Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

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

FOR THE QUARTERLY PERIOD ENDED May 31, 2023

[ ] 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)

Issuer's telephone number: +81-3-6369-1589

Fax number: +81-3-6369-3727

Email: info@photozou.co.jp

Indicate by check mark whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act 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 (Section 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 whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐		Accelerated filer ☐		Non-accelerated filer ☒
Smaller reporting company ☒		Emerging growth company ☐

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

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

As of July 17, 2023, there were 8,000,000 shares of common stock and no shares of preferred stock issued and outstanding.

-1-

INDEX

		Page
PART I - FINANCIAL INFORMATION

ITEM 1	FINANCIAL STATEMENTS - UNAUDITED	F1
Consolidated Balance Sheets - UNAUDITED		F2
CONSOLIDATED Statements of Operations AND COMPREHENSIVE LOSS - UNAUDITED		F3
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT - UNAUDITED		F4
CONSOLIDATED Statements of Cash Flows - unaudited		F5
Notes to CONSOLIDATED Financial Statements - unaudited		F6

ITEM 2	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND RESULTS OF OPERATIONS	3
ITEM 3	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	3
ITEM 4	CONTROLS AND PROCEDURES	4

PART II - OTHER INFORMATION

ITEM 1	LEGAL PROCEEDINGS	5
ITEM 1A	RISK FACTORS
ITEM 2	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	5
ITEM 3	DEFAULTS UPON SENIOR SECURITIES	5
ITEM 4	MINE SAFETY DISCLOSURES	5
ITEM 5	OTHER INFORMATION	5
ITEM 6	EXHIBITS	5

SIGNATURES		6

-2-

Table of Contents

PART I - FINANCIAL INFORMATION

ITEM 1

FINANCIAL STATEMENTS

PHOTOZOU HOLDINGS, Inc.

FINANCIAL STATEMENTS

(UNAUDITED)

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

		Pages

Consolidated Balance Sheets - Unaudited		F2

Consolidated Statements of Operations and Comprehensive Loss - Unaudited		F3

Consolidated Statements of Changes in Stockholders’ Deficit - Unaudited		F4

Consolidated Statements of Cash Flows - Unaudited		F5

Consolidated Notes to Financial Statements - Unaudited		F6

-F1-

Table of Contents

PHOTOZOU HOLDINGS, INC.

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

		May 31, 2023		November 30, 2022

ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	9,263	$	19,104
Accounts receivable		3,647		7,981
Prepaid and other current assets		2,260		2,657
Sales tax recoverable		2,612		10,978
Inventories, net		45,101		58,780

TOTAL CURRENT ASSETS		62,883		99,500

NON-CURRENT ASSETS
Software, net		4,650		5,401
Advance payments		24,923		25,084

TOTAL ASSETS	$	92,456	$	129,985

LIABILITIES AND STOCKHOLDERS’ DEFICIT
CURRENT LIABILITIES
Accrued expenses	$	708	$	823
Due to related party		728,644		651,999
Long-term loan payable, current portion		10,131		10,197

TOTAL CURRENT LIABILITIES		739,483		663,019

Long-term loan payable, non-current portion		11,819		16,994

TOTAL LIABILITIES		751,302		680,013

STOCKHOLDERS’ DEFICIT
Preferred stock ($0.0001 par value, 20,000,000 shares authorized; 0 issued and outstanding as of May 31, 2023 and November 30, 2022)		-		-
Common stock ($0.0001 par value, 500,000,000 shares authorized; 8,000,000 shares issued and outstanding as of May 31, 2023 and November 30, 2022)		800		800
Additional paid in capital		50,030		50,030
Accumulated deficit		(787,477)		(674,947)
Accumulated other comprehensive income		77,801		74,089

TOTAL STOCKHOLDERS’ DEFICIT		(658,846)		(550,028)

TOTAL LIABILITIES & STOCKHOLDERS’ DEFICIT	$	92,456	$	129,985

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

-F2-

Table of Contents

PHOTOZOU HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(UNAUDITED)

