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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 January 31, 2025

 

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 if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

 

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes ☐ No ☒

 

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 ☒

 

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

 

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by an of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

 

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

 

There is no public trading market for the shares of Common Stock of Global Leaders Corp. As a result, the aggregate market value of the common units held by non-affiliates of Global Leaders Corp. cannot be determined.

 

As of March 10, 2025, 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 JANUARY 31, 2025

 

INDEX

 

  Page
Part I. Financial Information 4
       
  Item 1. Financial Statements 4
       
    Condensed Consolidated Balance Sheets as of January 31, 2025 (Unaudited) and October 31, 2024 4
       
    Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - Three months ended January 31, 2025 and 2024 5
       
    Condensed Consolidated Statements of Stockholders’ Deficit (Unaudited) - Three months ended January 31, 2025 and 2024 6
       
    Condensed Consolidated Statements of Cash Flows (Unaudited) - Three months ended January 31, 2025 and 2024 7
       
    Notes to Condensed Consolidated Financial Statements (Unaudited) - Three months ended January 31, 2025 and 2024 8
       
  Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 12
       
  Item 3. Quantitative and Qualitative Disclosures About Market Risk 14
       
  Item 4. Controls and Procedures 14
       
Part II. Other Information 15
       
  Item 1. Legal Proceedings 15
       
  Item 1A. Risk Factors 15
       
  Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 15
       
  Item 3. Defaults Upon Senior Securities 15
       
  Item 4. Mine Safety Disclosures 15
       
  Item 5. Other Information 15
       
  Item 6. Exhibits 16
       
Signatures 17

 

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 expenditure 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 JANUARY 31, 2025 AND OCTOBER 31, 2024

 

(Expressed in U.S. Dollars)

 

  

January 31,

2025

  

October 31,

2024

 
   (Unaudited)     
ASSETS          
Current assets          
Cash  $2,280   $570 
Prepaid expenses   1,980    2,970 
Total currents assets   4,260    3,540 
           
TOTAL ASSETS  $4,260   $3,540 
           
LIABILITIES AND STOCKHOLDERS’ DEFICIT          
Current liabilities          
Due to officer/principal shareholder  $127,944   $94,556 
Total current liabilities   127,944    94,556 
           
Commitments and Contingencies   -    - 
           
STOCKHOLDERS’ DEFICIT          
Preferred stock, $0.0001 par value; 200,000,000 shares authorized; no shares issued and outstanding on January 31, 2025 and October 31, 2024   -    - 
Common Stock, $0.0001 par value, 600,000,000 shares authorized; 154,394,750 shares issued and outstanding on January 31, 2025 and October 31, 2024   15,439    15,439 
Additional paid in capital   1,424,320    1,424,320 
Accumulated other comprehensive income   3,332    3,332 
Accumulated deficit   (1,566,775)   (1,534,107)
Total stockholders’ deficit   (123,684)   (91,016)
           
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT  $4,260   $3,540 

 

See accompanying notes to the condensed consolidated financial statements.

 

4

 

 

GLOBAL LEADERS CORP.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

FOR THE THREE MONTHS ENDED JANUARY 31, 2025 AND 2024

(Expressed in U.S. Dollars)

(Unaudited)

 

   2025   2024 
   Three months ended January 31, 
   2025   2024 
         
Revenues  $2,567   $7,678 
           
Operating expenses:          
General and administrative expenses-related party   5,790    8,755 
General and administrative expenses   29,445    21,143 
Total operating expenses   35,235    29,898 
           
Net loss and comprehensive loss  $(32,668)  $(22,220)
           
Net loss per common share - basic and diluted  $(0.00)  $(0.00)
Weighted average common shares outstanding - basic and diluted   154,394,750    154,394,750 

 

See accompanying notes to the condensed consolidated financial statements.

 

5

 

 

GLOBAL LEADERS CORP.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT

FOR THE THREE MONTHS ENDED JANUARY 31, 2025 AND 2024

(Expressed in U.S. Dollars)

 

Three months ended January 31, 2025 (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, October 31, 2024   154,394,750   $15,439   $1,424,320   $3,332   $(1,534,107)  $    (91,016)
Net loss   -    -    -    -    (32,668)   (32,668)
Balance, January 31, 2025 (Unaudited)   154,394,750   $15,439   $1,424,320   $3,332   $(1,566,775)  $(123,684)

 

Three months ended January 31, 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   -    -    -    -    (22,220)   (22,220)
Balance, January 31, 2024 (Unaudited)   154,394,750   $15,439   $1,424,320   $3,332   $(1,494,214)  $(51,123)

 

See accompanying notes to the condensed consolidated financial statements.

