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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

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

 

For the quarterly period ended April 30, 2024

 

OR

 

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from_________to_________

 

Commission File No. 000-56557

 

GLOBAL LEADERS CORP.

(Exact name of registrant as specified in its charter)

 

Nevada   65-0386288

(State or other jurisdiction

of incorporation or organization)

  

(I.R.S. Employer

Identification No.)

 

Units 2613-18, 26/F., Shui On Centre

6-8 Harbour Road, Wanchai

Hong Kong

(Address of principal executive offices, zip code)

 

Tel: (852) 8102 3633

(Registrant’s telephone number, including area code)

 

Indicate by check mark whether the issuer (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. 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). 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. (check one):

 

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 Exchange Act Rule 12b-2 of the Exchange Act): Yes ☐ No ☒

 

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY

PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

 

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12,13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ☒. No ☐

 

APPLICABLE ONLY TO CORPORATE ISSUERS

 

As of June 11, 2024, there were 154,394,750 shares of Common Stock, $0.0001 par value per share, outstanding.

 

 

 

   

 

 

GLOBAL LEADERS CORP.

QUARTERLY

REPORT ON FORM 10-Q FOR THE PERIOD

ENDED APRIL 30, 2024

 

INDEX

 

  Page
Part I. Financial Information 4
       
  Item 1. Financial Statements 4
       
    Condensed Consolidated Balance Sheets as of April 30, 2024 (Unaudited) and October 31, 2023 4
       
    Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - Three and six months ended April 30, 2024 and 2023 5
       
    Condensed Consolidated Statements of Stockholders’ Equity (Deficit) (Unaudited) - Three and six months ended April 30, 2024 and 2023 6
       
    Condensed Consolidated Statements of Cash Flows (Unaudited) - Six months ended April 30, 2024 and 2023 7
       
    Notes to Condensed Consolidated Financial Statements (Unaudited) - Three and six months ended April 30, 2024 and 2023 8
       
  Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 13
       
  Item 3. Quantitative and Qualitative Disclosures About Market Risk 15
       
  Item 4. Controls and Procedures 15
       
Part II. Other Information 16
       
  Item 1. Legal Proceedings 16
       
  Item 1A. Risk Factors 16
       
  Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 16
       
  Item 3. Defaults Upon Senior Securities 16
       
  Item 4. Mine Safety Disclosures 16
     
  Item 5. Other Information 16
     
  Item 6. Exhibits 17
       
Signatures 18

 

2

 

 

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

 

This Quarterly Report on Form 10-Q of Global Leaders Corp., a Nevada corporation (the “Company”), contains “forward-looking statements,” as defined in the United States Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as “may”, “will”, “should”, “could”, “expects”, “plans”, “intends”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of such terms and other comparable terminology. These forward-looking statements include, without limitation, statements about our market opportunity, our strategies, competition, expected activities and expenditures as we pursue our business plan, and the adequacy of our available cash resources. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. Actual results may differ materially from the predictions discussed in these forward-looking statements. The economic environment within which we operate could materially affect our actual results.

 

Our management has included projections and estimates in this Form 10-Q, which are based primarily on management’s experience in the industry, assessments of our results of operations, discussions, and negotiations with third parties and a review of information filed by our competitors with the SEC or otherwise publicly available. We caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. We disclaim any obligation subsequently to revise any forward - looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

 

3

 

 

PART I. FINANCIAL INFORMATION

 

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS.

 

GLOBAL LEADERS CORP.

CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF APRIL 30, 2024 AND OCTOBER 31, 2023

 

(Expressed in U.S. Dollars)

 

  

April 30, 2024

  

October 31, 2023

 
   (Unaudited)     
ASSETS          
Current assets          
Cash and cash equivalents  $59,150   $1,874 
Prepaid expenses   2,703    2,871 
Prepaid expense to related party   1,918    1,915 
Total currents assets   63,771    6,660 
           
TOTAL ASSETS  $63,771   $6,660 
           
LIABILITIES AND STOCKHOLDERS’ DEFICIT          
Current liabilities          
Accrued liabilities  $-   $10,000 
Due to officer/principal shareholder   122,664    25,563 
Total current liabilities   122,664    35,563 
           
Commitments and Contingencies          
           
STOCKHOLDERS’ DEFICIT          
Preferred stock, $0.0001 par value; 200,000,000 shares authorized; no shares issued and outstanding at April 30, 2024 and October 31, 2023          
Common Stock, $0.0001 par value, 600,000,000 shares authorized; 154,394,750 shares issued and outstanding at April 30, 2024 and October 31, 2023, respectively   15,439    15,439 
Additional paid in capital   1,424,320    1,424,320 
Accumulated other comprehensive income   3,332    3,332 
Accumulated deficit   (1,501,984)   (1,471,994)
Total stockholders’ deficit   (58,893)   (28,903)
           
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT  $63,771   $6,660 

 

See accompanying notes to the condensed consolidated financial statements.

 

4

 

 

GLOBAL LEADERS CORP.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

FOR THE THREE AND SIX MONTHS ENDED APRIL 30, 2024 AND 2023

(Expressed in U.S. Dollars)

(Unaudited)

 

   2024   2023   2024   2023 
  

Three months ended

April 30,

  

Six months ended

April 30,

 
   2024   2023   2024   2023 
Revenues:                    
Service revenues  $5,112   $-   $12,790   $- 
Total revenue   5,112    -    12,790    - 
                     
Operating costs and expenses:                    
Cost of service revenues   -    -    -    - 
General and administrative-related parties   5,754    107,558    14,509    253,900 
General and administrative-other   7,128    30,703    28,271    76,805 
Total operating costs and expenses   12,882    138,261    42,780    330,705 
                     
Loss from operations   (7,770)   (138,261)   (29,990)   (330,705)
                     
Net loss   (7,770)   (138,261)   (29,990)   (330,705)
Other comprehensive income:                    
-Foreign currency translation income   -    -    -    - 
Comprehensive loss  $(7,770)  $(138,261)  $(29,990)  $(330,705)
                     
Basic and diluted net loss per share  $(0.00)  $(0.00)  $(0.00)  $(0.00)
Weighted average number of shares outstanding   154,394,750    154,394,750    154,394,750    154,339,021 

 

See accompanying notes to the condensed consolidated financial statements.

 

5

 

 

GLOBAL LEADERS CORP.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT)

FOR THE THREE AND SIX MONTHS ENDED APRIL 30, 2024 AND 2023

(Expressed in U.S. Dollars)

 

Three months ended April 30, 2024 (Unaudited)

 

   Number   Amount   Capital   Income   Deficit   Deficit 
   Common Stock  

Additional

Paid-in

   Accumulated Other Comprehensive   Accumulated  

Total

Stockholders’

 
   Number   Amount   Capital   Income   Deficit   Deficit 
Balance, January 31, 2024 (Unaudited)   154,394,750   $15,439   $1,424,320   $3,332   $(1,494,214)  $(51,123)
Net loss   -    -    -    -    (7,770)   (7,770)
Balance, April 30, 2024 (Unaudited)   154,394,750   $15,439   $1,424,320   $3,332   $(1,501,984)  $(58,893)

 

Six months ended April 30, 2024 (Unaudited)

 

   Common Stock  

Additional

Paid-in

   Accumulated Other Comprehensive   Accumulated  

Total

Stockholders’

 
   Number   Amount   Capital   Income   Deficit   Deficit 
Balance, October 31, 2023   154,394,750   $15,439   $1,424,320   $3,332   $(1,471,994)  $(28,903)
Net loss   -    -    -    -    (29,990)   (29,990)
Balance, April 30, 2024 (Unaudited)   154,394,750   $15,439   $1,424,320   $3,332   $(1,501,984)  $(58,893)