		Three Months Ended		Three Months Ended		Six Months Ended		Six Months Ended
		May 31, 2023		May 31, 2022		May 31, 2023		May 31, 2022

REVENUES
Revenue from cameras sold	$	16,475	$	54,137	$	32,729	$	98,879
Service revenue		3,339		14,361		9,817		32,853

TOTAL REVENUES		19,814		68,498		42,546		131,732

COST OF REVENUES

Cost of revenue from cameras sold		11,492		39,310		23,912		69,594
Cost of service revenue		6,800		12,075		15,259		25,591

TOTAL COST OF REVENUES		18,292		51,385		39,171		95,185

GROSS PROFIT		1,522		17,113		3,375		36,547

OPERATING EXPENSES
General and administrative expenses	$	70,765	$	94,044	$	116,413	$	122,385

TOTAL OPERATING EXPENSES	$	70,765	$	94,044	$	116,413	$	122,385

OTHER INCOME	$	201	$	3,337	$	568	$	7,305

OTHER EXPENSES	$	29	$	43	$	60	$	93

NET LOSS	$	(69,071)	$	(73,637)	$	(112,530)	$	(78,626)

OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment	$	9,237	$	32,369	$	3,712	$	37,266

TOTAL COMPREHENSIVE LOSS	$	(59,834)	$	(41,268)	$	(108,818)	$	(41,360)

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

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

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

-F3-

Table of Contents

PHOTOZOU HOLDINGS, INC.

STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT

(UNAUDITED)

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

Balance November 30, 2021	8,000,000	$	800	$	50,030	$	12,575	$	(519,661)	$	(456,256)

Net loss	-		-		-		-		(4,989)		(4,989)
Foreign currency translation	-		-		-		4,897		-		4,897

Balance February 28, 2022	8,000,000		800		50,030		17,472		(524,650)		(456,348)

Net loss	-		-		-		-		(73,637)		(73,637)
Foreign currency translation	-		-		-		32,369		-		32,369

Balance May 31, 2022	8,000,000	$	800	$	50,030	$	49,841	$	(598,287)	$	(497,616)

Balance November 30, 2022	8,000,000	$	800	$	50,030	$	74,089	$	(674,947)	$	(550,028)

Net Loss	-		-		-		-		(43,459)		(43,459)
Foreign currency translation	-		-		-		(5,525)		-		(5,525)

Balance February 28, 2023	8,000,000		800		50,030		68,564		(718,406)		(599,012)

Net loss	-		-		-		-		(69,071)		(69,071)
Foreign currency translation	-		-		-		9,237		-		9,237

Balance May 31, 2023	8,000,000	$	800	$	50,030	$	77,801	$	(787,477)	$	(658,846)

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

-F4-

Table of Contents

PHOTOZOU HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

		Six Months Ended		Six Months Ended
		May 31, 2023		May 31, 2022

CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$	(112,530)	$	(78,626)
Adjustments to reconcile net loss to net cash:
Depreciation and amortization expenses		747		837
Changes in operating assets and liabilities:
Accounts receivable		4,470		2,649
Prepaid and other current assets		399		(124)
Sales tax recoverable		8,660		(9,046)
Inventories, net		18,348		18,505
Accrued expenses		84,861		69,315
Deferred revenue		-		(2,009)
Net cash provided by operating activities		4,955		1,501

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from due to related party	$	1,867	$	-
Repayment of due to related party		(7,219)		-
Repayments of long-term loan		(5,309)		(5,926)
Net cash used in financing activities		(10,661)		(5,926)

Net effect of exchange rate changes on cash	$	(4,135)	$	(7,393)

Net change in cash and cash equivalents	$	(9,841)	$	(11,818)
Cash and cash equivalents - beginning of period		19,104		68,312
Cash and cash equivalents - end of period		9,263		56,494

NON-CASH TRANSACTIONS
Expense paid by related party on behalf of the Company	$	84,977	$	95,718

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Interest paid	$	60	$	94
Income taxes paid	$	-	$	-

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

-F5-

Table of Contents

PHOTOZOU HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

May 31, 2023

(UNAUDITED)

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 photo session services, and sells used cameras.