 

6

 

 

GLOBAL LEADERS CORP.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE THREE MONTHS ENDED JANUARY 31, 2025 AND 2024

(Expressed in U.S. Dollars)

(Unaudited)

 

   2025   2024 
   Three months ended January 31, 
   2025   2024 
         
Cash Flows From Operating Activities          
Net loss  $(32,668)  $(22,220)
Adjustments to reconcile net loss to net cash used in operating activities:          
Change in operating assets and liabilities:          
Prepaid expenses   990    (1,736)
Prepaid expense to related party   -    (6)
Accrued liabilities   -    (10,000)
Net cash used in operating activities   (31,678)   (33,962)
           
Cash Flows From Financing Activities          
Advances from officer/principal shareholder   33,388    33,275 
Net cash provided by financing activities   33,388    33,275 
           
Net increase (decrease) in cash   1,710    (687)
Cash at the beginning of period   570    1,874 
           
Cash at the end of period  $2,280   $1,187 
           
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 MONTHS ENDED JANUARY 31, 2025 AND 2024

(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”), was incorporated in the State of Nevada on July 20, 2020.

 

The Company is principally engaged in providing consultancy and training services to management executives of small and medium enterprises (SMEs) and startup companies in the Asia-Pacific Region.

 

Going concern

 

The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. In accordance with Accounting Standards Codification (“ASC”) 205-40, Going Concern, the Company’s management has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date the accompanying financial statements were issued. For the three months ended January 31, 2025, the Company recorded a net loss of $32,668 and used cash in operations of $31,678. 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. The accompanying financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern. In addition, our independent registered public accounting firm has included an explanatory paragraph in their report with respect to this uncertainty that accompanies our audited consolidated financial statements as of and for the year ended October 31, 2024.

 

As of January 31, 2025, the Company’s cash balance was $2,280. 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

 

The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”).

 

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.

 

8

 

 

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 delivering consultancy and training services. 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.

 

The Company’s cost of revenue consists of rental of instructional facilities directly attributable to training courses rendered.

 

Cash

 

Cash consists of funds on hand and held in bank accounts. Cash equivalents include 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 of January 31, 2025, and October 31, 2024.

 

   As of
January 31, 2025		   As of
October 31, 2024		 
   (Unaudited)     
Cash          
Denominated in United States Dollars  $59   $195 
Denominated in Hong Kong Dollars   2,221    375 
Cash  $2,280   $570 

 

Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash. As of January 31, 2025, 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. At January 31, 2025, none of the Company’s cash accounts are insured by the U.S. Federal Deposit Insurance Corporation (the “FDIC”).

 

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 input 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, prepaid expenses and due to an officer/principal shareholder, approximate their fair values because of the short-term nature of these financial instruments.

 

9

 

 

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 maintains its books and records in its functional currency, Hong Kong Dollars (“HK$”).

 

In general, for consolidation purposes, assets and liabilities of the Company’s subsidiaries whose functional currency is not US$, are translated into US$ using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the year. 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 or deficit.

 

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

 

   As of and for the three months
ended January 31,		 
   2025   2024 
Period-end HK$ : US$1 exchange rate   7.79    7.82 
Period-average HK$ : US$1 exchange rate   7.78    7.81 

 

Net income or loss per share

 

The Company calculates net income or loss per share in accordance with ASC Topic 260, “Earnings per Share.” Basic net income or 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 net income or loss per share is computed like basic net income or 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 January 31, 2025, the Company has no potentially dilutive securities, such as options or warrants, outstanding.

 

Segment Information

 

The Company’s Chief Executive Officer and President (“CEO”) is our chief operating decision maker (“CODM”) and evaluates performance and makes operating decisions about allocating resources based on financial data presented on a consolidated basis. Because our CODM evaluates financial performance on a consolidated basis, the Company has determined that it operates as a single reportable segment composed of the consolidated financial results of Global Leaders Corp. (see Note 4).

 

Concentrations

 

For the three months ended January 31, 2025, one customer accounted for 100% of the Company’s revenue. For the three months ended January 31, 2024, two customers accounted for 100% (50% each) of the Company’s revenue.

 

For the three months ended January 31, 2025, and 2024, two vendors accounted for 92% (75% and 17%) and three vendors accounted for 94% (34%, 31% and 29%) of the Company’s operating expenses, respectively.

