0001599916-21-000037.txt : 20210316 0001599916-21-000037.hdr.sgml : 20210316 20210316161151 ACCESSION NUMBER: 0001599916-21-000037 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 42 CONFORMED PERIOD OF REPORT: 20201130 FILED AS OF DATE: 20210316 DATE AS OF CHANGE: 20210316 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Photozou Holdings, Inc. CENTRAL INDEX KEY: 0001627469 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-ADVERTISING [7310] IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-55806 FILM NUMBER: 21745821 BUSINESS ADDRESS: STREET 1: 4-30-4F, YOTSUYA, SHINJUKU-KU CITY: TOKYO STATE: M0 ZIP: 160-0004 BUSINESS PHONE: 401-641-0405 MAIL ADDRESS: STREET 1: 4-30-4F, YOTSUYA, SHINJUKU-KU CITY: TOKYO STATE: M0 ZIP: 160-0004 FORMER COMPANY: FORMER CONFORMED NAME: Photozou Co., Ltd. DATE OF NAME CHANGE: 20170119 FORMER COMPANY: FORMER CONFORMED NAME: Exquisite Acquisition, Inc. DATE OF NAME CHANGE: 20141209 10-K 1 photozou_10k20.htm 10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-K

[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

FOR THE FISCAL YEAR ENDED NOVEMBER 30, 2020

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

COMMISSION FILE NUMBER: 000-55806

PHOTOZOU HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

	Delaware	90-1260322
	(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

	4-30-4F, Yotsuya Shinjuku-ku, Tokyo, Japan	160-0004
	(Address of Principal Executive Offices)	(Zip Code)

Securities to be registered under Section 12(b) of the Act: None

Securities to be registered under Section 12(g) of the Exchange Act:

Title of each class

Name of each exchange on which

registered

Common Stock, $.0001

N/A

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

[ ] Yes [X] No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

[ ] Yes [X] No

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

[X] Yes [ ] No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

[X] Yes [ ] No

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.

[ ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer [ ] Accelerated filer [ ] Non-accelerated filer [X] Smaller reporting company [X] Emerging growth company [X]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

[ ] Yes [X] No

As of May 31, 2020, the aggregate market value of the voting common stock held by non-affiliates of the Registrant (without admitting that any person whose shares are not included in such calculation is an affiliate) was approximately $197. This was calculated using the par value $0.0001.

As of March 16, 2021, there were 8,000,000 shares of the Registrant's common stock, par value $0.0001 per share, issued and outstanding.

- 1 -

Table of Contents

TABLE OF CONTENTS

PHOTOZOU HOLDINGS, INC.

PART I		PAGE
Item 1	Business	3
Item 1A	Risk Factors	4
Item 1B	Unresolved Staff Comments	4
Item 2	Properties	4
Item 3	Legal Proceedings	4
Item 4	Mine Safety Disclosures	4

PART II
Item 5	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	5
Item 6	Selected Financial Data	6
Item 7	Management’s Discussion and Analysis of Financial Condition and Results of Operations	6
Item 7A	Quantitative and Qualitative Disclosures about Market Risk	6
Item 8	Financial Statements and Supplementary Data	F1-F8
Item 9	Changes in and Disagreements With Accountants on Accounting and Financial Disclosure	7
Item 9A	Controls and Procedures	7
Item 9B	Other Information	7

PART III
Item 10	Directors, Executive Officers and Corporate Governance	8
Item 11	Executive Compensation	9
Item 12	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	10
Item 13	Certain Relationships and Related Transactions, and Director Independence	10
Item 14	Principal Accounting Fees and Services	10

PART IV
Item 15	Exhibits, Financial Statement Schedules	11
	Signatures	11

- 2 -

Table of Contents

PART I

Item 1. Business

Corporate History

Photozou Holdings, Inc., ("Photozou Holdings," or the "Company"), was incorporated in the State of Delaware on September 29, 2014, with the purposes to engage in any lawful act or activity for which corporations may be organized under the General Corporation Law of Delaware (the "DGCL").

The Company was formed by Thomas DeNunzio, our former sole officer and director, for the purpose of creating a corporation which could be used to consummate a merger or acquisition.

On January 13, 2017, Thomas DeNunzio sold 8,000,000 shares of our restricted common stock, which represented all of our issued and outstanding shares at the time, to Photozou Co., Ltd., a Japan corporation.

The shares were sold for an aggregate purchase price of $100,000. Photozou Co., Ltd. is controlled by Koichi Ishizuka, a Japanese citizen. The aforementioned shares were sold pursuant to Regulation S of the Securities Act of 1933, as amended ("Regulation S"). No directed selling efforts were made in the United States.

On January 13, 2017, Mr. Thomas DeNunzio resigned as our Chief Executive Officer, Chief Financial Officer, President, Director, Secretary, and Treasurer.

On January 13, 2017, Mr. Koichi Ishizuka was appointed as Chief Executive Officer, Chief Financial Officer, President, Director, Secretary, and Treasurer.

On January 18, 2017, we changed our name from Exquisite Acquisition, Inc. to Photozou Holdings, Inc.

Pursuant to our Registration Statement deemed effective on June 20, 2017, we, “the Company,” sold a total of 3,037,300 shares of our common stock. The proceeds totaled $75,933. These shares were sold pursuant to Rule 419.

On May 8, 2018, the Company conducted a stock cancellation of the above 3,037,300 shares and the total funds of $75,933 were returned to investors. The cancellation of the shares and return of funds was due to the fact that we did not make an acquisition in the allotted time granted by Rule 419.

On May 31, 2018, the Company entered into and consummated a Stock Purchase Agreement with Koichi Ishizuka, our President, CEO, and Director. At the closing of the Stock Purchase Agreement, Koichi Ishizuka transferred to the Company, 10,000 shares of common stock of Photozou Koukoku Co., Ltd., a Japan corporation (“Photozou Koukoku”), which represented all of its issued and outstanding shares, in consideration of 1,000,000 JPY ($9,190 USD as of the exchange rate May 31, 2018). The Company has since gained a 100% interest in the issued and outstanding shares of Photozou Koukoku’s common stock and Photozou Koukoku is now a wholly owned subsidiary of the Company. The Company and Photozou Koukoku were under common control at the time of the acquisition.

Photozou Koukoku Co., Ltd. was incorporated under the laws of Japan on March 14, 2017. Currently, Photozou Koukoku is headquartered in Tokyo, Japan. The Company’s primary business is focused on online advertising and the sale of used cameras.

On September 21, 2020 Photozou Co., Ltd our principal controlling shareholder, entered into a Stock Purchase Agreement with Koichi Ishizuka, our Sole Officer and Director. Pursuant to the closing of the Agreement on September 21, 2020, Photozou Co., Ltd. transferred to Koichi Ishizuka 4,553,200 shares of our common stock, which represents approximately 56.9% of our issued and outstanding common stock, in consideration of JPY 6,657,917 (approximately $60,500). Following the closing of the share purchase transaction, Koichi Ishizuka owns approximately 66.7% interest in the issued and outstanding shares of our common stock. Photozou Co., Ltd. was and remains owned and controlled entirely by Koichi Ishizuka, we do not believe that this transaction is deemed to be a change in control of the Company.

Overview

Our principal executive offices are located at 4-30-4F, Yotsuya, Shinjuku-ku, Tokyo, 160-0004, Japan.

The Company has elected November 30th as its fiscal year end.

Currently, we operate through our wholly owned subsidiary, Photozou Koukoku Co., Ltd., “Photozou Koukoku” of which is engaged in advertising services and selling used cameras.

Photozou Koukoku was incorporated under the laws of Japan on March 14, 2017.

Currently, Photozou Koukoku is headquartered at 4-30-4F, Yotsuya, Shinjuku-ku, Tokyo, 160-0004, Japan. Photozou Koukoku’s office space is provided rent free by our Chief Executive Officer, Koichi Ishizuka.

Photozou Koukoku Co., Ltd.’s business operations are primarily focused around the sale of used cameras sold through the website https://shop.photozou.co.jp/, and online advertising through various channels. On April 17, 2017, Photozou Koukoku obtained a license to operate as a used goods merchant in Japan.

Background of Operations - Sale of Cameras

Photozou Koukoku deals used cameras as its primary business, which include mainly high-class digital single lens reflex cameras produced by well-known Japanese camera makers, e.g. Canon, Nikon, Fujifilm, etc.

The camera industry in Japan is a multi-billion dollar industry and cameras made in Japan have worldwide appeal and recognition. This is due to the fact that common household name camera manufacturers such as Canon, Nikon, Sony and several others, are headquartered in Japan and sell high end, digital cameras, generally associated with high quality.

The Company believes that due to the high quality of cameras created by Japanese camera makers that these will be the most appealing products to offer to the Japanese market.

However, should market trends shift and the demand for cameras of other companies see a surge in popularity then Photozou Koukoku may consider the possibility of acquiring and reselling cameras by other manufacturers. It may also consider the possibility of selling electronics that serve other purposes other than taking photographs, but have a camera embedded in them, such as camera phones. At this time however, the focus is to sell used high-class digital single lens reflex cameras.

Purchasing

Photozou Koukoku primarily purchases used cameras from used camera dealers and individual consumers in Japan. Photozou Koukoku’s supporting website at http://photozou.jp/kaitori/top/ can be used by interested parties to access pertinent information relating to selling their cameras. For example, there is a section of the website which discloses a price list by product. Through the website they can also request an estimate, review Photozou Koukoku’s procedure for purchasing cameras and fill out an application to sell their camera. Currently, Photozou Koukoku has hired, as an independent contractor, Mr. Takaharu Ogami to handle the entirety of all purchasing and selling activities of Photozou Koukoku’s camera business. Relating to his services to Photozou Koukoku, Mr. Takaharu is paid a monthly fee in amount of JPY 400,000 ($3,600). Mr. Ogami’s efforts is responsible for the sale and shipping of the cameras at the expense of Photozou Koukoku. Photozou Koukoku is the legal owner of the camera(s) until the point of sale to the purchaser or purchaser(s).

- 3 -

Table of Contents

Inventory

The Company consigns its operations regarding the sale of cameras to Mr. Ogami. Inventory however, remains under legal ownership of the Company.

As of November 30, 2020 and 2019, the Company held inventory comprised solely of used cameras in the amount of $35,484 and $69,142.

Selling

Photozou Koukoku sells used cameras to individual through Amazon. Additionally, from time to time cameras are sold online utilizing Yahoo auctions. Cameras are then shipped to the purchaser for a fee that is determined at a later date, and may differ on a case by case basis depending on the type of camera and method of delivery. In addition, Photozou Koukoku sells cameras to distributors through the sales efforts of Mr. Ogami.

Photozou Koukoku plans to expand its target customers to outside of Japan and intends to continuously evaluate the possibility of selling cameras directly to additional distributors.

Advertising Services

At present, Photozou Koukoku conducts two types of advertising services. These services include managing online photo contests and web advertising services specifically geared toward advertisements that are placed on what is known as “The Photozou-Social Networking Service.” The aforementioned is a social networking website, primarily for photo sharing. Its web address can be found here: http://photozou.jp/?lang=en. The online social networking website is owned entirely by Photozou Co., Ltd., a Japan Corporation, which our CEO and Director, Koichi Ishizuka, also owns and controls in its entirety.

Herein, we may refer to the aforementioned social networking website as “the Photozou-SNS”, “SNS”, “the website” or “the social networking site.”

Photozou Koukoku develops banner ads for third party companies and subsequently assists those clients with having those advertisements placed on the Photozou-SNS. Fees are determined on a case by case basis and vary depending on whether or not Photozou Co., Ltd contracts Photozou Koukoku to work with a pre-existing client, or if Photozou Koukoku obtains the client on their own accord.

It is possible that the Company will expand into offering additional online advertising services, and will create advertisements in forms other than banner ads, but no such plans have been fully developed at this point in time.

As mentioned above, the Company also manages and operates photo contests that take place on the SNS. The photo contests are funded by third parties and are used as a way to promote and advertise the business operations of the third party companies hosting the photo contest(s), through the social networking site. Fees for this service are also on a case by case basis and vary depending on whether or not Photozou Co., Ltd contracts Photozou Koukoku to work with a pre-existing client, or if Photozou Koukoku obtains the client on their own accord.

Promotional activity

Our CEO, Koichi Ishizuka, has verbally consented that we may utilize the SNS to promote and advertise our own services.

We believe there to be a clear synergy between the operations of Photozou Koukoku and the Photozou-SNS, as Photozou-SNS is a website where users can upload and share pictures taken with their cameras. It is our belief that many individuals who are sharing, browsing and evaluating photographs online will have an interest in purchasing cameras for personal use and potentially to upload more photos on the website. They may also potentially own a business that seeks to run a photo contest via the SNS which we may benefit from should they decide to do so.

Concentrations

Concentration of Purchases

Net purchase from suppliers accounting for 10% or more of total purchases are as follows:

For the year ended November 30, 2020, 99.3% of the inventories of cameras were purchased from one supplier, specifically Digital Reuse. For the year ended November 30, 2020, 100% of the purchase of inventory of cameras was handled by Mr. Takaharu Ogami whom the Company has a service agreement with to sell and buy used cameras on behalf of the Company.

For the year ended November 30, 2019, 98.9% of the inventories of cameras were purchased from one supplier, specifically Digital Reuse. For the year ended November 30, 2019, 100% of the purchase of inventory of cameras was handled by Mr. Takaharu Ogami whom the Company has a service agreement with to sell and buy used cameras on behalf of the Company.

Concentration of Revenues

Gross revenues from customers accounting for 10% or more of total revenues are as follows:

For the year ended November 30, 2020, 14.5% of the revenue from the sale of cameras was generated from one customer. For the year ended November 30, 2020, 100% of the revenue from the sale of cameras was handled by Takaharu Ogami with whom the Company has a service agreement with to sell and buy used cameras on behalf of the Company.

For the year ended November 30, 2019, 91.9% of the revenue from the sale of cameras was generated from three customers. For the year ended November 30, 2019, 100% of the revenue from the sale of cameras was handled by Takaharu Ogami with whom the Company has a service agreement with to sell and buy used cameras on behalf of the Company.

For the year ended November 30, 2020, 95.3% of the service revenue was generated from four customers.

For the year ended November 30, 2019, 90.9% of the service revenue was generated from two customers.

Item 1A. Risk Factors.

As a smaller reporting company, as defined in Rule 12b-2 of the Exchange Act, we are not required to provide the information called for by this Item.

Item 1B. Unresolved Staff Comments.

None.

Item 2. Properties.

We neither rent nor own any properties. We utilize the office space and equipment of our management at no cost. Management estimates such amounts to be immaterial.

Item 3. Legal Proceedings.

From time to time, we may become party to litigation or other legal proceedings that we consider to be a part of the ordinary course of our business. We are not currently involved in legal proceedings that could reasonably be expected to have a material adverse effect on our business, prospects, financial condition or results of operations. We may become involved in material legal proceedings in the future.

