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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q/A

 

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

 

For The Quarterly Period Ended May 31, 2023 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 Number 333-223712

 

LEADER HILL CORPORATION

(Exact name of registrant issuer as specified in its charter)

 

Nevada   37-1867536
(State or other jurisdiction of   (I.R.S. Employer
 incorporation or organization)   Identification No.)

 

1901, Building 5, Dachong International Center, Tonggu Road, Nanshan District,

Shenzhen City, Guangdong Province, 518000, China.

(Address of principal executive offices, including zip code)

 

(+86) 0755 27608253

Registrant’s phone number, including area code

 

N/A

(Former name, former address and former fiscal year, if changed since last report)

 

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, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large Accelerated Filer ☐ Accelerated Filer ☐ Non-accelerated Filer ☐ 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 Rule12b-2 of the Exchange Act).

 

Yes ☐ No ☒

 

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

 

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.

 

N/A

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name on each exchange on which registered
N/A   N/A   N/A

 

APPLICABLE ONLY TO CORPORATE ISSUERS:

 

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

 

Class   Outstanding at May 31, 2023
Common Stock, $0.001 par value   4,825,000

 

 

 

 
 

 

Explanatory Note

 

This Amendment No.1 to Quarterly Report on Form 10-Q/A (this “Amended Report”) is filled with the Securities and Exchange Commission to amend the Quarterly Report on Forms 10-Q for the fiscal quarter ended May 31, 2023 (the “Original 10-Q”) of Leader Hill Corporation, solely to furnish XBRL (eXtensible Business Reporting Language) documents under Exhibit 101, As permitted by Rule 405(a)(2)(ii) of Regulation S-T, Exhibit 101 was required to be filled by amendment within 30 days of the original filing date of the Original 10-Q.

 

Except for the foregoing, this Amended Report speaks as of the filing date of the Original 10-Q and does not update or discuss any other developments after the date of the Original 10-Q. This Amended Report restates only those portions of the Original 10-Q affected by the above changes.

 

 
 

 

TABLE OF CONTENTS

 

    Page
PART I FINANCIAL INFORMATION  
     
ITEM 1 FINANCIAL STATEMENTS: 3
  Condensed Consolidated Balance Sheets as of May 31, 2023 (unaudited) and November 30, 2022 3
  Condensed Consolidated Statements of Operations and Comprehensive Loss for the three months Ended May 31, 2023 and 2022 (unaudited) 4
  Condensed Consolidated Statements of Shareholders’ Equity (unaudited) 5
  Condensed Consolidated Statements of Cash Flows for the Three months Ended May 31, 2023 and May 31, 2022 (unaudited) 6
  Notes to the Unaudited Condensed Consolidated Financial Statements 7
ITEM 2 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 11
ITEM 3 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 13
ITEM 4 CONTROLS AND PROCEDURES 13
     
PART II OTHER INFORMATION  
     
ITEM 1 LEGAL PROCEEDINGS 14
ITEM 2 UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 14
ITEM 3 DEFAULTS UPON SENIOR SECURITIES 14
ITEM 4 MINE SAFETY DISCLOSURES 14
ITEM 5 OTHER INFORMATION 14
ITEM 6 EXHIBITS 14
SIGNATURES 15

 

2
 

 

PART I — FINANCIAL INFORMATION

 

Item 1. Financial statements

 

LEADER HILL CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

 

   May 31, 2023   November 30, 2022 
   As of 
   May 31, 2023   November 30, 2022 
   (Unaudited)   (Audited) 
ASSETS            
Current assets:          
Cash and cash equivalents  $-   $- 
Prepayment  $-   $- 
Total current assets  $-   $- 
           
Non-current assets          
Plant and equipment, net  $1,275   $1,821 
Total non-current assets  $1,275   $1,821 
           
TOTAL ASSETS  $1,275   $1,821 
           
LIABILITIES AND STOCKHOLDERS’ EQUITY          
Current liabilities          
Amount due to a director  $73,630   $73,630 
Accrued expenses  $11,114   $10,520 
Total current liabilities  $84,744   $84,150 
           
TOTAL LIABILITIES  $84,744   $84,150 
           
STOCKHOLDERS’ DEFICIT          
Preferred stock, $0.001 par value; 0 shares authorized; None issued and outstanding  $-   $- 
Common stock, $ 0.001 par value; 75,000,000 shares authorized; 4,825,000 shares issued and outstanding as of May 31, 2023 and November 30, 2022, respectively  $4,825   $4,825 
Additional paid-in capital  $106,177   $106,177 
Accumulated other comprehensive loss  $(1,483)  $(1,483)
Accumulated deficit  $(192,988)  $(191,848)
           
TOTAL STOCKHOLDERS’ DEFICIT  $(83,469)  $(82,329)
           
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT  $1,275   $1,821 

 

See accompanying notes to the unaudited condensed consolidated financial statements.

 

3
 

 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Unaudited)

 

   2023   2022 
   Three months ended 
   May 31, 2023   May 31, 2022 
REVENUE  $-    $- 
           
COST OF REVENUE  $-   $- 
           
GROSS PROFIT  $-    $- 
           
OTHER INCOME  $-   $- 
           
GENERAL AND ADMINISTRATIVE EXPENSES  $(570)  $(3,323)
           
GAIN/LOSS BEFORE INCOME TAX  $(570)  $(3,323)
           
INCOME TAX PROVISION  $-   $- 
           
NET INCOME/LOSS  $(570)  $(3,323)
           
Other comprehensive (loss)/income:          
- Foreign currency translation adjustment  $-   $- 
           
Comprehensive Income/loss  $(570)  $(3,323)
           
Net income/loss per share- Basic and diluted   0.00    (0.00)
           
Weighted average number of common shares outstanding – Basic and diluted   4,825,000    4,825,000 

 

See accompanying notes to the unaudited condensed consolidated financial statements.