 

Recent Accounting Pronouncements

 

In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03 Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40) Disaggregation of Income Statement Expenses. The guidance in ASU 2024-03 requires public business entities to disclose in the notes to the financial statements, among other things, specific information about certain costs and expenses including purchases of inventory; employee compensation; and depreciation, amortization and depletion expenses for each caption on the income statement where such expenses are included. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted, and the amendments may be applied prospectively to reporting periods after the effective date or retrospectively to all periods presented in the financial statements. The Company is currently evaluating the provisions of this guidance and assessing the potential impact on the Company’s financial statement disclosures.

 

In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure.” The amendments expand a public entity’s segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker, requiring other new disclosures, and requiring enhanced interim disclosures. ASU 2023-07 requires public entities with a single reportable segment to provide all the disclosures required by this standard and all existing segment disclosures in Topic 280 on an interim and annual basis. ASU 2023-07 is effective for annual periods beginning after December 15, 2023, and interim periods beginning after December 15, 2024, applied retrospectively with early adoption permitted. As of January 31, 2025, the Company has adopted ASU 2023-07. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements but has resulted in additional disclosures within the footnotes to our consolidated financial statements (See Note 4).

 

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). 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. The Company adopted the 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.

 

10

 

 

NOTE 2 – STOCKHOLDERS’ DEFICIT

 

During the three months ended January 31, 2025, and 2024, the Company did not issue any shares of its Common Stock.

 

NOTE 3 - RELATED PARTY TRANSACTIONS

 

Mr. Yip Hoi Hing Peter, our Chief Executive Officer, Chief Financial Officer, and Director, and his spouse control 68.23% of the Company’s restricted Common Stock, including 38.86% collectively owned by two companies owned by Mr. Yip, CS Global Consultancy Limited (“CS Global”) and CSG Group Holdings Limited.

 

As of October 31, 2024, the balance due to Mr. Yip for advances to the Company for supporting its operations was $94,556. During the three months ended January 31, 2025, Mr. Yip further advanced $33,388 to the Company, and as of January 31, 2025, the balance due to Mr. Yip was $127,944. The advances are due on demand, are unsecured and are non-interest bearing.

 

Greenpro Capital Corp., through its wholly owned subsidiaries (collectively “Greenpro”), is currently a 5.83% shareholder of the Company. In addition, three executives of Greenpro are currently 10.36% shareholders of the Company.

 

For the three months ended January 31, 2025, and 2024, the Company incurred accounting fees to Greenpro of $5,790 and $8,755, respectively.

 

NOTE 4 - SEGMENT INFORMATION

 

The Company operates and manages its business as one reportable and operating segment dedicated to the delivering consultancy and training services of Global Leaders Corp. The measure of segment assets is reported on the balance sheet as total consolidated assets. In addition, the Company manages the business activities on a consolidated basis.

 

The Company’s CODM reviews financial information presented on a consolidated basis and decides how to allocate resources based on net income (loss). Consolidated net income (loss) is used for evaluating financial performance.

 

Significant segment expenses include accounting-related party, filing fees, and external professional fees. Operating expenses include all the remaining costs necessary to operate our business, which primarily include external professional services and other administrative expenses. The following table presents the significant segment expenses and other segment items regularly reviewed by our CODM:

 

SCHEDULE OF SEGMENT EXPENSES 

   2025   2024 
   Three months ended
January 31,		 
   2025   2024 
Revenue  $2,567   $7,678 
           
Less:          
Accounting-related party   5,790    8,755 
Professional fees   27,655    19,585 
Operating expenses   1,790    1,558 
Net loss  $(32,668)  $(22,220)

 

11

 

 

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, 2024 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, 2024 filed with the SEC on January 24, 2025. 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.

 

12

 

 

PLAN OF OPERATION

 

Our planned operations 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.

 

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 new clients and retain existing clients and launch new services to increase our revenue. In addition, we will 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. If we are unable to manage our operations properly and prudently as we continue to grow in this 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 January 31, 2025, and 2024

 

We recorded $2,567 and $7,678 of revenues for the three months ended January 31, 2025, and 2024, respectively.

 

For the three months ended January 31, 2025 and 2024, no cost of revenues was incurred.

 

For the three months ended January 31, 2025, and 2024, general and administrative expenses were $35,235 and $29,898 and included $5,790 and $8,755 of general and administrative expenses to a related party for the three months ended January 31, 2025, and 2024, respectively.