Item 4. Mine Safety Disclosures.

Not applicable.

- 4 -

Table of Contents

PART II

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

Market Information

Our common stock is quoted on the OTC Markets Group Inc.’s (the “OTCM”) Pink Tier under the symbol “PTZH.” There is currently a limited trading market in the shares of our common stock.

Set forth below are the range of high and low bid closing bid prices for the periods indicated as reported by the OTCM. The market quotations reflect inter-dealer prices, without retail mark-up, mark-down, or commissions and may not necessarily represent actual transactions.

Quarter Ended	High Bid	Low Bid
May 31, 2021 (1)	$22.70	$11.20
February 28, 2021	$10.50	$1.10
November 30, 2020	$1.10	$0.20
August 31, 2020	$0.20	$0.0001
May 31, 2020	$0.0001	$0.0001
February 28, 2020	$0.0001	$0.0001
November 30, 2019	$0.0001	$0.0001
August 31, 2019	$0.0001	$0.0001
May 31, 2019	$0.0001	$0.0001
February 28, 2019	$0.0001	$0.0001

(1)

Through March 9, 2021.

Holders

As of March 16, 2021, there were 125 shareholders of record of our common stock and 8,000,000 shares of common stock deemed outstanding.

Dividends and Share Repurchases

We have not paid any dividends to our shareholders. There are no restrictions which would limit our ability to pay dividends on common equity or that are likely to do so in the future.

Issuer Purchases of Equity Securities

None.

Equity Compensation Plan Information

Not applicable.

Recent Sales of Unregistered Securities; Uses of Proceeds from Registered Securities

The Company has not conducted any recent sales of securities within the past three fiscal years.

- 5 -

Table of Contents

Item 6. Selected Financial Data.

Not applicable because the Company is a smaller reporting company.

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Forward-Looking Statements

Certain statements, other than purely historical information, including estimates, projections, statements relating to our business plans, objectives, and expected operating results, and the assumptions upon which those statements are based, are “forward-looking statements.”

These forward-looking statements generally are identified by the words “believes,” “project,” “expects,” “anticipates,” “estimates,” “intends,” “strategy,” “plan,” “may,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions.

Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from the forward-looking statements. Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on our operations and future prospects on a consolidated basis include, but are not limited to: changes in economic conditions, legislative/regulatory changes, availability of capital, interest rates, competition, and generally accepted accounting principles. These risks and uncertainties should also be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.

Liquidity and Capital Resources

As of November 30, 2020 and 2019, we had cash and cash equivalents in the amount of $244,704 and $28,398, respectively. Currently, our cash balance is not sufficient to fund our operations and our revenues cannot cover our cost and expenses for any substantive period of time. We have been utilizing and may continue to utilize funds from Photozou Co., Ltd., owned and managed by Koichi Ishizuka, our CEO. Photozou　Holdings., Inc, and Koichi Ishizuka, however, have no formal commitment, arrangement or legal obligation to advance or loan funds to the company. In order to implement our plan of operations for the next twelve-month period, we require further funding. Being a start-up stage company, we have very limited operating history. After a twelve-month period we may need additional financing but currently do not have any arrangements for such financing.

If we need additional cash and cannot raise it, we will either have to suspend operations until we do raise the cash we need, or cease operations entirely.

For the year ended November 30, 2020, the Company borrowed $163,434 from Photozou Co., Ltd., a Company controlled by Koichi Ishizuka, CEO. The total due to related party as of November 30, 2020 was $503,404 and are unsecured, due on demand and non-interest bearing.

Revenues

For the year ended November 30, 2020 and 2019, we generated revenues in the amount of $183,927 and $275,587, respectively, for used cameras, and $19,889 and $20,374, respectively, for services.

Our decrease in revenues was attributed to suspension in purchases from our principal customer.

Net Loss

We recorded a net loss of $71,790 and $89,768 for the year ended November 30, 2020 and 2019, respectively. The greater net loss for the year ended November 30, 2020, as opposed to the year ended November 30, 2019, is attributed to the decrease of revenues.

We believe that we realized a net loss for the year ended November 30, 2020 because our and our subsidiary’s collective operating expenses, outweighed our gross profits.

Through the current date, our gross profit ratio has been, in our opinion, low. To improve upon our margins, going forward, we intend to make an attempt to purchase cameras at lower prices by better negotiating purchases in our favor, and or buying in bulk at cheaper prices. We do not believe a small increase in our pricing will deter buyers from purchasing our cameras, therefore we are also exploring the possibility of increasing our prices slightly.

Cash flow

For the year ended November 30, 2020 and 2019, we had cash flows from operations in the amount of $69,807 and negative $167,426, respectively.

Working capital

As of November 30, 2020 and 2019, we had a working deficit of $242,853 and $200,212, respectively.

Going Concern

The accompanying consolidated financial statements are prepared on a basis of accounting assuming that the Company is a going concern that contemplates realization of assets and satisfaction of liabilities in the normal course of business. The Company is in the early stage of operations and has reoccurring net losses and working capital deficit. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The Company will offer noncash consideration and seek equity lines as a means of financing its operations. If the Company is unable to obtain revenue- producing contracts or financing or if the revenue or financing it does obtain is insufficient to cover any operating losses it may incur, it may substantially curtail or terminate its operations or seek other business opportunities through strategic alliances, acquisitions or other arrangements that may dilute the interests of existing stockholders. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Item 7A. Quantitative and Qualitative Disclosures about Market Risk.

As a “smaller reporting company”, we are not required to provide the information required by this Item.

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Table of Contents

Item 8. Financial Statements and Supplementary Data.

		Pages

Report of Independent Registered Public Accounting Firm		F2

Consolidated Balance Sheets		F3

Consolidated Statements of Operations and Comprehensive Loss		F4

Consolidated Statements of Changes in Stockholders’ Deficit		F5

Consolidated Statements of Cash Flows		F6

Notes to Consolidated Financial Statements		F7-F8

- F1 -

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Directors of

Photozou Holdings, Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Photozou Holdings, Inc. and its subsidiary (collectively, the “Company”) as of November 30, 2020 and 2019, and the related consolidated statements of operations and comprehensive loss, changes in stockholders’ deficit, and cash flows for the years then ended, 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, 2020 and 2019, and the results of their operations and their cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

Going Concern Matter

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, the Company has suffered recurring losses from operations and has a net capital deficiency that raises substantial doubt about its 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.

Basis for Opinion

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 financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ MaloneBailey, LLP

www.malonebailey.com

We have served as the Company's auditor since 2017.

Houston, Texas

March 16, 2021

- F2 -

PHOTOZOU HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS

			November 30, 2020		November 30, 2019

ASSETS
Current Assets
	Cash and cash equivalents	$	244,704	$	28,398
	Accounts receivable		2,592		18,840
	Prepaid and other current assets		2,675		3,133
	Inventories		35,484		69,142

TOTAL CURRENT ASSETS			285,455		119,513

NON-CURRENT ASSETS
	Software, net		7,672		1,019
	Advance payments		1,918		-

TOTAL ASSETS			295,045		120,532

LIABILITIES AND STOCKHOLDERS’ DEFICIT
CURRENT LIABILITIES:
	Accrued expenses	$	9,022	$	389
	Due to related party		503,404		319,336
	Deferred revenue		2,302		-
	Long-term loan payable, current portion		13,580		-

TOTAL CURRENT LIABILITIES			528,308		319,725

NON-CURRENT LIABILITIES
	Long-term loan payable, non-current portion		49,794		-

TOTAL LIABILITIES			578,102		319,725

STOCKHOLDERS’ DEFICIT
	Preferred stock ($.0001 par value, 20,000,000 shares authorized;
	none issued and outstanding as of November 30, 2020 and November 30, 2019)		-		-
	Common stock ($.0001 par value, 500,000,000 shares authorized,
	8,000,000 shares issued and outstanding
	as of November 30, 2020 and November 30, 2019)		800		800
	Additional paid in capital		50,030		50,030
	Accumulated deficit		(320,279)		(248,489)
	Accumulated other comprehensive income (loss)		(13,608)		(1,534)

TOTAL STOCKHOLDERS’ DEFICIT			(283,057)		(199,193)

TOTAL LIABILITIES & STOCKHOLDERS’ DEFICIT		$	295,045	$	120,532

The accompanying notes are an integral part of these audited consolidated financial statements

- F3 -

PHOTOZOU HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

			Year Ended		Year Ended
			November 30, 2020		November 30, 2019

Revenues
	Revenue from cameras sold	$	183,927	$	275,587
	Service revenue		19,889		20,374

Total revenues			203,816		295,961

Cost of revenues			163,024		264,285

Gross profit			40,792		31,676

OPERATING EXPENSES
	General and administrative expenses	$	130,519	$	124,456

TOTAL OPERATING EXPENSES		$	130,519	$	124,456

OTHER INCOME		$	18,732	$	3,012

OTHER EXPENSES			795		-

NET LOSS BEFORE TAXES		$	(71,790)	$	(89,768)

NET LOSS		$	(71,790)	$	(89,768)

OTHER COMPREHENSIVE LOSS
	Foreign currency translation adjustment	$	(12,074)	$	(4,160)

TOTAL COMPREHENSIVE LOSS		$	(83,864)	$	(92,928)

BASIC AND DILUTED NET LOSS PER COMMON STOCK		$	(0.01)	$	(0.01)

WEIGHTED AVERAGE NUMBER OF COMMON STOCK OUTSTANDING, BASIC AND DILUTED			8,000,000		8,000,000

The accompanying notes are an integral part of these audited consolidated financial statements

- F4 -

PHOTOZOU HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT

					ADDITIONAL		OTHER
	COMMON STOCK				PAID IN		COMPREHENSIVE		ACCUMULATED
	NUMBER		AMOUNT		CAPITAL		INCOME (LOSS)		DEFICIT		TOTALS

Balance November 30, 2018	8,000,000	$	800	$	32,396	$	2,626	$	(158,721)	$	(122,899)
Net loss	-		-		-		-		(89,768)		(89,768)
Due to related party forgiven	-		-		17,634		-		-		17,634
Foreign currency translation	-		-		-		(4,160)		-		(4,160)

Balance November 30, 2019	8,000,000		800		50,030		(1,534)		(248,489)		(199,193)
Net loss	-		-		-		-		(71,790)		(71,790)
Foreign currency translation	-		-		-		(12,074)		-		(12,074)


Balance November 30, 2020	8,000,000	$	800	$	50,030	$	(13,608)	$	(320,279)	$	(283,057)

The accompanying notes are an integral part of these audited consolidated financial statements

- F5 -

PHOTOZOU HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS

			Year Ended		Year Ended
			November 30, 2020		November 30, 2019

CASH FLOWS FROM OPERATING ACTIVITIES
	Net loss	$	(71,790)	$	(89,768)
	Adjustments to reconcile net loss to net cash:
	Amortization expenses		275		395
	Changes in operating assets and liabilities:
	Accounts receivable		16,722		(16,439)
	Prepaid and other current assets		587		(2,753)
	Inventories		36,113		(58,144)
	Accrued expenses		85,662		139
	Deferred revenue		2,238		(856)
	Net cash provided by (used in) operating activities		69,807		(167,426)

CASH FLOWS FROM INVESTING ACTIVITIES
	Acquisition of software		(8,561)		-
	Net cash used in investing activities		(8,561)		-

CASH FLOWS FROM FINANCING ACTIVITIES
	Proceeds from due to related party	$	83,994	$	189,778
	Proceeds from long-term loan		65,286		-
	Repayments of long-term loan		(3,759)		-
	Net cash provided by financing activities		145,521		189,778

Net effect of exchange rate changes on cash		$	9,539	$	123

Net Change in Cash and Cash equivalents		$	216,306	$	22,475
Cash and cash equivalents - beginning of year			28,398		5,923
Cash and cash equivalents - end of year			244,704		28,398

NON-CASH TRANSACTIONS
	Due to related party forgiven	$	-	$	17,634
	Expense paid by related party on behalf of the Company	$	79,440	$	-

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Interest paid		$	127	$	-
Income taxes paid		$	-	$	-

The accompanying notes are an integral part of these audited consolidated financial statements

- F6 -

Table of Contents

PHOTOZOU HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOVEMBER 30, 2020 AND 2019

NOTE 1 - ORGANIZATION, DESCRIPTION OF BUSINESS

Photozou Holdings, Inc., (the “Company”) was incorporated under the laws of the State of Delaware on September 29, 2014.

On May 31, 2018, the Company entered into and consummated a Stock Purchase Agreement (the “Stock Purchase Agreement”) with Koichi Ishizuka, our President, CEO, and Director. At the closing of the Stock Purchase Agreement, Koichi Ishizuka transferred to the Company, 10,000 shares of common stock of Photozou Koukoku Co., Ltd., a Japan corporation (“Photozou Koukoku”), which represented all of its issued and outstanding shares, in consideration of 1,000,000 JPY ($9,190 USD as of the exchange rate May 31, 2018). The Company has since gained a 100% interest in the issued and outstanding shares of Photozou Koukoku’s common stock and Photozou Koukoku is now a wholly owned subsidiary of the Company. The Company and Photozou Koukoku were under common control at the time of the acquisition.

Photozou Koukoku was incorporated under the laws of Japan on March 14, 2017. Currently, Photozou Koukoku is headquartered in Tokyo, Japan. The Company offers advertising services and sells used cameras on consignment.

On June 5, 2018, Photozou Co., Ltd., our controlling shareholder, entered into stock purchase agreements with 69 Japanese shareholders. Pursuant to these agreements, Photozou Co., Ltd. sold 3,028,900 shares of Photozou Holdings common stock in total to these individuals and received $75,723 as aggregate consideration. Each shareholder paid .025 USD per share.

On July 17, 2018, Photozou Co., Ltd., our controlling shareholder, entered into stock purchase agreements with 1 Japanese shareholder. Pursuant to these agreements, Photozou Co., Ltd. sold a total of 7,000 shares of common stock to this individual and received $175 as aggregate consideration. Each shareholder paid $0.025 USD per share.

On September 21, 2020, Photozou Co., Ltd., our principal controlling shareholder, entered into a Stock Purchase Agreement with Koichi Ishizuka, our Sole Officer and Director. Pursuant to the closing of the Agreement on September 21, 2020, Photozou Co., Ltd. transferred to Koichi Ishizuka 4,553,200 shares of our common stock, which represents approximately 56.9% of our issued and outstanding common stock, in consideration of JPY 6,657,917 (approximately $60,500). Following the closing of the share purchase transaction, Koichi Ishizuka owns approximately 66.7% interest in the issued and outstanding shares of our common stock. Photozou Co., Ltd. was and remains owned and controlled entirely by Koichi Ishizuka, we do not believe that this transaction is deemed to be a change in control of the Company.

Our principal executive offices are located at 4-30-4F, Yotsuya, Shinjuku-ku, Tokyo, 160-0004, Japan.

The Company has elected November 30th as its fiscal year end.