 

4
 

 

CONDENSED STATEMENTS OF SHAREHOLDERS’

EQUITY AS OF MAY 31, 2023

(Currency expressed in United States Dollars (“US$”), except

for number of shares)

 

   NUMBER
OF SHARES		   AMOUNT   ADDITIONAL PAID-IN CAPITAL   ACCUMULATED (DEFICIT) /PROFIT   ACCUMULATED COMPREHENSIVE LOSS   TOTAL STOCKHOLDERS EQUITY 
   COMMON STOCK                 
   NUMBER
OF SHARES		   AMOUNT   ADDITIONAL PAID-IN CAPITAL   ACCUMULATED (DEFICIT) /PROFIT   ACCUMULATED COMPREHENSIVE LOSS   TOTAL STOCKHOLDERS EQUITY 
Balance as of November 30, 2021   4,825,000   $4,825   $      106,177   $   (142,914)  $      (1,483)  $       (33,395)
Additional paid in capital as forgiven by ex shareholders   -   $-    $-    $-    $-   $- 
Net loss for the period   -   $-   $-   $(48,934)  $-   $(48,934)
Foreign currency translation   -   $-   $-   $-   $-   $- 
Balance as of November 30, 2022   4,825,000   $4,825   $106,177   $(191,848)  $(1,483)  $(82,329)
Net loss for the period   -   $-   $-   $(1,140)  $-   $(1,140)
Foreign currency translation   -   $-   $-   $-   $-   $- 
Balance as of May 31, 2023   4,825,000   $4,825   $106,177   $(192,988)  $(1,483)  $(83,469)

 

See accompanying notes to consolidated financial statements

 

5
 

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

   May 31, 2023   May 31, 2022 
   Three months ended 
   May 31, 2023   May 31, 2022 
         
CASH FLOWS FROM OPERATING ACTIVITIES:          
Net income/loss  $(570)  $(3,323)
Adjustments to reconcile net loss to net cash used in operating activities:          
Depreciation  $273   $- 
Changes in operating assets and liabilities:          
Accounts receivables  $-   $  -  
Accrued expenses  $297   $3,323 
Amount due to a director  $-    $- 
           
Net cash provided by operating activities  $-   $- 
           
Effect of exchange rate changes on cash and cash equivalents  $-   $- 
           
Net increase (decrease) in cash and cash equivalents  $-   $- 
Cash and cash equivalents, beginning of period  $-   $- 
           
CASH AND CASH EQUIVALENTS, END OF PERIOD  $-   $- 
           
SUPPLEMENTAL CASH FLOWS INFORMATION          
Cash paid for income taxes  $-   $- 
Cash paid for interest paid  $-   $- 

 

See accompanying notes to the unaudited condensed consolidated financial statements.

 

6
 

 

LEADER HILL CORPORATION AND SUBSIDIARIES

NOTES TO FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED MAY 31, 2023 AND MAY 31, 2022 (UNAUDITED)

(Currency expressed in United States Dollars (“US$”), except for number of shares)

 

1. ORGANIZATION AND BUSINESS BACKGROUND

 

Leader Hill Corporation, a Nevada corporation (“the Company”) was incorporated under the laws of the State of Nevada on August 21, 2017.

 

We, Leader Hill Corporation (“the Company”), are an early stage business consulting company that intends to assist start-up to midsize companies in the East Asia region, with a focus on mainland China and Hong Kong, to operate their businesses more cost effectively through our multifaceted consulting services.

 

The Company’s executive office is located at 1901, Building 5, Dachong International Center, Tonggu Road, Nanshan District, Shenzhen City, Guangdong Province, 518000, China.

 

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of presentation

 

The financial statements for Leader Hill Corporation are prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). The Company has adopted November 30 as its fiscal year end. In the opinion of management all adjustments that are necessary in order to make the financial statements not misleading have been made.

 

Use of estimates

 

Management uses estimates and assumptions in preparing these financial statements in accordance with US GAAP. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities in the balance sheets, and the reported revenue and expenses during the periods reported. Actual results may differ from these estimates.

 

Revenue from services

 

The Company adopted Accounting Standards Codification (“ASC”) 606. ASC 606, Revenue from Contracts with Customers, establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity’s contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied.

 

The Company has assessed the impact of the guidance by performing the following five steps analysis:

 

Step 1: Identify the contract

Step 2: Identify the performance obligations

Step 3: Determine the transaction price

Step 4: Allocate the transaction price

Step 5: Recognize revenue

 

Based on the assessment, the Company concluded that there was no change to the timing and pattern of revenue recognition for its current revenue streams in scope of Topic 606 and therefore there were no material changes to the Company’s consolidated financial statements upon adoption of ASC 606.

 

Revenue is measured at the fair value of the consideration received or receivable, net of discounts and taxes applicable to the revenue.

 

Revenue from supplies of consulting services is recognized when title and risk of loss are transferred and there are no continuing obligations to the customer. Title and the risks and rewards of ownership transfer to and accepted by the customer when the services are collected by the customer at the Company’s office. Revenue is recorded net of sales discounts, returns, allowances, and other adjustments that are based upon management’s best estimates and historical experience and are provided for in the same period as the related revenues are recorded. Based on limited operating history, management estimates that there was no sales return for the period reported.

 

The Company derives its revenue from direct sales to individuals and business companies. Generally, the Company recognizes revenue when services are sold and accepted by the customers and there are no continuing obligations to the customer.

 

7
 

 

General and administrative expenses

 

For the three months ended May 31, 2023, the company has incurred general and administrative expenses of $570, which consist of mainly financial statement review, filing and transfer agent fee.

 

For the three months ended May 31, 2022, the company has incurred general and administrative expenses of $3,323, which consist of mainly financial statement review, filing and transfer agent fee.

 

Cash and cash equivalents

 

Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments.

 

The company has a cash and cash equivalents of $Nil and $Nil as of May 31, 2023 and May 31, 2022 respectively. The cash generated from operating activity is used to repay part of the loan from director.

 

Accounts receivable

 

Accounts receivable are recorded at the invoiced amount less an allowance for any uncollectible accounts and do not bear interest, which are due on demand. Management reviews the adequacy of the allowance for doubtful accounts on an ongoing basis, using historical collection trends and aging of receivables. Management also periodically evaluates individual customer’s financial condition, credit history, and the current economic conditions to make adjustments in the allowance when it is considered necessary. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote.

 

Plant and equipment

 

Plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational:

 

Categories   Estimated useful life
Office equipment   2 years

 

From September 1, 2022, the office equipment’s estimated useful life had been revised to 2 years.

 

Expenditures for maintenance and repairs are expensed as incurred. The gain or loss on the disposal of plant and equipment is the difference between the net sales proceeds and the carrying amount of the relevant assets and is recognized in the statement of operations.

 

The company has incurred depreciation expenses of $273 for the three months ended May 31, 2023 respectively.

 

The company has incurred depreciation expenses of $Nil for the three months ended May 31, 2022 respectively.

 

Net income/(loss) per share

 

The Company calculates net income/(loss) per share in accordance with ASC Topic 260, “Earnings per Share.” Basic income/(loss) per share is computed by dividing the net income/(loss) by the weighted-average number of common shares outstanding during the period. Diluted income per share is computed similar to basic income/(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.