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 $0.025 USD per share.

On July 17, 2018, Photozou Co., Ltd., our controlling shareholder, entered into a stock purchase agreement with 1 Japanese shareholder. Pursuant to the agreement, 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 30^th 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.

BASIS OF PRESENTATION

The accompanying unaudited consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission, or the SEC, including the instructions to Form 10-Q and Regulation S-X. In the opinion of the management of the Company, all adjustments, which are of a normal recurring nature, necessary for a fair statement of the results for the nine months period, have been made. Results for the interim periods presented are not necessarily indicative of the results that might be expected for the entire fiscal year. When used in these notes, the terms “Company”, “we”, “us” or “our” mean the Company. Certain information and note disclosure normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America has been omitted from these statements pursuant to such accounting principles and, accordingly, they do not include all the information and notes necessary for comprehensive financial statements and should be read in conjunction with our consolidated financial statements for the year ended November 30, 2022, included in our Form 10-K.

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. Actual 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.

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. Shareholders’ equity is translated at historical exchange rate at the time of transaction. The gains and losses resulting from translation of financial statements are recorded as a separate component of accumulated other comprehensive income within the statements of shareholders’ deficit.

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

	May 31, 2023	May 31, 2022
Current JPY: US$1 exchange rate	139.77	128.21
Average JPY: US$1 exchange rate	133.88	119.47

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 other comprehensive income, as presented in the accompanying consolidated statements of shareholders’ deficit consists of changes in unrealized gains and losses on foreign currency translation.

REVENUE RECOGNITION AND DEFERRED REVENUE

The Company recognizes 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. There are two types of service revenue. Revenue for advertising service is recognized over time when the services are provided to the customers. Revenue for photo session service is recognized at a point of time when service is provided to the customers at the photo session.

Deferred revenue is recorded when consideration is received from a customer prior to the goods or services were delivered. There was no deferred revenue as of May 31, 2023 or November 30, 2022.

Disaggregated revenue of the Company is as follows:

		For the six months	Percentage of	For the six months	Percentage of
		ended	total revenues	ended	total revenues
		May 31, 2023		May 31, 2022
Revenue from cameras sold	$	32,729	76.9%	98,879	75.1%
Service revenue		9,817	23.1%	32,853	24.9%
Total		42,546	100%	131,732	100%

		For the six months	Percentage of	For the six months	Percentage of
		ended	total revenues	ended	total revenues
		May 31, 2023		May 31, 2022
Revenue from US	$	27,978	65.8%	98,879	75.1%
Revenue from Japan		14,568	34.2%	32,853	24.9%
Total		42,546	100%	131,732	100%

-F6-

Table of Contents

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 recurring net losses. 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.

NOTE 4 - RELATED-PARTY TRANSACTIONS

For the six months ended May 31, 2023, the Company borrowed $86,844 from Photozou Co., Ltd., a company controlled by Koichi Ishizuka, CEO, $84,977 of which was expense paid on behalf of the Company by the related party, and the remaining $1,867 was cash borrowing received by the Company directly through its bank account from the related party. During the six months ended May 31, 2023, the Company furnished repayments in an amount of $7,219 to Photozou Co., Ltd. The total due to related party as of May 31, 2023 and November 30, 2022 were $728,644 and $651,999, respectively, and are unsecured, due on demand and non-interest bearing.

For the six months ended May 31, 2022, Photozou Co., Ltd., a company controlled by Koichi Ishizuka, CEO, paid expense on behalf of the Company in an amount of $95,718.

For the six months ended May 31, 2023 and May 31, 2022, the Company utilized office space and storage space of the Company’s sole officer, Koichi Ishizuka, free of charge.