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES

PRINCIPLES OF CONSOLIDATION

The consolidated financial statements include the accounts of the Company and of its wholly-owned subsidiary, Photozou Koukoku. Intercompany transactions are eliminated.

USE OF ESTIMATES

The presentation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. The most significant estimates and assumptions made by management include going concern, allowance for doubtful accounts, valuation allowance on deferred income tax, inventory obsolescence and sales allowance. Since early 2020, the global outbreak of the coronavirus disease 2019 (“COVID-19”) has significantly affected the economy in Japan, where the Company mainly operates its business. The extent to which the COVID-19 pandemic may directly or indirectly impact our business, financial condition, and results of operations is highly uncertain and subject to change. We considered the potential impact of the COVID-19 pandemic on our estimates and assumptions and there was not a material impact to our consolidated financial statements as of November 30, 2020 and for the year then ended. Operating results in the future could vary from the amounts derived from management's estimates and assumptions.

RELATED PARTY TRANSACTION

The Company accounts for related party transactions in accordance with ASC 850 ("Related Party Disclosures"). A related party is generally defined as (i) any person that holds 10% or more of the Company's securities and their immediate families, (ii) the Company's management, (iii) someone that directly or indirectly controls, is controlled by or is under common control with the Company, or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. The Company conducts business with its related parties in the ordinary course of business.

Transactions involving related parties cannot be presumed to be carried out on an arm's-length basis, as the requisite conditions of competitive, free market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm's-length transactions unless such representations can be substantiated.

CASH EQUIVALENTS

The Company considers all highly liquid investments with maturities of three months or less at the time of purchase to be cash equivalents.

ACCOUNTS RECEIVABLE AND CREDIT POLICIES

Accounts receivable are recognized and carried at the original invoice amount less allowance for any uncollectible amounts. An estimate for doubtful accounts is made when collection of the full amount is no longer probable. Bad debts are written off as incurred. If there is a claim for a defect of product after within four days after arrival of goods, the Company shall accept a goods return.

INVENTORY

Inventory, consisting of used cameras, are primarily accounted for using the specific identification method, and are valued at the lower of cost or net realizable value. This valuation requires the Company to make judgments, based on currently-available information, about the likely method of disposition, such as through sales to individual customers, returns to product vendors, or liquidations, and expected recoverable values of each disposition category.

As of November 30, 2020 and 2019, the Company held inventory comprised solely of used cameras and parts in the amount of $35,484 and $69,142.

SOFTWARE

The Company capitalizes certain costs related to obtaining or developing computer software for internal use. Costs incurred during the application development stage internally or externally are capitalized and amortized on a straight-line basis over the expected useful life of two to five years since the computer software is ready for its intended use. The application development stage includes design of chosen path, software configuration and integration, coding, hardware installation and testing. Costs incurred during the preliminary project stage and post implementation-operation stage are expensed as incurred.

IMPAIRMENT OF LONG-LIVED ASSETS

In accordance with ASC Topic 360, the Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable, or at least annually. The Company recognizes an impairment loss when the sum of expected undiscounted future cash flows is less than the carrying amount of the asset. The amount of impairment is measured as the difference between the asset’s estimated fair value and its book value. For the years ended November 30, 2020 and 2019, the Company did not record any impairment charges on long-lived assets.

FOREIGN CURRENCY TRANSLATION

The Company maintains its books and record in its local currency, Japanese YEN (“JPY”), which is a functional currency as being the primary currency of the economic environment in which its operation is conducted. 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 statements of operations.

The reporting currency of the Company is the United States Dollars (“US$”) and the accompanying consolidated financial statements have been expressed in US$. In accordance with ASC Topic 830-30, “Translation of Financial Statement”, assets and liabilities of the Company whose functional currency is not US$ are translated into US$, 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 are recorded as a separate component of accumulated other comprehensive loss within the statements of shareholders’ equity.

Translation of amounts from the local currency of the Company into US$1 has been made at the following exchange rates:

	November 30, 2020	November 30, 2019
Current JPY: US$1 exchange rate	104.27	109.51
Average JPY: US$1 exchange rate	107.22	109.27

- F7 -

Table of Contents

COMPREHENSIVE INCOME OR LOSS

ASC Topic 220, “Comprehensive Income”, establishes standards for reporting and display of comprehensive income or loss, its components and accumulated balances. Comprehensive income or loss as defined includes all changes in equity during a period from non-owner sources. Accumulated comprehensive loss, as presented in the accompanying consolidated statements of changes in shareholders’ deficit consists of changes in unrealized gains and losses on foreign currency translation.

REVENUE RECOGNITION AND DEFERRED REVENUE

The Company recognize its revenue in accordance with ASC 606 - Revenue from contracts with Customers. To determine revenue recognition for agreements within the scope of ASC 606, the Company performs the following five steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue when each performance obligation is satisfied.

Revenue for used cameras sold is recognized at a point in time when the cameras are delivered to the customer. Service revenue is recognized over time when the services are provided to the customers.

Deferred revenue is recorded when consideration is received from a customer prior to the goods or services were delivered. As of November 30, 2020 and 2019, the Company's deferred revenue was $2,302 and nil, respectively.

Disaggregated revenue of the Company is as follows:

		For the year	Percentage of	For the year	Percentage of
		ended	total revenues	ended	total revenues
		November 30, 2020		November 30, 2019
Revenue from cameras sold	$	183,927	90.2%	275,587	93.1%
Service revenue		19,889	9.8%	20,374	6.9%
Total		203,816	100%	295,961	100%

NET LOSS PER COMMON SHARE

Net income per common share is computed pursuant to section 260-10-45 of the FASB Accounting Standards Codification. Basic net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by dividing net loss by the weighted average number of shares of common stock and potentially outstanding shares of common stock during each period. There were no potentially dilutive shares outstanding as of November 30, 2020 and 2019.

INCOME TAX

The Company follows Section 740-10-30 of the FASB Accounting Standards Codification, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. 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 the Statements of operations in the period that includes the enactment date. The Company adopted section 740-10-25 of the FASB Accounting Standards Codification ("Section 740-10-25"). Section 740-10-25 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under Section 740-10-25, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement.

CONCENTRATION OF CREDIT RISKS

Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company places its cash and cash equivalents with financial institutions. The Company does not require collateral or other security to support financial instruments subject to credit risks. With respect to trade receivables, the Company routinely assesses the financial strength of its customers and, as a consequence, believes that the receivable credit risk exposure is limited.

RECENT ACCOUNTING PRONOUNCEMENTS

In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) 2016-02, “Leases (Topic 842)” and issued subsequent amendments to the initial guidance or implementation guidance including ASU 2017-13, 2018-01, 2018-10, 2018-11, 2018-20 and 2019-01 (collectively, including ASU 2016-02, “ASC 842”). Under ASC 842, lessees will be required to recognize all leases at the commencement date including a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use (ROU) asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term.

The Company adopted the standard on December 1, 2019 on a modified retrospective basis and did not restate comparable periods. The Company elected the package of practical expedients permitted under the transition guidance, which allows the Company to carry forward the historical lease classification, the assessment whether a contract is or contains a lease and initial direct costs for any leases that exist prior to adoption of the new standard. The Company also elected the practical expedient not to separate lease and non-lease components for certain classes of underlying assets and the short-term lease exemption for contracts with lease terms of 12 months or less. The Company does not have any operating lease over 12 months. The adoption of this standard did not impact the Company’s consolidated financial statements.

In June 2016, the FASB issued ASU 2016-13 "Financial Instruments - Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments." ASU 2016-13 requires an entity to utilize a new impairment model known as the current expected credit loss ("CECL") model to estimate its lifetime "expected credit loss" and record an allowance that, when deducted from the amortized cost basis of the financial asset, presents the net amount expected to be collected on the financial asset. The CECL model is expected to result in more timely recognition of credit losses. ASU 2016-13 also requires new disclosures for financial assets measured at amortized cost, loans and available-for-sale debt securities. ASU 2016-13 is effective for smaller reporting companies for annual periods beginning after December 15, 2022, including interim periods within those fiscal years. Entities will apply the standard's provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. The Company is in the process of evaluating the impact of the adoption of ASU 2016-13 on the Company's financial statements and disclosures.

In December 2019, the FASB issued ASU 2019-12: Simplifying the Accounting for Income Taxes (Topic 740), which removes certain exceptions to the general principles in Topic 740 and improves consistent application of and simplifies GAAP for other areas of Topic 740 by clarifying and amending existing guidance. ASU 2019-12 is effective for public entities for annual reporting periods and interim periods within those years beginning after December 15, 2020, and early adoption is permitted. The Company is evaluating the effect of adopting this new accounting guidance but does not expect adoption will have a material impact on the Company's disclosures.

NOTE 3 - GOING CONCERN

NOTE 4 - RELATED-PARTY TRANSACTIONS

For the year ended November 30, 2020, Photozou Co., Ltd., a company controlled by Koichi Ishizuka, CEO, advanced to the Company $83,994 and paid expense on behalf of the Company in an amount of $79,440. The total due to related party as of November 30, 2020 was $503,404 and are unsecured, due on demand and non-interest bearing.

For the year ended November 30, 2019, the Company borrowed $189,778 from Photozou Co., Ltd., a Company controlled by Koichi Ishizuka, CEO. For the year ended November 30, 2019, the Company forgave due to related party and was deemed as capital contribution $17,634. The total due to related party as of November 30, 2019 was $319,336 and are unsecured, due on demand and non-interest bearing.

For the years ended November 30, 2020 and 2019, the Company rented office space and storage space from the Company’s officer free of charge.

NOTE 5– SHAREHOLDER EQUITY

Preferred Stock

The authorized preferred stock of the Company consists of 20,000,000 shares with a par value of $0.0001. The Company has not issued any shares during November 30, 2020 and 2019.

Common Stock

The authorized common stock of the Company consists of 500,000,000 shares with a par value of $0.0001. There were 8,000,000 shares of common stock issued and outstanding as of November 30, 2020 and 2019.

Pertinent Rights and Privileges

Holders of shares of common stock are entitled to one vote for each share held to be used at all stockholders’ meetings and for all purposes including the election of directors. Common stock does not have cumulative voting rights. Nor does it have preemptive or preferential rights to acquire or subscribe for any unissued shares of any class of stock.

NOTE 6 – INCOME TAXES

The Company conducts its major businesses in Japan and is subject to tax in this jurisdiction. As a result of its business activities, the Company files tax returns that are subject to examination by the local tax authority.

National income tax in Japan is charged at 15% of a company’s assessable profit. The Company’s subsidiary, Photozou Koukoku, was incorporated in Japan and is subject to Japanese national income tax and city income tax at the applicable tax rates on the taxable income as reported in their Japanese statutory accounts in accordance with the relevant enterprises income tax laws applicable to foreign enterprises.

Photozou Koukoku’s operation during the year ended November 30, 2020 has resulted a net taxable loss, as such Photozou Koukoku was not subject to income tax for the year ended November 30, 2020. The effective income tax rate of Photozou Koukoku is 0%.

Photozou Holdings, Inc., which acts as a holding company on a non-consolidated basis, does not plan to engage any business activities and current or future loss will be fully allowed. For the year ended November 30, 2020 and 2019, respectively, Photozou Holdings, Inc., as a holding company registered in the state of Delaware, has incurred net loss and, therefore, has no tax liability.

The Company has not recognized any income tax benefit for its operating losses generated based on uncertainties concerning its ability to generate taxable income in future periods. Deferred tax assets arise from net operating loss carried forward of $320,920 are fully allowed as the Company considers its realization not to be more likely than not. The net operating loss carry forward will start to expire in the year 2028. In future periods, tax benefits and related deferred tax assets will be recognized when management considers realization of such amounts to be more likely than not. Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carryforwards for Federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur, net operating loss carryforwards may be limited as to use in future years.

	November 30,
	2020		2019
Deferred tax asset, generated from net operating loss at statutory rates	$	67,393	$	52,222
Valuation allowance		(67,393)		(52,222)
	$	-	$	-

The reconciliation of the effective income tax rate to the federal statutory rate is as follows:

Federal income tax rate	21.0	%
Increase in valuation allowance	(21.0	%)
Effective income tax rate	0.0	%

NOTE 7 - CONCENTRATION

Financial instruments, which potentially subject the Company to concentrations of credit risk, consist primarily of purchases of inventory, accounts receivable and revenue.

Concentration of Purchases

Net purchase from suppliers accounting for 10% or more of total purchases are as follows:

For the year ended November 30, 2020, 99.3% of the inventories of cameras were purchased from one supplier whose name was Digital Reuse. For the year ended November 30, 2020, 100% of the purchase of inventory of cameras was handled by Mr. Takaharu Ogami whom the Company has a service agreement with to sell and buy used cameras on behalf of the Company.

For the year ended November 30, 2019, 98.9% of the inventories of cameras were purchased from one supplier whose name was Digital Reuse. For the year ended November 30, 2019, 100% of the purchase of inventory of cameras was handled by Mr. Takaharu Ogami whom the Company has a service agreement with to sell and buy used cameras on behalf of the Company.

Concentration of Revenues

Gross revenues from customers accounting for 10% or more of total revenues are as follows:

For the year ended November 30, 2020, 14.5% of the revenue from the sale of cameras was generated from one customer. For the year ended November 30, 2020, 100% of the revenue from the sale of cameras was handled by Takaharu Ogami whom the Company has a service agreement with to sell and buy used cameras on behalf of the Company.

For the year ended November 30, 2019, 91.9% of the revenue from the sale of cameras was generated from three customers. For the year ended November 30, 2019, 100% of the revenue from the sale of cameras was handled by Takaharu Ogami whom the Company has a service agreement with to sell and buy used cameras on behalf of the Company.

For the year ended November 30, 2020, 95.3% of the service revenue was generated from four customers.

For the year ended November 30, 2019, 90.9% of the service revenue was generated from two customers.

NOTE 8 – COMMITMENTS

On May 1, 2017, the Company entered into an agreement with Mr. Takahara Ogami, whereas he is to act as an independent contractor to Photozou Koukoku. The services he is to provide include, but are not limited to, handling the operations of Photozou Koukoku's used camera retail business through purchasing, selling and delivery of cameras by Mr. Ogami. He is compensated JPY 400,000 ($3,600) a month. Unless either party expresses, in writing, their intention to terminate the agreement then it shall run another three months automatically.

Mr. Ogami’s is responsible for the sale and shipping of the cameras at the expense of Photozou Koukoku. Photozou Koukoku is the legal owner of the camera(s) until the point of sale to the purchaser or purchaser(s).

NOTE 9 – LONG-TERM LOAN

On July 2, 2020, the Company borrowed JPY7,000,000 ($65,286) from Japan Finance Corporation ("JFC"), a wholly owned public entity by the Japanese government as the COVID-19 subsidy. The loan is unsecured, repaid monthly, due in five years, and with an annual interest rate of 0.46% within three years and 1.36% thereafter. Ishizuka Koichi is the guarantor of the loan.