 

Related parties

 

Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence.

 

Fair value of financial instruments:

 

The carrying value of the Company’s financial instruments: receivables and amount due to a director approximate at their fair values because of the short-term nature of these financial instruments.

 

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

 

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

 

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

 

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

 

8
 

 

Recent accounting pronouncements

 

In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses (Topic 326), Measurement of Credit Losses on Financial Statements. This ASU requires a financial asset (or group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. This Accounting Standards Update affects entities holding financial assets and net investment in leases that are not accounted for at fair value through net income. The amendments affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual rights to receive cash. For smaller public business entities, the amendments in this Update are effective for fiscal years beginning after January 1, 2023, including interim periods within those fiscal years. All entities may adopt the amendments in this Update through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (that is, a modified-retrospective approach). The Company is in the process of evaluating the impact of the adoption of this pronouncement on its consolidated financial statements.

 

The Company reviews new accounting standards as issued. Management has not identified any other new standards that it believes will have a significant impact on the Company’s financial statements.

 

3. GOING CONCERN UNCERTAINTIES

 

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The company having accumulated deficit of $192,988 and $191,848 as of May 31, 2023 and November 30, 2022 respectively. For the three months ended May 31, 2023, the company has net loss of $570. For the three months ended May 31, 2022, the company has net loss of $3,323.

 

While the Company is attempting to generate revenues, the Company’s cash position may not be significant enough to support the Company’s daily operations. While the Company believes in the viability of its strategy and in its ability to raise additional funds, there can be no assurances to that effect. The Company’s ability to continue as a going concern is dependent upon its ability to achieve profitable operations or obtain adequate financing.

 

These and other factors raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that financial statements are issued. These financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result in the Company not being able to continue as a going concern.

 

4. AMOUNT DUE TO A DIRECTOR

 

As of May 31, 2023, the Company has an outstanding payable to director of $73,630, which is unsecured and non-interest bearing.

 

As of May 31, 2022, the Company has an outstanding payable to director of $35,045, which is unsecured and non-interest bearing.

 

Currently, our office is provided by our director, Mr Liu Muzhen, without charge.

 

Our director, Mr. Liu Muzhen, has not been compensated for the services.

 

5. PREPAYMENT

 

As of May 31, 2023 and 2022, the company has a prepayment of $Nil.

 

6. PROPERTY AND EQUIPMENT, NET

 

           
   As of   As of 
   May 31, 2023   November 30, 2022 
   (Unaudited)   (Audited) 
Office equipment  $2,154   $2,154 
  $       
Less: Loss on disposal of office equipment  $     - 
Less: Accumulated depreciation  $(879)  $(333)
Total  $1,275   $1,821 

 

Depreciation, classified as operating expenses, was $273 for the three months ended May 31, 2023

 

Depreciation, classified as operating expenses, was $Nil for the three months ended May 31, 2022.

 

9
 

 

7. ACCRUED EXPENSES

 

As of May 31, 2023 and November 30, 2022, the Company has an outstanding accrued expense as following:

 

           
   As of   As of 
   May 31, 2023   November 30, 2022 
   (Unaudited)   (Audited) 
Accrued audit fee  $3,000   $3,000 
Accrued administrative fee  $8,114   $7,520 
Total  $11,114   $10,520 

 

8. CONCENTRATIONS OF RISK

 

The Company has generated revenue of $3,000, not incurring any cost of sales for the three months ended May 31, 2023.

 

The Company has not generated revenue nor incurring any cost of sales for the three month May 31, 2022.

 

The Company has no concentration of risk on customer or supplier.

 

9. COMMON STOCK

 

On December 17, 2020, as a result of a private transaction, 4,000,000 shares of common stock, $0.001 par value per share (the “Shares”) of Leader Hill Corporation, a Nevada corporation (the “Company”), were transferred from Chia Yee Seah to certain purchasers (collectively, the “Purchasers”). As a result, the Purchasers became the holders of approximately 82.9% of the issued and outstanding share capital of the Company and our new CEO, Mr. Liu Muzhen held 2,700,000 common shares or 55.96% shareholding of the Company. The consideration paid for the Shares was $287,000. The source of the cash consideration for the Shares was personal funds of the Purchasers. In connection with the transaction, Chia Yee Seah released the Company from all debts owed to him.

 

As of May 31, 2023, we have authorized capital stock consisting of 75,000,000 shares of common stock, $0.001 par value per share of which 4,825,000 shares of common stock were issued and outstanding.

 

10. SUBSEQUENT EVENTS

 

In accordance with ASC Topic 855, “Subsequent Events”, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued, the Company has evaluated all events or transactions that occurred after May 31, 2023 up through the date the Company issued the financial statements.

 

10
 

 

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

 

The information contained in this Form 10-Q is intended to update the information contained in our Annual Report on Form 10-K for the year ended November 30, 2022 and presumes that readers have access to, and will have read, the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and other information contained in such Form 10-K. The following discussion and analysis also should be read together with our financial statements and the notes to the financial statements included elsewhere in this Form 10-Q.

 

The following discussion contains certain statements that may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements appear in a number of places in this Report, including, without limitation, “Management’s Discussion and Analysis of Financial Condition and Results of Operations. “These statements are not guarantees of future performance and involve risks, uncertainties and requirements that are difficult to predict or are beyond our control. Forward-looking statements speak only as of the date of this quarterly report. You should not put undue reliance on any forward-looking statements. We strongly encourage investors to carefully read the factors described in our Form S-1 Amendment No.2, dated June 15, 2018, in the section entitled “Risk Factors” for a description of certain risks that could, among other things, cause actual results to differ from these forward- looking statements. We assume no responsibility to update the forward-looking statements contained in this transition report on Form 10-Q. The following should also be read in conjunction with the unaudited Condensed Consolidated Financial Statements and notes thereto that appear elsewhere in this report.

 

Company Overview

 

We, Leader Hill Corporation, a Nevada corporation (“the Company”) was incorporated under the laws of the State of Nevada on August 21, 2017.

 

The Company’s executive office is located at 1901, Building 5, Dachong International Center, Tonggu Road, Nanshan District, Shenzhen City, Guangdong Province, 518000, China.

 

We, Leader Hill Corporation (“the Company”), are an early stage business consulting company that intends to assist start-up to midsize companies in the East Asia region, with a focus on mainland China and Hong Kong, to operate their businesses more cost effectively through our multifaceted consulting services. Additionally, it should be noted that the Company currently operates at a net loss.

