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 October 31, 2024
☐ Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from __________ to __________
Registration No. 333-254750
GLIDELOGIC CORP.
(Exact name of registrant as specified in its charter)
Nevada
|
| 98-1575837
|
| 7371
|
State or Other Jurisdiction of
|
| IRS Employer
|
| Primary Standard Industrial
|
Incorporation or Organization
|
| Identification Number
|
| Classification Code Number
|
11264 Playa Court
Culver City, CA 90230
Tel. (310) 397-2300
Email: info@glidelogic.ai
(Address and telephone number of principal executive offices)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 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”, “smaller reporting company” and “emerging growth 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 7(a)(2)(B) of the Securities Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐ No ☒
State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date: 66,599,350 common shares issued and outstanding as of December 12, 2024.
GLIDELOGIC CORP.
QUARTERLY REPORT ON FORM 10-Q
TABLE OF CONTENTS
i
PART 1 – FINANCIAL INFORMATION
Item 1. Financial Statements
The accompanying interim financial statements of Glidelogic Corp. (“the Company”, “we”, “us” or “our”), have been prepared without audit pursuant to the rules and regulations of the Securities and Exchange Commission.
The interim financial statements are condensed and should be read in conjunction with the company’s latest annual financial statements.
In the opinion of management, the financial statements contain all material adjustments, consisting only of normal adjustments considered necessary to present fairly the financial condition, results of operations, and cash flows of the Company for the interim periods presented.
1
GLIDELOGIC CORP.
BALANCE SHEETS
As of October 31, 2024 (Unaudited) and January 31, 2024 (Audited)
|
| October 31, 2024
(Unaudited)
|
| January 31, 2024
(Audited)
|
ASSETS
|
|
|
|
|
Current Assets
|
|
|
|
|
Cash and Cash Equivalents
| $
| 1,855
| $
| 199
|
Accounts Receivable from Related Party
|
| -
|
| 1,416
|
Total Current Assets
|
| 1,855
|
| 1,615
|
|
|
|
|
|
Fixed Assets
|
|
|
|
|
Equipment, net
|
| 3,018
|
| 3,333
|
Total Fixed Assets
|
| 3,018
|
| 3,333
|
|
|
|
|
|
Total Assets
| $
| 4,873
| $
| 4,948
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
Current Liabilities
|
|
|
|
|
Accounts Payable
| $
| -
| $
| 9,782
|
Loan Payable (to Parent Company)
|
| 5,000
|
| 5,000
|
Note Payable (to Ma)
|
| -
|
| -
|
Note Payable (to Xue)
|
| 17,132
|
| -
|
SLI Loan Payable
|
| -
|
| -
|
Total Current Liabilities
|
| 22,132
|
| 14,782
|
|
|
|
|
|
Total Liabilities
| $
| 22,132
| $
| 14,782
|
|
|
|
|
|
Commitments and Contingencies
|
| -
|
| -
|
|
|
|
|
|
Stockholders’ Equity
|
|
|
|
|
Common stock, par value $0.001; 75,000,000 shares authorized, 66,593,750 shares issued and outstanding as of October 31, 2024; and 66,593,750 shares issued and outstanding as of January 31, 2024
|
| 66,594
|
| 66,594
|
Retained Earnings
|
| (83,853)
|
| (76,428)
|
Total Stockholders’ Equity
|
| (17,259)
|
| (9,834)
|
Total Liabilities and Stockholders’ Equity
| $
| 4,873
| $
| 4,948
|
See accompanying notes, which are an integral part of these financial statements
2
GLIDELOGIC CORP.
STATEMENTS OF OPERATIONS
For the three months and nine months ended October 31, 2024, and 2023 (Unaudited)
|
| For the three
months ended
October 31, 2024
|
| For the three
months ended
October 31, 2023
|
| For the nine
months ended
October 31, 2024
|
| For the nine
months ended
October 31, 2023
|
|
|
|
|
|
|
|
|
|
REVENUES
| $
| 21,551
| $
| -
| $
| 22,938
| $
| 30,000
|
Cost of goods
|
| -
|
| -
|
| -
|
| -
|
Gross Profit
|
| 21,551
|
| -
|
| 22,938
|
| 30,000
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES
|
|
|
|
|
|
|
|
|
General and Administrative Expenses
|
| (10,231)
|
| (10,773)
|
| (30,363)
|
| (43,675)
|
TOTAL OPERATING EXPENSES
|
| (10,231)
|
| (10,773)
|
| (30,363)
|
| (43,675)
|
|
|
|
|
|
|
|
|
|
NET INCOME/(LOSS) FROM OPERATIONS
|
| 11,320
|
| (10,773)
|
| (7,425)
|
| (13,675)
|
|
|
|
|
|
|
|
|
|
OTHER INCOME/EXPENSE
|
| -
|
| -
|
| -
|
| 6,010
|
|
|
|
|
|
|
|
|
|
NET (LOSS)/INCOME
|
| 11,320
|
| (10,773)
|
| (7,425)
|
| (7,665)
|
|
|
|
|
|
|
|
|
|
PROVISION FOR INCOME TAXES
|
| -
|
| -
|
| -
|
| -
|
|
|
|
|
|
|
|
|
|
NET (LOSS)/INCOME
| $
| 11,320
| $
| (10,773)
| $
| (7,425)
| $
| (7,665)
|
|
|
|
|
|
|
|
|
|
NET INCOME PER SHARE: BASIC AND DILUTED
| $
| 0.00
| $
| 0.00
| $
| 0.00
| $
| 0.00
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED
|
| 66,593,750
|
| 66,593,750
|
| 66,593,750
|
| 66,593,750
|
|
|
|
|
|
|
|
|
|
See accompanying notes, which are an integral part of these financial statements
3
GLIDELOGIC CORP.
STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
For the three and nine months ended October 31, 2024, and 2023 (Unaudited)
| Common Stock
|
| Retained
|
| Total Stockholders’
|
Shares
|
| Amount
| Earnings
| Equity (Deficit)
|
|
|
|
|
|
|
|
|
Balance, July 31, 2023
| 66,593,750
| $
| 66,594
| $
| (51,196)
| $
| 15,398
|
Net income for the three months ended
October 31, 2023
| -
|
| -
|
| (10,773)
|
| (10,773)
|
Balance, October 31, 2023
| 66,593,750
| $
| 66,594
| $
| (61,969)
| $
| 4,625
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, July 31, 2024
| 66,593,750
| $
| 66,594
| $
| (95,173)
| $
| (28,579)
|
Net loss for the three months ended
October 31, 2024
| -
|
| -
|
| 11,320
|
| 11,320
|
Balance, October 31, 2024
| 66,593,750
| $
| 66,594
| $
| (83,853)
| $
| (17,259)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, January 31, 2023
| 66,593,750
| $
| 66,594
| $
| (54,304)
| $
| 12,290
|
Net income for the nine months ended
October 31, 2023
| -
|
| -
|
| (7,665)
|
| (7,665)
|
Balance, October 31, 2023
| 66,593,750
| $
| 66,594
| $
| (61,969)
| $
| 4,625
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, January 31, 2024
| 66,593,750
| $
| 66,594
| $
| (76,428)
| $
| (9,834)
|
Net loss for the nine months ended
October 31, 2024
| -
|
| -
|
| (7,425)
|
| (7,425)
|
Balance, October 31, 2024
| 66,593,750
| $
| 66,594
| $
| (83,853)
| $
| (17,259)
|
See accompanying notes, which are an integral part of these financial statements
4
GLIDELOGIC CORP.
STATEMENTS OF CASH FLOWS
For the nine months ended October 31, 2024, and 2023 (Unaudited)
|
| For the nine
months ended
October 31, 2024
|
| For the nine
months ended
October 31, 2023
|
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
|
Net Income/(Loss)
| $
| (7,425)
| $
| (7,665)
|
Adjustments to reconcile net loss to net cash provided by operations:
|
|
|
|
|
Accounts Payable
|
| (9,782)
|
| -
|
Accounts Receivable from Related Party
|
| 1,416
|
| (3,416)
|
Depreciation Expense
|
| 315
|
| 315
|
CASH FLOWS USED BY OPERATING ACTIVITIES
| $
| (15,476)
| $
| (10,766)
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES
|
| -
|
| -
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
Loan Payable
|
| -
|
| (6,010)
|
Loan Payable (to Parent Company)
|
| -
|
| 5,000
|
Note Payable (to Xue)
|
| 17,132
|
| -
|
CASH FLOWS PROVIDED (USED) BY FINANCING ACTIVITIES
|
| 17,132
|
| (1,010)
|
NET CHANGE IN CASH
| $
| 1,656
| $
| (11,776)
|
|
|
|
|
|
Cash, beginning of period
|
| 199
|
| 14,547
|
Cash, end of period
| $
| 1,855
| $
| 2,771
|
|
|
|
|
|
SUPPLEMENTAL CASH FLOW INFORMATION:
|
|
|
|
|
Interest paid
| $
| -
| $
| -
|
Income taxes paid
| $
| -
| $
| -
|
|
|
|
|
|
See accompanying notes, which are an integral part of these financial statements
5
GLIDELOGIC CORP.
NOTES TO THE FINANCIAL STATEMENTS
As at October 31, 2024 (Unaudited)
1.ORGANIZATION AND NATURE OF BUSINESS
GLIDELOGIC CORP. (“the Company”) was incorporated in the State of Nevada on December 11, 2020. The Company is a diversified software development and consulting firm specializing in the development of AI-based software, financial technologies (fintech) software, and blockchain technologies related software solutions. Additionally, the Company offers consulting services to business customers and retail customers for these three areas as well. The Company's headquarters is located at 11264 Playa Court, Culver City, California, United States. The Company engages with customers and vendors both within and outside of the United States. The Company location is at 11264 Playa Court, Culver City, California of the United States. The Company's customers and vendors are located both within and outside of the United States.
2.GOING CONCERN
The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”), which contemplate continuation of the Company as a going concern. The Company had $22,938 revenues for the nine months ended October 31, 2024. The Company has had income in current year but has not completed its efforts to establish a stabilized source of revenue sufficient to cover operating costs over an extended period. Therefore, there is substantial doubt about the Company’s ability to continue as a going concern. Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses. The Company intends to position itself so that it will be able to raise additional funds through the capital markets. Considering management’s efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern.
3.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of presentation
The accompanying financial statements have been prepared in accordance with GAAP and should be read in conjunction with our audited financial statements included in our Annual Report on Form 10-K for the year ended January 31, 2024, and not indicative of future results.
The Company’s year-end is January 31.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. Due to the limited level of operations, the Company has not had to make material assumptions or estimates other than the assumption that the Company is a going concern.
Reclassification of Prior Period Amounts
Certain amounts in the prior period have been reclassified to conform with the current period presentation in the statement of cash flows. These reclassifications had no effect on the previously reported net cash provided by (used in) operating, investing, or financing activities, or on the balance sheets or statements of operations.
Cash and Cash Equivalents
The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents.
6
Income Taxes
Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for deferred tax assets that, based on available evidence, are not expected to be realized.
Fair Value of Financial Instruments
ASC 825, “Disclosures about Fair Value of Financial Instruments”, requires disclosure of fair value information about financial instruments. ASC 820, “Fair Value Measurements” defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of October 31, 2024.
The respective carrying values of certain on-balance-sheet financial instruments approximate their fair values. These financial instruments include cash and related party loan payable. Fair values were assumed to approximate carrying values for these financial instruments since they are short term in nature and their carrying amounts approximate fair value.