For the year ended November 30, 2020, the Company repaid $3,759 to JFC. As of November 30, 2020, the Company had the current portion of $13,580 and non-current portion of $49,794.

The future principal payments for the Company’s long-term loan as of November 30, 2020, are as follows:

Year Ending November 31,
2021		$13,580
2022		13,580
2023		13,580
2024		13,580
2025		9,054
Thereafter		-
Total		63,374

NOTE 10 – SUBSIDY INCOME

On September 24, 2020, Photozou Kokoku., Co. Ltd received JPY2,000,000 ($18,653) as a COVID-19 subsidy for small business in Japan.

- F8 -

Table of Contents

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.

None.

Item 9A. Controls and Procedures.

Disclosure Controls and Procedures

The Company has adopted and maintains disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the reports filed under the Exchange Act, such as this annual report, is collected, recorded, processed, summarized and reported within the time periods specified in the rules of the SEC. The Company’s disclosure controls and procedures are also designed to ensure that such information is accumulated and communicated to management to allow timely decisions regarding required disclosure. As required under Exchange Act Rule 13a-15, the Company’s management, including the Chief Executive Officer who also serves as our Principal Financial Officer, has conducted an evaluation of the effectiveness of disclosure controls and procedures as of the end of the period covered by this report. Based on that evaluation, the Chief Executive Office who also serves as our Principal Financial Officer concluded that the disclosure controls and procedures are ineffective.

Our Chief Executive Officer, Koichi Ishizuka, has reviewed the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) as of the end of the period covered by the report November 30, 2020 and has concluded that (i) the Company’s disclosure controls and procedures are not effective to ensure that material information relating to the Company is recorded, processed, summarized, and reported within the time periods specified in the rules and forms of the Commission, and (ii) the Company’s controls and procedures have not been designed to ensure that information required to be disclosed by the 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.

Management’s Report on Internal Control over Financial Reporting

The Company’s management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Exchange Act Rule 13a-15(f). The Company’s internal control over financial reporting is designed to provide reasonable assurance to the Company’s management and board of directors regarding the preparation and fair presentation of published financial statements. Management conducted an assessment of the Company’s internal control over financial reporting based on the framework and criteria established by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control – Integrated Framework. Based on the assessment, management concluded that, as of November 30, 2020, the Company’s internal control over financial reporting is ineffective based on those criteria.

The Company’s management, including its Chief Executive Officer who also serves as our Chief Financial Officer, does not expect that the Company’s disclosure controls and procedures and its internal control processes will prevent all error and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of error or fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that the breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the control. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Over time, controls may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and may not be detected. However, these inherent limitations are known features of the financial reporting process. Therefore, it is possible to design into the process safeguards to reduce, though not eliminate, this risk.

The matters involving internal controls and procedures that our Chief Executive Officer considered to be material weaknesses under the standards of the Committee of Sponsoring Organizations of Treadway Commission were: domination of management by a single individual without adequate compensating controls, lack of a majority of outside directors on board of directors, resulting in ineffective oversight in the establishment and monitoring of required internal controls and procedures; inadequate segregation of duties consistent with control objectives, and lack of an audit committee.

The Company believes that the material weaknesses are due to the Company’s limited resources.

Our Chief Executive Officer that the material weaknesses did not have an effect on our financial results. However, management believes that the lack of a functioning audit committee and inadequate segregation of duties 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 Chief Executive Officer recognizes that its controls and procedures would be substantially improved if we had an audit committee and two individuals serving as officers and as such is actively seeking to remediate this issue.

Management’s Remediation Initiatives

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 create a position to segregate duties consistent with control objectives and will increase our personnel resources and technical accounting expertise within the accounting function when funds are available to us. 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.

Management believes that the appointment of one or more outside directors, who shall be appointed to a fully functioning audit committee, will remedy the lack of a functioning audit committee and a lack of a majority of outside directors on our Board.

We will work as quickly as possible to implement these initiatives; however, the lack of adequate working capital and positive cash flow from operations will likely slow this implementation.

Changes in Internal Control

There have been no changes in internal controls over the financial reporting that occurred during the fiscal quarter ended November 30, 2020, that have materially affected, or are reasonably likely to materially affect our internal controls over financial reporting.

This annual report does not include an attestation report of the Company’s registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by the Company’s registered public accounting firm pursuant to temporary rules of the SEC that permit the Company to provide only management’s report in this annual report.

Item 9B. Other Information.

None.

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Table of Contents

PART III

Item 10. Directors, Executive Officers and Corporate Governance.

Mr. Koichi Ishizuka, Age 50- Chief Executive Officer, Chief Financial Officer, President, Director, Secretary, and Treasurer

Background of Mr. Koichi Ishizuka

In 2004 Mr. Koichi Ishizuka graduated with his MBA from the University of Aoyama Gakuin. Several years later in 2011 he graduated from the Advanced Management Program at Harvard School of Business. Following Mr. Ishizuka’s formal education, he took a position as the head of marketing with Thomson Reuters, a mass media and information firm. Thereafter, he served as the CEO of Xinhua Finance Japan in 2006, Fate Corporation in 2008, and LCA Holdings., Ltd in 2009. Currently, Mr. Ishizuka serves as the Chief Executive Officer of OFF Line Co., Ltd., Photozou Co., Ltd., Photozou Holdings, Inc., and Photozou Koukoku Co., Ltd.. He has held the position of CEO with OFF Line Co., Ltd. Since 2013, Photozou Co., Ltd since 2016, Photozou Holdings, Inc since 2017 and Photozou Koukoku Co., Ltd. since 2017. Off Line Co., Ltd. manages and operates a Japanese communication application named, “AirTalk.” This is Off Line Co., Ltd.’s primary business activity. In June 2018, he incorporated OFF Line Japan Co., Ltd., a Japan corporation. On November 22, 2019, he incorporated OFF Line International, Inc., a Delaware corporation. On November 18, 2020, Koichi Ishizuka became the Chief Financial Officer of Next Meats Holdings, Inc., where he remains to this date.

As of the date of this filing, there has not been any material plan, contract or arrangement (whether or not written) to which our sole officer and director are a party in connection with their appointments at Photozou Holdings, Inc.

Employees

As of November 30, 2020, we had no employees outside of our sole officer and director.

Director’s Term of Office

Directors will hold office until the next annual meeting of stockholders and the election and qualification of their successors. Officers are elected annually by our board of directors and serve at the discretion of the board of directors. Presently, we have a single director, Koichi Ishizuka.

Corporate Governance

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 Securities and Exchange Commission (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 Directors as the Company is not required to do so.

In lieu of an Audit Committee, the Company’s Board of Directors, is 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 sole officer and director reviews the Company's internal accounting controls, practices and policies.

Committees of the Board

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 Director believes that it is not necessary to have such committees, at this time, because the Director can adequately perform the functions of such committees.

Audit Committee Financial Expert

Our Board 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 is capable of analyzing and evaluating our financial statements and understanding internal controls and procedures for financial reporting. The Director 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.

Involvement in Certain Legal Proceedings

Our sole officer and director has not been involved in any of the following events during the past ten years:

1.	bankruptcy petition filed by or against any business of which such person was a general partner or executive officer either at the time of the bankruptcy or within two years prior to that time;
2.	any conviction in a criminal proceeding or being subject to a pending criminal proceeding (excluding traffic violations and other minor offenses);
3.	being subject to any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining, barring, suspending or otherwise limiting his/her involvement in any type of business, securities or banking activities; or
4.	being found by a court of competent jurisdiction (in a civil action), the Commission or the Commodity Futures Trading Commission to have violated a federal or state securities or commodities law, and the judgment has not been reversed, suspended, or vacated.
5.	Such person was found by a court of competent jurisdiction in a civil action or by the Commission to have violated any Federal or State securities law, and the judgment in such civil action or finding by the Commission has not been subsequently reversed, suspended, or vacated;
6.	Such person was found by a court of competent jurisdiction in a civil action or by the Commodity Futures Trading Commission to have violated any Federal commodities law, and the judgment in such civil action or finding by the Commodity Futures Trading Commission has not been subsequently reversed, suspended or vacated;
7.	Such person was the subject of, or a party to, any Federal or State judicial or administrative order, judgment, decree, or finding, not subsequently reversed, suspended or vacated, relating to an alleged violation of:(i) Any Federal or State securities or commodities law or regulation; or(ii) Any law or regulation respecting financial institutions or insurance companies including, but not limited to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty or temporary or permanent cease-and-desist order, or removal or prohibition order; or(iii) Any law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity; or
8.	Such person was the subject of, or a party to, any sanction or order, not subsequently reversed, suspended or vacated, of any self-regulatory organization (as defined in Section 3(a)(26) of the Exchange Act (15 U.S.C. 78c(a)(26))), any registered entity (as defined in Section 1(a)(29) of the Commodity Exchange Act (7 U.S.C. 1(a)(29))), or any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons associated with a member.

Independence of Directors

We are not required to have independent members of our Board of Directors, and do not anticipate having independent Directors until such time as we are required to do so.

Code of Ethics

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.

Shareholder Proposals

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.

A shareholder who wishes to communicate with our Board of Directors may do so by directing a written request addressed to our President, at the address appearing on the first page of this Registration Statement.

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Table of Contents

Item 11. Executive Compensation.

Summary Compensation Table

Name and principal position (a)	As of November 30, (b)	Salary ($) (c)	Bonus ($) (d)	Stock Awards ($) (e)	Option Awards ($) (f)	Non-equity incentive plan compensation ($) (g)	Non-qualified deferred compensation earnings ($) (h)	All other compensation ($) (i)	Total ($) (j)

Koichi Ishizuka, Sole Officer and Director	2019	-	-	-	-	-	-	-	-
	2020	-	-	-	-	-	-	-	-

Summary of Compensation

Stock Option Grants

We have not granted any stock options to our executive officers since our incorporation.

Employment Agreements

We do not have an employment or consulting agreements with any officer or Director.

Compensation Discussion and Analysis

Director Compensation

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.

Executive Compensation Philosophy

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 issued 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.

Incentive Bonus

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.

Long-term, Stock Based Compensation

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.

- 9 -

Table of Contents

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

As of November 30, 2020, the Company has 8,000,000 shares of common stock issued and outstanding, which number of issued and outstanding shares of common stock have been used throughout this report.

Name and Address of Beneficial Owner	Shares of Common Stock Beneficially Owned	Common Stock Voting Percentage Beneficially Owned	Voting Shares of Preferred Stock	Preferred Stock Voting Percentage Beneficially Owned	Total Voting Percentage Beneficially Owned (1)
Executive Officers and Directors
Koichi Ishizuka (1) (2) 3-1-21, Chuo, Nakano-ku, Tokyo, 164-0011, Japan	5,334,200	66.68%	none	n/a	66.68%
5% or greater shareholders
Takashi Matsuyama 4-16-14-101, Kugenuma Sakuragaoka, Fujisawa-shi, Kanagawa, 251-0027, Japan	700,000	8.75%	none	n/a	8.75%
Rei Ishizuka (3) 3-1-21, Chuo, Nakano-ku, Tokyo, 164-0011, Japan597	597,800	7.47%	none	n/a	7.47%

(1) Mr. Koichi Ishizuka owns 66.68% of the issued and outstanding shares of the company.

(2) Koichi Ishizuka is the President, CEO and Director of the Company.

(3) Rei Ishizuka is the wife of Koichi Ishizuka

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.

Item 13. Certain Relationships and Related Transactions, and Director Independence.

For the year ended November 30, 2020 and 2019, the Company rented office space and storage space from the Company’s officer free of charge.

Review, Approval and Ratification of Related Party Transactions

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 officer(s), Director(s) 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 Directors will continue to approve any related party transaction.

Item 14. Principal Accounting Fees and Services.

Below is the aggregate amount of fees billed for professional services rendered by our principal accountants with respect to our last two fiscal years.

		2020	2019
Audit fees	MaloneBailey, LLP	$61,000	$46,414
Audit related fees		-	-
Tax fees		-	-
All other fees		-	-

Total		$61,000	$46,414

Audit fees represent the professional services rendered for the audit of our annual financial statements and the review of our financial statements included in quarterly reports, along with services normally provided by the accounting firm in connection with statutory and regulatory filings or engagements. Audit-related fees represent professional services rendered for assurance and related services by the accounting firm that are reasonably related to the performance of the audit or review of our financial statements that are not reported under audit fees.

Tax fees represent professional services rendered by the accounting firm for tax compliance, tax advice, and tax planning. All other fees represent fees billed for products and services provided by the accounting firm, other than the services reported for in the other categories.

- 10 -

Table of Contents

PART IV

Item 15. Exhibits, Financial Statement Schedules.

(a) Financial Statements

1. Financial statements for our company are listed in the index under Item 8 of this document

2. All financial statement schedules are omitted because they are not applicable, not material or the required information is shown in the financial statements or notes thereto.

(b) Exhibits required by Item 601 of Regulation S-K.

Exhibit No.		Description
3.1		Certificate of Incorporation (1)

3.2		By-laws. (1)

31.1		Certification of the Company’s Principal Executive and Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, with respect to the registrant’s report on Form 10-K for the year ended November 30, 2020. (2)

32.1		Certification of the Company’s Principal Executive and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (2)

101.INS		XBRL Instance Document (3)

101.SCH		XBRL Taxonomy Extension Schema (3)

101.CAL		XBRL Taxonomy Extension Calculation Linkbase (3)

101.DEF		XBRL Taxonomy Extension Definition Linkbase (3)

101.LAB		XBRL Taxonomy Extension Label Linkbase (3)

101.PRE		XBRL Taxonomy Extension Presentation Linkbase (3)

____________________

(1)	Filed as an exhibit to the Company's Registration Statement on Form POS AM as filed with the SEC on June 9, 2017, and incorporated herein by this reference.
(2)	Filed herewith.
(3)	Users of this data are advised that, pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or Annual Report for purposes of Sections 11 or 12 of the Securities Act of 1933 or Section 18 of the Exchange Act of 1934 and otherwise are not subject to liability.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Photozou Holdings, Inc.

(Registrant)

By: /s/ Koichi Ishizuka

Koichi Ishizuka, Chief Executive Officer, Chief Financial Officer, Director

Dated: March 16, 2021

In accordance with the Exchange Act, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By: /s/ Koichi Ishizuka

Koichi Ishizuka, Chief Executive Officer, Chief Financial Officer, Director

Dated: March 16, 2021

- 11 -

EX-31 2 exhibit31.htm EX-31

EXHIBIT 31.1

Photozou Holdings, INC.

OFFICER'S CERTIFICATE PURSUANT TO SECTION 302

I, Koichi Ishizuka, certify that:

1. I have reviewed this report on Form 10-K of Photozou Holdings, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the small business issuer as of, and for, the periods presented in this report;

4. The small business issuer’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the small business issuer and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the small business issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;

c. Evaluated the effectiveness of the small business issuer's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The small business owner’s other certifying officer and I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the small business issuer's auditors and the audit committee of the small issuer's board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the small business issuer's ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the small business issuer's internal control over financial reporting.

