore the feasibility of outsourcing certain operations to third parties rather than to future employees depending upon the Company s circumstances at such time
At this point we do not offer pension health annuity insurance stock options profit sharing or similar benefit plans However we may consider adopting such plans in the future Presently there are no personal benefits available to our employee Officer and or Director We are committed to building a strong team and developing our business as we move forward
Aceztech Corporation primarily offers website development website design and website maintenance services We operate under the jurisdiction of Malaysian laws and regulations which govern and regulate our business activities with certain countries and individuals To the best of our knowledge we are not required to obtain any licenses except for potential business registration licenses in jurisdictions where we plan to operate The legal landscape for internet based businesses is evolving rapidly and is often characterized by ambiguity which encompasses data privacy and security pricing advertising content regulation and intellectual property We are subject to several local and foreign privacy and data protection laws Regulatory bodies worldwide have either adopted or proposed requirements related to the collection distribution use security and storage of personal information or other confidential information of individuals
When developing websites and conducting data maintenance the Company or its employees may need to access personal information as outline in the Malaysia Personal Data Protective Act 2010 referred to as PDPA According to the PDPA a Data User such as the Company or its employees is prohibited from processing personal data related to an individual unless that individual has granted explicit consent for the processing of their personal information Failure to adequately protect data or ensure its secure destruction could expose us to potential regulatory investigations or enforcement measures under relevant data security or consumer protection laws The extent and understanding of these regulations may change leading to potential increases in both the obligations placed on us and the costs associated with our compliance in the future
From time to time we may become involved in various lawsuits and legal proceedings which arise in the ordinary course of business Litigation is subject to inherent uncertainties and an adverse result in these or other matters may arise from time to time that may harm our business There are currently no pending legal proceedings or claims that we believe will have a material adverse effect on our business financial condition or operating results None of our directors officers or affiliates is involved in a proceeding adverse to our business or has a material interest adverse to our business
The Securities and Exchange Commission has adopted regulations which generally define penny stock to be an equity security that has a market price of less than 5 00 per share Our Common Stock when and if a trading market develops may fall within the definition of penny stock and be subject to rules that impose additional sales practice requirements on broker dealers who sell such securities to persons other than established customers and accredited investors generally those with assets in excess of 1 000 000 or annual incomes exceeding 200 000 individually or 300 000 together with their spouse
For transactions covered by these rules the broker dealer must make a special suitability determination for the purchase of such securities and have received the purchaser s prior written consent to the transaction Additionally for any transaction other than exempt transactions involving a penny stock the rules require the delivery prior to the transaction of a risk disclosure document mandated by the Securities and Exchange Commission relating to the penny stock market The broker dealer also must disclose the commissions payable to both the broker dealer and the registered representative current quotations for the securities and if the broker dealer is the sole market maker the broker dealer must disclose this fact and the broker dealer s presumed control over the market Finally monthly statements must be sent disclosing recent price information for the penny stock held in the account and information on the limited market in penny stocks Consequently the penny stock rules may restrict the ability of broker dealers to sell our Common Stock and may affect the ability of investors to sell their Common Stock in the secondary market
In addition to the penny stock rules promulgated by the Securities and Exchange Commission the Financial Industry Regulatory Authority FINRA has adopted rules that require that in recommending an investment to a customer a broker dealer must have reasonable grounds for believing that the investment is suitable for that customer Prior to recommending speculative low priced securities to their non institutional customers broker dealers must make reasonable efforts to obtain information about the customer s financial status tax status investment objectives and other information Under interpretations of these rules FINRA believes that there is a high probability that speculative low priced securities will not be suitable for at least some customers The FINRA requirements make it more difficult for broker dealers to recommend that their customers buy our common stock which may limit the investors ability to buy and sell our stock