Accounts Receivable and Expected Credit Loss
In accordance with ASC 326, "Measurement of Credit Losses on Financial Instruments", accounts receivable are recognized upon delivery of goods or services. The Company adopts the Current Expected Credit Loss (CECL) model, which necessitates the recognition of expected credit losses over the life of the asset. This model incorporates historical data, current conditions, and reasonable future forecasts. Accounts deemed uncollectible are written off against the allowance for doubtful accounts. As of October 31, 2024, the Company has assessed its accounts receivable for impairment under the CECL model and has made appropriate adjustments in line with GAAP standards.
Stock-Based Compensation
As of October 31, 2024, the Company has not issued any stock-based payments to its employees. Stock-based compensation is accounted for at fair value in accordance with ASC 718, when applicable. To date, the Company has not adopted a stock option plan and has not granted any stock options.
Fixed Assets
Equipment is stated at cost, net of accumulated depreciation. The cost of equipment is depreciated using the straight-line method over five years. Expenditures for maintenance and repairs are charged to expense as incurred. Additions, major renewals, and replacements that increase the equipment's useful life are capitalized. Equipment sold or retired, together with the related accumulated depreciation is removed from the appropriated accounts and the resultant gain or loss is included in net income.
Revenue Recognition
The Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) 606, “Revenue from Contracts with Customers”. ASC 606 adoption is on February 1, 2018. The core principle of ASC 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.
GLIDELOGIC CORP. recognizes revenue in accordance with this core principle by applying the following steps:
Step 1: Identifying the contract(s) with the customer.
Step 2: Identifying the performance obligation to satisfy the contract.
Step 3: Determining the transaction price.
Step 4: Allocate the transaction price to the performance obligations in the contract.
Step 5: Revenue recognition.
The Company's revenues are bifurcated into two categories: software and services including commission or rebates derived from providing such services. Revenues from software are recognized at a point-in-time as
7
ownership is transferred to the customer at a distinct point in time, in accordance with the terms of the contract. For services, revenue is recognized over time as the services are rendered and milestones are achieved, pursuant to the terms specified in the service agreement. Revenue related to commissions and rebates is recognized after the end of the reporting quarter during which the related services are provided. The determination of commission and rebate amounts is contingent upon the aggregate transaction data for the completed quarter, such as the total amount spent by each client. As a result, these amounts are typically calculated and finalized in the subsequent quarter, or later, depending on the timing of data reconciliation and processing by the platform and its primary agency.
The Company shall not be liable for any failure to perform its obligations, whether related to software or services, if such failure is due to circumstances beyond its reasonable control. Any liability of the Company shall be limited to the total of all amounts paid by the customer for software and/or services under the contract.
Payment Terms: The Company plans to collect payment from customers prior to transferring ownership of the software and may require deposits from customers at the time an order is placed. When deposits are collected prior to transferring ownership of the software, the Company recognizes deferred revenue until the transfer is made. Similarly, for services, the Company may require an upfront retainer or periodic payments, as outlined in the service agreement. Any prepaid amounts for services will be recognized as deferred revenue until the services are rendered. The Company plans to collect payment from customers prior to transferring ownership of the software and may require deposits from customers at the time an order is placed. When deposits are collected prior to transferring ownership of the software, the Company recognizes deferred revenue until the transfer is made. Similarly, for services, the Company may require an upfront retainer or periodic payments, as outlined in the service agreement. Any prepaid amounts for services will be recognized as deferred revenue until the services are rendered. For commission and rebate revenue, payments are typically received after the commission and rebate amounts are determined. Depending on the speed of processing by the paying party, the Company generally receives these payments in the quarter following the quarter in which the related services were provided.
Nonmonetary Exchange Contracts: The Company accepts barter contracts and recognizes any revenue originating from such contracts, whether related to software or services, if a barter agreement is made between both parties.
The following are details pertaining to the Company’s most recent nonmonetary exchange contract and its revenue recognition procedure:
During fiscal quarter ending July 31, 2023, the Company rendered services to Streamline USA, Inc. (“Streamline” or “SLI”). These services are depicted in the following 2 key points:
§The objective is to provide a one-time, comprehensive consulting service aimed at integrating Artificial Intelligence (AI) and Real-World Asset tokenization in Streamline's entertainment marketing operations.
§The duration of the service is designed to be a one-time consultation, providing Streamline with a comprehensive strategy and actionable insights. At the end of the consultation, a detailed report summarizing findings, recommendations, and implementation guidelines will be provided to Streamline.
The services rendered created a nonmonetary exchange invoice for $30,000. Consequently, the Company entered into a Nonmonetary Exchange Agreement with Streamline USA, Inc. as depicted below:
§The Company is to provide to Streamline USA, Inc. the equivalent of Thirty Thousand Dollars ($30,000) in Artificial Intelligence (AI) technology time (the “AI Time Credit").
As of October 31, 2024, the nonmonetary exchange invoice above is fully paid as depicted in the Accounts Receivable section of this report.
As the Company recently became a secondary agent for the TikTok advertisement placement, in October, Glidelogic Corp. received $17,685.12 rebate from the primary agent for the advertisement of various clients’ placements on TikTok during Q2, 2024.
8
Cost of Goods Sold
Cost of goods sold includes direct costs of selling items.
Recent Accounting Pronouncements
We have reviewed all the recently issued, but not yet effective and thus not disclosed here, accounting pronouncements and we do not believe any of those pronouncements will have a material impact on the Company’s financial position, results of operations or cash flows.
Basic Income (Loss) Per Share
The Company computes income (loss) per share in accordance with ASC 260 “Earnings per Share”. Basic loss per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. As of October 31, 2024, there were no potentially dilutive debt or equity instruments issued or outstanding.