Dated: March 16, 2021

By: /s/ Koichi Ishizuka

Koichi Ishizuka,

Chief Executive Officer

(Principal Executive Officer)

EXHIBIT 31.2

Photozou Holdings, INC.

OFFICER'S CERTIFICATE PURSUANT TO SECTION 302

I, Koichi Ishizuka, certify that:

1. I have reviewed this report on Form 10-K of Photozou Holdings, Inc.;

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the small business issuer's internal control over financial reporting.

Dated: March 16, 2021

By: /s/ Koichi Ishizuka

Koichi Ishizuka,

Chief Financial Officer

(Principal Financial Officer)

EX-32 3 exhibit32.htm EX-32

EXHIBIT 32.1

Photozou Holdings, INC.

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF

THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of Photozou Holdings, Inc. (the Company) on Form 10-K for the fiscal year ended November 30, 2020 as filed with the Securities and Exchange Commission on the date hereof (the Report), I, Koichi Ishizuka, Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. ss.1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

A signed original of this written statement required by Section 906 has been provided to Koichi Ishizuka and will be retained by Photozou Holdings, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

Dated: March 16, 2021

By: /s/ Koichi Ishizuka

Koichi Ishizuka,

Chief Executive Officer

(Principal Executive Officer)

EXHIBIT 32.2

Photozou Holdings, INC.

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF

THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of Photozou Holdings, Inc. (the Company) on Form 10-K for the fiscal year ended November 30, 2020 as filed with the Securities and Exchange Commission on the date hereof (the Report), I, Koichi Ishizuka, Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. ss.1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: March 16, 2021

By: /s/ Koichi Ishizuka

Koichi Ishizuka,

Chief Financial Officer

(Principal Financial Officer)

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NOTE 1 - ORGANIZATION, DESCRIPTION OF BUSINESS   Photozou Holdings, Inc., (the “Company”) was incorporated under the laws of the State of Delaware on September 29, 2014.   On May 8, 2018, the Company conducted a stock cancellation of the above 3,037,300 shares and the total funds of $75,933 were returned to investors. The cancellation of the shares and return of funds was due to the fact that we did not make an acquisition in the allotted time granted by Rule 419.   On May 31, 2018, the Company entered into and consummated a Stock Purchase Agreement (the “Stock Purchase Agreement”) with Koichi Ishizuka, our President, CEO, and Director. At the closing of the Stock Purchase Agreement, Koichi Ishizuka transferred to the Company, 10,000 shares of common stock of Photozou Koukoku Co., Ltd., a Japan corporation (“Photozou Koukoku”), which represented all of its issued and outstanding shares, in consideration of 1,000,000 JPY ($9,190 USD as of the exchange rate May 31, 2018). The Company has since gained a 100% interest in the issued and outstanding shares of Photozou Koukoku’s common stock and Photozou Koukoku is now a wholly owned subsidiary of the Company. The Company and Photozou Koukoku were under common control at the time of the acquisition.   Photozou Koukoku was incorporated under the laws of Japan on March 14, 2017. Currently, Photozou Koukoku is headquartered in Tokyo, Japan. The Company offers advertising services and sells used cameras on consignment.   On June 5, 2018, Photozou Co., Ltd., our controlling shareholder, entered into stock purchase agreements with 69 Japanese shareholders. Pursuant to these agreements, Photozou Co., Ltd. sold 3,028,900 shares of Photozou Holdings common stock in total to these individuals and received $75,723 as aggregate consideration. Each shareholder paid .025 USD per share.   On July 17, 2018, Photozou Co., Ltd., our controlling shareholder, entered into stock purchase agreements with 1 Japanese shareholder. Pursuant to these agreements, Photozou Co., Ltd. sold a total of 7,000 shares of common stock to this individual and received $175 as aggregate consideration. Each shareholder paid $0.025 USD per share.   On September 21, 2020, Photozou Co., Ltd., our principal controlling shareholder, entered into a Stock Purchase Agreement with Koichi Ishizuka, our Sole Officer and Director. Pursuant to the closing of the Agreement on September 21, 2020, Photozou Co., Ltd. transferred to Koichi Ishizuka 4,553,200 shares of our common stock, which represents approximately 56.9% of our issued and outstanding common stock, in consideration of JPY 6,657,917 (approximately $60,500). Following the closing of the share purchase transaction, Koichi Ishizuka owns approximately 66.7% interest in the issued and outstanding shares of our common stock. Photozou Co., Ltd. was and remains owned and controlled entirely by Koichi Ishizuka, we do not believe that this transaction is deemed to be a change in control of the Company.   Our principal executive offices are located at 4-30-4F, Yotsuya, Shinjuku-ku, Tokyo, 160-0004, Japan.   The Company has elected November 30th as its fiscal year end.

NOTE 3 - GOING CONCERN   The accompanying consolidated financial statements are prepared on a basis of accounting assuming that the Company is a going concern that contemplates realization of assets and satisfaction of liabilities in the normal course of business. The Company is in the early stage of operations and has reoccurring net losses and working capital deficit. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The Company will offer noncash consideration and seek equity lines as a means of financing its operations. If the Company is unable to obtain revenue- producing contracts or financing or if the revenue or financing it does obtain is insufficient to cover any operating losses it may incur, it may substantially curtail or terminate its operations or seek other business opportunities through strategic alliances, acquisitions or other arrangements that may dilute the interests of existing stockholders. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty.

18840

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120532 295045

NOTE 7 - CONCENTRATION     Financial instruments, which potentially subject the Company to concentrations of credit risk, consist primarily of purchases of inventory, accounts receivable and revenue.   Concentration of Purchases   Net purchase from suppliers accounting for 10% or more of total purchases are as follows:   For the year ended November 30, 2020, 99.3% of the inventories of cameras were purchased from one supplier whose name was Digital Reuse. For the year ended November 30, 2020, 100% of the purchase of inventory of cameras was handled by Mr. Takaharu Ogami whom the Company has a service agreement with to sell and buy used cameras on behalf of the Company.   For the year ended November 30, 2019, 98.9% of the inventories of cameras were purchased from one supplier whose name was Digital Reuse. For the year ended November 30, 2019, 100% of the purchase of inventory of cameras was handled by Mr. Takaharu Ogami whom the Company has a service agreement with to sell and buy used cameras on behalf of the Company.   Concentration of Revenues   Gross revenues from customers accounting for 10% or more of total revenues are as follows:   For the year ended November 30, 2020, 14.5% of the revenue from the sale of cameras was generated from one customer. For the year ended November 30, 2020, 100% of the revenue from the sale of cameras was handled by Takaharu Ogami whom the Company has a service agreement with to sell and buy used cameras on behalf of the Company.   For the year ended November 30, 2019, 91.9% of the revenue from the sale of cameras was generated from three customers. For the year ended November 30, 2019, 100% of the revenue from the sale of cameras was handled by Takaharu Ogami whom the Company has a service agreement with to sell and buy used cameras on behalf of the Company.   For the year ended November 30, 2020, 95.3% of the service revenue was generated from four customers.   For the year ended November 30, 2019, 90.9% of the service revenue was generated from two customers.

NOTE 8 – COMMITMENTS   On May 1, 2017, the Company entered into an agreement with Mr. Takahara Ogami, whereas he is to act as an independent contractor to Photozou Koukoku. The services he is to provide include, but are not limited to, handling the operations of Photozou Koukoku's used camera retail business through purchasing, selling and delivery of cameras by Mr. Ogami. He is compensated JPY 400,000 ($3,600) a month. Unless either party expresses, in writing, their intention to terminate the agreement then it shall run another three months automatically.   Mr. Ogami’s is responsible for the sale and shipping of the cameras at the expense of Photozou Koukoku. Photozou Koukoku is the legal owner of the camera(s) until the point of sale to the purchaser or purchaser(s).

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES   PRINCIPLES OF CONSOLIDATION    The consolidated financial statements include the accounts of the Company and of its wholly-owned subsidiary, Photozou Koukoku. Intercompany transactions are eliminated.   USE OF ESTIMATES   The presentation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. The most significant estimates and assumptions made by management include going concern, allowance for doubtful accounts, valuation allowance on deferred income tax, inventory obsolescence and sales allowance. Since early 2020, the global outbreak of the coronavirus disease 2019 (“COVID-19”) has significantly affected the economy in Japan, where the Company mainly operates its business. The extent to which the COVID-19 pandemic may directly or indirectly impact our business, financial condition, and results of operations is highly uncertain and subject to change. We considered the potential impact of the COVID-19 pandemic on our estimates and assumptions and there was not a material impact to our consolidated financial statements as of November 30, 2020 and for the year then ended. Operating results in the future could vary from the amounts derived from management's estimates and assumptions.   RELATED PARTY TRANSACTION   The Company accounts for related party transactions in accordance with ASC 850 ("Related Party Disclosures"). A related party is generally defined as (i) any person that holds 10% or more of the Company's securities and their immediate families, (ii) the Company's management, (iii) someone that directly or indirectly controls, is controlled by or is under common control with the Company, or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. The Company conducts business with its related parties in the ordinary course of business.   Transactions involving related parties cannot be presumed to be carried out on an arm's-length basis, as the requisite conditions of competitive, free market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm's-length transactions unless such representations can be substantiated.   CASH EQUIVALENTS   The Company considers all highly liquid investments with maturities of three months or less at the time of purchase to be cash equivalents.   ACCOUNTS RECEIVABLE AND CREDIT POLICIES   Accounts receivable are recognized and carried at the original invoice amount less allowance for any uncollectible amounts. An estimate for doubtful accounts is made when collection of the full amount is no longer probable. Bad debts are written off as incurred. If there is a claim for a defect of product after within four days after arrival of goods, the Company shall accept a goods return.   INVENTORY   Inventory, consisting of used cameras, are primarily accounted for using the specific identification method, and are valued at the lower of cost or net realizable value. This valuation requires the Company to make judgments, based on currently-available information, about the likely method of disposition, such as through sales to individual customers, returns to product vendors, or liquidations, and expected recoverable values of each disposition category.   As of November 30, 2020 and 2019, the Company held inventory comprised solely of used cameras and parts in the amount of $35,484 and $69,142.   SOFTWARE   The Company capitalizes certain costs related to obtaining or developing computer software for internal use. Costs incurred during the application development stage internally or externally are capitalized and amortized on a straight-line basis over the expected useful life of two to five years since the computer software is ready for its intended use. The application development stage includes design of chosen path, software configuration and integration, coding, hardware installation and testing. Costs incurred during the preliminary project stage and post implementation-operation stage are expensed as incurred.   IMPAIRMENT OF LONG-LIVED ASSETS   In accordance with ASC Topic 360, the Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable, or at least annually. The Company recognizes an impairment loss when the sum of expected undiscounted future cash flows is less than the carrying amount of the asset. The amount of impairment is measured as the difference between the asset’s estimated fair value and its book value. For the years ended November 30, 2020 and 2019, the Company did not record any impairment charges on long-lived assets.   FOREIGN CURRENCY TRANSLATION   The Company maintains its books and record in its local currency, Japanese YEN (“JPY”), which is a functional currency as being the primary currency of the economic environment in which its operation is conducted. 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 statements of operations.    The reporting currency of the Company is the United States Dollars (“US$”) and the accompanying consolidated financial statements have been expressed in US$. In accordance with ASC Topic 830-30, “Translation of Financial Statement”, assets and liabilities of the Company whose functional currency is not US$ are translated into US$, 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 are recorded as a separate component of accumulated other comprehensive loss within the statements of shareholders’ equity.   Translation of amounts from the local currency of the Company into US$1 has been made at the following exchange rates:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; width: 48%"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; width: 21%; text-align: center">November 30, 2020</td> <td style="border-bottom: black 1pt solid; vertical-align: top; width: 3%; text-align: center"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; width: 28%; text-align: center">November 30, 2019</td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom">Current JPY: US$1 exchange rate</td> <td style="vertical-align: bottom; text-align: center">104.27</td> <td style="vertical-align: top; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center">109.51</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom">Average JPY: US$1 exchange rate</td> <td style="vertical-align: bottom; text-align: center">107.22</td> <td style="vertical-align: top; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center">109.27</td></tr> </table>   COMPREHENSIVE INCOME OR LOSS   ASC Topic 220, “Comprehensive Income”, establishes standards for reporting and display of comprehensive income or loss, its components and accumulated balances. Comprehensive income or loss as defined includes all changes in equity during a period from non-owner sources. Accumulated comprehensive loss, as presented in the accompanying consolidated statements of changes in shareholders’ deficit consists of changes in unrealized gains and losses on foreign currency translation.   REVENUE RECOGNITION AND DEFERRED REVENUE   The Company recognize its revenue in accordance with ASC 606 - Revenue from contracts with Customers. To determine revenue recognition for agreements within the scope of ASC 606, the Company performs the following five steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue when each performance obligation is satisfied.   Revenue for used cameras sold is recognized at a point in time when the cameras are delivered to the customer. Service revenue is recognized over time when the services are provided to the customers.   Deferred revenue is recorded when consideration is received from a customer prior to the goods or services were delivered. As of November 30, 2020 and 2019, the Company's deferred revenue was $2,302 and nil, respectively.   Disaggregated revenue of the Company is as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; width: 39%; padding-right: 4.95pt; padding-left: 4.95pt"> </td> <td style="white-space: nowrap; width: 2%; padding-right: 4.95pt; padding-left: 4.95pt"> </td> <td style="width: 15%; text-align: center">For the year</td> <td style="width: 10%; text-align: center">Percentage of</td> <td style="white-space: nowrap; width: 18%; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center">For the year</td> <td style="white-space: nowrap; width: 16%; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center">Percentage of</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 4.95pt; padding-left: 4.95pt"> </td> <td style="white-space: nowrap; padding-right: 4.95pt; padding-left: 4.95pt"> </td> <td style="text-align: center">ended</td> <td style="text-align: center">total revenues</td> <td style="white-space: nowrap; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center">ended</td> <td style="white-space: nowrap; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center">total revenues</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 4.95pt; padding-left: 4.95pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 4.95pt; padding-left: 4.95pt"> </td> <td style="border-bottom: black 1pt solid; text-align: center">November 30, 2020</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center">November 30, 2019</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 4.95pt; padding-left: 4.95pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="white-space: nowrap; padding-right: 4.95pt; padding-left: 4.95pt">Revenue from cameras sold</td> <td style="white-space: nowrap; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right">$</td> <td style="text-align: center">183,927</td> <td style="text-align: center">90.2%</td> <td style="white-space: nowrap; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center">275,587</td> <td style="white-space: nowrap; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center">93.1%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 4.95pt; padding-left: 4.95pt">Service revenue</td> <td style="white-space: nowrap; padding-right: 4.95pt; padding-left: 4.95pt"> </td> <td style="text-align: center">19,889</td> <td style="text-align: center">9.8%</td> <td style="white-space: nowrap; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center">20,374</td> <td style="white-space: nowrap; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center">6.9%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="white-space: nowrap; padding-right: 4.95pt; padding-left: 4.95pt">Total</td> <td style="white-space: nowrap; padding-right: 4.95pt; padding-left: 4.95pt"> </td> <td style="text-align: center">203,816</td> <td style="text-align: center">100%</td> <td style="white-space: nowrap; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center">295,961</td> <td style="white-space: nowrap; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center">100%</td></tr> </table>   NET LOSS PER COMMON SHARE   Net income per common share is computed pursuant to section 260-10-45 of the FASB Accounting Standards Codification. Basic net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by dividing net loss by the weighted average number of shares of common stock and potentially outstanding shares of common stock during each period. There were no potentially dilutive shares outstanding as of November 30, 2020 and 2019.   INCOME TAX   The Company follows Section 740-10-30 of the FASB Accounting Standards Codification, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. 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 the Statements of operations in the period that includes the enactment date. The Company adopted section 740-10-25 of the FASB Accounting Standards Codification ("Section 740-10-25"). Section 740-10-25 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under Section 740-10-25, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement.   CONCENTRATION OF CREDIT RISKS   Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company places its cash and cash equivalents with financial institutions. The Company does not require collateral or other security to support financial instruments subject to credit risks. With respect to trade receivables, the Company routinely assesses the financial strength of its customers and, as a consequence, believes that the receivable credit risk exposure is limited.   RECENT ACCOUNTING PRONOUNCEMENTS   In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) 2016-02, “Leases (Topic 842)” and issued subsequent amendments to the initial guidance or implementation guidance including ASU 2017-13, 2018-01, 2018-10, 2018-11, 2018-20 and 2019-01 (collectively, including ASU 2016-02, “ASC 842”). Under ASC 842, lessees will be required to recognize all leases at the commencement date including a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use (ROU) asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term.   The Company adopted the standard on December 1, 2019 on a modified retrospective basis and did not restate comparable periods. The Company elected the package of practical expedients permitted under the transition guidance, which allows the Company to carry forward the historical lease classification, the assessment whether a contract is or contains a lease and initial direct costs for any leases that exist prior to adoption of the new standard. The Company also elected the practical expedient not to separate lease and non-lease components for certain classes of underlying assets and the short-term lease exemption for contracts with lease terms of 12 months or less. The Company does not have any operating lease over 12 months. The adoption of this standard did not impact the Company’s consolidated financial statements.   In June 2016, the FASB issued ASU 2016-13 "Financial Instruments - Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments." ASU 2016-13 requires an entity to utilize a new impairment model known as the current expected credit loss ("CECL") model to estimate its lifetime "expected credit loss" and record an allowance that, when deducted from the amortized cost basis of the financial asset, presents the net amount expected to be collected on the financial asset. The CECL model is expected to result in more timely recognition of credit losses. ASU 2016-13 also requires new disclosures for financial assets measured at amortized cost, loans and available-for-sale debt securities. ASU 2016-13 is effective for smaller reporting companies for annual periods beginning after December 15, 2022, including interim periods within those fiscal years. Entities will apply the standard's provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. The Company is in the process of evaluating the impact of the adoption of ASU 2016-13 on the Company's financial statements and disclosures.   In December 2019, the FASB issued ASU 2019-12: Simplifying the Accounting for Income Taxes (Topic 740), which removes certain exceptions to the general principles in Topic 740 and improves consistent application of and simplifies GAAP for other areas of Topic 740 by clarifying and amending existing guidance. ASU 2019-12 is effective for public entities for annual reporting periods and interim periods within those years beginning after December 15, 2020, and early adoption is permitted. The Company is evaluating the effect of adopting this new accounting guidance but does not expect adoption will have a material impact on the Company's disclosures.

