financial statements. The following table summarizes certain selected components of discontinued operations for the disposed subsidiary for the threeperiods ended January 31, 2023 and nine months ended July 31, 2022 and 2021:2022:

SUMMARY OF COMPONENTS OF DISCONTINUED OPERATIONS FOR DISPOSED SUBSIDIARY

NOTE 3 - STOCKHOLDERS

Shares issued for cash in private placement

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

During the three months ended January 31, 2022, the Company did not issue any shares of Common Stock.

NOTE 34 - RELATED PARTY TRANSACTIONS

Mr. Yip Hoi Hing Peter (“In 2020, Mr. Peter Yip”), Chief Executive OfficerYip, CEO, purchased 30,100,000 shares of restricted Common Stock issued to founders for $3,100 and Director of the Company, is a 19.619.50% shareholder in the Company. In addition, in 2020, two companies wholly owned by Mr. Peter Yip, CS Global Consultancy Limited (“CS Global”) and CSG Group Holdings Limited (“CSG Group”), each purchased 30,000,000 shares of restricted Common Stock issued to founders for $3,000 and are each a 19.519.43% shareholdershareholders in the Company.

Effective May

In November 2022, the Company entered into two contacts with CS Global that have a term from November 1, 2022 to October 31, 2023. In the amount duefirst contract, CS Global is to Mr. Peter Yipprovide management services, as defined, to the Company for a monthly fee of $137,04910,000 per month. In the second contract, CS Global is to provide monthly services, as defined, to the Company for a monthly fee of approximately $24,000 (HKD 187,200) per month. The Company also agreed to pay CS Global a one-time non-refundable fee of approximately $80,000 (HKD 624,000) associated with the execution of the contracts. As the fee is non-refundable, and is not expected to have alternative future use, the $80,000 was forgivenexpensed during the three months ended January 31, 2023. For the three months ended January 31, 2023, fees paid to CG Global totaled $133,826 including management fees of $29,915, other expenses of $23,911, and recorded as a capital contributionthe one-time fee of $80,000. For the three months ended January 31, 2022, the Company did not incur any fees to the Company.CS Global.

At JulyAs of January 31, 2023 and October 31, 2022, the Company owed Mr. Peter Yip had advanced $38,8846,329 and $56,297, respectively, for advances made to the Company for operations. The advances are due on demand, are unsecured, and are non-interest bearing.

During the three and nine months ended JulyAt January 31, 2022,2023, the Company had no transactions relatedadvanced $33,947 to CS Global, or CSG Group or any entities wholly owned by Mr. Peter Yip. During the three months ended July 31, 2021, the Company incurredfor prepaid February 2023 management feefees of $10,0479,984 to CS Global. During the nine months ended July 31, 2021, the Company incurred totaland prepaid office expense fees to entities wholly owned by Mr. Peter Yip of $234,56923,963. Fees paid, respectively. The Company did not advance any payment to CS Global totaled $172,641 during the nine months ended Julyas of October 31, 2021, including advertising and promotion expense of $2022.

42,320, administration fee of $

59,932 and management fee of $70,389. Also, during the nine months ended July 31, 2021, the Company incurred consulting fee of $61,928 to Asia Pacific Management & Family Office Limited, a company incorporated in Hong Kong, and is wholly owned by Mr. Peter Yip.

Greenpro Capital Corp., through its wholly owned subsidiaries (collectively “Greenpro”), is a 5.865.83% shareholder in the Company. In addition, three executives of Greenpro are collectively 10.410.36% shareholders in the Company. During

For the three months ended JulyJanuary 31, 2023, the Company incurred total fees to Greenpro of $12,516, including accounting fees of $11,076, administration fees of $640 and advisory fees of $800, respectively. For the three months ended January 31, 2022, the Company incurred professional fees to Greenpro of $14,910. During the nine months ended July 31, 2022, the Company incurred professional fees to Greenpro of $39,982. During the three months ended July 31, 2021, the Company incurred professionalaccounting fees of $40,427 12,551related to Greenpro. During the nine months ended July 31, 2021, the Company incurred professional fees of $213,635 related to Greenpro.