 

On December 17, 2020, the existing director and officer resigned immediately. Accordingly, Chia Yee Seah, serving as a director and an officer, ceased to be the Company’s Chief Executive Officer, Chief Financial Officer, President, Treasurer, Secretary and a Director. At the effective date of the transfer, Liu Muzhen consented to act as the new Chief Executive Officer, Chief Financial Officer, President, Treasurer, Secretary and Chairman of the Board of Directors of the Company.

 

Mr. Liu Muzhen (“Mr. Liu”), age 36, is currently studying a Master of Business Administration in the University of New Buckingham, while his bachelor’s degree was obtained in Capital Normal University, with major in software engineering.

 

From August 2012 to December 2016, Mr. Liu was a general manager of Shanghai Guangya Network Technology Company Limited (“Guangya”). Guangya had two major business steams, first one was business of network technology research and development, with its in-house Software-as-a-service as solution to its clients. The second one was sales and distribution of electronic appliances, communication tools and Audio-visual equipment. Mr. Liu was responsible to be the oversight of the whole company, business development, reporting of financial result to shareholders.

 

From January 2017 to the present, Mr. Liu has been a general manager of Big Player (Shenzhen) Media Company Limited (“Big Player”). Big Player is engaging in not only cultural campaign planning, corporate branding, and advertisement, but also website, online game and application development. Mr. Liu is responsible for the online game and application development, strategic development of the Company and review of the strategy implementation.

 

Liu Muzhen has been appointed as a Chief Executive Officer, Chief Financial Officer, President, Treasurer, Secretary and Chairman of Board of Directors of the Company since December 17, 2020.

 

Results of Operation

 

For the three months period ended May 31, 2023 and 2022

 

Our cash and cash equivalents balance were $Nil and $Nil as of May 31, 2023 and 2022 respectively.

 

Revenues and cost of revenue

 

The company has generated revenue of $3,000, not incurring any cost of sales for the three months ended May 31, 2023.

 

The company has not generated any revenue nor incurring and cost of sale for the three months period ended May 31, 2022.

 

General and administrative expenses

 

For the three months ended May 31, 2023, the company has incurred general and administrative expenses of $570, which consist of mainly financial statement review, filing and transfer agent fee.

 

For the three months ended May 31, 2022, the company has incurred general and administrative expenses of $3,323, which consist of mainly financial statement review, filing and transfer agent fee.

 

11
 

 

Net income/loss

 

Our net income for the three months ended May 31, 2023 were $2,430.

 

Our net loss for the three months ended May 31, 2022 were $3,323.

 

Liquidity and Capital Resources

 

Cash Used in Operating Activities

 

For the three months period ended May 31, 2023, the company has generated $3,000 in operating activity, and is used to repay part of the loan from director.

 

For the three months period ended May 31, 2022, the company has consumed $Nil in operating activity, of which mainly consist of incurring an operating net loss and decrease in accrued expenses contra by loan from director.

 

Cash Used in Investing Activities

 

The company has not consumed nor generated any cash from investing activity for the three months period ended May 31, 2023 and 2022.

 

Cash Provided by Financing Activities

 

The company has not consumed nor generated any cash from financing activity for the three months period ended May 31, 2023 and 2022.

 

Off-balance Sheet Arrangements

 

We have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in our financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to our stockholders as of May 31, 2023.

 

Contractual Obligations

 

As of May 31, 2023, the Company has no contractual obligations involved.

 

12
 

 

ITEM 3 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

As a “smaller reporting company” as defined by Item 10 of Regulation S-K, the Company is not required to provide information required by this Item.

 

ITEM 4 CONTROLS AND PROCEDURES

 

Evaluation of Disclosure Controls and Procedures:

 

We carried out 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 May 31, 2023. This evaluation was carried out under the supervision and with the participation of our Chief Executive Officer and our Chief Financial Officer. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of May 31, 2023, 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 May 31, 2023, our disclosure controls and procedures were not effective: (i) inadequate segregation of duties and effective risk assessment; and (ii) insufficient written policies and procedures for accounting and financial reporting with respect to the requirements and application of both US GAAP and SEC guidelines.

 

Changes in Internal Control Over Financial Reporting:

 

There were no changes in our internal control over financial reporting during the quarter ending May 31, 2023, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

13
 

 

PART II — OTHER INFORMATION

 

Item 1. Legal Proceedings

 

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

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

None.

 

Item 3. Defaults Upon Senior Securities

 

None.

 

Item 4. Mine Safety Disclosures

 

Not applicable.

 

Item 5. Other Information

 

None.

 

ITEM 6. Exhibits

 

31.1   Rule 13(a)-14(a) / 15(d)-14(a) Certification of principal executive officer and principal financial officer
     
32.1   Section 1350 Certification of principal executive officer and principal financial officer
     
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)

 

14
 

 

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.

 

  LEADER HILL CORPORATION
  (Name of Registrant)
     
Date: March 18, 2024    
     
  By: /s/ Liu Muzhen
  Name: Liu Muzhen
  Title:

Chief Executive Officer, President, Director

(Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer)

 

15

 

 

EXHIBIT 31.1

 

CERTIFICATION

 

I, Liu Muzhen, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of LEADER HILL CORP (the “Company”) for the quarter ended May 31, 2023;

 

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 report;

 

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

 

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the 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, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  b. Designed such internal control over financial reporting, or caused such internal control 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 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 18, 2024 By: /s/ Liu Muzhen
    Liu Muzhen
    Chief Executive Officer, President, Treasurer Director
    (Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer)

 

 

 

EXHIBIT 32.1

 

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

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of LEADER HILL CORP (the “Company”) on Form 10-Q for the period ended May 31, 2023 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), The undersigned hereby certifies, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge and belief:

 

  (1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
     
  (2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

 

Date: March 18, 2024 By: /s/ Liu Muzhen
    Liu Muzhen
    Chief Executive Officer, President, Treasurer Director
    (Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer)

 

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement has been provided to the Company and will be retained by the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

 

 