 

Liquidity and Capital Resources

 

GOING CONCERN

 

For the three months ended January 31, 2025, the Company incurred a net loss of $32,668 and used cash in operating activities of $31,678 and at January 31, 2025, the Company had a stockholders’ deficit of $123,684. 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, 2024 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 January 31, 2025, our cash balance was $2,280. 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.

 

13

 

 

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 January 31, 2025. This evaluation was carried out by Mr. Yip Hoi Hing Peter, 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. Yip concluded that, as of January 31, 2025, 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 January 31, 2025, 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 January 31, 2025, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

14

 

 

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.

 

15

 

 

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.

 

16

 

 

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: March 10, 2025 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)

 

17

 

 

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: March 10, 2025 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 January 31, 2025, 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 January 31, 2025 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 January 31, 2025 fairly presents, in all material respects, the financial condition and results of operations of Global Leaders Corp.

 

Date: March 10, 2025 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)

 

 

 

v3.25.0.1
Cover - $ / shares
 3 Months Ended
Jan. 31, 2025
Mar. 10, 2025
Cover [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Quarterly Report true  
Document Transition Report false  
Document Period End Date Jan. 31, 2025  
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2025  
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 Common Stock, Shares Outstanding   154,394,750
Entity Listing, Par Value Per Share $ 0.0001  
v3.25.0.1
Condensed Consolidated Balance Sheets - USD ($)
Jan. 31, 2025
Oct. 31, 2024
Current assets    
Cash $ 2,280 $ 570
Prepaid expenses 1,980 2,970
Total currents assets 4,260 3,540
TOTAL ASSETS 4,260 3,540
Current liabilities    
Total current liabilities 127,944 94,556
Commitments and Contingencies
STOCKHOLDERS’ DEFICIT    
Preferred stock, $0.0001 par value; 200,000,000 shares authorized; no shares issued and outstanding on January 31, 2025 and October 31, 2024
Common Stock, $0.0001 par value, 600,000,000 shares authorized; 154,394,750 shares issued and outstanding on January 31, 2025 and October 31, 2024 15,439 15,439
Additional paid in capital 1,424,320 1,424,320
Accumulated other comprehensive income 3,332 3,332
Accumulated deficit (1,566,775) (1,534,107)
Total stockholders’ deficit (123,684) (91,016)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT 4,260 3,540
Related Party [Member]    
Current liabilities    
Due to officer/principal shareholder $ 127,944 $ 94,556
v3.25.0.1
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Jan. 31, 2025
Oct. 31, 2024
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
v3.25.0.1
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
 3 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Defined Benefit Plan Disclosure [Line Items]    
Revenues $ 2,567 $ 7,678
Operating expenses:    
Total operating expenses 35,235 29,898
Net loss and comprehensive loss $ (32,668) $ (22,220)
Net loss per common share - basic $ (0.00) $ (0.00)
Net loss per common share - diluted $ (0.00) $ (0.00)
Weighted average common shares outstanding - basic 154,394,750 154,394,750
Weighted average common shares outstanding - diluted 154,394,750 154,394,750
Related Party [Member]    
Operating expenses:    
General and administrative $ 5,790 $ 8,755
Nonrelated Party [Member]    
Operating expenses:    
General and administrative $ 29,445 $ 21,143
v3.25.0.1
Condensed Consolidated Statements of Stockholders' Deficit (Unaudited) - USD ($)
Common Stock [Member]
Additional Paid-in Capital [Member]
AOCI Attributable to Parent [Member]
Retained Earnings [Member]
Total
Balance at Oct. 31, 2023 $ 15,439 $ 1,424,320 $ 3,332 $ (1,471,994) $ (28,903)
Balance, shares at Oct. 31, 2023 154,394,750        
Net loss (22,220) (22,220)
Balance at Jan. 31, 2024 $ 15,439 1,424,320 3,332 (1,494,214) (51,123)
Balance, shares at Jan. 31, 2024 154,394,750        
Balance at Oct. 31, 2024 $ 15,439 1,424,320 3,332 (1,534,107) (91,016)
Balance, shares at Oct. 31, 2024 154,394,750        
Net loss (32,668) (32,668)
Balance at Jan. 31, 2025 $ 15,439 $ 1,424,320 $ 3,332 $ (1,566,775) $ (123,684)
Balance, shares at Jan. 31, 2025 154,394,750        
v3.25.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Cash Flows From Operating Activities    
Net loss $ (32,668) $ (22,220)
Change in operating assets and liabilities:    
Accrued liabilities (10,000)
Net cash used in operating activities (31,678) (33,962)
Cash Flows From Financing Activities    
Advances from officer/principal shareholder 33,388 33,275
Net cash provided by financing activities 33,388 33,275
Net increase (decrease) in cash 1,710 (687)
Cash at the beginning of period 570 1,874
Cash at the end of period 2,280 1,187
Cash paid for:    
Interest
Income taxes
Nonrelated Party [Member]    
Change in operating assets and liabilities:    
Prepaid expense 990 (1,736)
Related Party [Member]    
Change in operating assets and liabilities:    
Prepaid expense $ (6)
v3.25.0.1
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 3 Months Ended
Jan. 31, 2025
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”), was incorporated in the State of Nevada on July 20, 2020.