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, 20212022 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, 20212022 filed with the SEC on January 28, 2022.February 7, 2023. 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.

On July 20, 2020, Mr. Yip Hoi Hing Peter (“Mr. Peter Yip”), founder of the Company, was appointed as Chief Executive Officer, President, and sole director of the Company.

On August 25, 2020, the Company acquired 100% of the equity interests of Global Leaders Corporation (“GLC Anguilla”), an Anguilla company, in consideration of $200 from Mr. Peter Yip.

On August 25, 2020, GLC Anguilla, our wholly owned subsidiary, acquired 100% of the equity interests of Global Leaders Academy Limited (“GLA”), a Hong Kong company, in consideration of HK$1 (approximately $0.13) from Mr. Peter Yip.

On May 1, 2022, GLC Anguilla sold its entire 100% interest in GLA to an unrelated party for HK$1 (approximately $0.13), due to continuing losses incurred by GLA.

Going ConcernGOING CONCERN

For the ninethree months ended JulyJanuary 31, 2022,2023, the Company incurred a net loss of $75,321$192,444 and used cash in operationsoperating activities of $158,860.$235,301. 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, 2021,2022, 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 JulyJanuary 31, 2022,2023, our cash balance was $6,508.$250,528. Management estimates that the current funds on hand will be sufficient to continue operations through the next three to six 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.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

Use of estimatesUSE OF ESTIMATES

In preparing these condensed consolidatedThe preparation of financial statements in conformity with generally accepted accounting principles requires management makesto make estimates and assumptions that affect the reported amounts of assets and liabilities, indisclosures of contingent assets and liabilities at the balance sheets,date of the financial statements, and the reported amounts of revenues and expenses during the periods reported.reporting year. Actual results maycould differ from thesethose estimates. Significant estimates include estimates for the accruals of potential liabilities.

Revenue recognitionREVENUE 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.

PLAN OF OPERATION

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

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

Results of Operations

Three Months Ended JulyJanuary 31, 2023 and 2022

No service revenueWe recorded no revenues and cost of service revenue were recordedrevenues for the three monthsperiods ended JulyJanuary 31, 2022.2023 and 2022, respectively.

For the three months ended JulyJanuary 31, 2023 and 2022, general and administrative expense was $32,019.

Nine Months Ended July 31, 2022

No service revenueexpenses were $192,444 and cost$25,292 and included $146,342 and $12,551 of service revenue were recorded for the nine months ended July 31, 2022.

For the nine months ended July 31, 2022, general and administrative expense was $71,905.expenses to related parties for the periods ended January 31, 2023 and 2022, respectively.

Liquidity and Capital Resources

At JulyJanuary 31, 2022,2023, our cash balance was $6,508.$250,528. Management estimates that the current funds on hand will be sufficient to continue operations through the next three months. No assurance can be given that any future financing will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able tocan obtain additional financing 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. We do not have any financing arrangement and we cannot provide investors with any assurance that we will be able to raise sufficient funding to fund our operations and ongoing operational expenses. In the absence of such financing, our business will likely fail. There are no assurances that we will be able to achieve further sales of our Common Stock or any other form of additional financing.

In November 2022, the Company sold 668,750 shares of restricted Common Stock to eighteen individuals in a private placement at a price of $0.80 per share, for total proceeds of $535,000:

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 JulyJanuary 31, 2022.2023. This evaluation was carried out by Mr. Yip Hoi Hing Peter (“Mr. Peter Yip”), our Chief Executive Officer and Chief Financial Officer, who also serves as our principal executive officer and principal financial and accounting officer.officer, respectively. Based upon that evaluation, our Chief Executive and Financial OfficerMr. Peter Yip concluded that, as of JulyJanuary 31, 2022,2023, 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 JulyJanuary 31, 2022,2023, 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 JulyJanuary 31, 2022,2023, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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.

ITEM 6. EXHIBITS.

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

* Filed herewith.

** 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.

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.