4.Accounts Receivable
Accounts receivables are stated at their carrying values, net of a reserve for doubtful accounts.
During the fiscal quarter of July 31, 2023, the Company rendered services to Streamline USA, Inc. (“Streamline” or “SLI”). This created a Nonmonetary Exchange Invoice for $30,000. Consequently, the Company entered into a Nonmonetary Exchange Agreement with Streamline USA, Inc. as depicted below:
§The Company is to provide to Streamline USA, Inc. the equivalent of Thirty Thousand Dollars ($30,000) in Artificial Intelligence (AI) technology time (the “AI Time Credit").
§The Company offsets “Accounts Receivable due from” and “SLI Note Payable due to” until the full amount of $30,000 is counterbalanced.
§The $30,000 is to be counterbalanced by the total loan offset amounts which are equivalent to loan repayments from Streamline USA, Inc. to Glidelogic Corp. to suffice the SLI Note Payable.
For the three months ended April 30, 2024, the total loan offset amounts were $1,416 (as portrayed below). Therefore, as of October 31, 2024, the Company had Accounts Receivable of $0 which resulted from the total loan offset amounts that are deemed as loan repayments to the SLI Note Payable.
Accounts Receivable due
(Nonmonetary Exchange Invoice Amount)
|
| $ 30,000
|
SLI Note Payable due (Loan Offset Amounts from prior fiscal quarters)
| $ (28,584)
|
|
SLI Note Payable due (Loan Offset Amount from fiscal quarter ending April 30, 2024)
| (1,416)
|
|
Total Loan Offset Amounts
|
| (30,000)
|
A/R Net Due to Glidelogic Corp.
|
| $ -
|
As of October 31, 2024, the Accounts Receivable net due to the Company has been fully paid with the nonmonetary exchange invoice amount stated above.
9
5.FIXED ASSETS
|
| Equipment
| Website
| Total
|
Cost
|
|
|
|
|
As of January 31, 2024
| $
| 4,453
| -
| 4,453
|
Additions
|
| -
| -
| -
|
Disposals
|
| -
| -
| -
|
As of October 31, 2024
| $
| 4,453
| -
| 4,453
|
|
|
|
|
|
Depreciation
|
|
|
|
|
As of January 31, 2024
| $
| (1,120)
| -
| (1,120)
|
Change for the period
|
| (315)
| -
| (315)
|
As of October 31, 2024
| $
| (1,435)
| -
| (1,435)
|
|
|
|
|
|
Net book value
| $
| 3,018
| -
| 3,018
|
|
| Equipment
| Website
| Total
|
Cost
|
|
|
|
|
As at January 31, 2023
| $
| 4,453
| 4,500
| 8,953
|
Additions
|
| -
| -
| -
|
Disposals
|
| -
| (4,500)
| (4,500)
|
As at January 31, 2024
| $
| 4,453
| -
| 4,453
|
|
|
|
|
|
Depreciation/Amortization
|
|
|
|
|
As at January 31, 2023
|
| (700)
| (4,500)
| (5,200)
|
Change for the period
|
| (420)
| 4,500
| 4,080
|
As at January 31, 2024
| $
| (1,120)
| -
| (1,120)
|
|
|
|
|
|
Net book value
| $
| 3,333
| -
| 3,333
|
6.RELATED PARTY TRANSACTIONS
In terms of related party transactions, Streamline and Glidelogic Corp. share the same ultimate controlling persons – Mr. Dapeng Ma and Mr. Yitian Xue. While they hold majority interest in Streamline, together they own 100% of Star Success Business, LLC, which owns 75% of Glidelogic’s interest.
Thus, the related party transactions are as follows:
1)For the nine months ended October 31, 2024, Streamline USA, Inc. loaned to Glidelogic Corp. a few different times.
a.In March $3,200 was loaned to Glidelogic Corp.
b.In April, an additional $1,000 was loaned to Glidelogic Corp.
c.In July, an additional $5,755 was loaned to Glidelogic Corp. This amount consists of 2 instances occurring on July 11, 2024: $2,755 & $3,000 respectively.
d.In October a total of $2,716 was loaned to Glidelogic Corp. This amount consists of 2 different amounts on 2 different dates. The first amount was $666 loaned on October 9, 2024. The second amount was $2,050 loaned on October 28, 2024.
Thus, for the nine months ended October 31, 2024, the SLI Note Payable balance increased to $12,671 for a short term.
For the nine months ended October 31, 2024, the SLI Note Payable was partially paid on 03/21/2024 with the remaining portion of the nonmonetary exchange invoice amount of $1,416 depicted in the Accounts Receivable section.
Furthermore, during this fiscal quarter 2 loan payback payments were made. The first loan payback payment was for $10,589 on October 29, 2024. The second loan payback payment was for $666 on October 31, 2024.
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These 2 loan payback payments settled the loan in its entirety. The following tables depict the breakdown of the payoff:
Note Payable to SLI
| $12,671
|
Paid on 03/21/2024 by the remaining portion of the nonmonetary exchange invoice amount from A/R)
| (1,416)
|
Sub-total of SLI Note Payable as of 04/30/2024
| $11,255
|
Loan Payback Payment made on 10/29/2024
| (10,589)
|
Loan Payback Payment made on 10/31/2024
| (666)
|
Total SLI Note Payable as of 10/31/2024
| $0.00
|
Date
| Details
| Amount
| Int. Accrue Starting
|
2024/03/21
| Loan to GDLG
| $3,200.00
| 2025/02/01
|
2024/03/21
| Loan to GDLG
| ($1,416.23)
| 2025/02/01
|
2024/04/08
| Loan to GDLG
| $1,000.00
| 2025/02/01
|
2024/07/11
| Loan to GDLG
| $2,755.00
| 2025/02/01
|
2024/07/11
| Loan to GDLG
| $3,000.00
| 2025/02/01
|
2024/10/09
| Loan to GDLG
| $666.25
| 2025/02/01
|
2024/10/28
| Loan to GDLG
| $2,050.00
| 2025/02/01
|
2024/10/29
| Loan to GDLG
| ($10,588.77)
| 2025/02/01
|
2024/10/31
| Loan to GDLG
| ($666.25)
| 2025/02/01
|
|
|
|
|
Total Loan Amount as of 10/31/2024
| $0.00
|
|
It should be noted that on April 30, 2024, the term of the loan was extended to April 30, 2025, through Amendment to the original Loan Agreement between Streamline and GDLG. Based on the amended agreement, regardless of when the loan is received by GDLG, the loan is interest free through January 31, 2025. After that, the simple interest rate of 3% per annum applies. Interest is based on a full year (365 days) consisting of twelve months. Interest will accrue starting February 1, 2025, until repayment of the loan.