 

The Company is principally engaged in providing consultancy and training services to management executives of small and medium enterprises (SMEs) and startup companies in the Asia-Pacific Region.

 

Going concern

 

The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. In accordance with Accounting Standards Codification (“ASC”) 205-40, Going Concern, the Company’s management has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date the accompanying financial statements were issued. For the three months ended January 31, 2025, the Company recorded a net loss of $32,668 and used cash in operations of $31,678. 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. The accompanying financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern. In addition, our independent registered public accounting firm has included an explanatory paragraph in their report with respect to this uncertainty that accompanies our audited consolidated financial statements as of and for the year ended October 31, 2024.

 

As of January 31, 2025, the Company’s cash balance was $2,280. 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

 

The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”).

 

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 delivering consultancy and training services. 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.

 

The Company’s cost of revenue consists of rental of instructional facilities directly attributable to training courses rendered.

 

Cash

 

Cash consists of funds on hand and held in bank accounts. Cash equivalents include 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 of January 31, 2025, and October 31, 2024.

 

   As of
January 31, 2025		   As of
October 31, 2024		 
   (Unaudited)     
Cash          
Denominated in United States Dollars  $59   $195 
Denominated in Hong Kong Dollars   2,221    375 
Cash  $2,280   $570 

 

Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash. As of January 31, 2025, 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. At January 31, 2025, none of the Company’s cash accounts are insured by the U.S. Federal Deposit Insurance Corporation (the “FDIC”).

 

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 input 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, prepaid expenses and due to an officer/principal shareholder, 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 maintains its books and records in its functional currency, Hong Kong Dollars (“HK$”).

 

In general, for consolidation purposes, assets and liabilities of the Company’s subsidiaries whose functional currency is not US$, are translated into US$ using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the year. 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 or deficit.

 

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

 

   As of and for the three months
ended January 31,		 
   2025   2024 
Period-end HK$ : US$1 exchange rate   7.79    7.82 
Period-average HK$ : US$1 exchange rate   7.78    7.81 

 

Net income or loss per share

 

The Company calculates net income or loss per share in accordance with ASC Topic 260, “Earnings per Share.” Basic net income or 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 net income or loss per share is computed like basic net income or 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 January 31, 2025, the Company has no potentially dilutive securities, such as options or warrants, outstanding.

 

Segment Information

 

The Company’s Chief Executive Officer and President (“CEO”) is our chief operating decision maker (“CODM”) and evaluates performance and makes operating decisions about allocating resources based on financial data presented on a consolidated basis. Because our CODM evaluates financial performance on a consolidated basis, the Company has determined that it operates as a single reportable segment composed of the consolidated financial results of Global Leaders Corp. (see Note 4).

 

Concentrations

 

For the three months ended January 31, 2025, one customer accounted for 100% of the Company’s revenue. For the three months ended January 31, 2024, two customers accounted for 100% (50% each) of the Company’s revenue.

 

For the three months ended January 31, 2025, and 2024, two vendors accounted for 92% (75% and 17%) and three vendors accounted for 94% (34%, 31% and 29%) of the Company’s operating expenses, respectively.

 

Recent Accounting Pronouncements

 

In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03 Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40) Disaggregation of Income Statement Expenses. The guidance in ASU 2024-03 requires public business entities to disclose in the notes to the financial statements, among other things, specific information about certain costs and expenses including purchases of inventory; employee compensation; and depreciation, amortization and depletion expenses for each caption on the income statement where such expenses are included. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted, and the amendments may be applied prospectively to reporting periods after the effective date or retrospectively to all periods presented in the financial statements. The Company is currently evaluating the provisions of this guidance and assessing the potential impact on the Company’s financial statement disclosures.