 

Three months ended April 30, 2023 (Unaudited)

 

   Common Stock   Additional Paid-in   Accumulated Other Comprehensive   Accumulated  

Total

Stockholders’

 
   Number   Amount   Capital   Income   Deficit   Equity 
Balance, January 31, 2023 (Unaudited)   154,394,750   $15,439   $1,424,320   $3,332   $(1,163,994)  $279,097 
Net loss   -    -    -    -    (138,261)   (138,261)
Balance, April 30, 2023 (Unaudited)   154,394,750   $15,439   $1,424,320   $3,332   $(1,302,255)  $140,836 

 

Six months ended April 30, 2023 (Unaudited)

 

   Common Stock   Additional Paid-in   Accumulated Other Comprehensive   Accumulated  

Total

Stockholders’

Equity’

 
   Number   Amount   Capital   Income   Deficit   (Deficit) 
Balance, October 31, 2022   153,726,000   $15,372   $889,387   $3,332   $(971,550)  $(63,459)
Common Stock issued for cash in private placements   668,750    67    534,933    -    -    535,000 
Net loss   -    -    -    -    (330,705)   (330,705)
Balance, April 30, 2023 (Unaudited)   154,394,750   $15,439   $1,424,320   $3,332   $(1,302,255)  $140,836 

 

See accompanying notes to the condensed consolidated financial statements.

 

6

 

 

GLOBAL LEADERS CORP.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE SIX MONTHS ENDED APRIL 30, 2024 AND 2023

(Expressed in U.S. Dollars)

(Unaudited)

 

   2024   2023 
  

Six months ended

April 30,

 
   2024   2023 
         
Cash Flows From Operating Activities          
Net loss  $(29,990)  $(330,705)
Change in operating assets and liabilities:          
Prepaid expense to related party   (3)   - 
Prepaid expenses   168    1,418 
Accrued liabilities   (10,000)   (6,178)
Net cash used in operating activities   (39,825)   (335,465)
           
Cash Flows From Financing Activities          
Advances from (repayment to) officer/principal shareholder   97,101    (49,968)
Proceeds from shares issued for cash in private placements   -    535,000 
Net cash provided by financing activities   97,101    485,032 
           
Effect of exchange rate changes in cash and cash equivalents   -    - 
Net change in cash and cash equivalents   57,276    149,567 
Cash and cash equivalents, beginning of period   1,874    797 
           
Cash and cash equivalents, ending of period  $59,150   $150,364 
           
Supplementary Cash Flow Information          
Cash paid for:          
Interest  $-   $- 
Income taxes   -    - 

 

See accompanying notes to the condensed consolidated financial statements.

 

7

 

 

GLOBAL LEADERS CORP.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND SIX MONTHS ENDED APRIL 30, 2024 AND 2023

(Expressed in U.S. Dollars)

(Unaudited)

 

NOTE 1 - BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Description of business

 

Global Leaders Corporation, a Nevada corporation (the “Company”), is principally engaged in provision of consultancy services to management executives of small and medium enterprises (SMEs) and startup companies in Hong Kong. In the last quarter of 2023, the Company has initiated a comprehensive range of environmental, social, and governance (ESG) and sustainability programs and solutions tailored to the needs of SMEs in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), in response to the growing importance of sustainability. The Company was incorporated in the State of Nevada on July 20, 2020.

 

Mr. Yip Hoi Hing Peter (“Mr. Peter Yip”), founder of the Company, currently holds the positions of Chief Executive Officer, Chief Financial Officer, President, Secretary, Treasurer and Director of the Company, respectively.

 

Inflation and other global risks

 

As a result of the COVID-19 pandemic and actions taken to slow its spread, the ongoing military conflict between Russia and Ukraine, the armed conflict in Sudan, and other geopolitical and macroeconomic factors beyond our control, the global credit and financial markets have experienced extreme volatility, including diminished liquidity and credit availability, declines in consumer confidence, declines in economic growth, increases in unemployment rates and uncertainty about economic stability.

 

Higher inflation, the actions by the Federal Reserve Bank to address inflation, most notably continuing increases in interest rates, and rising food and energy prices in combination with higher labor costs create uncertainty about the future economic environment. The implications of higher government deficits and debt, tighter monetary policy, and higher long-term interest rates may drive a higher cost of capital for the business and an increase in the Company’s operating expenses. It is possible that deterioration in credit and financial markets and confidence in economic conditions will occur. If equity and credit markets deteriorate, it may affect our ability to raise equity capital, borrow on our existing facilities, access our existing cash, or make any additional necessary debt or equity financing more difficult to obtain, more costly and/or more dilutive.

 

8

 

 

Going concern

 

The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. As reflected in the accompanying condensed consolidated financial statements, for the six months ended April 30, 2024, the Company incurred a net loss of $29,990 and used cash in operating activities of $39,825 and at April 30, 2024, the Company had a stockholders’ deficit of $58,893. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern within one year of the date that these financial statements are issued. In addition, the Company’s independent registered public accounting firm, in its report on the Company’s October 31, 2023 financial statements, raised substantial doubt about the Company’s ability to continue as a going concern. These financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern. These financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern.

 

As of April 30, 2024, the Company’s cash balance was $59,150. Management estimates that the current funds on hand will be sufficient to continue operations through the next three months. The Company’s ability to continue as a going concern is dependent upon the Company’s ability to implement its business plans and continue receiving financial support from its officers and shareholders. No assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company can obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stockholders, in the case of equity financing.

 

Basis of presentation and consolidation

 

The accompanying unaudited condensed consolidated financial statements as of and for the three and six months ended April 30, 2024 and 2023, have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. The consolidated balance sheet as of October 31, 2023, included herein was derived from the audited consolidated financial statements as of that date, included in the Company’s Annual Report on Form 10-K filed with the SEC. These financial statements should be read in conjunction with that report.

 

In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods have been included. The results of operations for the interim periods presented are not necessarily indicative of the results of operations to be expected for the full fiscal year ending October 31, 2024.

 

The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Global Leaders Corporation, a company incorporated in Anguilla (“GLC Anguilla”). Intercompany accounts and transactions have been eliminated in consolidation.

 

Use of estimates

 

The preparation 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, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting year. Actual results could differ from those estimates. Significant estimates include estimates for the accrual of potential liabilities.

 

9

 

 

Revenue recognition

 

The Company recognizes revenue following the five-step model prescribed by Accounting Standards Codification (ASC) 606, “Revenue from Contracts”, which includes (1) identifying the contracts or agreements with a customer, (2) identifying our performance obligations in the contract or agreement, (3) determining the transaction price, (4) allocating the transaction price to the separate performance obligations, and (5) recognizing revenue as each performance obligation is satisfied. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the services it transfers to its clients.

 

The Company’s revenue consists of revenue from providing educational services (“service revenue”). Revenue is recognized in the period in which the services are delivered, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. The Company offers no discounts, rebates, rights of return, or other allowances to clients which would result in the establishment of reserves against service revenue. Additionally, to date, the Company has not incurred incremental costs in obtaining a client contract.

 

Cash and cash equivalents

 

Cash consists of funds on hand and held in bank accounts. Cash equivalents includes demand deposits placed with banks or other financial institutions and all highly liquid investments with original maturities of three months or less, including money market funds. The Company had no cash equivalents as at April 30, 2024 and October 31, 2023.

 

   As of
April 30, 2024		   As of
October 31, 2023		 
   (Unaudited)     
Cash          
Denominated in United States Dollars  $10,381   $707 
Denominated in Hong Kong Dollars   48,769    1,167 
Cash and cash equivalents  $59,150   $1,874 

 

Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash. As of April 30, 2024, substantially all the Company’s cash was held by a major financial institution located in Hong Kong, which management believes is of high credit quality.