NOTE 5 - SHAREHOLDERs’ DEFICIT

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 for the six months ended May 31, 2023 and May 31, 2022.

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 May 31, 2023 and November 30, 2022.

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 - 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

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

For the six months ended May 31, 2023, 100% of inventories of cameras was purchased from one supplier whose name was e-Sakura Market. For the six months ended May 31, 2022, 89% of the inventories of cameras were purchased from one supplier whose name was e-Sakura Market. For the six months ended May 31, 2023 and May 31, 2022, 100% of the purchase of inventory 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

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

For the six months ended May 31, 2023, 85% and 15% of the revenue from the sale of cameras was generated through Amazon USA and Yahoo Japan, respectively.

For the six months ended May 31, 2022, 100% of the revenue from the sale of cameras was generated through Amazon USA.

For the six months ended May 31, 2023 and May 31, 2022, 100% of the revenue from the sale of cameras was handled by Takaharu Ogami who the Company has a service agreement with to sell and buy used cameras on behalf of the Company.

For the six months ended May 31, 2023 and May 31, 2022, no customer accounted for 10% or more of service revenue.

NOTE 7 - COMMITMENTS

On May 1, 2017, the Company entered into an agreement with Mr. Takaharu 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 450,000 (approximately $3,361) a month. Unless either party expresses, in writing, their intention to terminate the agreement then it shall run another three months automatically.

Mr. Ogami 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(s).

NOTE 8 - 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 six months ended May 31, 2023, the Company repaid $5,309 to JFC. As of May 31, 2023, the Company had the current portion of $10,131 and non-current portion of $11,819.

NOTE 9 - SUBSEQUENT EVENTS

From June 1, 2023 through the current date, Photozou Co., Ltd., a Company controlled by Koichi Ishizuka, CEO, paid expenses on behalf of the Company in amount of $372. This debt is non-interest bearing, unsecured, and due on demand.

-F7-

Table of Contents

ITEM 2

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.

Company Overview

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, 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 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.

Liquidity and Capital Resources

Our cash balance is $9,263 as of May 31, 2023. Our cash balance is not sufficient to fund our limited levels of operations for any period of time. We have been utilizing and may utilize funds from Koichi Ishizuka, our sole Officer and Director who has informally agreed to advance funds to allow us to pay for filing fees, and professional fees. Koichi Ishizuka, however, has no formal commitment, arrangement or legal obligation to advance or loan funds to the company.

Net Loss

We recorded a net loss of $112,530 and $78,626 for the six months ended May 31, 2023 and May 31, 2022, 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 net loss from inception and negative cash flows. 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 3

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

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.

-3-

Table of Contents

ITEM 4

CONTROLS AND PROCEDURES

Management’s Report on Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports filed under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, and that such information is accumulated and communicated to our management, including our chief executive officer and our chief financial officer (who is acting as our principal executive officer, principal financial officer and principle accounting officer) to allow for timely decisions regarding required disclosure.

As of May 31, 2023, we carried out an evaluation, under the supervision of our chief executive officer, with the participation of our chief financial officer, of the effectiveness of the design and the operation of our disclosure controls and procedures. The officers concluded that the disclosure controls and procedures were not effective as of the end of the period covered by this report due to material weaknesses identified below.

The matters involving internal controls and procedures that our management considered to be material weaknesses under the standards of the Public Company Accounting Oversight Board were: 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. These material weaknesses were identified by our Chief Executive Officer who also serves as our Chief Financial Officer in connection with the above evaluation.

Inherent limitations on effectiveness of controls

Internal control over financial reporting has inherent limitations which include but is not limited to the use of independent professionals for advice and guidance, interpretation of existing and/or changing rules and principles, segregation of management duties, scale of organization, and personnel factors. Internal control over financial reporting is a process which involves human diligence and compliance and is subject to lapses in judgment and breakdowns resulting from human failures. Internal control over financial reporting also can be circumvented by collusion or improper management override. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements on a timely basis, however these inherent limitations are known features of the financial reporting process and it is possible to design into the process safeguards to reduce, though not eliminate, this risk. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Changes in Internal Control over Financial Reporting

There have been no changes in our internal controls over financial reporting that have occurred for the fiscal quarter ended May 31, 2023, that have materially or are reasonably likely to materially affect, our internal controls over financial reporting.