Any future determination as to the declaration and payment of dividends on shares of our Common Stock will be made at the discretion of our board of directors out of funds legally available for such purpose We are under no contractual obligations or restrictions to declare or pay dividends on our shares of Common Stock In addition we currently have no plans to pay such dividends Our board of directors currently intends to retain all earnings for use in the business for the foreseeable future
The following discussion and analysis of our results of operations and financial condition for fiscal year ended November 30 2024 should be read in conjunction with our financial statements and the notes to those financial statements that are included elsewhere in this report Some of the information contained in this management s discussion and analysis or set forth elsewhere in this Annual Report including information with respect to our plans and strategy for our business and related financing includes forward looking statements that involve risks uncertainties and assumptions As a result of many factors including those factors set forth in the Risk Factors section in Form S 1 A registration statement filed on February 14 2024 our actual results could differ materially from the results described in or implied by the forward looking statements contained in this Annual Report
Aceztech Corporation is headquartered in Kuala Lumpur Malaysia herein referred as Malaysia We primarily provide website related services including website development website design and website maintenance to companies and individual customers in Malaysia and Hong Kong Our mission is to serve as a trusted partner on our customers digital journeys
Our cash and cash equivalents are 10 341 as of November 30 2024 Our cash balance is not sufficient to fund our limited levels of operations for any period of time In order to continue our current business plan and increase our current level of operations for the next twelve month period we require further funding
For the year ended November 30 2024 the Company incurred a net loss of 39 224 and used cash in operating activities of 27 461 and borrowed 13 022 from our director These conditions raise substantial doubt about the Company s ability to continue as a going concern The ability to continue as a going concern is dependent upon the Company s profit generating operations in the future and or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they become due These consolidated financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern
The Company expects to finance its operations primarily through cash flow from revenue and continuing financial support from a shareholder In the event that we require additional funding to finance the growth of the Company s current and expected future operations as well as to achieve our strategic objectives the shareholder has indicated the intent and ability to provide additional financing
No assurance can be given that any future financing if needed will be available or if available that it will be on terms that are satisfactory to the Company Even if the Company is able to obtain additional financing if needed it may contain undue restrictions on its operations in the case of debt financing or cause substantial dilution for its stockholders in the case of equity financing
The Company s cash and cash equivalents has increased by 3 022 from 7 319 as of November 30 2023 to 10 341 as of November 30 2024 The accompanying financial statements have been prepared on a going concern basis which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business
For the year ended November 30 2024 the Company has used 27 461 in operating activities which was primarily attributable to net loss and increase in prepayment and deposit contra by depreciation expenses increase in accrued liabilities increase in the amount due to our sole director and increase in deferred revenue
From August 15 2023 Date of Inception to November 30 2023 the Company received 5 652 from operating activities which was primarily attributable to depreciation expenses increase in accrued liabilities increase in the amount due to our sole director and an increase in deferred revenue contra by net loss and increase in prepayment and deposit
We have no significant off balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition changes in our financial condition revenues or expenses results of operations liquidity capital expenditures or capital resources that are material to our stockholders as of November 30 2024
We conducted an evaluation under the supervision and with the participation of our management including our Chief Executive Officer of the effectiveness of the design and operation of our disclosure controls and procedures The term disclosure controls and procedures as defined in Rules 13a 15 e and 15d 15 e under the Securities and Exchange Act of 1934 as amended Exchange Act means controls and other procedures of a company that are designed to ensure that information required to be disclosed by the company in the reports it files or submits under the Exchange Act is recorded processed summarized and reported within the time periods specified in the Securities and Exchange Commission s rules and forms Disclosure controls and procedures also include without limitation controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company s management including its principal executive and principal financial officers or persons performing similar functions as appropriate to allow timely decisions regarding required disclosure Based on this evaluation our Chief Executive Officer concluded as of November 30 2024 that our disclosure controls and procedures were not effective The matters involving internal controls and procedures that our management considered to be material weaknesses under the standards of the Public Company Accounting Oversight Board were 1 lack of a functioning audit committee due to a lack of a majority of independent members and a lack of a majority of outside directors on our board of directors resulting in ineffective oversight in the establishment and monitoring of required internal controls and procedures 2 inadequate segregation of duties and effective risk assessment 3 insufficient written policies and procedures for accounting and financial reporting with respect to the requirements and application of both US GAAP and SEC guidelines and 4 lack of internal audit function due to the fact that the Company lacks qualified resources to perform the internal audit functions properly and that the scope and effectiveness of the internal audit function are yet to be developed The aforementioned material weaknesses were identified by our Chief Executive Officer in connection with the review of our financial statements as of November 30 2024