However, as of October 31, 2024, the balance of this loan is $0.
2)For the nine months ended October 31, 2024, Mr. Dapeng Ma (director of the Company) loaned $4,500 to the Company and within the fiscal quarter this loan was paid off as depicted below:
Date
| Details
| Amount
| Int. Accrue Starting
|
2024/04/30
| Loan to GDLG
| $500.00
| 2025/02/01
|
2024/09/16
| Loan to GDLG
| $1,000.00
| 2025/02/01
|
2024/10/01
| Loan to GDLG
| $3,000.00
| 2025/02/01
|
2024/10/29
| Loan to GDLG
| ($4,500.00)
| 2025/02/01
|
|
|
|
|
Total Loan Amount as of 10/31/2024
| $0.00
|
|
It should be noted that on April 1, 2024, Glidelogic Corp entered into a Loan Agreement with Dapeng Ma. Based on the agreement, regardless of when the loan is received by GDLG, the loan is interest free through January 31, 2025. After that, the simple interest rate of 3% per annum applies. Interest is based on a full year (365 days) consisting of twelve months. Interest will accrue starting February 1, 2025, until repayment of the loan.
However, as of October 31, 2024, the balance of this loan is $0.
11
3)For the nine months ended October 31, 2024, Mr. Yitian Xue (director of the Company) loaned $17,132 to the Company as listed below:
Date
| Details
| Amount
| Int. Accrue Starting
|
2024/04/30
| Loan to GDLG
| $165.00
| 2025/02/01
|
2024/05/01
| Loan to GDLG
| $11,865.00
| 2025/02/01
|
2024/05/20
| Loan to GDLG
| $602.00
| 2025/02/01
|
2024/05/20
| Loan to GDLG
| $500.00
| 2025/02/01
|
2024/06/12
| Loan to GDLG
| $3,500.00
| 2025/02/01
|
2024/07/03
| Loan to GDLG
| $500.00
| 2025/02/01
|
|
|
|
|
Total Loan Amount as of 10/31/2024
| $17,132.00
|
|
It should be noted that on April 1, 2024, Glidelogic Corp entered into a Loan Agreement with Yitian Xue. Based on the agreement, regardless of when the loan is received by GDLG, the loan is interest free through January 31, 2025. After that, the simple interest rate of 3% per annum applies. Interest is based on a full year (365 days) consisting of twelve months. Interest will accrue starting February 1, 2025, until repayment of the loan.
As of October 31, 2024, the balance of the loan is still $17,132 as there has been no payments made.
4)As of October 31, 2024, Parent company Star Success Business, LLC (SSB) still has an inter-company loan agreement with Glidelogic Corp. (GDLG). The total principal loan amount from SSB to GLDG is $5,000 as shown in the table below:
Date
| Details
| Amount
| Int. Accrue Starting
|
2023/10/10
| Loan to GDLG
| $3,000.00
| 2025/02/01
|
2023/10/16
| Loan to GDLG
| $2,000.00
| 2025/02/01
|
|
|
|
|
Total Loan Amount as of 10/31/2024
| $5,000.00
|
|
It should be noted that on April 30, 2024, the term of the loan was extended to April 30, 2025, through Amendment to the original Loan Agreement. Based on the amended agreement, regardless of when the loan is received by GDLG, the loan is interest free through January 31, 2025. After that, the simple interest rate of 3% per annum applies. Interest is based on a full year (365 days) consisting of twelve months. Interest will accrue starting February 1, 2025, until repayment of the loan.
As of October 31, 2024, the balance is still $5,000 as there has been no payments made.
7.COMMON STOCK
The Company has 75,000,000, $0.001 par value shares of common stock authorized. In August 2023, the company effected 25 to 1 forward stock split of its common stock. As a result, there were 66,593,750 shares of common stock issued and outstanding as of October 31, 2024.
8.COMMITMENTS AND CONTINGENCIES
From time-to-time, the Company is subject to various litigation and other claims in the normal course of business. The Company establishes liabilities in connection with legal actions that management deems to be probable and estimable (if any). No such event or amounts have been accrued in the financial statements with respect to any litigation or other claim matters.
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9.INCOME TAXES
The Company adopted the provisions of uncertain tax positions as addressed in ASC 740 “Income Taxes” (“ASC 740”). As a result of the implementation of ASC 740, the Company recognized no increase in the liability for unrecognized tax benefits. As of October 31, 2024, the Company had net operating loss carry forwards of approximately $45,809 that may be available to reduce future years’ taxable income in varying amounts indefinitely. Future tax benefits which may arise because of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards.
The income tax valuation allowance as of October 31, 2024, was approximately $9,620. The net change in income tax valuation allowance from January 31, 2024, through October 31, 2024, was $1,559. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all the deferred income tax assets will not be realized.