 

v3.24.1
Cover
 6 Months Ended
May 31, 2023
shares
Cover [Abstract]  
Document Type 10-Q/A
Amendment Flag true
Amendment Description This Amendment No.1 to Quarterly Report on Form 10-Q/A (this “Amended Report”) is filled with the Securities and Exchange Commission to amend the Quarterly Report on Forms 10-Q for the fiscal quarter ended May 31, 2023 (the “Original 10-Q”) of Leader Hill Corporation, solely to furnish XBRL (eXtensible Business Reporting Language) documents under Exhibit 101, As permitted by Rule 405(a)(2)(ii) of Regulation S-T, Exhibit 101 was required to be filled by amendment within 30 days of the original filing date of the Original 10-Q.
Document Quarterly Report true
Document Transition Report false
Document Period End Date May 31, 2023
Document Fiscal Period Focus Q2
Document Fiscal Year Focus 2023
Current Fiscal Year End Date --11-30
Entity File Number 333-223712
Entity Registrant Name LEADER HILL CORPORATION
Entity Central Index Key 0001723187
Entity Tax Identification Number 37-1867536
Entity Incorporation, State or Country Code NV
Entity Address, Address Line One 1901, Building 5
Entity Address, Address Line Two Dachong International Center
Entity Address, Address Line Three Tonggu Road, Nanshan District
Entity Address, City or Town Shenzhen City, Guangdong Province
Entity Address, Country CN
Entity Address, Postal Zip Code 518000
Country Region 86
City Area Code 0755
Local Phone Number 27608253
Entity Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Filer Category Non-accelerated Filer
Entity Small Business true
Entity Emerging Growth Company false
Entity Shell Company false
Entity Common Stock, Shares Outstanding 4,825,000
v3.24.1
Condensed Consolidated Balance Sheets - USD ($)
May 31, 2023
Nov. 30, 2022
Current assets:    
Cash and cash equivalents
Prepayment
Total current assets
Non-current assets    
Plant and equipment, net 1,275 1,821
Total non-current assets 1,275 1,821
TOTAL ASSETS 1,275 1,821
Current liabilities    
Accrued expenses 11,114 10,520
Total current liabilities 84,744 84,150
TOTAL LIABILITIES 84,744 84,150
STOCKHOLDERS’ DEFICIT    
Preferred stock, $0.001 par value; 0 shares authorized; None issued and outstanding
Common stock, $ 0.001 par value; 75,000,000 shares authorized; 4,825,000 shares issued and outstanding as of May 31, 2023 and November 30, 2022, respectively 4,825 4,825
Additional paid-in capital 106,177 106,177
Accumulated other comprehensive loss (1,483) (1,483)
Accumulated deficit (192,988) (191,848)
TOTAL STOCKHOLDERS’ DEFICIT (83,469) (82,329)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT 1,275 1,821
Director [Member]    
Current liabilities    
Amount due to a director $ 73,630 $ 73,630
v3.24.1
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
May 31, 2023
Nov. 30, 2022
Statement of Financial Position [Abstract]    
Preferred stock, par value $ 0.001 $ 0.001
Preferred stock, shares authorized 0 0
Preferred stock, shares issued 0 0
Preferred stock, shares outstanding 0 0
Common stock, par value $ 0.001 $ 0.001
Common stock, shares authorized 75,000,000 75,000,000
Common stock, shares issued 4,825,000 4,825,000
Common stock, shares outstanding 4,825,000 4,825,000
v3.24.1
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
 3 Months Ended
May 31, 2023
May 31, 2022
Income Statement [Abstract]    
REVENUE
COST OF REVENUE
GROSS PROFIT
OTHER INCOME
GENERAL AND ADMINISTRATIVE EXPENSES (570) (3,323)
GAIN/LOSS BEFORE INCOME TAX (570) (3,323)
INCOME TAX PROVISION
NET INCOME/LOSS (570) (3,323)
Other comprehensive (loss)/income:    
- Foreign currency translation adjustment
Comprehensive Income/loss $ (570) $ (3,323)
Net income/(loss) per share- Basic $ 0.00 $ (0.00)
Net income/(loss) per share- Diluted $ 0.00 $ (0.00)
Weighted average number of common shares outstanding - Basic 4,825,000 4,825,000
Weighted average number of common shares outstanding - Diluted 4,825,000 4,825,000
v3.24.1
Condensed Statements of Shareholders' Equity - USD ($)
Common Stock [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
AOCI Attributable to Parent [Member]
Total
Balance at Nov. 30, 2021 $ 4,825 $ 106,177 $ (142,914) $ (1,483) $ (33,395)
Balance, shares at Nov. 30, 2021 4,825,000        
Additional paid in capital as forgiven by ex shareholders
Net loss for the period (48,934) (48,934)
Foreign currency translation
Balance at Nov. 30, 2022 $ 4,825 106,177 (191,848) (1,483) (82,329)
Balance, shares at Nov. 30, 2022 4,825,000        
Net loss for the period (1,140) (1,140)
Foreign currency translation
Balance at May. 31, 2023 $ 4,825 $ 106,177 $ (192,988) $ (1,483) $ (83,469)
Balance, shares at May. 31, 2023 4,825,000        
v3.24.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended 6 Months Ended
May 31, 2023
May 31, 2022
May 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income/loss $ (570) $ (3,323) $ (1,140)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation 273  
Changes in operating assets and liabilities:      
Accounts receivables  
Accrued expenses 297 3,323  
Amount due to a director  
Net cash provided by operating activities  
Effect of exchange rate changes on cash and cash equivalents  
Net increase (decrease) in cash and cash equivalents  
Cash and cash equivalents, beginning of period  
CASH AND CASH EQUIVALENTS, END OF PERIOD
SUPPLEMENTAL CASH FLOWS INFORMATION      
Cash paid for income taxes  
Cash paid for interest paid  
v3.24.1
ORGANIZATION AND BUSINESS BACKGROUND
 6 Months Ended
May 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
ORGANIZATION AND BUSINESS BACKGROUND

1. ORGANIZATION AND BUSINESS BACKGROUND

 

Leader Hill Corporation, a Nevada corporation (“the Company”) was incorporated under the laws of the State of Nevada on August 21, 2017.

 

We, Leader Hill Corporation (“the Company”), are an early stage business consulting company that intends to assist start-up to midsize companies in the East Asia region, with a focus on mainland China and Hong Kong, to operate their businesses more cost effectively through our multifaceted consulting services.

 

The Company’s executive office is located at 1901, Building 5, Dachong International Center, Tonggu Road, Nanshan District, Shenzhen City, Guangdong Province, 518000, China.

 
v3.24.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 6 Months Ended
May 31, 2023
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of presentation

 

The financial statements for Leader Hill Corporation are prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). The Company has adopted November 30 as its fiscal year end. In the opinion of management all adjustments that are necessary in order to make the financial statements not misleading have been made.

 

Use of estimates

 

Management uses estimates and assumptions in preparing these financial statements in accordance with US GAAP. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities in the balance sheets, and the reported revenue and expenses during the periods reported. Actual results may differ from these estimates.