Management believes that the material weaknesses set forth in items 2 and 3 above did not have an effect on our financial results However management believes that the lack of a functioning audit committee and the lack of a majority of outside directors on our board of directors results in ineffective oversight in the establishment and monitoring of required internal controls and procedures which could result in a material misstatement in our financial statements in future periods
Our management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a 15 f and 15d 15 f under the Exchange Act Our internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles The internal controls for the Company are provided by executive management s review and approval of all transactions Our internal control over financial reporting also includes those policies and procedures that
Because of its inherent limitations internal control over financial reporting may not prevent or detect misstatements Also projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate
Management assessed the effectiveness of the Company s internal control over financial reporting as of November 30 2024 In making this assessment management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control Integrated Framework Management s assessment included an evaluation of the design of our internal control over financial reporting and testing of the operational effectiveness of these controls
Based on this assessment management has concluded that as of November 30 2024 our internal control over financial reporting was not effective to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U S generally accepted accounting principles In an effort to remediate the identified material weaknesses and other deficiencies and enhance our internal controls we have initiated or plan to initiate the following series of measures
We will increase our personnel resources and technical accounting expertise within the accounting function We will create a position to segregate duties consistent with control objectives And we plan to appoint one or more outside directors to our board of directors who shall be appointed to an audit committee resulting in a fully functioning audit committee who will undertake the oversight in the establishment and monitoring of required internal controls and procedures such as reviewing and approving estimates and assumptions made by management when funds are available to us
This annual report does not include an attestation report of the Company s registered independent public accounting firm regarding internal control over financial reporting Management s report was not subject to attestation by the Company s registered independent public accounting firm pursuant to rules of the Securities and Exchange Commission that permit the Company to provide only management s report in this Annual Report on Form 10 K
During the quarter ended November 30 2024 none of our directors or officers adopted or terminated any contract instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5 1 trading arrangement or any non Rule 10b5 1 trading arrangement
Set forth below are the present directors and executive officers of the Company Note that there are no other persons who have been nominated or chosen to become directors nor are there any other persons who have been chosen to become executive officers There are no arrangements or understandings between any of the directors officers and other persons pursuant to which such person was selected as a director or an officer Directors are elected to serve until the next annual meeting of stockholders and until their successors have been elected and have qualified Officers are appointed to serve until the meeting of the board of directors following the next annual meeting of stockholders and until their successors have been elected and qualified
In 2018 Mr Tee graduated with a Bachelor of Science Hons in Finance and Investment from UCSI University He commenced his career in June 2018 as a Corporate Finance Executive at Greenpro Capital Corp a multinational company based in Hong Kong His responsibilities encompassed various tasks including corporate finance advisory corporate restructuring accounting and investor relations services for Greenpro Capital Corp In March 2019 Mr Tee resigned from this position and joined Malayan Banking Berhad in September 2019 At Malayan Banking Berhad he offered financial solutions to individual clients by providing banking products and services Leaving this position in February 2020 Mr Tee joined Phillip Wealth Planners Sdn Bhd in March 2020 In this role he tailored financial planning solutions to clients specific needs involving investment planning insurance retirement estate and taxation In his role as a financial planner for Phillip Wealth Planners Sdn Bhd Mr Tee implemented online marketing strategies to promote financial services which include website development and website traffic analysis His experience in digital solutions inspired him to venture into the dynamic world of website development During the COVID 19 pandemic Mr Tee immersed himself in digital solutions services by focusing on creating visually appealing and functional websites to meet the growing demand for digital services