-4-

Table of Contents

PART II-OTHER INFORMATION

ITEM 1

LEGAL PROCEEDINGS

There are no legal proceedings against the Company and the Company is unaware of such proceedings contemplated against it.

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 2

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

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

ITEM 3

DEFAULTS UPON SENIOR SECURITIES

None

ITEM 4

MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5

OTHER INFORMATION

None

ITEM 6

EXHIBITS

Exhibit No.		Description
3.1 (i)		Certificate of Incorporation (1)

3.1 (ii)		Certificate of Amendment (2)

3.2		By-laws (1)

31		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-Q for the period ended May 31, 2023. (3)

32		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. (3)

101.INS		Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)

101.SCH		Inline XBRL Taxonomy Extension Schema Document

101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB		Inline XBRL Taxonomy Extension Labels Linkbase Document

101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document

104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

(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 as an exhibit to the Company's Form 8-K as filed with the SEC on January 19, 2017, and incorporated herein by this reference.
(3)	Filed herewith.

-5-

Table of Contents

SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, there unto duly authorized.

Photozou Holdings, Inc.

(Registrant)

By: /s/ Koichi Ishizuka

Name: Koichi Ishizuka

CEO, President, Director

Dated: July 17, 2023

-6-

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-Q 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: July 17, 2023

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-Q 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: July 17, 2023

By: /s/ Koichi Ishizuka

Koichi Ishizuka,

Chief Financial Officer

(Principal Financial Officer)

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 Quarterly Report of Photozou Holdings, Inc. (the Company) on Form 10-Q for the quarterly period ended May 31, 2023 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: July 17, 2023

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 Quarterly Report of Photozou Holdings, Inc. (the Company) on Form 10-Q for the quarterly period ended May 31, 2023 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: July 17, 2023

By: /s/ Koichi Ishizuka

Koichi Ishizuka,

Chief Financial Officer

(Principal Financial Officer)

Cover - shares	6 Months Ended
Cover - shares	May 31, 2023	Jul. 17, 2023	Feb. 28, 2023	Nov. 30, 2022	May 31, 2022	Feb. 28, 2022	Nov. 30, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	May 31, 2023
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--11-30
Entity File Number	000-55806
Entity Registrant Name	Photozou Holdings, Inc.
Entity Central Index Key	0001627469
Entity Tax Identification Number	90-1260322
Entity Incorporation, State or Country Code	DE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Elected Not To Use the Extended Transition Period	false
Entity Shell Company	false
Common Stock, Shares, Outstanding	8,000,000	8,000,000	8,000,000	8,000,000	8,000,000	8,000,000	8,000,000

Consolidated Balance Sheets (Unaudited) - USD ($)	May 31, 2023	Nov. 30, 2022
CURRENT ASSETS
Cash and cash equivalents	$ 9,263	$ 19,104
Accounts receivable	3,647	7,981
Prepaid and other current assets	2,260	2,657
Sales tax recoverable	2,612	10,978
Inventories, net	45,101	58,780
TOTAL CURRENT ASSETS	62,883	99,500
NON-CURRENT ASSETS
Software, net	4,650	5,401
Advance payments	24,923	25,084
TOTAL ASSETS	92,456	129,985
CURRENT LIABILITIES
Accrued expenses	708	823
Due to related party	728,644	651,999
Long-term loan payable, current portion	10,131	10,197
TOTAL CURRENT LIABILITIES	739,483	663,019
Long-term loan payable, non-current portion	11,819	16,994
TOTAL LIABILITIES	751,302	680,013
Preferred stock ($0.0001 par value, 20,000,000 shares authorized; 0 issued and outstanding as of May 31, 2023 and November 30, 2022)
Common stock ($0.0001 par value, 500,000,000 shares authorized; 8,000,000 shares issued and outstanding as of May 31, 2023 and November 30, 2022)	800	800
Additional paid in capital	50,030	50,030
Accumulated deficit	(787,477)	(674,947)
Accumulated other comprehensive income	77,801	74,089
TOTAL STOCKHOLDERS’ DEFICIT	(658,846)	(550,028)
TOTAL LIABILITIES & STOCKHOLDERS’ DEFICIT	$ 92,456	$ 129,985