 

Revenue from services

 

The Company adopted Accounting Standards Codification (“ASC”) 606. ASC 606, Revenue from Contracts with Customers, establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity’s contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied.

 

The Company has assessed the impact of the guidance by performing the following five steps analysis:

 

Step 1: Identify the contract

Step 2: Identify the performance obligations

Step 3: Determine the transaction price

Step 4: Allocate the transaction price

Step 5: Recognize revenue

 

Based on the assessment, the Company concluded that there was no change to the timing and pattern of revenue recognition for its current revenue streams in scope of Topic 606 and therefore there were no material changes to the Company’s consolidated financial statements upon adoption of ASC 606.

 

Revenue is measured at the fair value of the consideration received or receivable, net of discounts and taxes applicable to the revenue.

 

Revenue from supplies of consulting services is recognized when title and risk of loss are transferred and there are no continuing obligations to the customer. Title and the risks and rewards of ownership transfer to and accepted by the customer when the services are collected by the customer at the Company’s office. Revenue is recorded net of sales discounts, returns, allowances, and other adjustments that are based upon management’s best estimates and historical experience and are provided for in the same period as the related revenues are recorded. Based on limited operating history, management estimates that there was no sales return for the period reported.

 

The Company derives its revenue from direct sales to individuals and business companies. Generally, the Company recognizes revenue when services are sold and accepted by the customers and there are no continuing obligations to the customer.

 

 

General and administrative expenses

 

For the three months ended May 31, 2023, the company has incurred general and administrative expenses of $570, which consist of mainly financial statement review, filing and transfer agent fee.

 

For the three months ended May 31, 2022, the company has incurred general and administrative expenses of $3,323, which consist of mainly financial statement review, filing and transfer agent fee.

 

Cash and cash equivalents

 

Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments.

 

The company has a cash and cash equivalents of $Nil and $Nil as of May 31, 2023 and May 31, 2022 respectively. The cash generated from operating activity is used to repay part of the loan from director.

 

Accounts receivable

 

Accounts receivable are recorded at the invoiced amount less an allowance for any uncollectible accounts and do not bear interest, which are due on demand. Management reviews the adequacy of the allowance for doubtful accounts on an ongoing basis, using historical collection trends and aging of receivables. Management also periodically evaluates individual customer’s financial condition, credit history, and the current economic conditions to make adjustments in the allowance when it is considered necessary. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote.

 

Plant and equipment

 

Plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational:

 

Categories   Estimated useful life
Office equipment   2 years

 

From September 1, 2022, the office equipment’s estimated useful life had been revised to 2 years.

 

Expenditures for maintenance and repairs are expensed as incurred. The gain or loss on the disposal of plant and equipment is the difference between the net sales proceeds and the carrying amount of the relevant assets and is recognized in the statement of operations.

 

The company has incurred depreciation expenses of $273 for the three months ended May 31, 2023 respectively.

 

The company has incurred depreciation expenses of $Nil for the three months ended May 31, 2022 respectively.

 

Net income/(loss) per share

 

The Company calculates net income/(loss) per share in accordance with ASC Topic 260, “Earnings per Share.” Basic income/(loss) per share is computed by dividing the net income/(loss) by the weighted-average number of common shares outstanding during the period. Diluted income per share is computed similar to basic income/(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.

 

Related parties

 

Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence.

 

Fair value of financial instruments:

 

The carrying value of the Company’s financial instruments: receivables and amount due to a director approximate at their fair values because of the short-term nature of these financial instruments.

 

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

 

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

 

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

 

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

 

 

Recent accounting pronouncements

 

In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses (Topic 326), Measurement of Credit Losses on Financial Statements. This ASU requires a financial asset (or group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. This Accounting Standards Update affects entities holding financial assets and net investment in leases that are not accounted for at fair value through net income. The amendments affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual rights to receive cash. For smaller public business entities, the amendments in this Update are effective for fiscal years beginning after January 1, 2023, including interim periods within those fiscal years. All entities may adopt the amendments in this Update through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (that is, a modified-retrospective approach). The Company is in the process of evaluating the impact of the adoption of this pronouncement on its consolidated financial statements.

 

The Company reviews new accounting standards as issued. Management has not identified any other new standards that it believes will have a significant impact on the Company’s financial statements.

 
v3.24.1
GOING CONCERN UNCERTAINTIES
 6 Months Ended
May 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
GOING CONCERN UNCERTAINTIES

3. GOING CONCERN UNCERTAINTIES

 

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The company having accumulated deficit of $192,988 and $191,848 as of May 31, 2023 and November 30, 2022 respectively. For the three months ended May 31, 2023, the company has net loss of $570. For the three months ended May 31, 2022, the company has net loss of $3,323.

 

While the Company is attempting to generate revenues, the Company’s cash position may not be significant enough to support the Company’s daily operations. While the Company believes in the viability of its strategy and in its ability to raise additional funds, there can be no assurances to that effect. The Company’s ability to continue as a going concern is dependent upon its ability to achieve profitable operations or obtain adequate financing.

 

These and other factors raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that financial statements are issued. These financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result in the Company not being able to continue as a going concern.

 
v3.24.1
AMOUNT DUE TO A DIRECTOR
 6 Months Ended
May 31, 2023
Related Party Transactions [Abstract]  
AMOUNT DUE TO A DIRECTOR

4. AMOUNT DUE TO A DIRECTOR

 

As of May 31, 2023, the Company has an outstanding payable to director of $73,630, which is unsecured and non-interest bearing.

 

As of May 31, 2022, the Company has an outstanding payable to director of $35,045, which is unsecured and non-interest bearing.

 

Currently, our office is provided by our director, Mr Liu Muzhen, without charge.

 

Our director, Mr. Liu Muzhen, has not been compensated for the services.

 
v3.24.1
PREPAYMENT
 6 Months Ended
May 31, 2023
Disclosure Prepayment Abstract  
PREPAYMENT

5. PREPAYMENT

 

As of May 31, 2023 and 2022, the company has a prepayment of $Nil.

 
v3.24.1
PROPERTY AND EQUIPMENT, NET
 6 Months Ended
May 31, 2023
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT, NET

6. PROPERTY AND EQUIPMENT, NET

 

           
   As of   As of 
   May 31, 2023   November 30, 2022 
   (Unaudited)   (Audited) 
Office equipment  $2,154   $2,154 
  $       
Less: Loss on disposal of office equipment  $     - 
Less: Accumulated depreciation  $(879)  $(333)
Total  $1,275   $1,821 

 

Depreciation, classified as operating expenses, was $273 for the three months ended May 31, 2023

 

Depreciation, classified as operating expenses, was $Nil for the three months ended May 31, 2022.