The Company promotes accountability for adherence to honest and ethical conduct endeavors to provide full fair accurate timely and understandable disclosure in reports and documents that the Company files with the SEC and in other public communications made by the Company and strives to be compliant with applicable governmental laws rules and regulations The Company has not formally adopted a written code of business conduct and ethics that governs the Company s employees officers and or directors as the Company is not required to do so
In lieu of an Audit Committee the Company s directors are responsible for reviewing and making recommendations concerning the selection of outside auditors reviewing the scope results and effectiveness of the annual audit of the Company s financial statements and other services provided by the Company s independent public accountants
Our Company currently does not have nominating compensation or audit committees or committees performing similar functions nor does our Company have a written nominating compensation or audit committee charter Our sole director Mr Tee believes that it is not necessary to have such committees at this time because he believes he can adequately perform the functions of such committees
Our Board of Directors has determined that we do not have a board member that qualifies as an audit committee financial expert as defined in Item 407 D 5 of Regulation S K nor do we have a Board member that qualifies as independent as the term is used in Item 7 d 3 iv B of Schedule 14A under the Securities Exchange Act of 1934 as amended and as defined by Rule 4200 a 14 of the FINRA Rules
We believe that our Director s are capable of analyzing and evaluating our financial statements and understanding internal controls and procedures for financial reporting The Director s of our Company does not believe that it is necessary to have an audit committee because management believes that the Board of Directors can adequately perform the functions of an audit committee In addition we believe that retaining an independent Director who would qualify as an audit committee financial expert would be overly costly and burdensome and is not warranted in our circumstances given the stage of our development and the fact that we have not generated any positive cash flows from operations to date
We have not adopted a formal Code of Ethics The Board of Directors evaluated the business of the Company and the number of employees and determined that since the business is operated by a small number of persons general rules of fiduciary duty and federal and state criminal business conduct and securities laws are adequate ethical guidelines In the event our operations employees and or Directors expand in the future we may take actions to adopt a formal Code of Ethics
Our Company does not have any defined policy or procedural requirements for shareholders to submit recommendations or nominations for Directors The Board of Directors believes that given the stage of our development a specific nominating policy would be premature and of little assistance until our business operations develop to a more advanced level Our Company does not currently have any specific or minimum criteria for the election of nominees to the Board of Directors and we do not have any specific process or procedure for evaluating such nominees The Board of Directors will assess all candidates whether submitted by management or shareholders and make recommendations for election or appointment
Section 16 a of the Securities Exchange Act requires our executive officers and directors and persons who own more than 10 of our common stock to file reports regarding ownership of and transactions in our securities with the Securities and Exchange Commission and to provide us with copies of those filings Based solely on our review of the copies of such forms furnished to us and written representations by our officers and directors regarding their compliance with applicable reporting requirements under Section 16 a of the Exchange Act we believe that all Section 16 a filing requirements for our executive officers directors and 10 stockholders were met during the year ended November 30 2024
Our Board of Directors does not currently receive any consideration for their services as members of the Board of Directors The Board of Directors reserves the right in the future to award the members of the Board of Directors cash or stock based consideration for their services to the Company which awards if granted shall be in the sole determination of the Board of Directors
Our Board of Directors determines the compensation given to our executive officers in their sole determination Our Board of Directors reserves the right to pay our executive or any future executives a salary and or issue them shares of common stock in consideration for services rendered and or to award incentive bonuses which are linked to our performance as well as to the individual executive officer s performance This package may also include long term stock based compensation to certain executives which is intended to align the performance of our executives with our long term business strategies Additionally while our Board of Directors has not granted any performance base stock options to date the Board of Directors reserves the right to grant such options in the future if the Board in its sole determination believes such grants would be in the best interests of the Company