Consolidated Balance Sheets (Unaudited) (Parenthetical)	May 31, 2023 $ / shares shares
Statement of Financial Position [Abstract]
preferred par value \| $ / shares	$ 0.0001
preferred authorized	20,000,000
preferred issued	0
common par value \| $ / shares	$ 0.0001
common authorized	500,000,000
common issued	8,000,000

Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2023	May 31, 2022
REVENUES
Revenue from cameras sold	$ 16,475	$ 54,137	$ 32,729	$ 98,879
Service revenue	3,339	14,361	9,817	32,853
TOTAL REVENUES	19,814	68,498	42,546	131,732
COST OF REVENUES
Cost of revenue from cameras sold	11,492	39,310	23,912	69,594
Cost of service revenue	6,800	12,075	15,259	25,591
TOTAL COST OF REVENUES	18,292	51,385	39,171	95,185
GROSS PROFIT	1,522	17,113	3,375	36,547
OPERATING EXPENSES
General and administrative expenses	70,765	94,044	116,413	122,385
TOTAL OPERATING EXPENSES	70,765	94,044	116,413	122,385
OTHER INCOME	201	3,337	568	7,305
OTHER EXPENSES	29	43	60	93
NET LOSS	(69,071)	(73,637)	(112,530)	(78,626)
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment	9,237	32,369	3,712	37,266
TOTAL COMPREHENSIVE LOSS	$ (59,834)	$ (41,268)	$ (108,818)	$ (41,360)
BASIC AND DILUTED NET LOSS PER COMMON STOCK	$ (0.01)	$ (0.01)	$ (0.01)	$ (0.01)
WEIGHTED AVERAGE NUMBER OF COMMON STOCK OUTSTANDING, BASIC AND DILUTED	8,000,000	8,000,000	8,000,000	8,000,000

Statements of Changes in Stockholders' Deficit (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss), Derivative Qualifying as Hedge, Excluded Component, Including Portion Attributable to Noncontrolling Interest [Member]	Total
Common Stock, Shares, Outstanding					8,000,000
Balance, value	$ 800	$ 50,030	$ 12,575	$ (519,661)	$ (456,256)
Beginning balance, value at Nov. 30, 2021	800	50,030	12,575	(519,661)	(456,256)
Net loss				(4,989)	(4,989)
Foreign currency translation			4,897		4,897
Beginning balance, value at Nov. 30, 2021	800	50,030	12,575	(519,661)	(456,256)
Net loss					$ (78,626)
Common Stock, Shares, Outstanding					8,000,000
Balance, value	800	50,030	17,472	(524,650)	$ (456,348)
Beginning balance, value at Feb. 28, 2022	800	50,030	17,472	(524,650)	(456,348)
Net loss				(73,637)	(73,637)
Foreign currency translation			32,369		$ 32,369
Common Stock, Shares, Outstanding					8,000,000
Balance, value	800	50,030	49,841	(598,287)	$ (497,616)
Common Stock, Shares, Outstanding					8,000,000
Balance, value	800	50,030	74,089	(674,947)	$ (550,028)
Beginning balance, value at Nov. 30, 2022	800	50,030	74,089	(674,947)	(550,028)
Net loss				(43,459)	(43,459)
Foreign currency translation			(5,525)		(5,525)
Beginning balance, value at Nov. 30, 2022	800	50,030	74,089	(674,947)	(550,028)
Net loss					$ (112,530)
Common Stock, Shares, Outstanding					8,000,000
Balance, value	800	50,030	68,564	(718,406)	$ (599,012)
Beginning balance, value at Feb. 28, 2023	800	50,030	68,564	(718,406)	(599,012)
Net loss				(69,071)	(69,071)
Foreign currency translation			9,237		$ 9,237
Common Stock, Shares, Outstanding					8,000,000
Balance, value	$ 800	$ 50,030	$ 77,801	$ (787,477)	$ (658,846)