PRINCIPLES OF CONSOLIDATION    The consolidated financial statements include the accounts of the Company and of its wholly-owned subsidiary, Photozou Koukoku. Intercompany transactions are eliminated.

USE OF ESTIMATES   The presentation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. The most significant estimates and assumptions made by management include going concern, allowance for doubtful accounts, valuation allowance on deferred income tax, inventory obsolescence and sales allowance. Since early 2020, the global outbreak of the coronavirus disease 2019 (“COVID-19”) has significantly affected the economy in Japan, where the Company mainly operates its business. The extent to which the COVID-19 pandemic may directly or indirectly impact our business, financial condition, and results of operations is highly uncertain and subject to change. We considered the potential impact of the COVID-19 pandemic on our estimates and assumptions and there was not a material impact to our consolidated financial statements as of November 30, 2020 and for the year then ended. Operating results in the future could vary from the amounts derived from management's estimates and assumptions.

FOREIGN CURRENCY TRANSLATION   The Company maintains its books and record in its local currency, Japanese YEN (“JPY”), which is a functional currency as being the primary currency of the economic environment in which its operation is conducted. 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 statements of operations.    The reporting currency of the Company is the United States Dollars (“US$”) and the accompanying consolidated financial statements have been expressed in US$. In accordance with ASC Topic 830-30, “Translation of Financial Statement”, assets and liabilities of the Company whose functional currency is not US$ are translated into US$, 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 are recorded as a separate component of accumulated other comprehensive loss within the statements of shareholders’ equity.   Translation of amounts from the local currency of the Company into US$1 has been made at the following exchange rates:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; width: 50%"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; width: 20%; text-align: center">November 30, 2020</td> <td style="border-bottom: black 1pt solid; vertical-align: top; width: 2%; text-align: center"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; width: 28%; text-align: center">November 30, 2019</td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom">Current JPY: US$1 exchange rate</td> <td style="vertical-align: bottom; text-align: center">104.27</td> <td style="vertical-align: top; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center">109.51</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom">Average JPY: US$1 exchange rate</td> <td style="vertical-align: bottom; text-align: center">107.22</td> <td style="vertical-align: top; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center">109.27</td></tr> </table>

COMPREHENSIVE INCOME OR LOSS   ASC Topic 220, “Comprehensive Income”, establishes standards for reporting and display of comprehensive income or loss, its components and accumulated balances. Comprehensive income or loss as defined includes all changes in equity during a period from non-owner sources. Accumulated comprehensive loss, as presented in the accompanying consolidated statements of changes in shareholders’ deficit consists of changes in unrealized gains and losses on foreign currency translation.

REVENUE RECOGNITION AND DEFERRED REVENUE   The Company recognize its revenue in accordance with ASC 606 - Revenue from contracts with Customers. To determine revenue recognition for agreements within the scope of ASC 606, the Company performs the following five steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue when each performance obligation is satisfied.   Revenue for used cameras sold is recognized at a point in time when the cameras are delivered to the customer. Service revenue is recognized over time when the services are provided to the customers.   Deferred revenue is recorded when consideration is received from a customer prior to the goods or services were delivered. As of November 30, 2020 and 2019, the Company's deferred revenue was $2,302 and nil, respectively.   Disaggregated revenue of the Company is as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; width: 41%; padding-right: 4.95pt; padding-left: 4.95pt"> </td> <td style="white-space: nowrap; width: 1%; padding-right: 4.95pt; padding-left: 4.95pt"> </td> <td style="width: 15%; text-align: center">For the year</td> <td style="width: 10%; text-align: center">Percentage of</td> <td style="white-space: nowrap; width: 18%; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center">For the year</td> <td style="white-space: nowrap; width: 15%; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center">Percentage of</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 4.95pt; padding-left: 4.95pt"> </td> <td style="white-space: nowrap; padding-right: 4.95pt; padding-left: 4.95pt"> </td> <td style="text-align: center">ended</td> <td style="text-align: center">total revenues</td> <td style="white-space: nowrap; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center">ended</td> <td style="white-space: nowrap; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center">total revenues</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 4.95pt; padding-left: 4.95pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 4.95pt; padding-left: 4.95pt"> </td> <td style="border-bottom: black 1pt solid; text-align: center">November 30, 2020</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center">November 30, 2019</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 4.95pt; padding-left: 4.95pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="white-space: nowrap; padding-right: 4.95pt; padding-left: 4.95pt">Revenue from cameras sold</td> <td style="white-space: nowrap; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right">$</td> <td style="text-align: center">183,927</td> <td style="text-align: center">90.2%</td> <td style="white-space: nowrap; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center">275,587</td> <td style="white-space: nowrap; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center">93.1%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 4.95pt; padding-left: 4.95pt">Service revenue</td> <td style="white-space: nowrap; padding-right: 4.95pt; padding-left: 4.95pt"> </td> <td style="text-align: center">19,889</td> <td style="text-align: center">9.8%</td> <td style="white-space: nowrap; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center">20,374</td> <td style="white-space: nowrap; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center">6.9%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="white-space: nowrap; padding-right: 4.95pt; padding-left: 4.95pt">Total</td> <td style="white-space: nowrap; padding-right: 4.95pt; padding-left: 4.95pt"> </td> <td style="text-align: center">203,816</td> <td style="text-align: center">100%</td> <td style="white-space: nowrap; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center">295,961</td> <td style="white-space: nowrap; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center">100%</td></tr> </table>

3133

2675

-83864

-92928

-12074

-4160

-12074

-71790

-89768

-71790

130519

124456

130519

124456

40792

31676

163024

264285

203816

295961

19889 20374 183927 275587

275

395

16722

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587

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36113

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85662

139

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69807

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83994

189778

145521

189778

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216306

22475

28398

244704

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127

RELATED PARTY TRANSACTION   The Company accounts for related party transactions in accordance with ASC 850 ("Related Party Disclosures"). A related party is generally defined as (i) any person that holds 10% or more of the Company's securities and their immediate families, (ii) the Company's management, (iii) someone that directly or indirectly controls, is controlled by or is under common control with the Company, or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. The Company conducts business with its related parties in the ordinary course of business.   Transactions involving related parties cannot be presumed to be carried out on an arm's-length basis, as the requisite conditions of competitive, free market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm's-length transactions unless such representations can be substantiated.

RECENT ACCOUNTING PRONOUNCEMENTS   In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) 2016-02, “Leases (Topic 842)” and issued subsequent amendments to the initial guidance or implementation guidance including ASU 2017-13, 2018-01, 2018-10, 2018-11, 2018-20 and 2019-01 (collectively, including ASU 2016-02, “ASC 842”). Under ASC 842, lessees will be required to recognize all leases at the commencement date including a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use (ROU) asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term.   The Company adopted the standard on December 1, 2019 on a modified retrospective basis and did not restate comparable periods. The Company elected the package of practical expedients permitted under the transition guidance, which allows the Company to carry forward the historical lease classification, the assessment whether a contract is or contains a lease and initial direct costs for any leases that exist prior to adoption of the new standard. The Company also elected the practical expedient not to separate lease and non-lease components for certain classes of underlying assets and the short-term lease exemption for contracts with lease terms of 12 months or less. The Company does not have any operating lease over 12 months. The adoption of this standard did not impact the Company’s consolidated financial statements.   In June 2016, the FASB issued ASU 2016-13 "Financial Instruments - Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments." ASU 2016-13 requires an entity to utilize a new impairment model known as the current expected credit loss ("CECL") model to estimate its lifetime "expected credit loss" and record an allowance that, when deducted from the amortized cost basis of the financial asset, presents the net amount expected to be collected on the financial asset. The CECL model is expected to result in more timely recognition of credit losses. ASU 2016-13 also requires new disclosures for financial assets measured at amortized cost, loans and available-for-sale debt securities. ASU 2016-13 is effective for smaller reporting companies for annual periods beginning after December 15, 2022, including interim periods within those fiscal years. Entities will apply the standard's provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. The Company is in the process of evaluating the impact of the adoption of ASU 2016-13 on the Company's financial statements and disclosures.   In December 2019, the FASB issued ASU 2019-12: Simplifying the Accounting for Income Taxes (Topic 740), which removes certain exceptions to the general principles in Topic 740 and improves consistent application of and simplifies GAAP for other areas of Topic 740 by clarifying and amending existing guidance. ASU 2019-12 is effective for public entities for annual reporting periods and interim periods within those years beginning after December 15, 2020, and early adoption is permitted. The Company is evaluating the effect of adopting this new accounting guidance but does not expect adoption will have a material impact on the Company's disclosures.

NOTE 5 – SHAREHOLDERS’ EQUITY Preferred Stock  The authorized preferred stock of the Company consists of 20,000,000 shares with a par value of $0.0001. The Company has not issued any shares during November 30, 2020 and 2019.   Common Stock   The authorized common stock of the Company consists of 500,000,000 shares with a par value of $0.0001. There were 8,000,000 shares of common stock issued and outstanding as of November 30, 2020 and 2019.   Pertinent Rights and Privileges Holders of shares of common stock are entitled to one vote for each share held to be used at all stockholders’ meetings and for all purposes including the election of directors. Common stock does not have cumulative voting rights. Nor does it have preemptive or preferential rights to acquire or subscribe for any unissued shares of any class of stock.

false true false Translation of amounts from the local currency of the Company into US$1 has been made at the following exchange rates:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; width: 50%"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; width: 20%; text-align: center">November 30, 2020</td> <td style="border-bottom: black 1pt solid; vertical-align: top; width: 2%; text-align: center"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; width: 28%; text-align: center">November 30, 2019</td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom">Current JPY: US$1 exchange rate</td> <td style="vertical-align: bottom; text-align: center">104.27</td> <td style="vertical-align: top; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center">109.51</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom">Average JPY: US$1 exchange rate</td> <td style="vertical-align: bottom; text-align: center">107.22</td> <td style="vertical-align: top; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center">109.27</td></tr> </table>   .993 0.989 0.145 0.919 Non-accelerated Filer

69142

35484

true Disaggregated revenue of the Company is as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; width: 39%; padding-right: 4.95pt; padding-left: 4.95pt"> </td> <td style="white-space: nowrap; width: 2%; padding-right: 4.95pt; padding-left: 4.95pt"> </td> <td style="width: 15%; text-align: center">For the year</td> <td style="width: 10%; text-align: center">Percentage of</td> <td style="white-space: nowrap; width: 18%; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center">For the year</td> <td style="white-space: nowrap; width: 16%; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center">Percentage of</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 4.95pt; padding-left: 4.95pt"> </td> <td style="white-space: nowrap; padding-right: 4.95pt; padding-left: 4.95pt"> </td> <td style="text-align: center">ended</td> <td style="text-align: center">total revenues</td> <td style="white-space: nowrap; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center">ended</td> <td style="white-space: nowrap; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center">total revenues</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 4.95pt; padding-left: 4.95pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 4.95pt; padding-left: 4.95pt"> </td> <td style="border-bottom: black 1pt solid; text-align: center">November 30, 2020</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center">November 30, 2019</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 4.95pt; padding-left: 4.95pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="white-space: nowrap; padding-right: 4.95pt; padding-left: 4.95pt">Revenue from cameras sold</td> <td style="white-space: nowrap; padding-right: 4.95pt; padding-left: 4.95pt; text-align: right">$</td> <td style="text-align: center">183,927</td> <td style="text-align: center">90.2%</td> <td style="white-space: nowrap; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center">275,587</td> <td style="white-space: nowrap; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center">93.1%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 4.95pt; padding-left: 4.95pt">Service revenue</td> <td style="white-space: nowrap; padding-right: 4.95pt; padding-left: 4.95pt"> </td> <td style="text-align: center">19,889</td> <td style="text-align: center">9.8%</td> <td style="white-space: nowrap; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center">20,374</td> <td style="white-space: nowrap; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center">6.9%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="white-space: nowrap; padding-right: 4.95pt; padding-left: 4.95pt">Total</td> <td style="white-space: nowrap; padding-right: 4.95pt; padding-left: 4.95pt"> </td> <td style="text-align: center">203,816</td> <td style="text-align: center">100%</td> <td style="white-space: nowrap; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center">295,961</td> <td style="white-space: nowrap; padding-right: 4.95pt; padding-left: 4.95pt; text-align: center">100%</td></tr> </table>   Yes false