The Board of Directors may grant incentive bonuses to our executive officer and or future executive officers in its sole discretion if the Board of Directors believes such bonuses are in the Company s best interest after analyzing our current business objectives and growth if any and the amount of revenue we are able to generate each month which revenue is a direct result of the actions and ability of such executives
In order to attract retain and motivate executive talent necessary to support the Company s long term business strategy we may award our executive and any future executives with long term stock based compensation in the future at the sole discretion of our Board of Directors which we do not currently have any immediate plans to award
Beneficial ownership has been determined in accordance with Rule 13d 3 under the Exchange Act Under this rule certain shares may be deemed to be beneficially owned by more than one person if for example persons share the power to vote or the power to dispose of the shares In addition shares are deemed to be beneficially owned by a person if the person has the right to acquire shares for example upon exercise of an option or warrant within 60 days of the date as of which the information is provided In computing the percentage ownership of any person the amount of shares is deemed to include the amount of shares beneficially owned by such person by reason of such acquisition rights As a result the percentage of outstanding shares of any person as shown in the following table does not necessarily reflect the person s actual voting power at any particular date
In regards to the above transaction we claim an exemption from registration afforded by Regulation S of the Securities Act of 1933 as amended Regulation S for the above sale of stock since the sale of stock was made to a non U S person as defined under Rule 902 section k 2 i of Regulation S pursuant to offshore transactions and no directed selling efforts were made in the United States by the issuer a distributor any of their respective affiliates or any person acting on behalf of any of the foregoing
Given our small size and limited financial resources we have not adopted formal policies and procedures for the review approval or ratification of transactions such as those described above with our executive officers Directors and significant stockholders We intend to establish formal policies and procedures in the future once we have sufficient resources and have appointed additional Directors so that such transactions will be subject to the review approval or ratification of our Board of Directors or an appropriate committee thereof On a moving forward basis our Director will continue to approve any related party transaction s
We have audited the accompanying consolidated balance sheets of Aceztech Corporation and subsidiary the Company as of November 30 2024 and 2023 and the related consolidated statements of operations and comprehensive loss consolidated statements of stockholders equity and consolidated statements of cash flows for the year ended of November 30 2024 and 2023 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 2024 and 2023 and the results of its operations and its cash flows for the year ended November 30 2024 and 2023 in conformity with accounting principles generally accepted in the United States of America
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern As discussed in Note 3 to the financial statements for the year ended November 30 2024 the Company incurred a net loss of 39 224 and used cash in operating activities of 27 461 As of November 30 2024 the Company had an accumulated deficit of 44 744 and a working capital deficit of 11 869 These conditions 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 3 The financial statements do not include any adjustments that might result from the outcome of this uncertainty
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 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 audits 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 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 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 audits also included evaluating the accounting principles used and significant estimates made by management as well as evaluating the overall presentation of the consolidated financial statements We believe that our audits provide a reasonable basis for our opinion
Critical audit matters are matters arising from the current year audit of the financial statements that were communicated or required to be communicated to those charged with governance that 1 relate to accounts or disclosures that are material to the financial statements and 2 involved our especially challenging subjective or complex judgements We determined that there are no critical audit matters
The critical audit matters communicated below are matters arising from the prior period audit of the financial statements that were communicated or required to be communicated to those charged with governance and that 1 relate to accounts or disclosures that are material to the financial statements and 2 involved our especially challenging subjective or complex judgements The communication of critical audit matters does not alter in any way our opinion on the financial statements taken as a whole and we are not by communicating the critical audit matters below providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate
The Company provides digital solutions to customers by developing creating and designing website for its customers and assist in website maintenance after completion of website development The recognizes revenue upon transfer of control of promised goods and services to customers for a consideration as stated in service agreements