The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred income tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based on consideration of these items, management has determined that enough uncertainty exists relative to the realization of the deferred income tax asset balances to warrant the application of a full valuation allowance as of October 31, 2024. All tax years since inception remain open for examination by taxing authorities.
The provision for Federal income tax consists of the following:
The related deferred tax benefits for the above unused tax losses have not been fully recognized as it is not reasonably certain that they will be realized. Management has evaluated tax positions in accordance with ASC 740 and has not identified any significant tax positions, other than those disclosed.
10.SUBSEQUENT EVENTS
On November 6, 2024, Glidelogic Corp. filed a Form S-8 with the U.S. Securities and Exchange Commission (SEC) to announce the issuance of 2,000,000 shares of common stock as service shares. To express appreciation and strengthen business relationships aimed at expanding collaborations within TikTok’s business ecosystem, a portion of these service shares has been allocated as bonus shares to various individuals who have provided support and services to the Company without charge. These services include, but are not limited to, technical and training support, traffic advertisement placement consulting, client relationship management, KOL and KOC recruitment, live streaming host contributions, and operational and compliance support.
Between November 8, 2024, and the date of this filing, a total of 28 individuals have received 200 bonus shares each, amounting to an aggregate of 5,600 shares. The total cost basis of these shares is $4,756, determined based on the fair market value of the stock on the respective grant dates. As of the date of this filing, the total outstanding shares are 66,599,350.
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On November 14, 2024, Mr. Dapeng Ma, as the Director of Glidelogic Corp., made a $5,000 loan to the Company to support its daily operation. This is within the Loan Agreement which was updated between Mr. Dapeng Ma and the Company on April 1, 2024.
Furthermore, on December 5, 2024, Glidelogic Corp. submitted its application for OTCQB listing. This move reflects the Company’s commitment to enhancing transparency and expanding market visibility, providing greater access to a broader investor base, and aligning with its growth objectives.
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
A CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This prospectus contains forward-looking statements which relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including the risks in the section entitled “Risk Factors,” that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.
While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested herein. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results.
DESCRIPTION OF BUSINESS
GENERAL
Our company is a diversified software development and consulting firm, pushing the frontiers of technological innovation in Artificial Intelligence (“AI”), financial technologies (“FinTech”), and blockchain. We offer consulting services for these three areas as well. In addition, we are planning on expanding into the proprietary trading business along with the related consulting service. Our business address is 11264 Playa Court, Culver City, CA 90230. Our phone number is (310) 397-2300. We expect we may fail to achieve profitability which may result in ceasing operations due to lack of funding.
AI Solutions and Entertainment Marketing:
The Company has initiated the provision of AI solutions for cross-border e-commerce clients. These services include selecting Key Opinion Leaders (KOLs), designing scripts for live-streaming sales, and creating content for short videos. The revenue from these services is obtained through the Company's collaboration with TikTok. As a TikTok Affiliate Partner (TAP) and TikTok Shop Partner (TSP), the Company receives a share of the sales generated by e-commerce clients' products sold through their TikTok shops. This partnership ensures the stability and reliability of the Company's revenue stream, minimizing the risk of payment delays. The Company has also joined the TikTok Live Creator Network. Consequently, in addition to its e-commerce business, the Company plans to apply AI to entertainment live streaming (including gaming live streams) and leverage it to generate revenue for the Company. In addition, the Company recently became a secondary agency for TikTok traffic ad placement. Through the provision of AI-assisted consulting services to clients, focused on ad placement strategy, the Company aims to enhance client value. In return, the Company generates revenue through consulting fees from clients and ad placement commissions from TikTok.
FinTech Innovations:
In the FinTech sector, our team is transitioning into providing consulting services to cross-border e-commerce payment service providers. Additionally, the Company offers custom software development and white-label solution services.
In addition, the Company is developing its own cryptocurrency market trading strategies for proprietary trading, as well as designing trading strategy advisory services for clients.
14
Blockchain Developments:
As for our endeavours in blockchain technology, our two principal controllers have recently been awarded a patent for customized NFTs in early 2024, underscoring our commitment to intellectual property and innovation. Building on this momentum, our company has laid out plans for product development in the Web3 space this year, signalling our entrance into the next evolution of the internet with a focus on decentralized products and services.
In addition, Real World Assets (RWA), as a trending topic in blockchain, has seen the Company actively involved in three key areas: (1) research related to RWA compliance, (2) development of software infrastructure, and (3) identification of assets suitable for RWA tokenization. The Company has also completed the software, tools, and related technical preparations necessary for crypto algorithmic trading of RWA and other alternative tokens. Furthermore, the Company is developing its own cryptocurrency market trading strategies for proprietary trading and designing trading strategy advisory services for clients, further expanding its capabilities in the blockchain ecosystem.
Each of these pillars – AI, FinTech, and blockchain – not only represents a core competence of our company but also synergizes to create a holistic, technologically advanced suite of solutions and consulting services. We remain devoted to leading the way in these dynamic fields, fostering growth and delivering value to our clients through relentless innovation and expertise. Furthermore, we look forward to integrating and developing a comprehensive framework combining AI, FinTech, and blockchain, focusing on an AI-based algorithmic trading framework in the cryptocurrency market for proprietary trading.
REVENUE
The Company’s plan for revenue is as such:
AI Revenue:
The Company's AI solutions for cross-border e-commerce clients are a major revenue driver. Services include selecting Key Opinion Leaders (KOLs), designing live-stream scripts, and creating short video content. As a TikTok Affiliate Partner (TAP) , TikTok Shop Partner (TSP), and part of TikTok’s Creator Network, the Company earns a share of sales from e-commerce clients' TikTok shops as well as a share of the tip revenue from the TikTok creators’ live-streaming and live-streaming commissions from TikTok, ensuring stable income. In addition, as a secondary agency for the TikTok traffic ad placement. By providing the clients AI-assisted consulting services focused on ad placement strategy, the Company expects to generate revenue through consulting fees from clients and ad placement commissions from TikTok.