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	May 31, 2023	May 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (112,530)	$ (78,626)
Adjustments to reconcile net loss to net cash:
Depreciation and amortization expenses	747	837
Changes in operating assets and liabilities:
Accounts receivable	4,470	2,649
Prepaid and other current assets	399	(124)
Sales tax recoverable	8,660	(9,046)
Inventories, net	18,348	18,505
Accrued expenses	84,861	69,315
Deferred revenue		(2,009)
Net cash provided by operating activities	4,955	1,501
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from due to related party	1,867
Repayment of due to related party	(7,219)
Repayments of long-term loan	(5,309)	(5,926)
Net cash used in financing activities	(10,661)	(5,926)
Net effect of exchange rate changes on cash	(4,135)	(7,393)
Net change in cash and cash equivalents	(9,841)	(11,818)
Cash and cash equivalents - beginning of period	19,104	68,312
Cash and cash equivalents - end of period	9,263	56,494
NON-CASH TRANSACTIONS
Expense paid by related party on behalf of the Company	84,977	95,718
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Interest paid	60	94
Income taxes paid

NOTE 1 - ORGANIZATION, DESCRIPTION OF BUSINESS

6 Months Ended

May 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

NOTE 1 - ORGANIZATION, 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 30^th as its fiscal year end.

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

May 31, 2023

Accounting Policies [Abstract]

NOTE 2 - 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.

BASIS OF PRESENTATION

USE OF ESTIMATES

RELATED PARTY TRANSACTION

FOREIGN CURRENCY TRANSLATION

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

	May 31, 2023	May 31, 2022
Current JPY: US$1 exchange rate	139.77	128.21
Average JPY: US$1 exchange rate	133.88	119.47

COMPREHENSIVE INCOME OR LOSS

REVENUE RECOGNITION AND DEFERRED REVENUE

Deferred revenue is recorded when consideration is received from a customer prior to the goods or services were delivered. There was no deferred revenue as of May 31, 2023 or November 30, 2022.

Disaggregated revenue of the Company is as follows:

		For the six months	Percentage of	For the six months	Percentage of
		ended	total revenues	ended	total revenues
		May 31, 2023		May 31, 2022
Revenue from cameras sold	$	32,729	76.9%	98,879	75.1%
Service revenue		9,817	23.1%	32,853	24.9%
Total		42,546	100%	131,732	100%

		For the six months	Percentage of	For the six months	Percentage of
		ended	total revenues	ended	total revenues
		May 31, 2023		May 31, 2022
Revenue from US	$	27,978	65.8%	98,879	75.1%
Revenue from Japan		14,568	34.2%	32,853	24.9%
Total		42,546	100%	131,732	100%

-F6-

Table of Contents

NOTE 3 - GOING CONCERN

6 Months Ended

May 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

NOTE 3 - GOING CONCERN

NOTE 3 - GOING CONCERN

NOTE 4 - RELATED-PARTY TRANSACTIONS

6 Months Ended

May 31, 2023

NOTE 4 - RELATED-PARTY TRANSACTIONS

NOTE 4 - RELATED-PARTY TRANSACTIONS

For the six months ended May 31, 2022, Photozou Co., Ltd., a company controlled by Koichi Ishizuka, CEO, paid expense on behalf of the Company in an amount of $95,718.

For the six months ended May 31, 2023 and May 31, 2022, the Company utilized office space and storage space of the Company’s sole officer, Koichi Ishizuka, free of charge.