 

In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure.” The amendments expand a public entity’s segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker, requiring other new disclosures, and requiring enhanced interim disclosures. ASU 2023-07 requires public entities with a single reportable segment to provide all the disclosures required by this standard and all existing segment disclosures in Topic 280 on an interim and annual basis. ASU 2023-07 is effective for annual periods beginning after December 15, 2023, and interim periods beginning after December 15, 2024, applied retrospectively with early adoption permitted. As of January 31, 2025, the Company has adopted ASU 2023-07. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements but has resulted in additional disclosures within the footnotes to our consolidated financial statements (See Note 4).

 

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). 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. The Company adopted the 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.

 

 
v3.25.0.1
STOCKHOLDERS’ DEFICIT
 3 Months Ended
Jan. 31, 2025
Equity [Abstract]  
STOCKHOLDERS’ DEFICIT

NOTE 2 – STOCKHOLDERS’ DEFICIT

 

During the three months ended January 31, 2025, and 2024, the Company did not issue any shares of its Common Stock.

 
v3.25.0.1
RELATED PARTY TRANSACTIONS
 3 Months Ended
Jan. 31, 2025
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 3 - RELATED PARTY TRANSACTIONS

 

Mr. Yip Hoi Hing Peter, our Chief Executive Officer, Chief Financial Officer, and Director, and his spouse control 68.23% of the Company’s restricted Common Stock, including 38.86% collectively owned by two companies owned by Mr. Yip, CS Global Consultancy Limited (“CS Global”) and CSG Group Holdings Limited.

 

As of October 31, 2024, the balance due to Mr. Yip for advances to the Company for supporting its operations was $94,556. During the three months ended January 31, 2025, Mr. Yip further advanced $33,388 to the Company, and as of January 31, 2025, the balance due to Mr. Yip was $127,944. The advances are due on demand, are unsecured and are non-interest bearing.

 

Greenpro Capital Corp., through its wholly owned subsidiaries (collectively “Greenpro”), is currently a 5.83% shareholder of the Company. In addition, three executives of Greenpro are currently 10.36% shareholders of the Company.

 

For the three months ended January 31, 2025, and 2024, the Company incurred accounting fees to Greenpro of $5,790 and $8,755, respectively.

 
v3.25.0.1
SEGMENT INFORMATION
 3 Months Ended
Jan. 31, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION

NOTE 4 - SEGMENT INFORMATION

 

The Company operates and manages its business as one reportable and operating segment dedicated to the delivering consultancy and training services of Global Leaders Corp. The measure of segment assets is reported on the balance sheet as total consolidated assets. In addition, the Company manages the business activities on a consolidated basis.

 

The Company’s CODM reviews financial information presented on a consolidated basis and decides how to allocate resources based on net income (loss). Consolidated net income (loss) is used for evaluating financial performance.

 

Significant segment expenses include accounting-related party, filing fees, and external professional fees. Operating expenses include all the remaining costs necessary to operate our business, which primarily include external professional services and other administrative expenses. The following table presents the significant segment expenses and other segment items regularly reviewed by our CODM:

 

SCHEDULE OF SEGMENT EXPENSES 

   2025   2024 
   Three months ended
January 31,		 
   2025   2024 
Revenue  $2,567   $7,678 
           
Less:          
Accounting-related party   5,790    8,755 
Professional fees   27,655    19,585 
Operating expenses   1,790    1,558 
Net loss  $(32,668)  $(22,220)
v3.25.0.1
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 3 Months Ended
Jan. 31, 2025
Accounting Policies [Abstract]  
Description of business

Description of business

 

Global Leaders Corporation, a Nevada corporation (the “Company”), was incorporated in the State of Nevada on July 20, 2020.

 

The Company is principally engaged in providing consultancy and training services to management executives of small and medium enterprises (SMEs) and startup companies in the Asia-Pacific Region.

 
Going concern

Going concern

 

The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. In accordance with Accounting Standards Codification (“ASC”) 205-40, Going Concern, the Company’s management has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date the accompanying financial statements were issued. For the three months ended January 31, 2025, the Company recorded a net loss of $32,668 and used cash in operations of $31,678. 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. The accompanying financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern. In addition, our independent registered public accounting firm has included an explanatory paragraph in their report with respect to this uncertainty that accompanies our audited consolidated financial statements as of and for the year ended October 31, 2024.

 

As of January 31, 2025, the Company’s cash balance was $2,280. 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

Basis of presentation

 

The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”).

 

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 delivering consultancy and training services. 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.