FinTech Revenue:
In the FinTech sector, our revenue comes from providing consulting services to cross-border e-commerce payment service providers. We also offer custom software development and white-label solutions. This comprehensive service model ensures a consistent revenue stream, aligning our financial success with the operational success of our clients. In addition, the Company is expanding its services to include the design, foundational software development, and operational support related to algorithmic trading, further diversifying its FinTech offerings.
Blockchain Revenue:
Revenue in the blockchain sphere is derived from development and consulting services for Web3 projects. Our deep expertise in this cutting-edge technology positions us as a valuable partner for clients looking to innovate in the decentralized digital space. Furthermore, the patents owned by our principal controllers, particularly in the area of customized NFTs, open up additional revenue channels through licensing fees. This intellectual property elevates our market standing and contributes to a robust financial model that capitalizes on the burgeoning interest in blockchain applications. In addition, the Company hopes to add revenue from consulting services and software development related to the design, issuance, management, operation, and compliance of Real World Assets (RWA). Moreover, the Company plans to enhance its blockchain revenue streams by engaging in proprietary cryptocurrency trading activities.
In summary, the Company’s revenue is derived from a diversified mix of AI-driven solutions, FinTech services, and blockchain initiatives. Key sources include partnerships and consulting in the TikTok ecosystem, custom software development, algorithmic trading, and blockchain projects like Web3 development, NFT licensing, and RWA tokenization. These interconnected revenue streams, supported by our expertise and intellectual property, create a strong foundation for sustainable growth and profitability.
15
MARKETING
Our company's marketing strategy is uniquely crafted for each division—AI, FinTech, and blockchain—to leverage our strengths and maximize market penetration.
AI Marketing:
As a TikTok Affiliate Partner (TAP) and TikTok Shop Partner (TSP), the Company benefits from referrals within TikTok's active social network communities and direct promotions from TikTok. This partnership ensures a steady stream of potential clients. Additionally, by collaborating with Key Opinion Leaders (KOLs) who have significant cross-border fan and client bases, the Company expects to consistently acquire new leads. In addition, being part of the TikTok Creator Network enables the Company to reach a vast number of TikTok current and potential creators. This has a positive impact on the Company's promotion of its live-streaming AI tools. For instance, by offering free AI tools to creators, the Company can encourage them to join its network, subsequently profiting from the live-streaming commissions from TikTok and tip revenue share from the creators.
PGEM also plays a crucial role in our business development. While providing entertainment marketing services to their clients, PGEM promotes our AI solutions, specifically those designed for cross-border e-commerce. This synergy enhances our market reach and drives further growth in our client base.
FinTech Marketing:
The Company collaborates with local law firms in Brazil to identify clients who provide cross-border e-commerce payment services. Through these partnerships, the Company offers its fintech services to these local clients.
Blockchain and Web3 Marketing:
Our blockchain services in the Web3 space benefit from our patented technologies, which enhance our reputation and attract clients. We use patent licensing entities to promote our capabilities, drawing in clients interested in advanced blockchain technology.
Our marketing strategy aligns with our operational strengths and market conditions, ensuring visibility and growth for each division. By leveraging existing relationships, intellectual property, and strategic partnerships, we expand our market presence and build a strong brand in our operating sectors.
COMPETITION
Our company operates in dynamic and competitive sectors, each with its unique set of challenges and opportunities.
AI Competitive Environment:
In the field of AI, particularly in entertainment marketing, our controlling team's rich experience and our collaborations with platforms like TikTok and YouTube provide us with significant competitive advantages. These partnerships grant us access to vast application scenarios and enable us to offer experienced and effective solutions. Despite these strengths, we recognize that competition in computational power and the experience of our R&D personnel pose ongoing challenges. Continuous investment in these areas is essential to maintain our competitive edge and deliver the high-quality solutions our clients expect.
FinTech Competitive Dynamics:
The new algorithmic trading business builds upon the trading strategy designs and related expertise previously developed by Mr. Yitian Xue, the CEO of the Company. While these strategies and frameworks were originally designed for traditional stock and futures markets, adapting them to the cryptocurrency market presents unique challenges. The transition requires significant adjustments to account for the inherent volatility, 24/7 trading cycle, and decentralized nature of the crypto market. Additionally, the migration involves an extensive development timeline and considerable workload to reconfigure the algorithmic trading architecture to align with the technological and regulatory complexities of the cryptocurrency ecosystem. Overcoming these challenges will be critical to establishing a competitive edge and ensuring the success of this new business line.
16
Blockchain and Web3 Competition:
The blockchain, Web3, and NFT sectors are currently characterized by their lack of clear market direction, with all players seeking new opportunities and directions. This exploratory phase of the industry results in inherent instability that poses a challenge to our business operations. However, our approach to this uncertainty is to leverage our patented technologies and adaptability to serve as a stable partner to our clients during times of market flux. We remain vigilant and responsive to the evolving trends, ensuring that our offerings are aligned with the emerging needs and expectations of the marketplace.
In addition, the Company plans to enter the cryptocurrency proprietary trading market, which is inherently volatile and uncertain compared to traditional financial markets. This new venture will require time for adaptation, development, and refinement of trading strategies and systems before it can reach a mature and optimized operational state. Overcoming these challenges is essential to capturing opportunities in this rapidly evolving space.
In conclusion, while we face substantial competition in AI, FinTech, and blockchain sectors, our strategic partnerships, deep market experience, and innovative technologies provide us with robust tools to meet these challenges head-on. Our commitment to ongoing improvement and market adaptability positions us to not just compete but lead in our chosen markets.
EMPLOYEES; IDENTIFICATION OF CERTAIN SIGNIFICANT EMPLOYEES.