 

Fair value measurements

 

The Company follows the guidance of ASC 820-10, “Fair Value Measurements and Disclosures”, with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows:

 

Level 1 : Observable inputs such as quoted prices in active markets;

Level 2 : Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

Level 3 : Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions

 

The Company believes the carrying amount reported in the balance sheet for cash and cash equivalents, prepaid expenses and other current assets, accrued liabilities, due to officer/principal shareholder, and due from or due to a related party, approximate their fair values because of the short-term nature of these financial instruments.

 

10

 

 

Foreign currency translation

 

The reporting currency of the Company is the United States Dollars (“US$”) and the accompanying consolidated financial statements have been expressed in US$. In addition, the Company’s operating subsidiary uses Hong Kong Dollars (“HK$”) as its functional currency and maintains its books and records in the reporting currency US$, respectively.

 

In general, for consolidation purposes, assets and liabilities of the Company’s subsidiaries whose functional currency is not the 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 of a foreign subsidiary are recorded as a separate component of accumulated other comprehensive income or loss within stockholders’ equity.

 

Translation of amounts from the local currencies of the Company into US$ has been made at the following exchange rates for the period:

 

   As of and for the six months
ended April 30,		 
   2024   2023 
Period-end HK$ : US$1 exchange rate   7.82    7.85 
Period-average HK$ : US$1 exchange rate   7.82    7.83 

 

Net loss per share

 

The Company calculates net loss per share in accordance with ASC Topic 260, “Earnings per Share.” Basic loss per share is computed by dividing the net income or loss by the weighted-average number of common shares outstanding during the period. Diluted loss per share is computed like basic loss per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive. As of April 30, 2024, the Company has no potentially dilutive securities, such as options or warrants, outstanding.

 

Concentrations

 

For the three and six months ended April 30, 2024, two vendors accounted for 80% (45% and 35%) and three vendors accounted for 90% (34%, 33% and 23%) of the Company’s operating costs and expenses, respectively.

 

For the three and six months ended April 30, 2023, one vendor accounted for 73% and 71% of the Company’s operating costs and expenses, respectively.

 

Recent Accounting Pronouncements

 

In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU”). This ASU reduces the number of accounting models for convertible debt instruments and convertible preferred stock and amends the guidance for the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions. In addition, this ASU improves and amends the related earnings per share guidance. This standard becomes effective for the Company beginning on November 1, 2024. Adoption is either a modified retrospective method or a fully retrospective method of transition. The Company adopted this guidance effective November 1, 2023, and the adoption of this standard did not have a material impact on its consolidated financial statements.

 

Other recent accounting guidance issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future financial statements.

 

11

 

 

NOTE 2 – STOCKHOLDERS DEFICIT

 

During the three and six months ended April 30, 2024, the Company did not issue any shares of Common Stock.

 

In November 2022, the Company sold 668,750 shares of Common Stock to eighteen individuals in a private placement at a price of $0.80 per share, for total proceeds of $535,000. The proceeds will be used to fund expansion of the Company’s operations.

 

NOTE 3 - RELATED PARTY TRANSACTIONS

 

Mr. Yip Hoi Hing Peter (“Mr. Peter Yip”), our Chief Executive Officer, Chief Financial Officer, and Director, and his spouse, and two companies owned by Mr. Peter Yip, CS Global Consultancy Limited (“CS Global”) and CSG Group Holdings Limited, control 105,350,000, or 68.23%, of the Company’s restricted Common Stock.

 

As of April 30, 2024 and October 31, 2023, the Company owed Mr. Peter Yip $122,664 and $25,563, respectively, for advances made to the Company for operations. The advances are due on demand, are unsecured, and are non-interest bearing.

 

For the three and six months ended April 30, 2024, the Company did not incur any fees to Mr. Peter Yip’s companies.

 

For the three months ended April 30, 2023, fees paid to CS Global totaled $101,567 consisting of management fees of $29,873 and office usage and manpower support of $71,694. For the six months ended April 30, 2023, fees paid to CS Global totaled $235,393 consisting of management fees of $59,787, other office usage and manpower support $95,606, and the one-time fee of $80,000.

 

Greenpro Capital Corp., through its wholly owned subsidiaries (collectively “Greenpro”), holds 9,000,000 shares of the Company’s Common Stock, and is currently a 5.83% shareholder of the Company. In addition, three executives of Greenpro who collectively hold 16,000,000 shares of the Company’s Common Stock, are currently 10.36% shareholders of the Company.

 

As of April 30, 2024 and October 31, 2023, the Company prepaid accounting fees to Greenpro of $1,918 and $1,915, respectively.

 

For the three and six months ended April 30, 2024, the Company incurred accounting fees to Greenpro of $5,754 and $14,509, respectively.

 

For the three months ended April 30, 2023, the Company incurred total fees to Greenpro of $5,991, consisting of accounting fees of $5,736 and company secretarial fees of $255, respectively. For the six months ended April 30, 2023, the Company incurred total fees to Greenpro of $18,507, including accounting fees of $16,812, administration fees of $640, advisory fees of $800 and company secretarial fees of $255, respectively.

 

12

 

 

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

 

The following information should be read in conjunction with (i) the financial statements of Global Leaders Corp., a Nevada corporation, and the notes thereto appearing elsewhere in this Form 10-Q together with (ii) the more detailed business information and the October 31, 2023 audited financial statements and related notes included in the Company’s most recent Annual Report on Form 10-K for the year ended October 31, 2023 filed with the SEC on January 26, 2024. Statements in this section and elsewhere in this Form 10-Q that are not statements of historical or current fact constitute “forward-looking” statements.

 

OVERVIEW

 

Global Leaders Corp. (the “Company” or “we”) was incorporated in the State of Nevada on July 20, 2020 and has a fiscal year end of October 31.

 

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

 

USE OF ESTIMATES

 

The preparation 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, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting year. Actual results could differ from those estimates. Significant estimates include estimates for the accruals of potential liabilities.

 

REVENUE RECOGNITION

 

The Company recognizes revenues when its customer obtains control of promised services, in an amount that reflects the consideration the Company expects to receive in exchange for those services. The Company recognizes revenue following the five-step model prescribed by Accounting Standards Codification (ASC) 606, “Revenue from Contracts”, which includes (1) identifying the contracts or agreements with a customer, (2) identifying our performance obligations in the contract or agreement, (3) determining the transaction price, (4) allocating the transaction price to the separate performance obligations, and (5) recognizing revenue as each performance obligation is satisfied. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the services it transfers to its clients.

 

RECENT ACCOUNTING PRONOUNCEMENTS

 

Refer to Note 1 in the accompanying condensed consolidated financial statements.

 

13

 

 

PLAN OF OPERATION

 

We commenced our business in 2020 and have a limited operating history. We intend to continue to expand the scope and geographic reach of our services by extending our coverage to service more clients in different regions. Such plans are based on current intentions and assumptions. Our expansion plan may be hindered by factors beyond our control, such as general market conditions, our ability to attract qualified employees, government policies relevant to our industry, our ability to maintain our existing competitive advantages and new market entrants. For example, there may be ownership restrictions in new jurisdictions where we intend to expand. For us to operate as a management consultancy services provider in these jurisdictions, we may be required to identify suitable local partners to enter such new markets. If we are unable to successfully implement our growth strategy, our business, financial condition, results of operations and prospects may be materially and adversely affected.