 

The Company’s cost of revenue consists of rental of instructional facilities directly attributable to training courses rendered.

 
Cash

Cash

 

Cash consists of funds on hand and held in bank accounts. Cash equivalents include 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 of January 31, 2025, and October 31, 2024.

 

   As of
January 31, 2025		   As of
October 31, 2024		 
   (Unaudited)     
Cash          
Denominated in United States Dollars  $59   $195 
Denominated in Hong Kong Dollars   2,221    375 
Cash  $2,280   $570 

 

Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash. As of January 31, 2025, 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. At January 31, 2025, none of the Company’s cash accounts are insured by the U.S. Federal Deposit Insurance Corporation (the “FDIC”).

 
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 input 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, prepaid expenses and due to an officer/principal shareholder, 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 maintains its books and records in its functional currency, Hong Kong Dollars (“HK$”).

 

In general, for consolidation purposes, assets and liabilities of the Company’s subsidiaries whose functional currency is not US$, are translated into US$ using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the year. 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 or deficit.

 

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

 

   As of and for the three months
ended January 31,		 
   2025   2024 
Period-end HK$ : US$1 exchange rate   7.79    7.82 
Period-average HK$ : US$1 exchange rate   7.78    7.81 

 
Net income or loss per share

Net income or loss per share

 

The Company calculates net income or loss per share in accordance with ASC Topic 260, “Earnings per Share.” Basic net income or 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 net income or loss per share is computed like basic net income or 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 January 31, 2025, the Company has no potentially dilutive securities, such as options or warrants, outstanding.

 
Segment Information

Segment Information

 

The Company’s Chief Executive Officer and President (“CEO”) is our chief operating decision maker (“CODM”) and evaluates performance and makes operating decisions about allocating resources based on financial data presented on a consolidated basis. Because our CODM evaluates financial performance on a consolidated basis, the Company has determined that it operates as a single reportable segment composed of the consolidated financial results of Global Leaders Corp. (see Note 4).

 
Concentrations

Concentrations

 

For the three months ended January 31, 2025, one customer accounted for 100% of the Company’s revenue. For the three months ended January 31, 2024, two customers accounted for 100% (50% each) of the Company’s revenue.

 

For the three months ended January 31, 2025, and 2024, two vendors accounted for 92% (75% and 17%) and three vendors accounted for 94% (34%, 31% and 29%) of the Company’s operating expenses, respectively.

 
Recent Accounting Pronouncements

Recent Accounting Pronouncements

 

In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03 Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40) Disaggregation of Income Statement Expenses. The guidance in ASU 2024-03 requires public business entities to disclose in the notes to the financial statements, among other things, specific information about certain costs and expenses including purchases of inventory; employee compensation; and depreciation, amortization and depletion expenses for each caption on the income statement where such expenses are included. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted, and the amendments may be applied prospectively to reporting periods after the effective date or retrospectively to all periods presented in the financial statements. The Company is currently evaluating the provisions of this guidance and assessing the potential impact on the Company’s financial statement disclosures.

 

In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure.” The amendments expand a public entity’s segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker, requiring other new disclosures, and requiring enhanced interim disclosures. ASU 2023-07 requires public entities with a single reportable segment to provide all the disclosures required by this standard and all existing segment disclosures in Topic 280 on an interim and annual basis. ASU 2023-07 is effective for annual periods beginning after December 15, 2023, and interim periods beginning after December 15, 2024, applied retrospectively with early adoption permitted. As of January 31, 2025, the Company has adopted ASU 2023-07. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements but has resulted in additional disclosures within the footnotes to our consolidated financial statements (See Note 4).

 

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). 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. The Company adopted the 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.
v3.25.0.1
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 3 Months Ended
Jan. 31, 2025
Accounting Policies [Abstract]  
SCHEDULE OF CASH AND CASH EQUIVALENTS

 

   As of
January 31, 2025		   As of
October 31, 2024		 
   (Unaudited)     
Cash          
Denominated in United States Dollars  $59   $195 
Denominated in Hong Kong Dollars   2,221    375 
Cash  $2,280   $570 
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 respective periods:

 

   As of and for the three months
ended January 31,		 
   2025   2024 
Period-end HK$ : US$1 exchange rate   7.79    7.82 
Period-average HK$ : US$1 exchange rate   7.78    7.81 
v3.25.0.1
SEGMENT INFORMATION (Tables)
 3 Months Ended
Jan. 31, 2025
Segment Reporting [Abstract]  
SCHEDULE OF SEGMENT EXPENSES