We are a start-up company and currently have two employees: our president, Mr. Dapeng Ma, and our CEO, Mr. Yitian Xue, both were appointed as a director of the Company on May 15, 2023. Mr. Ma and Mr. Xue will jointly oversee the day-to-day operations of the company.
We intend to hire employees on an as needed basis.
INSURANCE
We do not maintain any insurance and do not intend to maintain insurance in the future. Because we do not have any insurance, if we had a party of a legal action, we may not have sufficient funds to defend the litigation. If that occurs a judgment could be rendered against us that could cause us to cease operations.
OFFICES
The Company’s principal offices are located at 11264 Playa Court, Culver City, California 90230.
GOVERNMENT REGULATION
We will be required to comply with all regulations, rules and directives of governmental authorities and agencies applicable to our business in any jurisdiction which we would conduct activities. We do not believe that regulations will have a material impact on the way we conduct our business.
LEGAL PROCEEDINGS
There are no pending legal proceedings to which the Company is a party or in which any director, officer or affiliate of the Company, any owner of record or beneficially of more than 5% of any class of voting securities of the Company, or security holder is a party adverse to the Company or has a material interest adverse to the Company.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Certain statements contained in this prospectus, including statements regarding the anticipated development and expansion of our business, our intent, belief or current expectations, primarily with respect to the future operating performance of the Company and the products we expect to offer and other statements contained herein regarding matters that are not historical facts, are “forward-looking” statements. Future filings with the Securities and Exchange Commission, future press releases and future oral or written statements made by us or with our approval, which are not statements of historical fact, may contain forward-looking statements, because such statements
17
include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements.
RESULTS OF OPERATIONS
As of the end of Q3, 2024, Glidelogic has made $22,938 in Commission Income from participating in the TikTok Shop e-commerce platform which allows brands and creators to sell products directly on TikTok. The total expenses amount to $30,363 which is mainly composed of various legal & compliance costs including SEC filing-related preparation, audit/review, and processing cost, transfer agency cost, etc. As a result, as of the end of Q3, 2024, Glidelogic has an operation loss of $7,425.
Our financial statements have been prepared assuming that we will continue as a going concern and, accordingly, do not include adjustments relating to the recoverability and realization of assets and classification of liabilities that might be necessary should we be unable to continue in operation.
Currently efforts are focused on enhancing revenue generation based on the business plan detailed in this report. We expect we may require additional capital to meet our long-term operating requirements. We expect to raise additional capital through, among other things, the sale of equity.
LIQUIDITY AND CAPITAL RESOURCES
At October 31, 2024, our total assets were $4,873. Total assets were comprised of $1,855 in current assets and $3,018 in fixed assets.
At October 31, 2024, our current liabilities were $22,132 and our stockholders’ equity was ($17,259).
CASH FLOWS FROM OPERATING ACTIVITIES
For the nine months ended October 31, 2024 net cash flows used in operating activities was $15,476.
For the nine months ended October 31, 2023 net cash flows used in operating activities was $10,766.
CASH FLOWS FROM INVESTING ACTIVITIES
For the nine months ended October 31, 2024 we have generated $0 in investing activities.
For the nine months ended October 31, 2023 we have generated $0 in investing activities.
CASH FLOWS FROM FINANCING ACTIVITIES
For the nine months ended October 31, 2024 net cash flows provided by financing activities was $17,132.
For the nine months ended October 31, 2023 net cash flows used in financing activities was $1,010.
In August 2023, the company effected 25 to 1 forward stock split of its common stock. As a result, as of October 31, 2024, there were 66,593,750 shares of common stock issued and outstanding. The breakdown is:
Since inception, Glidelogic has sold 50,000,000 shares to its previous director for net proceeds of $2,000, the par value of these shares is $0.001. These shares were acquired by Star Success Business LLC in May 2023.
For the year ended January 31, 2022, the Company issued 16,593,750 shares of common stock for cash proceeds of $26,550, par value of these shares is $0.001 per share.
Our cash flow change in Q3 is an improvement from prior quarters but it still relied on the Company’s controlling shareholders and related party loans which were mostly paid off by the end of the fiscal quarter. Due to the passage of new legislation and the changing business environment in Brazil, the Company is transitioning into providing consulting services to cross-border e-commerce payment service providers. Additionally, the Company offers custom software development and white-label solution services.
18
OFF-BALANCE SHEET ARRANGEMENTS
We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
None
ITEM 4. CONTROLS AND PROCEDURES
Our management is responsible for establishing and maintaining a system of disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) that is designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer’s management, including its principal executive officer or officers and principal financial officer or officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
An evaluation was conducted under the supervision and with the participation of our management of the effectiveness of the design and operation of our disclosure controls and procedures as of October 31, 2024. Based on that evaluation, our management concluded that our disclosure controls and procedures were not effective as of such date to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms.
Changes in Internal Controls over Financial Reporting
There was no change in the Company’s internal control over financial reporting during the quarterly period covered by this report that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
There are no pending legal proceedings to which the Company is a party or in which any director, officer or affiliate of the Company, any owner of record or beneficially of more than 5% of any class of voting securities of the Company, or security holder is a party adverse to the Company or has a material interest adverse to the Company.
ITEM 1A. RISK FACTORS
None
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
None
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITIES HOLDERS
None
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ITEM 5. OTHER INFORMATION
None
ITEM 6. EXHIBITS
The following exhibits are included as part of this report by reference:
20
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized in the City of Culver City, California, on December 12, 2024.
| GLIDELOGIC CORP.
|
|
|
|
|
| By:
| /s/ Yitian Xue
|
|
| Name:
| Yitian Xue
|
|
| Title:
| President Secretary, Director and Treasurer
|
|
|
| (Principal Executive, Financial and Accounting Officer)
|
21