 

Our anticipated future growth will likely place significant demand on our management and operational efficiency. Our success in managing our growth will depend, to a significant degree, on our ability to attract more new clients and retain existing clients and launch new services, and successfully monetize them, to increase our revenue. In addition, we will have to successfully adapt our existing services to changing industry and user conditions, and expand, train and manage our employees. The market in which we operate is highly dynamic and may not develop as expected. Our clients may not fully understand the value of our services and potential clients and candidates may have difficulty distinguishing our services from those of our competitors. If we are unable to manage our operations properly and prudently as we continue to grow in this dynamic and evolving market, or if the quality of our services deteriorates due to mismanagement, our brand name and reputation could be severely harmed, which would materially and adversely affect our business, financial condition, and results of operations.

 

Results of Operations

 

Three Months Ended April 30, 2024 and 2023

 

For the three months ended April 30, 2024, revenue was $5,112 and cost of revenues was nil.

 

We recorded no revenues and cost of revenues for the three months ended April 30, 2023.

 

For the three months ended April 30, 2024 and 2023, general and administrative expenses were $12,882 and $138,261 and included $5,754 and $$107,558 of general and administrative expenses to related parties for the three months ended April 30, 2024 and 2023, respectively.

 

Six Months Ended April 30, 2024 and 2023

 

For the six months ended April 30, 2024, revenue was $12,790 and cost of revenues was nil.

 

We recorded no revenues and cost of revenues for the six months ended April 30, 2023.

 

For the six months ended April 30, 2024 and 2023, general and administrative expenses were $42,780 and $330,705 and included $14,509 and $253,900 of general and administrative expenses to related parties for the six months ended April 30, 2024 and 2023, respectively.

 

Liquidity and Capital Resources

 

GOING CONCERN

 

For the six months ended April 30, 2024, the Company incurred a net loss of $29,990 and used cash in operating activities of $39,825 and at April 30, 2024, the Company had a stockholders’ deficit of $58,893. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern within one year of the date that these financial statements are issued. In addition, the Company’s independent registered public accounting firm, in its report on the Company’s October 31, 2023 financial statements, raised substantial doubt about the Company’s ability to continue as a going concern. These financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern.

 

At April 30, 2024, our cash balance was $59,150. Management estimates that the current funds on hand will be sufficient to continue operations through the next three months. The Company’s ability to continue as a going concern is dependent upon the Company’s ability to implement its business plans and continue receiving financial support from its officers and shareholders. No assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company can obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stockholders, in the case of equity financing.

 

14

 

 

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.

 

ITEM 4. CONTROLS AND PROCEDURES.

 

DISCLOSURE CONTROLS AND PROCEDURES

 

Evaluation of Disclosure Controls and Procedures:

 

We conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of April 30, 2024. This evaluation was carried out by Mr. Yip Hoi Hing Peter (“Mr. Peter Yip”), our Chief Executive Officer and Chief Financial Officer, who also serves as our principal executive officer and principal financial and accounting officer, respectively. Based upon that evaluation, Mr. Peter Yip concluded that, as of April 30, 2024, our disclosure controls and procedures were not effective due to the presence of material weaknesses in internal control over financial reporting.

 

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or detected on a timely basis.

 

Management has identified the following material weaknesses which have caused management to conclude that, as of April 30, 2024, our disclosure controls and procedures were not effective: Inadequate segregation of duties consistent with control objectives.

 

Changes in Internal Control over Financial Reporting:

 

There were no changes in our internal control over financial reporting during the quarter ended April 30, 2024, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

15

 

 

PART II. OTHER INFORMATION

 

ITEM 1. LEGAL PROCEEDINGS.

 

The Company is not currently subject to any legal proceedings. From time to time, the Company may become subject to litigation or proceedings in connection with its business, as either a plaintiff or defendant. There are no such pending legal proceedings to which the Company is a party that, in the opinion of management, is likely to have a material adverse effect on the Company’s business, financial condition or results of operations.

 

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 1A.

 

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

 

None.

 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

 

None.

 

ITEM 4. MINE SAFETY DISCLOSURES.

 

None.

 

ITEM 5. OTHER INFORMATION.

 

None.

 

16

 

 

ITEM 6. EXHIBITS.

 

(a) Exhibits required by Item 601 of Regulation SK.

 

Number   Description
3.1   Articles of Incorporation (1)
     
3.2   Bylaws (1)
     
17.1   Departure of Director and Appointment of Officer dated June 4, 2021 (2)
     
17.2   Departure of Director and Appointment of Officer dated June 22, 2021 (3)
     
17.3   Departure of Director and Appointment of Officer dated September 23, 2021 (4)
     
31.1   Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
     
32.1   Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*
     
101.INS**   Inline XBRL Instance 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 Label Linkbase Document
     
101.PRE**   Inline XBRL Taxonomy Extension Presentation Linkbase Document
     
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

* Filed herewith.

 

(1) Previously filed and incorporated by reference to the Company’s Registration Statement on Form S-1, as amended (File No. 333-251324), as filed with the Securities and Exchange Commission on December 14, 2020.
   
(2) Previously filed as an exhibit to the Company’s Current Report on Form 8-K filed with SEC on June 4, 2021.
   
(3) Previously filed as an exhibit to the Company’s Current Report on Form 8-K filed with SEC on June 23, 2021.
   
(4) Previously filed as an exhibit to the Company’s Current Report on Form 8-K filed with SEC on September 24, 2021.

 

** XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

 

17

 

 

SIGNATURES

 

Pursuant to the requirements 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.

 

  GLOBAL LEADERS CORP.
  (Name of Registrant)
     
Date: June 11, 2024 By: /s/ Yip Hoi Hing Peter
  Name: Yip Hoi Hing Peter
  Title:

Chief Executive Officer and Chief Financial Officer

(Principal Executive Officer and Principal Financial and Accounting Officer)

 

18

 

 

EXHIBIT 31.1

 

SECTION 302 CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER AND

PRINCIPAL FINANCIAL OFFICER OF GLOBAL LEADERS CORP.

 

I, Yip Hoi Hing Peter, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of Global Leaders Corp.;

 

2. Based on my knowledge, this quarterly 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 quarterly report;

 

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

 

4. The registrant’s other certifying officer(s) 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 registrant 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 registrant, 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 registrant’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 registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’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 registrant’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 registrant’s internal control over financial reporting.

 

Date: June 11, 2024 By: /s/ Yip Hoi Hing Peter
    Yip Hoi Hing Peter
    Chief Executive Officer and Chief Financial Officer
    (Principal Executive Officer and Principal Financial and Accounting Officer)

 

 

 

 

EXHIBIT 32.1

 

SECTION 906 CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER AND

PRINCIPAL FINANCIAL OFFICER OF GLOBAL LEADERS CORP.

 

In connection with the accompanying Quarterly Report on Form 10-Q of Global Leaders Corp. for the quarter ended April 30, 2024, the undersigned, Yip Hoi Hing Peter, Chief Executive Officer, Chief Financial Officer and Chairman of Board of Directors of Global Leaders Corp., does hereby certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

(1) such Quarterly Report on Form 10-Q for the quarter ended April 30, 2024 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

 

(2) the information contained in such Quarterly Report on Form 10-Q for the quarter ended April 30, 2024 fairly presents, in all material respects, the financial condition and results of operations of Global Leaders Corp.