18732

3012

000-55806 DE 79440 83994 189778

17634

79440 17634

319725

578102

49794

319725

528308

13580

65286

-3759

NOTE 9 – LONG-TERM LOAN   On July 2, 2020, the Company borrowed JPY7,000,000 ($65,286) from Japan Finance Corporation ("JFC"), a wholly owned public entity by the Japanese government as the COVID-19 subsidy. The loan is unsecured, repaid monthly, due in five years, and with an annual interest rate of 0.46% within three years and 1.36% thereafter. Ishizuka Koichi is the guarantor of the loan.   For the year ended November 30, 2020, the Company repaid $3,759 to JFC. As of November 30, 2020, the Company had the current portion of $13,580 and non-current portion of $49,794.   The future principal payments for the Company’s long-term loan as of November 30, 2020, are as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; background-color: white; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Year Ending November 31,</td> <td colspan="2" style="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; width: 35%">2021</td> <td style="width: 40%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td style="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$13,580</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">2022</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">13,580</td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">2023</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">13,580</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">2024</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">13,580</td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">2025</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9,054</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Thereafter</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-</td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Total</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td style="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">63,374</td></tr> </table>

65286

3759

No No 197

1918

389

9022

2302

795

-71790

-89768

-8561

NOTE 6 – INCOME TAXES   The Company conducts its major businesses in Japan and is subject to tax in this jurisdiction. As a result of its business activities, the Company files tax returns that are subject to examination by the local tax authority.   National income tax in Japan is charged at 15% of a company’s assessable profit. The Company’s subsidiary, Photozou Koukoku, was incorporated in Japan and is subject to Japanese national income tax and city income tax at the applicable tax rates on the taxable income as reported in their Japanese statutory accounts in accordance with the relevant enterprises income tax laws applicable to foreign enterprises.   Photozou Koukoku’s operation during the year ended November 30, 2020 has resulted a net taxable loss, as such Photozou Koukoku was not subject to income tax for the year ended November 30, 2020. The effective income tax rate of Photozou Koukoku is 0%.   Photozou Holdings, Inc., which acts as a holding company on a non-consolidated basis, does not plan to engage any business activities and current or future loss will be fully allowed. For the year ended November 30, 2020 and 2019, respectively, Photozou Holdings, Inc., as a holding company registered in the state of Delaware, has incurred net loss and, therefore, has no tax liability.   The Company has not recognized any income tax benefit for its operating losses generated based on uncertainties concerning its ability to generate taxable income in future periods. Deferred tax assets arise from net operating loss carried forward of $320,920 are fully allowed as the Company considers its realization not to be more likely than not. The net operating loss carry forward will start to expire in the year 2028. In future periods, tax benefits and related deferred tax assets will be recognized when management considers realization of such amounts to be more likely than not. Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carryforwards for Federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur, net operating loss carryforwards may be limited as to use in future years.   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="background-color: white"> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td colspan="5" style="border-bottom: black 1pt solid; vertical-align: top; text-align: center">November 30,</td> <td style="vertical-align: bottom"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: top; text-align: center">2020</td> <td style="vertical-align: top; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">2019</td> <td style="vertical-align: bottom"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom">Deferred tax asset, generated from net operating loss at statutory rates</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: center">$</td> <td style="vertical-align: bottom; text-align: center">67,393</td> <td style="vertical-align: top; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center">$</td> <td style="vertical-align: bottom; text-align: center">52,222</td> <td style="vertical-align: bottom"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom">Valuation allowance</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: center"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"> (67,393)</td> <td style="vertical-align: top; text-align: center"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">(52,222)</td> <td style="vertical-align: bottom"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center">$</td> <td style="vertical-align: bottom; text-align: center">- </td> <td style="vertical-align: top; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center">$</td> <td style="vertical-align: bottom; text-align: center">-</td> <td style="vertical-align: bottom"> </td></tr> </table>   The reconciliation of the effective income tax rate to the federal statutory rate is as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; background-color: white; width: 100%"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 60%">Federal income tax rate</td> <td style="width: 2%"> </td> <td style="width: 33%; text-align: right">21.0</td> <td style="white-space: nowrap; width: 5%">%</td></tr> <tr style="vertical-align: bottom"> <td>Increase in valuation allowance</td> <td> </td> <td style="text-align: right">(21.0</td> <td style="white-space: nowrap">%)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Effective income tax rate</td> <td> </td> <td style="text-align: right">0.0</td> <td style="white-space: nowrap">%</td></tr> </table>

NOTE 10 – SUBSIDY INCOME   On September 24, 2020, Photozou Kokoku., Co. Ltd received JPY2,000,000 ($18,653) as a COVID-19 subsidy for small business in Japan.

CASH EQUIVALENTS   The Company considers all highly liquid investments with maturities of three months or less at the time of purchase to be cash equivalents.

ACCOUNTS RECEIVABLE AND CREDIT POLICIES   Accounts receivable are recognized and carried at the original invoice amount less allowance for any uncollectible amounts. An estimate for doubtful accounts is made when collection of the full amount is no longer probable. Bad debts are written off as incurred. If there is a claim for a defect of product after within four days after arrival of goods, the Company shall accept a goods return.

INVENTORY   Inventory, consisting of used cameras, are primarily accounted for using the specific identification method, and are valued at the lower of cost or net realizable value. This valuation requires the Company to make judgments, based on currently-available information, about the likely method of disposition, such as through sales to individual customers, returns to product vendors, or liquidations, and expected recoverable values of each disposition category.   As of November 30, 2020 and 2019, the Company held inventory comprised solely of used cameras and parts in the amount of $35,484 and $69,142.

SOFTWARE   The Company capitalizes certain costs related to obtaining or developing computer software for internal use. Costs incurred during the application development stage internally or externally are capitalized and amortized on a straight-line basis over the expected useful life of two to five years since the computer software is ready for its intended use. The application development stage includes design of chosen path, software configuration and integration, coding, hardware installation and testing. Costs incurred during the preliminary project stage and post implementation-operation stage are expensed as incurred.

IMPAIRMENT OF LONG-LIVED ASSETS   In accordance with ASC Topic 360, the Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable, or at least annually. The Company recognizes an impairment loss when the sum of expected undiscounted future cash flows is less than the carrying amount of the asset. The amount of impairment is measured as the difference between the asset’s estimated fair value and its book value. For the years ended November 30, 2020 and 2019, the Company did not record any impairment charges on long-lived assets.

NET LOSS PER COMMON SHARE   Net income per common share is computed pursuant to section 260-10-45 of the FASB Accounting Standards Codification. Basic net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by dividing net loss by the weighted average number of shares of common stock and potentially outstanding shares of common stock during each period. There were no potentially dilutive shares outstanding as of November 30, 2020 and 2019.

INCOME TAX   The Company follows Section 740-10-30 of the FASB Accounting Standards Codification, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. 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 the Statements of operations in the period that includes the enactment date. The Company adopted section 740-10-25 of the FASB Accounting Standards Codification ("Section 740-10-25"). Section 740-10-25 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under Section 740-10-25, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement.

CONCENTRATION OF CREDIT RISKS   Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company places its cash and cash equivalents with financial institutions. The Company does not require collateral or other security to support financial instruments subject to credit risks. With respect to trade receivables, the Company routinely assesses the financial strength of its customers and, as a consequence, believes that the receivable credit risk exposure is limited.

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="background-color: white"> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td colspan="5" style="border-bottom: black 1pt solid; vertical-align: top; text-align: center">November 30,</td> <td style="vertical-align: bottom"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: top; text-align: center">2020</td> <td style="vertical-align: top; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">2019</td> <td style="vertical-align: bottom"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom">Deferred tax asset, generated from net operating loss at statutory rates</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: center">$</td> <td style="vertical-align: bottom; text-align: center">67,393</td> <td style="vertical-align: top; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center">$</td> <td style="vertical-align: bottom; text-align: center">52,222</td> <td style="vertical-align: bottom"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom">Valuation allowance</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: center"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"> (67,393)</td> <td style="vertical-align: top; text-align: center"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">(52,222)</td> <td style="vertical-align: bottom"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center">$</td> <td style="vertical-align: bottom; text-align: center">- </td> <td style="vertical-align: top; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center">$</td> <td style="vertical-align: bottom; text-align: center">-</td> <td style="vertical-align: bottom"> </td></tr> </table>   The reconciliation of the effective income tax rate to the federal statutory rate is as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; background-color: white; width: 100%"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 60%">Federal income tax rate</td> <td style="width: 2%"> </td> <td style="width: 33%; text-align: right">21.0</td> <td style="white-space: nowrap; width: 5%">%</td></tr> <tr style="vertical-align: bottom"> <td>Increase in valuation allowance</td> <td> </td> <td style="text-align: right">(21.0</td> <td style="white-space: nowrap">%)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Effective income tax rate</td> <td> </td> <td style="text-align: right">0.0</td> <td style="white-space: nowrap">%</td></tr> </table>   The future principal payments for the Company’s long-term loan as of November 30, 2020, are as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; background-color: white; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Year Ending November 31,</td> <td colspan="2" style="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; width: 35%">2021</td> <td style="width: 40%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td style="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$13,580</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">2022</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">13,580</td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">2023</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">13,580</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">2024</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">13,580</td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">2025</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9,054</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Thereafter</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-</td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Total</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td style="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">63,374</td></tr> </table>   18653 8000000 8000000 8000000 -199193 -283057 -122899 800 800 800 32396 50030 50030 2626 -1534 -13608 -158721 -248489 -320279 0.953 0.909 -8561

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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Nov. 30, 2020	Mar. 16, 2021	May 31, 2020
Document And Entity Information
Entity Registrant Name	Photozou Holdings, Inc.
Entity Central Index Key	0001627469
Amendment Flag	false
Current Fiscal Year End Date	--11-30
Filer Category	Non-accelerated Filer
Is Entity's Reporting Status Current?	Yes
Document Type	10-K
Document Period End Date	Nov. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Common Stock, Shares Outstanding		8,000,000
Public Float			$ 197
Entity Emerging Growth Company	true
Smaller Reporting Company	true
Transition Period	false
Entity Shell Company	false
Interactive Data Current	Yes
Well Known Seasoned Issuer?	No
Voluntary Filer?	No
File Number	000-55806
State of Incorporation	DE

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Consolidated Balance Sheets (Audited) - USD ($)	Nov. 30, 2020	Nov. 30, 2019
ASSETS
Cash and cash equivalents	$ 244,704	$ 28,398
Accounts receivable	2,592	18,840
Prepaid and other current assets	2,675	3,133
Inventories	35,484	69,142
TOTAL CURRENT ASSETS	285,455	119,513
NON-CURRENT ASSETS
Software	7,672	1,019
Advance payments	1,918
TOTAL ASSETS	295,045	120,532
Current liabilities:
Accrued expenses	9,022	389
Due to related party	503,404	319,336
Deferred revenue	2,302
Long-term loan payable, current portion	13,580
TOTAL CURRENT LIABILITIES	528,308	319,725
NON-CURRENT LIABILITIES
Long-term loan payable, non-current portion	49,794
TOTAL LIABILITIES	578,102	319,725
Stockholders' Deficit:
Preferred stock ($.0001 par value, 20,000,000 shares authorized; none issued and outstanding as of November 30, 2020 and November 30, 2019)
Common stock ($.0001 par value, 500,000,000 shares authorized, 8,000,000 shares and 8,000,000 shares issued and outstanding as of November 30, 2020 and November 30, 2019, respectively)	800	800
Additional paid-in capital	50,030	50,030
Accumulated deficit	(320,279)	(248,489)
Accumulated other comprehensive income (loss)	(13,608)	(1,534)
Total stockholders' deficit	(283,057)	(199,193)
Total liabilities and stockholders' deficit	$ 295,045	$ 120,532

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Balance Sheets (Parenthetical) - $ / shares	Nov. 30, 2020	Nov. 30, 2019
Statement of Financial Position [Abstract]
Preferred stock, par value	$ .0001	$ .0001
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ .0001	$ .0001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	8,000,000	8,000,000
Common stock, shares outstanding	8,000,000	8,000,000

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Consolidated Statements of Operations and Comprehensive Loss (Audited) - USD ($)	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Revenues
Revenue from cameras sold	$ 183,927	$ 275,587
Service revenue	19,889	20,374
Total revenues	203,816	295,961
Cost of revenues	163,024	264,285
Gross profit	40,792	31,676
Operating Expenses:
General and administrative expenses	130,519	124,456
Total operating expenses	130,519	124,456
Other Income	18,732	3,012
Other Expenses	795
Net loss before taxes	(71,790)	(89,768)
Net loss	(71,790)	(89,768)
Foreign currency translation adjustment	(12,074)	(4,160)
TOTAL COMPREHENSIVE LOSS	$ (83,864)	$ (92,928)
BASIC AND DILUTED NET LOSS PER COMMON STOCK	$ (0.01)	$ (0.01)
WEIGHTED AVERAGE NUMBER OF COMMON STOCK OUTSTANDING, BASIC AND DILUTED	8,000,000	8,000,000

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Consolidated Statements of Changes in Stockholders Deficit (Audited) - USD ($)	Common Stock	Additional Paid-In Capital	Other Comprehensive Income / Loss	Accumulated Deficit	Total
Beginning Balance (Shares) at Nov. 30, 2018	8,000,000
Beginning Balance (Monetary) at Nov. 30, 2018	$ 800	$ 32,396	$ 2,626	$ (158,721)	$ (122,899)
Net loss				(89,768)	(89,768)
Due to related party forgiven		17,634			17,634
Foreign currency translation			(4,160)		(4,160)
Ending Balance (Shares) at Nov. 30, 2019	8,000,000
Ending Balance (Monetary) at Nov. 30, 2019	$ 800	50,030	(1,534)	(248,489)	(199,193)
Net loss				(71,790)	(71,790)
Due to related party forgiven
Foreign currency translation			(12,074)		(12,074)
Ending Balance (Shares) at Nov. 30, 2020	8,000,000
Ending Balance (Monetary) at Nov. 30, 2020	$ 800	$ 50,030	$ (13,608)	$ (320,279)	$ (283,057)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

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Consolidated Statements of Cash Flows (Audited) - USD ($)	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (71,790)	$ (89,768)
Adjustments to reconcile net loss to net cash:
Amortization expenses	275	395
Changes in operating assets and liabilities:
Accounts receivable	16,722	(16,439)
Prepaid and other current assets	587	(2,753)
Inventories	36,113	(58,144)
Accrued expenses	85,662	139
Deferred Revenue	2,238	(856)
Net cash provided by (used in) operating activities	69,807	(167,426)
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of software	(8,561)
Net cash used in investing activities	(8,561)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from due to related party	83,994	189,778
Proceeds of long-term loan	65,286
Repayment of long-term loan	(3,759)
Net cash provided by financing activities	145,521	189,778
Net effect of exchange rate on cash	9,539	123
Net change in cash and cash equivalents	216,306	22,475
Cash and cash equivalents - beginning of period	28,398	5,923
Cash and cash equivalents - end of period	244,704	28,398
NON-CASH TRANSACTIONS
Due to related party forgiven		17,634
Expense paid by related party on behalf of the Company	79,440
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest paid	127
Income taxes paid

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Note 1 - Organization and Description of Business

12 Months Ended

Nov. 30, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Description of Business

NOTE 1 - ORGANIZATION, DESCRIPTION OF BUSINESS

Photozou Holdings, Inc., (the “Company”) was incorporated under the laws of the State of Delaware on September 29, 2014.