 

 
v3.24.1
ACCRUED EXPENSES
 6 Months Ended
May 31, 2023
Payables and Accruals [Abstract]  
ACCRUED EXPENSES

7. ACCRUED EXPENSES

 

As of May 31, 2023 and November 30, 2022, the Company has an outstanding accrued expense as following:

 

           
   As of   As of 
   May 31, 2023   November 30, 2022 
   (Unaudited)   (Audited) 
Accrued audit fee  $3,000   $3,000 
Accrued administrative fee  $8,114   $7,520 
Total  $11,114   $10,520 

 
v3.24.1
CONCENTRATIONS OF RISK
 6 Months Ended
May 31, 2023
Risks and Uncertainties [Abstract]  
CONCENTRATIONS OF RISK

8. CONCENTRATIONS OF RISK

 

The Company has generated revenue of $3,000, not incurring any cost of sales for the three months ended May 31, 2023.

 

The Company has not generated revenue nor incurring any cost of sales for the three month May 31, 2022.

 

The Company has no concentration of risk on customer or supplier.

 
v3.24.1
COMMON STOCK
 6 Months Ended
May 31, 2023
Equity [Abstract]  
COMMON STOCK

9. COMMON STOCK

 

On December 17, 2020, as a result of a private transaction, 4,000,000 shares of common stock, $0.001 par value per share (the “Shares”) of Leader Hill Corporation, a Nevada corporation (the “Company”), were transferred from Chia Yee Seah to certain purchasers (collectively, the “Purchasers”). As a result, the Purchasers became the holders of approximately 82.9% of the issued and outstanding share capital of the Company and our new CEO, Mr. Liu Muzhen held 2,700,000 common shares or 55.96% shareholding of the Company. The consideration paid for the Shares was $287,000. The source of the cash consideration for the Shares was personal funds of the Purchasers. In connection with the transaction, Chia Yee Seah released the Company from all debts owed to him.

 

As of May 31, 2023, we have authorized capital stock consisting of 75,000,000 shares of common stock, $0.001 par value per share of which 4,825,000 shares of common stock were issued and outstanding.

 
v3.24.1
SUBSEQUENT EVENTS
 6 Months Ended
May 31, 2023
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

10. SUBSEQUENT EVENTS

 

In accordance with ASC Topic 855, “Subsequent Events”, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued, the Company has evaluated all events or transactions that occurred after May 31, 2023 up through the date the Company issued the financial statements.
v3.24.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 6 Months Ended
May 31, 2023
Accounting Policies [Abstract]  
Basis of presentation

Basis of presentation

 

The financial statements for Leader Hill Corporation are prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). The Company has adopted November 30 as its fiscal year end. In the opinion of management all adjustments that are necessary in order to make the financial statements not misleading have been made.

 
Use of estimates

Use of estimates

 

Management uses estimates and assumptions in preparing these financial statements in accordance with US GAAP. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities in the balance sheets, and the reported revenue and expenses during the periods reported. Actual results may differ from these estimates.

 
Revenue from services

Revenue from services

 

The Company adopted Accounting Standards Codification (“ASC”) 606. ASC 606, Revenue from Contracts with Customers, establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity’s contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied.

 

The Company has assessed the impact of the guidance by performing the following five steps analysis:

 

Step 1: Identify the contract

Step 2: Identify the performance obligations

Step 3: Determine the transaction price

Step 4: Allocate the transaction price

Step 5: Recognize revenue

 

Based on the assessment, the Company concluded that there was no change to the timing and pattern of revenue recognition for its current revenue streams in scope of Topic 606 and therefore there were no material changes to the Company’s consolidated financial statements upon adoption of ASC 606.

 

Revenue is measured at the fair value of the consideration received or receivable, net of discounts and taxes applicable to the revenue.

 

Revenue from supplies of consulting services is recognized when title and risk of loss are transferred and there are no continuing obligations to the customer. Title and the risks and rewards of ownership transfer to and accepted by the customer when the services are collected by the customer at the Company’s office. Revenue is recorded net of sales discounts, returns, allowances, and other adjustments that are based upon management’s best estimates and historical experience and are provided for in the same period as the related revenues are recorded. Based on limited operating history, management estimates that there was no sales return for the period reported.

 

The Company derives its revenue from direct sales to individuals and business companies. Generally, the Company recognizes revenue when services are sold and accepted by the customers and there are no continuing obligations to the customer.

 

 
General and administrative expenses

General and administrative expenses

 

For the three months ended May 31, 2023, the company has incurred general and administrative expenses of $570, which consist of mainly financial statement review, filing and transfer agent fee.

 

For the three months ended May 31, 2022, the company has incurred general and administrative expenses of $3,323, which consist of mainly financial statement review, filing and transfer agent fee.

 
Cash and cash equivalents

Cash and cash equivalents

 

Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments.

 

The company has a cash and cash equivalents of $Nil and $Nil as of May 31, 2023 and May 31, 2022 respectively. The cash generated from operating activity is used to repay part of the loan from director.

 
Accounts receivable

Accounts receivable

 

Accounts receivable are recorded at the invoiced amount less an allowance for any uncollectible accounts and do not bear interest, which are due on demand. Management reviews the adequacy of the allowance for doubtful accounts on an ongoing basis, using historical collection trends and aging of receivables. Management also periodically evaluates individual customer’s financial condition, credit history, and the current economic conditions to make adjustments in the allowance when it is considered necessary. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote.

 
Plant and equipment

Plant and equipment

 

Plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational:

 

Categories   Estimated useful life
Office equipment   2 years

 

From September 1, 2022, the office equipment’s estimated useful life had been revised to 2 years.

 

Expenditures for maintenance and repairs are expensed as incurred. The gain or loss on the disposal of plant and equipment is the difference between the net sales proceeds and the carrying amount of the relevant assets and is recognized in the statement of operations.

 

The company has incurred depreciation expenses of $273 for the three months ended May 31, 2023 respectively.

 

The company has incurred depreciation expenses of $Nil for the three months ended May 31, 2022 respectively.

 
Net income/(loss) per share

Net income/(loss) per share

 

The Company calculates net income/(loss) per share in accordance with ASC Topic 260, “Earnings per Share.” Basic income/(loss) per share is computed by dividing the net income/(loss) by the weighted-average number of common shares outstanding during the period. Diluted income per share is computed similar to basic income/(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.