 

Date: June 11, 2024 By: /s/ Yip Hoi Hing Peter
    Yip Hoi Hing Peter
    Chief Executive Officer and Chief Financial Officer
    (Principal Executive Officer and Chief Financial and Accounting Officer)

 

 

 

v3.24.1.1.u2
Cover - shares
 6 Months Ended
Apr. 30, 2024
Jun. 11, 2024
Cover [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Quarterly Report true  
Document Transition Report false  
Document Period End Date Apr. 30, 2024  
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2024  
Current Fiscal Year End Date --10-31  
Entity File Number 000-56557  
Entity Registrant Name GLOBAL LEADERS CORP.  
Entity Central Index Key 0001830696  
Entity Tax Identification Number 65-0386288  
Entity Incorporation, State or Country Code NV  
Entity Address, Address Line One Units 2613-18  
Entity Address, Address Line Two 26/F., Shui On Centre  
Entity Address, Address Line Three 6-8 Harbour Road  
Entity Address, City or Town Wanchai  
Entity Address, Country HK  
Entity Address, Postal Zip Code 999077  
City Area Code (852)  
Local Phone Number 8102 3633  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business true  
Entity Emerging Growth Company true  
Elected Not To Use the Extended Transition Period false  
Entity Shell Company false  
Entity Bankruptcy Proceedings, Reporting Current true  
Entity Common Stock, Shares Outstanding   154,394,750
v3.24.1.1.u2
Condensed Consolidated Balance Sheets - USD ($)
Apr. 30, 2024
Oct. 31, 2023
Current assets    
Cash and cash equivalents $ 59,150 $ 1,874
Total currents assets 63,771 6,660
TOTAL ASSETS 63,771 6,660
Current liabilities    
Accrued liabilities 10,000
Total current liabilities 122,664 35,563
STOCKHOLDERS’ DEFICIT    
Common Stock, $0.0001 par value, 600,000,000 shares authorized; 154,394,750 shares issued and outstanding at April 30, 2024 and October 31, 2023, respectively 15,439 15,439
Additional paid in capital 1,424,320 1,424,320
Accumulated other comprehensive income 3,332 3,332
Accumulated deficit (1,501,984) (1,471,994)
Total stockholders’ deficit (58,893) (28,903)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT 63,771 6,660
Nonrelated Party [Member]    
Current assets    
Prepaid expense 2,703 2,871
Related Party [Member]    
Current assets    
Prepaid expense 1,918 1,915
Current liabilities    
Due to officer/principal shareholder $ 122,664 $ 25,563
v3.24.1.1.u2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Apr. 30, 2024
Oct. 31, 2023
Statement of Financial Position [Abstract]    
Preferred stock, par value $ 0.0001 $ 0.0001
Preferred stock, shares authorized 200,000,000 200,000,000
Preferred stock, shares issued 0 0
Preferred stock, shares outstanding 0 0
Common stock, par value $ 0.0001 $ 0.0001
Common stock, shares authorized 600,000,000 600,000,000
Common stock, shares issued 154,394,750 154,394,750
Common stock, shares outstanding 154,394,750 154,394,750
v3.24.1.1.u2
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
 3 Months Ended 6 Months Ended
Apr. 30, 2024
Apr. 30, 2023
Apr. 30, 2024
Apr. 30, 2023
Revenues:        
Service revenues $ 5,112 $ 12,790
Total revenue 5,112 12,790
Operating costs and expenses:        
Total operating costs and expenses 12,882 138,261 42,780 330,705
Loss from operations (7,770) (138,261) (29,990) (330,705)
Net loss (7,770) (138,261) (29,990) (330,705)
Other comprehensive income:        
-Foreign currency translation income
Comprehensive loss $ (7,770) $ (138,261) $ (29,990) $ (330,705)
Basic net loss per share $ (0.00) $ (0.00) $ (0.00) $ (0.00)
Diluted net loss per share $ (0.00) $ (0.00) $ (0.00) $ (0.00)
Weighted average number of shares outstanding basic 154,394,750 154,394,750 154,394,750 154,339,021
Weighted average number of shares outstanding diluted 154,394,750 154,394,750 154,394,750 154,339,021
Related Party [Member]        
Operating costs and expenses:        
Cost of service revenues
General and administrative-other 5,754 107,558 14,509 253,900
Other [Member]        
Operating costs and expenses:        
General and administrative-other $ 7,128 $ 30,703 $ 28,271 $ 76,805
v3.24.1.1.u2
Condensed Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($)
Common Stock [Member]
Additional Paid-in Capital [Member]
AOCI Attributable to Parent [Member]
Retained Earnings [Member]
Total
Beginning balance, value at Oct. 31, 2022 $ 15,372 $ 889,387 $ 3,332 $ (971,550) $ (63,459)
Beginning balance, shares at Oct. 31, 2022 153,726,000        
Net loss (330,705) (330,705)
Common Stock issued for cash in private placements $ 67 534,933 535,000
Common Stock issued for cash in private placements, shares 668,750        
Ending balance, value at Apr. 30, 2023 $ 15,439 1,424,320 3,332 (1,302,255) 140,836
Ending balance, shares at Apr. 30, 2023 154,394,750        
Beginning balance, value at Jan. 31, 2023 $ 15,439 1,424,320 3,332 (1,163,994) 279,097
Beginning balance, shares at Jan. 31, 2023 154,394,750        
Net loss (138,261) (138,261)
Ending balance, value at Apr. 30, 2023 $ 15,439 1,424,320 3,332 (1,302,255) 140,836
Ending balance, shares at Apr. 30, 2023 154,394,750        
Beginning balance, value at Oct. 31, 2023 $ 15,439 1,424,320 3,332 (1,471,994) (28,903)
Beginning balance, shares at Oct. 31, 2023 154,394,750        
Net loss (29,990) (29,990)
Ending balance, value at Apr. 30, 2024 $ 15,439 1,424,320 3,332 (1,501,984) (58,893)
Ending balance, shares at Apr. 30, 2024 154,394,750        
Beginning balance, value at Jan. 31, 2024 $ 15,439 1,424,320 3,332 (1,494,214) (51,123)
Beginning balance, shares at Jan. 31, 2024 154,394,750        
Net loss (7,770) (7,770)
Ending balance, value at Apr. 30, 2024 $ 15,439 $ 1,424,320 $ 3,332 $ (1,501,984) $ (58,893)
Ending balance, shares at Apr. 30, 2024 154,394,750        
v3.24.1.1.u2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Apr. 30, 2024
Apr. 30, 2023
Cash Flows From Operating Activities    
Net loss $ (29,990) $ (330,705)
Change in operating assets and liabilities:    
Accrued liabilities (10,000) (6,178)
Net cash used in operating activities (39,825) (335,465)
Cash Flows From Financing Activities    
Advances from (repayment to) officer/principal shareholder 97,101 (49,968)
Proceeds from shares issued for cash in private placements 535,000
Net cash provided by financing activities 97,101 485,032
Effect of exchange rate changes in cash and cash equivalents
Net change in cash and cash equivalents 57,276 149,567
Cash and cash equivalents, beginning of period 1,874 797
Cash and cash equivalents, ending of period 59,150 150,364
Cash paid for:    
Interest
Income taxes
Related Party [Member]    
Change in operating assets and liabilities:    
Prepaid expenses (3)
Nonrelated Party [Member]    
Change in operating assets and liabilities:    
Prepaid expenses $ 168 $ 1,418
v3.24.1.1.u2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 6 Months Ended
Apr. 30, 2024
Accounting Policies [Abstract]  
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 1 - BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Description of business

 

Global Leaders Corporation, a Nevada corporation (the “Company”), is principally engaged in provision of consultancy services to management executives of small and medium enterprises (SMEs) and startup companies in Hong Kong. In the last quarter of 2023, the Company has initiated a comprehensive range of environmental, social, and governance (ESG) and sustainability programs and solutions tailored to the needs of SMEs in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), in response to the growing importance of sustainability. The Company was incorporated in the State of Nevada on July 20, 2020.

 

Mr. Yip Hoi Hing Peter (“Mr. Peter Yip”), founder of the Company, currently holds the positions of Chief Executive Officer, Chief Financial Officer, President, Secretary, Treasurer and Director of the Company, respectively.