As revenue is a presumed fraud risk areas in the consideration of fraud in a financial statements audit in accordance with AS2401 we have identified revenue as the primarily focus on the financial statements audit in addressing fraud risk consideration While ASC 606 is the revenue recognition standard that affects all businesses that enter into contracts with customers to transfer goods and service we had examined the accuracy of the timing of revenue recognition cut off testing and appropriateness of performance obligation recognition to make sure it is in accordance with the standard
Aceztech Corporation is headquartered in Kuala Lumpur Malaysia herein referred as Malaysia We primarily provide website related services including website development website design and website maintenance to companies and individual customers in Malaysia and Hong Kong Our mission is to serve as a trusted partner on our customers digital journeys
Management uses estimates and assumptions in preparing these financial statements in accordance with US GAAP Those estimates and assumptions affect the reported amounts of assets and liabilities the disclosure of contingent assets and liabilities in the balance sheets and the reported revenue and expenses during the periods reported Actual results may differ from these estimates
Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of accounts receivable The Company extends credit to its customers in the normal course of business and generally does not require collateral The Company s credit terms are dependent upon the segment and the customer The Company assesses the probability of collection from each customer at the outset of the arrangement based on a number of factors including the customer s payment history and its current creditworthiness If in management s judgment collection is not probable the Company does not record revenue until the uncertainty is removed
Management performs ongoing credit evaluations and the Company maintains an allowance for potential credit losses based upon its loss history and its aging analysis The allowance for credit losses is the Company s best estimate of the amount of credit losses in existing accounts receivable Management reviews the allowance for credit losses each reporting period based on a detailed analysis of trade receivables In the analysis management primarily considers the age of the customer s receivable and also considers the creditworthiness of the customer the economic conditions of the customer s industry general economic conditions and trends and the business relationship and history with its customers among other factors If any of these factors change the Company may also change its original estimates which could impact the level of the Company s future allowance for credit losses If judgments regarding the collectability of receivables were incorrect adjustments to the allowance may be required which would reduce profitability
Revenue is generated through provision of website development and design services to customers Revenue is recognized when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services In addition the standard requires disclosure of the nature amount timing and uncertainty of revenue and cash flows arising from contracts with customers The amount of revenue that is recorded reflects the consideration that the Company expects to receive in exchange for those goods and services The Company applies the following five step model in order to determine this amount
The Company adopted ASU 2014 09 Revenue from Contracts with Customers Topic 606 Under Topic 606 the Company records revenue when persuasive evidence of an arrangement exists delivery has occurred the fee is fixed or determinable and collectability is probable The Company records revenue from the wholesale of goods upon the delivery of the finalized website service to the customer
The Company reports earnings per share in accordance with ASC 260 Earnings Per Share which requires presentation of basic and diluted earnings per share in conjunction with the disclosure of the methodology used in computing such earnings per share Basic earnings per share excludes dilution and is computed by dividing income available to common stockholders by the weighted average common shares outstanding during the period Diluted earnings per share takes into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted into common stock Further if the number of common shares outstanding increases as a result of a stock dividend or stock split or decreases as a result of a reverse stock split the computations of a basic and diluted earnings per share shall be adjusted retroactively for all periods presented to reflect that change in capital structure
The Company s basic earnings per share is computed by dividing the net income available to holders by the weighted average number of the Company s ordinary shares outstanding Diluted earnings per share reflects the amount of net income available to each ordinary share outstanding during the period plus the number of additional shares that would have been outstanding if potentially dilutive securities had been issued
The Company accounts for income taxes using the asset and liability method prescribed by ASC 740 Income Taxes Under this method deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities using enacted tax rates that will be in effect in the years in which the differences are expected to reverse The Company records a valuation allowance to offset deferred tax assets if based on the weight of available evidence it is more likely than not that some portion or all of the deferred tax assets will not be realized The effect on deferred taxes of a change in tax rates is recognized as income or loss in the period that includes the enactment date
Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates The resulting exchange differences are recorded in the statement of operations and comprehensive income loss
The functional currency of the Company is the United States Dollars US and the accompanying financial statements have been expressed in US In addition the Company s subsidiary maintains its books and record in Malaysia Ringgits MYR and United States Dollars US which is the respective functional currency as being the primary currency of the economic environment in which the entity operates
In general for consolidation purposes assets and liabilities of its subsidiaries whose functional currency is not US are translated into US in accordance with ASC Topic 830 30 Translation of Financial Statement using the exchange rate on the balance sheet date Revenues and expenses are translated at average rates prevailing during the period The gains and losses resulting from translation of financial statements of foreign subsidiary are recorded as a separate component of accumulated other comprehensive income
Parties which can be a corporation or individual are considered to be related if the Company has the ability directly or indirectly to control the other party or exercise significant influence over the other party in making financial and operating decisions Companies are also considered to be related if they are subject to common control or common significant influence
Accounting Standards Codification ASC 820 Fair Value Measurements and Disclosures which defines fair value establishes a framework for measuring fair value and expands disclosures about fair value measurements The statement clarifies that the exchange price is the price in an orderly transaction between market participants to sell the asset or transfer the liability in the market in which the reporting entity would transact for the asset or liability that is the principal or most advantageous market for the asset or liability It also emphasizes that fair value is a market based measurement not an entity specific measurement and that market participant assumptions include assumptions about risk and effect of a restriction on the sale or use of an asset
This ASC establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities Level 1 measurements and the lowest priority to unobservable inputs Level 3 measurements The three levels of the fair value hierarchy are described below
The Company adopted ASU 2016 13 Measurement of Credit Losses on Financial Instruments Topic 326 which replaces the incurred loss methodology with an expected credit loss methodology known as the Current Expected Credit Loss CECL model This new standard requires entities to estimate credit losses over the life of a financial asset based on historical experience current conditions and reasonable forecasts
The adoption of the CECL model applies to the Company s portfolio of trade receivables and other financial assets and resulted in changes to the methodology for determining the allowance for credit losses Under the CECL model the Company recognizes an allowance for credit losses at the inception of a financial asset and adjusts it over the life of the asset based on updated expectations of credit losses
In November 2023 the FASB issued ASU 2023 07 Segment Reporting Topic 280 Improvements to Reportable Segment Disclosures which expands annual and interim disclosure requirements for reportable segments primarily through enhanced disclosures about significant segment expenses The ASU 2023 07 is effective for annual reporting periods beginning after December 15 2023 and interim periods in fiscal years beginning after December 15 2024 Early adoption is permitted The Company is currently evaluating the impact this ASU may have on its consolidated financial statements and related disclosures
In December 2023 the FASB issued ASU 2023 09 Income Taxes Topic 740 Improvements to Income Tax Disclosures which requires disaggregated information about the reporting entity s effective tax rate reconciliation as well as information on income taxes paid The ASU 2023 09 is effective for annual periods beginning after December 15 2024 Early adoption is permitted The Company is currently evaluating the impact this ASU may have on its consolidated financial statements and related disclosures
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern For the year ended November 30 2024 the Company incurred a net loss of 39 224 and used cash in operating activities of 27 461 As of November 30 2024 the Company had an accumulated deficit of 44 744 and a working capital deficit of 11 869
The Company s cash position may not be significant enough to support the Company s daily operations While the Company believes in the viability of its strategy and in its ability to raise additional funds there can be no assurances to that effect The Company s ability to continue as a going concern is dependent upon its ability to improve profitability and the ability to acquire funding through public offering If funding from public offering is insufficient then the Company shall rely on the financial support from its controlling shareholder
These and other factors raise substantial doubt about the Company s ability to continue as a going concern within one year after the date that financial statements are issued These financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result in the Company not being able to continue as a going concern