Our principal executive offices are located at 4-30-4F, Yotsuya, Shinjuku-ku, Tokyo, 160-0004, Japan.

The Company has elected November 30th as its fiscal year end.

XML 17 R8.htm IDEA: XBRL DOCUMENT

Note 2 - Significant Accounting Policies

12 Months Ended

Nov. 30, 2020

Accounting Policies [Abstract]

Significant Accounting Policies

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES

PRINCIPLES OF CONSOLIDATION

The consolidated financial statements include the accounts of the Company and of its wholly-owned subsidiary, Photozou Koukoku. Intercompany transactions are eliminated.

USE OF ESTIMATES

RELATED PARTY TRANSACTION

CASH EQUIVALENTS

The Company considers all highly liquid investments with maturities of three months or less at the time of purchase to be cash equivalents.

ACCOUNTS RECEIVABLE AND CREDIT POLICIES

INVENTORY

As of November 30, 2020 and 2019, the Company held inventory comprised solely of used cameras and parts in the amount of $35,484 and $69,142.

SOFTWARE

IMPAIRMENT OF LONG-LIVED ASSETS

FOREIGN CURRENCY TRANSLATION

Translation of amounts from the local currency of the Company into US$1 has been made at the following exchange rates:

	November 30, 2020	November 30, 2019
Current JPY: US$1 exchange rate	104.27	109.51
Average JPY: US$1 exchange rate	107.22	109.27

COMPREHENSIVE INCOME OR LOSS

REVENUE RECOGNITION AND DEFERRED REVENUE

Revenue for used cameras sold is recognized at a point in time when the cameras are delivered to the customer. Service revenue is recognized over time when the services are provided to the customers.

Disaggregated revenue of the Company is as follows:

		For the year	Percentage of	For the year	Percentage of
		ended	total revenues	ended	total revenues
		November 30, 2020		November 30, 2019
Revenue from cameras sold	$	183,927	90.2%	275,587	93.1%
Service revenue		19,889	9.8%	20,374	6.9%
Total		203,816	100%	295,961	100%

NET LOSS PER COMMON SHARE

INCOME TAX

CONCENTRATION OF CREDIT RISKS

RECENT ACCOUNTING PRONOUNCEMENTS

XML 18 R9.htm IDEA: XBRL DOCUMENT

Note 3 - Going Concern

12 Months Ended

Nov. 30, 2020

Going Concern [Abstract]

Going Concern

NOTE 3 - GOING CONCERN

XML 19 R10.htm IDEA: XBRL DOCUMENT

Note 4 - Related Party Transactions

12 Months Ended

Nov. 30, 2020

Related Party Transactions

NOTE 4 - RELATED-PARTY TRANSACTIONS

For the years ended November 30, 2020 and 2019, the Company rented office space and storage space from the Company’s officer free of charge.

XML 20 R11.htm IDEA: XBRL DOCUMENT

Note 5 - Shareholders Equity

12 Months Ended

Nov. 30, 2020

Equity [Abstract]

Shareholder Equity

NOTE 5 – SHAREHOLDERS’ EQUITY

Preferred Stock

The authorized preferred stock of the Company consists of 20,000,000 shares with a par value of $0.0001. The Company has not issued any shares during November 30, 2020 and 2019.

Common Stock

Pertinent Rights and Privileges

XML 21 R12.htm IDEA: XBRL DOCUMENT

Note 6 - Income Taxes

12 Months Ended

Nov. 30, 2020

Income Tax Disclosure [Abstract]

Income Taxes

NOTE 6 – INCOME TAXES

	November 30,
	2020		2019
Deferred tax asset, generated from net operating loss at statutory rates	$	67,393	$	52,222
Valuation allowance		(67,393)		(52,222)
	$	-	$	-

The reconciliation of the effective income tax rate to the federal statutory rate is as follows:

Federal income tax rate	21.0	%
Increase in valuation allowance	(21.0	%)
Effective income tax rate	0.0	%

XML 22 R13.htm IDEA: XBRL DOCUMENT

Note 7 - Concentration

12 Months Ended

Nov. 30, 2020

Risks and Uncertainties [Abstract]

Concentration

NOTE 7 - CONCENTRATION

Financial instruments, which potentially subject the Company to concentrations of credit risk, consist primarily of purchases of inventory, accounts receivable and revenue.

Concentration of Purchases

Net purchase from suppliers accounting for 10% or more of total purchases are as follows:

Concentration of Revenues

Gross revenues from customers accounting for 10% or more of total revenues are as follows:

For the year ended November 30, 2020, 14.5% of the revenue from the sale of cameras was generated from one customer. For the year ended November 30, 2020, 100% of the revenue from the sale of cameras was handled by Takaharu Ogami whom the Company has a service agreement with to sell and buy used cameras on behalf of the Company.

For the year ended November 30, 2019, 91.9% of the revenue from the sale of cameras was generated from three customers. For the year ended November 30, 2019, 100% of the revenue from the sale of cameras was handled by Takaharu Ogami whom the Company has a service agreement with to sell and buy used cameras on behalf of the Company.

For the year ended November 30, 2020, 95.3% of the service revenue was generated from four customers.

For the year ended November 30, 2019, 90.9% of the service revenue was generated from two customers.

XML 23 R14.htm IDEA: XBRL DOCUMENT

Note 8 - Commitments

12 Months Ended

Nov. 30, 2020

Commitments and Contingencies Disclosure [Abstract]

Commitments

NOTE 8 – COMMITMENTS

XML 24 R15.htm IDEA: XBRL DOCUMENT

Note 9 - Long Term Loan

12 Months Ended

Nov. 30, 2020

Debt Disclosure [Abstract]

Long Term Loan

NOTE 9 – LONG-TERM LOAN

For the year ended November 30, 2020, the Company repaid $3,759 to JFC. As of November 30, 2020, the Company had the current portion of $13,580 and non-current portion of $49,794.

The future principal payments for the Company’s long-term loan as of November 30, 2020, are as follows:

Year Ending November 31,
2021		$13,580
2022		13,580
2023		13,580
2024		13,580
2025		9,054
Thereafter		-
Total		63,374

XML 25 R16.htm IDEA: XBRL DOCUMENT

Note 10 - Subsidy Income

12 Months Ended

Nov. 30, 2020

Debt Disclosure [Abstract]

Subsidy Income

NOTE 10 – SUBSIDY INCOME

On September 24, 2020, Photozou Kokoku., Co. Ltd received JPY2,000,000 ($18,653) as a COVID-19 subsidy for small business in Japan.

XML 26 R17.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies (Policies)

12 Months Ended

Nov. 30, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

PRINCIPLES OF CONSOLIDATION

PRINCIPLES OF CONSOLIDATION

The consolidated financial statements include the accounts of the Company and of its wholly-owned subsidiary, Photozou Koukoku. Intercompany transactions are eliminated.

USE OF ESTIMATES

USE OF ESTIMATES

RELATED PARTY TRANSACTION

RELATED PARTY TRANSACTION

CASH EQUIVALENTS

CASH EQUIVALENTS

The Company considers all highly liquid investments with maturities of three months or less at the time of purchase to be cash equivalents.

ACCOUNTS RECEIVABLE AND CREDIT POLICIES

ACCOUNTS RECEIVABLE AND CREDIT POLICIES

INVENTORY

INVENTORY

As of November 30, 2020 and 2019, the Company held inventory comprised solely of used cameras and parts in the amount of $35,484 and $69,142.

SOFTWARE

SOFTWARE

IMPAIRMENT OF LONG-LIVED ASSETS

IMPAIRMENT OF LONG-LIVED ASSETS

FOREIGN CURRENCY TRANSLATION

FOREIGN CURRENCY TRANSLATION

Translation of amounts from the local currency of the Company into US$1 has been made at the following exchange rates:

	November 30, 2020	November 30, 2019
Current JPY: US$1 exchange rate	104.27	109.51
Average JPY: US$1 exchange rate	107.22	109.27

COMPREHENSIVE INCOME OR LOSS

COMPREHENSIVE INCOME OR LOSS

REVENUE RECOGNITION AND DEFERRED REVENUE

REVENUE RECOGNITION AND DEFERRED REVENUE

Revenue for used cameras sold is recognized at a point in time when the cameras are delivered to the customer. Service revenue is recognized over time when the services are provided to the customers.

Disaggregated revenue of the Company is as follows:

		For the year	Percentage of	For the year	Percentage of
		ended	total revenues	ended	total revenues
		November 30, 2020		November 30, 2019
Revenue from cameras sold	$	183,927	90.2%	275,587	93.1%
Service revenue		19,889	9.8%	20,374	6.9%
Total		203,816	100%	295,961	100%

NET LOSS PER COMMON SHARE

NET LOSS PER COMMON SHARE

INCOME TAX

INCOME TAX

CONCENTRATION OF CREDIT RISKS

CONCENTRATION OF CREDIT RISKS

RECENT ACCOUNTING PRONOUNCEMENTS

RECENT ACCOUNTING PRONOUNCEMENTS

XML 27 R18.htm IDEA: XBRL DOCUMENT

Foreign Currency Translation (Tables)

12 Months Ended

Nov. 30, 2020

Foreign Currency Translation

Foreign Currency Translation Table

Translation of amounts from the local currency of the Company into US$1 has been made at the following exchange rates:

	November 30, 2020	November 30, 2019
Current JPY: US$1 exchange rate	104.27	109.51
Average JPY: US$1 exchange rate	107.22	109.27

XML 28 R19.htm IDEA: XBRL DOCUMENT

Disaggregated Revenue (Tables)

12 Months Ended

Nov. 30, 2020

Disaggregated Revenue

Disaggregated revenue of the Company

Disaggregated revenue of the Company is as follows:

		For the year	Percentage of	For the year	Percentage of
		ended	total revenues	ended	total revenues
		November 30, 2020		November 30, 2019
Revenue from cameras sold	$	183,927	90.2%	275,587	93.1%
Service revenue		19,889	9.8%	20,374	6.9%
Total		203,816	100%	295,961	100%

XML 29 R20.htm IDEA: XBRL DOCUMENT

Income Taxes (Tables)

12 Months Ended

Nov. 30, 2020

Income Taxes Tables Abstract

Income Taxes

	November 30,
	2020		2019
Deferred tax asset, generated from net operating loss at statutory rates	$	67,393	$	52,222
Valuation allowance		(67,393)		(52,222)
	$	-	$	-

The reconciliation of the effective income tax rate to the federal statutory rate is as follows:

Federal income tax rate	21.0	%
Increase in valuation allowance	(21.0	%)
Effective income tax rate	0.0	%

XML 30 R21.htm IDEA: XBRL DOCUMENT

Long Term Loan (Tables)

12 Months Ended

Nov. 30, 2020

Long Term Loan Tables Abstract

Long Term Loan

The future principal payments for the Company’s long-term loan as of November 30, 2020, are as follows:

Year Ending November 31,
2021		$13,580
2022		13,580
2023		13,580
2024		13,580
2025		9,054
Thereafter		-
Total		63,374

XML 31 R22.htm IDEA: XBRL DOCUMENT

Deferred Revenue (Details) - USD ($)	Nov. 30, 2020	Nov. 30, 2019
Deferred Revenue
Deferred Revenue	$ 2,302

XML 32 R23.htm IDEA: XBRL DOCUMENT

Inventories (Details) - USD ($)	Nov. 30, 2020	Nov. 30, 2019
Inventories Details Abstract
Inventories	$ 35,484	$ 69,142

XML 33 R24.htm IDEA: XBRL DOCUMENT

Due to Related Party (Details) - USD ($)	12 Months Ended
Due to Related Party (Details) - USD ($)	Nov. 30, 2020	Nov. 30, 2019
Due To Related Party
Due to related party	$ 503,404	$ 319,336
Amount Advanced/Borrowed from Photozou Co., Ltd.	83,994	189,778
Expenses paid on behalf of the Company by Photozou Co., Ltd.	$ 79,440
Amount forgiven by Photozou Co., Ltd. and deemed as a capital contribution		$ 17,634

XML 34 R25.htm IDEA: XBRL DOCUMENT

Concentration of Purchases (Details)	12 Months Ended
Concentration of Purchases (Details)	Nov. 30, 2020	Nov. 30, 2019
Concentration Of Purchases Of Inventory
Percentage of Inventory Purchased from One Supplier (Digital Reuse)	99.30%	98.90%

XML 35 R26.htm IDEA: XBRL DOCUMENT

Concentration of Revenues (Details)	12 Months Ended
Concentration of Revenues (Details)	Nov. 30, 2020	Nov. 30, 2019
Concentration Of Revenues For May 31 2019
Percentage of revenue from the sale of cameras for customers accounting for 10% or more of total revenues	14.50%	91.90%
Service revenue generated from four customers	95.30%
Service revenue generated from two customers		90.90%

XML 36 R27.htm IDEA: XBRL DOCUMENT

Long Term Debt (Details) - USD ($)	12 Months Ended
Long Term Debt (Details) - USD ($)	Nov. 30, 2020	Jul. 02, 2020	Nov. 30, 2019
Long Term Debt
Amount Borrowed from Japan Finance Corporation ("JFC")		$ 65,286
Repayment of Loan to JFC	$ 3,759
Long-term loan payable, current portion	13,580
Long-term loan payable, non-current portion	$ 49,794

XML 37 R28.htm IDEA: XBRL DOCUMENT

Subsidy Income (Details)	Sep. 24, 2020 USD ($)
Borrowings
Subsidy Received for Covid 19 Relief	$ 18,653

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