 

Inflation and other global risks

 

As a result of the COVID-19 pandemic and actions taken to slow its spread, the ongoing military conflict between Russia and Ukraine, the armed conflict in Sudan, and other geopolitical and macroeconomic factors beyond our control, the global credit and financial markets have experienced extreme volatility, including diminished liquidity and credit availability, declines in consumer confidence, declines in economic growth, increases in unemployment rates and uncertainty about economic stability.

 

Higher inflation, the actions by the Federal Reserve Bank to address inflation, most notably continuing increases in interest rates, and rising food and energy prices in combination with higher labor costs create uncertainty about the future economic environment. The implications of higher government deficits and debt, tighter monetary policy, and higher long-term interest rates may drive a higher cost of capital for the business and an increase in the Company’s operating expenses. It is possible that deterioration in credit and financial markets and confidence in economic conditions will occur. If equity and credit markets deteriorate, it may affect our ability to raise equity capital, borrow on our existing facilities, access our existing cash, or make any additional necessary debt or equity financing more difficult to obtain, more costly and/or more dilutive.

 

 

Going concern

 

The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. As reflected in the accompanying condensed consolidated financial statements, for the six months ended April 30, 2024, the Company incurred a net loss of $29,990 and used cash in operating activities of $39,825 and at April 30, 2024, the Company had a stockholders’ deficit of $58,893. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern within one year of the date that these financial statements are issued. In addition, the Company’s independent registered public accounting firm, in its report on the Company’s October 31, 2023 financial statements, raised substantial doubt about the Company’s ability to continue as a going concern. These financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern. These financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern.

 

As of April 30, 2024, the Company’s cash balance was $59,150. Management estimates that the current funds on hand will be sufficient to continue operations through the next three months. The Company’s ability to continue as a going concern is dependent upon the Company’s ability to implement its business plans and continue receiving financial support from its officers and shareholders. No assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company can obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stockholders, in the case of equity financing.

 

Basis of presentation and consolidation

 

The accompanying unaudited condensed consolidated financial statements as of and for the three and six months ended April 30, 2024 and 2023, have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. The consolidated balance sheet as of October 31, 2023, included herein was derived from the audited consolidated financial statements as of that date, included in the Company’s Annual Report on Form 10-K filed with the SEC. These financial statements should be read in conjunction with that report.

 

In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods have been included. The results of operations for the interim periods presented are not necessarily indicative of the results of operations to be expected for the full fiscal year ending October 31, 2024.

 

The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Global Leaders Corporation, a company incorporated in Anguilla (“GLC Anguilla”). Intercompany accounts and transactions have been eliminated in consolidation.

 

Use of estimates

 

The preparation 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, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting year. Actual results could differ from those estimates. Significant estimates include estimates for the accrual of potential liabilities.

 

 

Revenue recognition

 

The Company recognizes revenue following the five-step model prescribed by Accounting Standards Codification (ASC) 606, “Revenue from Contracts”, which includes (1) identifying the contracts or agreements with a customer, (2) identifying our performance obligations in the contract or agreement, (3) determining the transaction price, (4) allocating the transaction price to the separate performance obligations, and (5) recognizing revenue as each performance obligation is satisfied. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the services it transfers to its clients.

 

The Company’s revenue consists of revenue from providing educational services (“service revenue”). Revenue is recognized in the period in which the services are delivered, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. The Company offers no discounts, rebates, rights of return, or other allowances to clients which would result in the establishment of reserves against service revenue. Additionally, to date, the Company has not incurred incremental costs in obtaining a client contract.

 

Cash and cash equivalents

 

Cash consists of funds on hand and held in bank accounts. Cash equivalents includes demand deposits placed with banks or other financial institutions and all highly liquid investments with original maturities of three months or less, including money market funds. The Company had no cash equivalents as at April 30, 2024 and October 31, 2023.

 

   As of
April 30, 2024		   As of
October 31, 2023		 
   (Unaudited)     
Cash          
Denominated in United States Dollars  $10,381   $707 
Denominated in Hong Kong Dollars   48,769    1,167 
Cash and cash equivalents  $59,150   $1,874 

 

Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash. As of April 30, 2024, substantially all the Company’s cash was held by a major financial institution located in Hong Kong, which management believes is of high credit quality.

 

Fair value measurements

 

The Company follows the guidance of ASC 820-10, “Fair Value Measurements and Disclosures”, with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows:

 

Level 1 : Observable inputs such as quoted prices in active markets;

Level 2 : Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

Level 3 : Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions

 

The Company believes the carrying amount reported in the balance sheet for cash and cash equivalents, prepaid expenses and other current assets, accrued liabilities, due to officer/principal shareholder, and due from or due to a related party, approximate their fair values because of the short-term nature of these financial instruments.

 

 

Foreign currency translation

 

The reporting currency of the Company is the United States Dollars (“US$”) and the accompanying consolidated financial statements have been expressed in US$. In addition, the Company’s operating subsidiary uses Hong Kong Dollars (“HK$”) as its functional currency and maintains its books and records in the reporting currency US$, respectively.

 

In general, for consolidation purposes, assets and liabilities of the Company’s subsidiaries whose functional currency is not the 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 of a foreign subsidiary are recorded as a separate component of accumulated other comprehensive income or loss within stockholders’ equity.

 

Translation of amounts from the local currencies of the Company into US$ has been made at the following exchange rates for the period:

 

   As of and for the six months
ended April 30,		 
   2024   2023 
Period-end HK$ : US$1 exchange rate   7.82    7.85 
Period-average HK$ : US$1 exchange rate   7.82    7.83 

 

Net loss per share

 

The Company calculates net loss per share in accordance with ASC Topic 260, “Earnings per Share.” Basic loss per share is computed by dividing the net income or loss by the weighted-average number of common shares outstanding during the period. Diluted loss per share is computed like basic loss per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive. As of April 30, 2024, the Company has no potentially dilutive securities, such as options or warrants, outstanding.

 

Concentrations

 

For the three and six months ended April 30, 2024, two vendors accounted for 80% (45% and 35%) and three vendors accounted for 90% (34%, 33% and 23%) of the Company’s operating costs and expenses, respectively.

 

For the three and six months ended April 30, 2023, one vendor accounted for 73% and 71% of the Company’s operating costs and expenses, respectively.

 

Recent Accounting Pronouncements

 

In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU”). This ASU reduces the number of accounting models for convertible debt instruments and convertible preferred stock and amends the guidance for the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions. In addition, this ASU improves and amends the related earnings per share guidance. This standard becomes effective for the Company beginning on November 1, 2024. Adoption is either a modified retrospective method or a fully retrospective method of transition. The Company adopted this guidance effective November 1, 2023, and the adoption of this standard did not have a material impact on its consolidated financial statements.

 

Other recent accounting guidance issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future financial statements.

 

 
v3.24.1.1.u2
STOCKHOLDERS DEFICIT
 6 Months Ended
Apr. 30, 2024
Equity [Abstract]  
STOCKHOLDERS DEFICIT

NOTE 2 – STOCKHOLDERS DEFICIT

 

During the three and six months ended April 30, 2024, the Company did not issue any shares of Common Stock.

 

In November 2022, the Company sold 668,750 shares of Common Stock to eighteen individuals in a private placement at a price of $0.80 per share, for total proceeds of $535,000. The proceeds will be used to fund expansion of the Company’s operations.

 
v3.24.1.1.u2
RELATED PARTY TRANSACTIONS
 6 Months Ended
Apr. 30, 2024
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 3 - RELATED PARTY TRANSACTIONS

 

Mr. Yip Hoi Hing Peter (“Mr. Peter Yip”), our Chief Executive Officer, Chief Financial Officer, and Director, and his spouse, and two companies owned by Mr. Peter Yip, CS Global Consultancy Limited (“CS Global”) and CSG Group Holdings Limited, control 105,350,000, or 68.23%, of the Company’s restricted Common Stock.