NOTE 5 - SHAREHOLDERs’ DEFICIT

6 Months Ended

May 31, 2023

Equity [Abstract]

NOTE 5 - SHAREHOLDERs’ DEFICIT

NOTE 5 - SHAREHOLDERs’ DEFICIT

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 for the six months ended May 31, 2023 and May 31, 2022.

Common Stock

Pertinent Rights and Privileges

NOTE 6 - CONCENTRATION

6 Months Ended

May 31, 2023

Accounting Policies [Abstract]

NOTE 6 - CONCENTRATION

NOTE 6 - 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

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

Concentration of Revenues

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

For the six months ended May 31, 2023, 85% and 15% of the revenue from the sale of cameras was generated through Amazon USA and Yahoo Japan, respectively.

For the six months ended May 31, 2022, 100% of the revenue from the sale of cameras was generated through Amazon USA.

For the six months ended May 31, 2023 and May 31, 2022, no customer accounted for 10% or more of service revenue.

NOTE 7 - COMMITMENTS

6 Months Ended

May 31, 2023

Commitments and Contingencies Disclosure [Abstract]

NOTE 7 - COMMITMENTS

NOTE 7 - COMMITMENTS

Mr. Ogami 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(s).

NOTE 8 - LONG-TERM LOAN

6 Months Ended

May 31, 2023

Debt Disclosure [Abstract]

NOTE 8 - LONG-TERM LOAN

NOTE 8 - LONG-TERM LOAN

For the six months ended May 31, 2023, the Company repaid $5,309 to JFC. As of May 31, 2023, the Company had the current portion of $10,131 and non-current portion of $11,819.

NOTE 9 - SUBSEQUENT EVENTS

6 Months Ended

May 31, 2023

Subsequent Events [Abstract]

NOTE 9 - SUBSEQUENT EVENTS

NOTE 9 - SUBSEQUENT EVENTS

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES (Policies)

6 Months Ended

May 31, 2023

Accounting Policies [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.

BASIS OF PRESENTATION

BASIS OF PRESENTATION

USE OF ESTIMATES

USE OF ESTIMATES

RELATED PARTY TRANSACTION

RELATED PARTY TRANSACTION

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:

	May 31, 2023	May 31, 2022
Current JPY: US$1 exchange rate	139.77	128.21
Average JPY: US$1 exchange rate	133.88	119.47

COMPREHENSIVE INCOME OR LOSS

COMPREHENSIVE INCOME OR LOSS

REVENUE RECOGNITION AND DEFERRED REVENUE

REVENUE RECOGNITION AND DEFERRED REVENUE

Deferred revenue is recorded when consideration is received from a customer prior to the goods or services were delivered. There was no deferred revenue as of May 31, 2023 or November 30, 2022.

Disaggregated revenue of the Company is as follows:

		For the six months	Percentage of	For the six months	Percentage of
		ended	total revenues	ended	total revenues
		May 31, 2023		May 31, 2022
Revenue from cameras sold	$	32,729	76.9%	98,879	75.1%
Service revenue		9,817	23.1%	32,853	24.9%
Total		42,546	100%	131,732	100%

		For the six months	Percentage of	For the six months	Percentage of
		ended	total revenues	ended	total revenues
		May 31, 2023		May 31, 2022
Revenue from US	$	27,978	65.8%	98,879	75.1%
Revenue from Japan		14,568	34.2%	32,853	24.9%
Total		42,546	100%	131,732	100%

NOTE 4 - RELATED-PARTY TRANSACTIONS (Details Narrative) - USD ($)	2 Months Ended	6 Months Ended
	Jul. 17, 2023	May 31, 2023	Nov. 30, 2022
Related Party Transactions [Abstract]
borrowed from photozou		$ 86,844
expenses paid on behalf of the company	$ 372	84,977
photozou repayments		7,219
total due to related party		728,644	$ 651,999
expenses paid by photozou co ltd		$ 95,718