SCHEDULE OF SEGMENT EXPENSES 

   2025   2024 
   Three months ended
January 31,		 
   2025   2024 
Revenue  $2,567   $7,678 
           
Less:          
Accounting-related party   5,790    8,755 
Professional fees   27,655    19,585 
Operating expenses   1,790    1,558 
Net loss  $(32,668)  $(22,220)
v3.25.0.1
SCHEDULE OF CASH AND CASH EQUIVALENTS (Details) - USD ($)
Jan. 31, 2025
Oct. 31, 2024
Cash $ 2,280 $ 570
UNITED STATES    
Cash 59 195
HONG KONG    
Cash $ 2,221 $ 375
v3.25.0.1
SCHEDULE OF FOREIGN CURRENCY TRANSLATION (Details)
Jan. 31, 2025
Jan. 31, 2024
Period-End HK$ : US$1 Exchange Rate [Member]    
Trading Activity, Gains and Losses, Net [Line Items]    
Exchange rate 7.79 7.82
Period-Average HK$ : US$1 Exchange Rate [Member]    
Trading Activity, Gains and Losses, Net [Line Items]    
Exchange rate 7.78 7.81
v3.25.0.1
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
 3 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Oct. 31, 2024
Product Information [Line Items]      
Net Income (Loss) Attributable to Parent $ (32,668) $ (22,220)  
Net Cash Provided by (Used in) Operating Activities (31,678) $ (33,962)  
Cash balance 2,280    
Cash equivalents at carrying value $ 0   $ 0
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | One Customer [Member]      
Product Information [Line Items]      
Concentration risk percentage 100.00%    
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | Two Customers [Member]      
Product Information [Line Items]      
Concentration risk percentage   100.00%  
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | Customer One [Member]      
Product Information [Line Items]      
Concentration risk percentage   50.00%  
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | Customer Two [Member]      
Product Information [Line Items]      
Concentration risk percentage   50.00%  
Operating Expense [Member] | Supplier Concentration Risk [Member] | Two Vendors [Member]      
Product Information [Line Items]      
Concentration risk percentage 92.00%    
Operating Expense [Member] | Supplier Concentration Risk [Member] | Vendor One [Member]      
Product Information [Line Items]      
Concentration risk percentage 75.00% 34.00%  
Operating Expense [Member] | Supplier Concentration Risk [Member] | Vendor Two [Member]      
Product Information [Line Items]      
Concentration risk percentage 17.00% 31.00%  
Operating Expense [Member] | Supplier Concentration Risk [Member] | Three Vendors [Member]      
Product Information [Line Items]      
Concentration risk percentage   94.00%  
Operating Expense [Member] | Supplier Concentration Risk [Member] | Vendor Three [Member]      
Product Information [Line Items]      
Concentration risk percentage   29.00%  
v3.25.0.1
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)
 3 Months Ended
Jan. 31, 2025
Oct. 31, 2024
Jan. 31, 2024
Related Party [Member]      
Related Party Transaction [Line Items]      
Other Liabilities, Current $ 127,944 $ 94,556  
Related Party [Member] | Mr. Yip Hoi Hing Peter [Member]      
Related Party Transaction [Line Items]      
Other Liabilities, Current 127,944 $ 94,556  
Repayments of Debt $ 33,388    
Greenpro Capital Corp [Member]      
Related Party Transaction [Line Items]      
Equity Method Investment, Ownership Percentage 5.83%    
Accounting fees $ 5,790   $ 8,755
Greenpro Capital Corp [Member] | Three Executives [Member]      
Related Party Transaction [Line Items]      
Equity Method Investment, Ownership Percentage 10.36%    
Restricted Stock [Member] | Mr. Yip Hoi Hing Peter [Member]      
Related Party Transaction [Line Items]      
Equity Method Investment, Ownership Percentage 68.23%    
Restricted Stock [Member] | Mr Yip CS Global Consultancy Limited And CSG Group Holdings Limited [Member]      
Related Party Transaction [Line Items]      
Equity Method Investment, Ownership Percentage 38.86%    
v3.25.0.1
SCHEDULE OF SEGMENT EXPENSES (Details) - USD ($)
 3 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Segment Reporting [Abstract]    
Revenue $ 2,567 $ 7,678
Accounting-related party 5,790 8,755
Professional fees 27,655 19,585
Operating expenses 1,790 1,558
Net loss $ (32,668) $ (22,220)
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