 

As of April 30, 2024 and October 31, 2023, the Company owed Mr. Peter Yip $122,664 and $25,563, respectively, for advances made to the Company for operations. The advances are due on demand, are unsecured, and are non-interest bearing.

 

For the three and six months ended April 30, 2024, the Company did not incur any fees to Mr. Peter Yip’s companies.

 

For the three months ended April 30, 2023, fees paid to CS Global totaled $101,567 consisting of management fees of $29,873 and office usage and manpower support of $71,694. For the six months ended April 30, 2023, fees paid to CS Global totaled $235,393 consisting of management fees of $59,787, other office usage and manpower support $95,606, and the one-time fee of $80,000.

 

Greenpro Capital Corp., through its wholly owned subsidiaries (collectively “Greenpro”), holds 9,000,000 shares of the Company’s Common Stock, and is currently a 5.83% shareholder of the Company. In addition, three executives of Greenpro who collectively hold 16,000,000 shares of the Company’s Common Stock, are currently 10.36% shareholders of the Company.

 

As of April 30, 2024 and October 31, 2023, the Company prepaid accounting fees to Greenpro of $1,918 and $1,915, respectively.

 

For the three and six months ended April 30, 2024, the Company incurred accounting fees to Greenpro of $5,754 and $14,509, respectively.

 

For the three months ended April 30, 2023, the Company incurred total fees to Greenpro of $5,991, consisting of accounting fees of $5,736 and company secretarial fees of $255, respectively. For the six months ended April 30, 2023, the Company incurred total fees to Greenpro of $18,507, including accounting fees of $16,812, administration fees of $640, advisory fees of $800 and company secretarial fees of $255, respectively.
v3.24.1.1.u2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 6 Months Ended
Apr. 30, 2024
Accounting Policies [Abstract]  
Description of business

Description of business

 

Global Leaders Corporation, a Nevada corporation (the “Company”), is principally engaged in provision of consultancy services to management executives of small and medium enterprises (SMEs) and startup companies in Hong Kong. In the last quarter of 2023, the Company has initiated a comprehensive range of environmental, social, and governance (ESG) and sustainability programs and solutions tailored to the needs of SMEs in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), in response to the growing importance of sustainability. The Company was incorporated in the State of Nevada on July 20, 2020.

 

Mr. Yip Hoi Hing Peter (“Mr. Peter Yip”), founder of the Company, currently holds the positions of Chief Executive Officer, Chief Financial Officer, President, Secretary, Treasurer and Director of the Company, respectively.

 
Inflation and other global risks

Inflation and other global risks

 

As a result of the COVID-19 pandemic and actions taken to slow its spread, the ongoing military conflict between Russia and Ukraine, the armed conflict in Sudan, and other geopolitical and macroeconomic factors beyond our control, the global credit and financial markets have experienced extreme volatility, including diminished liquidity and credit availability, declines in consumer confidence, declines in economic growth, increases in unemployment rates and uncertainty about economic stability.

 

Higher inflation, the actions by the Federal Reserve Bank to address inflation, most notably continuing increases in interest rates, and rising food and energy prices in combination with higher labor costs create uncertainty about the future economic environment. The implications of higher government deficits and debt, tighter monetary policy, and higher long-term interest rates may drive a higher cost of capital for the business and an increase in the Company’s operating expenses. It is possible that deterioration in credit and financial markets and confidence in economic conditions will occur. If equity and credit markets deteriorate, it may affect our ability to raise equity capital, borrow on our existing facilities, access our existing cash, or make any additional necessary debt or equity financing more difficult to obtain, more costly and/or more dilutive.

 

 
Going concern

Going concern

 

The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. As reflected in the accompanying condensed consolidated financial statements, for the six months ended April 30, 2024, the Company incurred a net loss of $29,990 and used cash in operating activities of $39,825 and at April 30, 2024, the Company had a stockholders’ deficit of $58,893. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern within one year of the date that these financial statements are issued. In addition, the Company’s independent registered public accounting firm, in its report on the Company’s October 31, 2023 financial statements, raised substantial doubt about the Company’s ability to continue as a going concern. These financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern. These financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern.

 

As of April 30, 2024, the Company’s cash balance was $59,150. Management estimates that the current funds on hand will be sufficient to continue operations through the next three months. The Company’s ability to continue as a going concern is dependent upon the Company’s ability to implement its business plans and continue receiving financial support from its officers and shareholders. No assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company can obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stockholders, in the case of equity financing.

 
Basis of presentation and consolidation

Basis of presentation and consolidation

 

The accompanying unaudited condensed consolidated financial statements as of and for the three and six months ended April 30, 2024 and 2023, have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. The consolidated balance sheet as of October 31, 2023, included herein was derived from the audited consolidated financial statements as of that date, included in the Company’s Annual Report on Form 10-K filed with the SEC. These financial statements should be read in conjunction with that report.

 

In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods have been included. The results of operations for the interim periods presented are not necessarily indicative of the results of operations to be expected for the full fiscal year ending October 31, 2024.

 

The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Global Leaders Corporation, a company incorporated in Anguilla (“GLC Anguilla”). Intercompany accounts and transactions have been eliminated in consolidation.

 
Use of estimates

Use of estimates

 

The preparation 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, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting year. Actual results could differ from those estimates. Significant estimates include estimates for the accrual of potential liabilities.

 

 
Revenue recognition

Revenue recognition

 

The Company recognizes revenue following the five-step model prescribed by Accounting Standards Codification (ASC) 606, “Revenue from Contracts”, which includes (1) identifying the contracts or agreements with a customer, (2) identifying our performance obligations in the contract or agreement, (3) determining the transaction price, (4) allocating the transaction price to the separate performance obligations, and (5) recognizing revenue as each performance obligation is satisfied. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the services it transfers to its clients.

 

The Company’s revenue consists of revenue from providing educational services (“service revenue”). Revenue is recognized in the period in which the services are delivered, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. The Company offers no discounts, rebates, rights of return, or other allowances to clients which would result in the establishment of reserves against service revenue. Additionally, to date, the Company has not incurred incremental costs in obtaining a client contract.

 
Cash and cash equivalents

Cash and cash equivalents

 

Cash consists of funds on hand and held in bank accounts. Cash equivalents includes demand deposits placed with banks or other financial institutions and all highly liquid investments with original maturities of three months or less, including money market funds. The Company had no cash equivalents as at April 30, 2024 and October 31, 2023.

 

   As of
April 30, 2024		   As of
October 31, 2023		 
   (Unaudited)     
Cash          
Denominated in United States Dollars  $10,381   $707 
Denominated in Hong Kong Dollars   48,769    1,167 
Cash and cash equivalents  $59,150   $1,874 

 

Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash. As of April 30, 2024, substantially all the Company’s cash was held by a major financial institution located in Hong Kong, which management believes is of high credit quality.

 
Fair value measurements

Fair value measurements

 

The Company follows the guidance of ASC 820-10, “Fair Value Measurements and Disclosures”, with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows:

 

Level 1 : Observable inputs such as quoted prices in active markets;

Level 2 : Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

Level 3 : Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions

 

The Company believes the carrying amount reported in the balance sheet for cash and cash equivalents, prepaid expenses and other current assets, accrued liabilities, due to officer/principal shareholder, and due from or due to a related party, approximate their fair values because of the short-term nature of these financial instruments.