 
Related parties

Related parties

 

Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence.

 
Fair value of financial instruments

Fair value of financial instruments:

 

The carrying value of the Company’s financial instruments: receivables and amount due to a director approximate at their fair values because of the short-term nature of these financial instruments.

 

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

 

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

 

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

 

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

 

 
Recent accounting pronouncements

Recent accounting pronouncements

 

In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses (Topic 326), Measurement of Credit Losses on Financial Statements. This ASU requires a financial asset (or group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. This Accounting Standards Update affects entities holding financial assets and net investment in leases that are not accounted for at fair value through net income. The amendments affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual rights to receive cash. For smaller public business entities, the amendments in this Update are effective for fiscal years beginning after January 1, 2023, including interim periods within those fiscal years. All entities may adopt the amendments in this Update through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (that is, a modified-retrospective approach). The Company is in the process of evaluating the impact of the adoption of this pronouncement on its consolidated financial statements.

 

The Company reviews new accounting standards as issued. Management has not identified any other new standards that it believes will have a significant impact on the Company’s financial statements.
v3.24.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 6 Months Ended
May 31, 2023
Accounting Policies [Abstract]  
SCHEDULE OF PROPERTY AND EQUIPMENT EXPECTED USEFUL LIVES

Categories   Estimated useful life
Office equipment   2 years
v3.24.1
PROPERTY AND EQUIPMENT, NET (Tables)
 6 Months Ended
May 31, 2023
Property, Plant and Equipment [Abstract]  
SCHEDULE OF PLANT AND EQUIPMENT, NET

           
   As of   As of 
   May 31, 2023   November 30, 2022 
   (Unaudited)   (Audited) 
Office equipment  $2,154   $2,154 
  $       
Less: Loss on disposal of office equipment  $     - 
Less: Accumulated depreciation  $(879)  $(333)
Total  $1,275   $1,821 
v3.24.1
ACCRUED EXPENSES (Tables)
 6 Months Ended
May 31, 2023
Payables and Accruals [Abstract]  
SCHEDULE OF ACCRUED EXPENSES

As of May 31, 2023 and November 30, 2022, the Company has an outstanding accrued expense as following:

 

           
   As of   As of 
   May 31, 2023   November 30, 2022 
   (Unaudited)   (Audited) 
Accrued audit fee  $3,000   $3,000 
Accrued administrative fee  $8,114   $7,520 
Total  $11,114   $10,520 
v3.24.1
ORGANIZATION AND BUSINESS BACKGROUND (Details Narrative)
 6 Months Ended
May 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Entity incorporation, state or country code NV
Entity incorporation, date of incorporation Aug. 21, 2017
v3.24.1
SCHEDULE OF PROPERTY AND EQUIPMENT EXPECTED USEFUL LIVES (Details)
May 31, 2023
Sep. 01, 2022
Office Equipment [Member]    
Property, Plant and Equipment [Line Items]    
Estimated useful lives 2 years 2 years
v3.24.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
 3 Months Ended
May 31, 2023
May 31, 2022
Nov. 30, 2022
Sep. 01, 2022
Property, Plant and Equipment [Line Items]        
General and administrative expense $ 570 $ 3,323    
Cash and cash equivalents  
Depreciation and amortization expense $ 273    
Office Equipment [Member]        
Property, Plant and Equipment [Line Items]        
Estimated useful lives 2 years     2 years
v3.24.1
GOING CONCERN UNCERTAINTIES (Details Narrative) - USD ($)
 3 Months Ended 6 Months Ended 12 Months Ended
May 31, 2023
May 31, 2022
May 31, 2023
Nov. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]        
Accumulated deficit $ 192,988   $ 192,988 $ 191,848
Net loss $ 570 $ 3,323 $ 1,140 $ 48,934
v3.24.1
AMOUNT DUE TO A DIRECTOR (Details Narrative) - USD ($)
May 31, 2023
May 31, 2022
Related Party [Member]    
Related Party Transaction [Line Items]    
Amount due to a director $ 73,630 $ 35,045
v3.24.1
PREPAYMENT (Details Narrative) - USD ($)
May 31, 2023
Nov. 30, 2022
May 31, 2022
Disclosure Prepayment Abstract      
Prepayment
v3.24.1
SCHEDULE OF PLANT AND EQUIPMENT, NET (Details) - USD ($)
May 31, 2023
Nov. 30, 2022
Property, Plant and Equipment [Line Items]    
Less: Loss on disposal of office equipment  
Less: Accumulated depreciation $ (879) (333)
Total 1,275 1,821
Office Equipment [Member]    
Property, Plant and Equipment [Line Items]    
Office equipment $ 2,154 $ 2,154
v3.24.1
PROPERTY AND EQUIPMENT, NET (Details Narrative) - USD ($)
 3 Months Ended
May 31, 2023
May 31, 2022
Property, Plant and Equipment [Abstract]    
Depreciation $ 273
v3.24.1
SCHEDULE OF ACCRUED EXPENSES (Details) - USD ($)
May 31, 2023
Nov. 30, 2022
Payables and Accruals [Abstract]    
Accrued audit fee $ 3,000 $ 3,000
Accrued administrative fee 8,114 7,520
Total $ 11,114 $ 10,520
v3.24.1
CONCENTRATIONS OF RISK (Details Narrative) - USD ($)
 3 Months Ended
May 31, 2023
May 31, 2022
Risks and Uncertainties [Abstract]    
Revenues $ 3,000 $ 0
v3.24.1
COMMON STOCK (Details Narrative) - USD ($)
Dec. 17, 2020
May 31, 2023
Nov. 30, 2022
Subsidiary, Sale of Stock [Line Items]      
Common Stock, par value   $ 0.001 $ 0.001
Common stock, shares authorized   75,000,000 75,000,000
Common stock, shares issued   4,825,000 4,825,000
Common stock, shares outstanding   4,825,000 4,825,000
Chief Executive Officer [Member]      
Subsidiary, Sale of Stock [Line Items]      
Shares Issued 2,700,000    
Purchasers [Member]      
Subsidiary, Sale of Stock [Line Items]      
Ownership percetage 82.90%    
Mr. Liu Muzhen [Member]      
Subsidiary, Sale of Stock [Line Items]      
Ownership percetage 55.96%    
Shares issued, value $ 287,000    
Private Placement [Member]      
Subsidiary, Sale of Stock [Line Items]      
Stock Issued During Period, Shares, New Issues 4,000,000    
Common Stock, par value $ 0.001    
Leader Hill (CE) (USOTC:LHIL)
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