The Tax Act reduces the U S statutory corporate tax rate from 35 to 21 for our tax years beginning in 2018 which resulted in the re measurement of the federal portion of our deferred tax assets from the 35 to 21 tax rate The Company is registered in the State of Nevada and is subject to United States of America tax law As of November 30 2024 the operations in the United States of America incurred 43 982 of cumulative net operating losses NOL s which can be carried forward to offset future taxable income The NOL carryforwards begin to expire in 2044 if unutilized The Company has provided for a full valuation allowance of approximately 9 236 against the deferred tax assets on the expected future tax benefits from the net operating loss carryforwards as the management believes it is more likely than not that these assets will not be realized in the future
Aceztech Sdn Bhd are subject to the Malaysia Corporate Tax Laws at a two tier corporate income tax rate based on amount of paid up capital The 2024 tax rate for company with paid up capital of MYR 2 500 000 approximately 562 468 or less and that are not part of a group containing a company exceeding this capitalization threshold is 15 on first chargeable income of MYR 150 000 approximately 33 748 17 on remaining chargeable income up to MYR 600 000 approximately 134 992 and any chargeable income beyond MYR 600 000 approximately 134 992 will be subject to the corporate tax rate of 24
As of November 30 2024 the operations in Malaysia generated 762 of cumulative net operating losses which can be carried forward to offset future taxable income The net operating loss can be carried forward for seven years The Company has provided for a full valuation allowance against the deferred tax assets of 114 on the expected future tax benefits from the net operating loss carry forwards as the management believes it is more likely than not that these assets will not be realized in the future
ASC 280 Segment Reporting establishes standards for reporting information about operating segments on a basis consistent with the Company s internal organization structure as well as information about services categories business segments and major customers in financial statements The Company has single reportable segment based on business unit information technology services business and two reportable segments based on country Malaysia and Hong Kong
The Company adheres to the provisions of ASC 280 Segment Reporting which establishes standards for the way public business enterprises report information about operating segments in annual financial statements and requires that those enterprises report selected information about operating segments in financial statements issued to shareholders The Company s Chief Operating Decision Maker its Chief Executive Officer CEO reviews the financial information presented for purposes of allocating resources and evaluating its financial performance Accordingly the Company has determined that it operates in a single reportable segment All of the Company s long lived assets are located in the United States Since the Company operates in one operating segment all required financial segment information can be found in the condensed financial statements
The Company follows ASC 280 Segment Reporting The Company s chief operating decision maker the Chief Executive Officer reviews the consolidated results of operations when making decisions about allocating resources and assessing the performance of the Company as a whole and hence the Company has only one reportable segment The Company does not distinguish between markets or segments for the purpose of internal reporting For the three months ended September 30 2024 and 2023 sales through Amazon to Canada and other foreign countries were approximately 13 4 and 8 2 of the Company s total sales During the three months ended September 30 2024 sales of hydroponic products including ventilation and grow light systems was approximately 17 2 of the Company s total sales and the remaining 82 8 consisted of general gardening home goods and other products and accessories During the three months ended September 30 2023 sales of hydroponic products including ventilation and grow light systems were approximately 16 8 of the Company s total sales and the remaining 83 2 consisted of general gardening home goods and other products and accessories As of September 30 2024 and June 30 2024 the Company had approximately 1 6 million and 1 9 million of inventory stored in China The Company s majority of long lived assets are located in California United States majority of the deferred tax assets are US related and a majority of the Company s revenues are derived from within the United States
In accordance with the Segment Reporting Topic of the ASC the Company s chief operating decision maker has been identified as the Chief Executive Officer and President who reviews operating results to make decisions about allocating resources and assessing performance for the entire Company Existing guidance which is based on a management approach to segment reporting establishes requirements to report selected segment information quarterly and to report annually entity wide disclosures about products and services major customers and the countries in which the entity holds material assets and reports revenue All material operating units qualify for aggregation under Segment Reporting due to their similar customer base and similarities in economic characteristics nature of products and services and procurement manufacturing and distribution processes
In accordance with ASC Topic 855 Subsequent Events which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued the Company has evaluated all events or transactions that occurred after November 30 2024 up through the date the Company issued the financial statements

Company Name	Aceztech Corp Vist SEC web-site
Category	SERVICES-COMPUTER PROCESSING & DATA PREPARATION