 

 
Foreign currency translation

Foreign currency translation

 

The reporting currency of the Company is the United States Dollars (“US$”) and the accompanying consolidated financial statements have been expressed in US$. In addition, the Company’s operating subsidiary uses Hong Kong Dollars (“HK$”) as its functional currency and maintains its books and records in the reporting currency US$, respectively.

 

In general, for consolidation purposes, assets and liabilities of the Company’s subsidiaries whose functional currency is not the 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 of a foreign subsidiary are recorded as a separate component of accumulated other comprehensive income or loss within stockholders’ equity.

 

Translation of amounts from the local currencies of the Company into US$ has been made at the following exchange rates for the period:

 

   As of and for the six months
ended April 30,		 
   2024   2023 
Period-end HK$ : US$1 exchange rate   7.82    7.85 
Period-average HK$ : US$1 exchange rate   7.82    7.83 

 
Net loss per share

Net loss per share

 

The Company calculates net loss per share in accordance with ASC Topic 260, “Earnings per Share.” Basic loss per share is computed by dividing the net income or loss by the weighted-average number of common shares outstanding during the period. Diluted loss per share is computed like basic loss per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive. As of April 30, 2024, the Company has no potentially dilutive securities, such as options or warrants, outstanding.

 
Concentrations

Concentrations

 

For the three and six months ended April 30, 2024, two vendors accounted for 80% (45% and 35%) and three vendors accounted for 90% (34%, 33% and 23%) of the Company’s operating costs and expenses, respectively.

 

For the three and six months ended April 30, 2023, one vendor accounted for 73% and 71% of the Company’s operating costs and expenses, respectively.

 
Recent Accounting Pronouncements

Recent Accounting Pronouncements

 

In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU”). This ASU reduces the number of accounting models for convertible debt instruments and convertible preferred stock and amends the guidance for the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions. In addition, this ASU improves and amends the related earnings per share guidance. This standard becomes effective for the Company beginning on November 1, 2024. Adoption is either a modified retrospective method or a fully retrospective method of transition. The Company adopted this guidance effective November 1, 2023, and the adoption of this standard did not have a material impact on its consolidated financial statements.

 

Other recent accounting guidance issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future financial statements.
v3.24.1.1.u2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 6 Months Ended
Apr. 30, 2024
Accounting Policies [Abstract]  
SCHEDULE OF CASH AND CASH EQUIVALENTS

 

   As of
April 30, 2024		   As of
October 31, 2023		 
   (Unaudited)     
Cash          
Denominated in United States Dollars  $10,381   $707 
Denominated in Hong Kong Dollars   48,769    1,167 
Cash and cash equivalents  $59,150   $1,874 
SCHEDULE OF FOREIGN CURRENCY TRANSLATION

Translation of amounts from the local currencies of the Company into US$ has been made at the following exchange rates for the period:

 

   As of and for the six months
ended April 30,		 
   2024   2023 
Period-end HK$ : US$1 exchange rate   7.82    7.85 
Period-average HK$ : US$1 exchange rate   7.82    7.83 
v3.24.1.1.u2
SCHEDULE OF CASH AND CASH EQUIVALENTS (Details) - USD ($)
Apr. 30, 2024
Oct. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Cash and cash equivalents $ 59,150 $ 1,874
United States of America, Dollars    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Cash and cash equivalents 10,381 707
Hong Kong, Dollars    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Cash and cash equivalents $ 48,769 $ 1,167
v3.24.1.1.u2
SCHEDULE OF FOREIGN CURRENCY TRANSLATION (Details)
Apr. 30, 2024
Apr. 30, 2023
Period-End HK$ : US$1 Exchange Rate [Member]    
Trading Activity, Gains and Losses, Net [Line Items]    
Exchange rate 7.82 7.85
Period-Average HK$ : US$1 Exchange Rate [Member]    
Trading Activity, Gains and Losses, Net [Line Items]    
Exchange rate 7.82 7.83
v3.24.1.1.u2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
 3 Months Ended 6 Months Ended
Apr. 30, 2024
Apr. 30, 2023
Apr. 30, 2024
Apr. 30, 2023
Jan. 31, 2024
Oct. 31, 2023
Jan. 31, 2023
Oct. 31, 2022
Product Information [Line Items]                
Net loss $ (7,770) $ (138,261) $ (29,990) $ (330,705)        
Net cash provided by (used in) operating activities     (39,825) (335,465)        
Stockholders equity (58,893) $ 140,836 (58,893) $ 140,836 $ (51,123) $ (28,903) $ 279,097 $ (63,459)
Cash balance 59,150   59,150          
Cash equivalents at carrying value $ 0   $ 0     $ 0    
Operating Expense [Member] | Supplier Concentration Risk [Member] | Two Vendor [Member]                
Product Information [Line Items]                
Concentration risk percentage 80.00%              
Operating Expense [Member] | Supplier Concentration Risk [Member] | Vendor One [Member]                
Product Information [Line Items]                
Concentration risk percentage 45.00% 73.00% 34.00%          
Operating Expense [Member] | Supplier Concentration Risk [Member] | Vendor Two [Member]                
Product Information [Line Items]                
Concentration risk percentage 35.00%   33.00% 71.00%        
Operating Expense [Member] | Supplier Concentration Risk [Member] | Three Vendors [Member]                
Product Information [Line Items]                
Concentration risk percentage     90.00%          
Operating Expense [Member] | Supplier Concentration Risk [Member] | Vendor Three [Member]                
Product Information [Line Items]                
Concentration risk percentage     23.00%          
v3.24.1.1.u2
STOCKHOLDERS DEFICIT (Details Narrative) - USD ($)
 1 Months Ended 6 Months Ended
Nov. 30, 2022
Apr. 30, 2024
Apr. 30, 2023
Subsidiary, Sale of Stock [Line Items]      
Proceeds from issuance of private placement   $ 535,000
Private Placement [Member] | Restricted Stock [Member] | Eighteen Individuals [Member]      
Subsidiary, Sale of Stock [Line Items]      
Number of shares sold, shares 668,750    
Sale of stock, price per share $ 0.80    
Proceeds from issuance of private placement $ 535,000    
v3.24.1.1.u2
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)
 3 Months Ended 6 Months Ended
Apr. 30, 2024
Apr. 30, 2023
Apr. 30, 2024
Apr. 30, 2023
Oct. 31, 2023
Related Party Transaction [Line Items]          
Share based compensation Arrangement by share based payment award     105,350,000    
CS Global Consultancy Limited [Member]          
Related Party Transaction [Line Items]          
Professional Fees   $ 101,567   $ 235,393  
Management Fee Expense   29,873   59,787  
Labor and Related Expense   71,694   95,606  
Legal Fees       80,000  
Related Party [Member]          
Related Party Transaction [Line Items]          
Other liabilities current $ 122,664   $ 122,664   $ 25,563
Greenpro Capital Corp [Member]          
Related Party Transaction [Line Items]          
Equity method investment, ownership percentage 5.83%   5.83%    
Professional Fees   5,991   18,507  
Shares issued 9,000,000   9,000,000    
Prepaid accounting fees $ 1,918   $ 1,918   $ 1,915
Accounting fees $ 5,754 5,736 $ 14,509 16,812  
[custom:SecretarialFees]   $ 255   255  
Administrative Fees Expense       640  
[custom:AdvisoryFeesExpense]       $ 800  
Greenpro Capital Corp [Member] | Three Executives [Member]          
Related Party Transaction [Line Items]          
Equity method investment, ownership percentage 10.36%   10.36%    
Shares issued 16,000,000   16,000,000    
Restricted Stock [Member] | Mr Peter Yip and His Spouse [Member]          
Related Party Transaction [Line Items]          
Equity method investment, ownership percentage 68.23%   68.23%    
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