Cover
Cover - shares | 6 Months Ended | |
Apr. 30, 2022 | Jun. 10, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Apr. 30, 2022 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --10-31 | |
Entity File Number | 333-251324 | |
Entity Registrant Name | GLOBAL LEADERS CORP. | |
Entity Central Index Key | 0001830696 | |
Entity Tax Identification Number | 00-0000000 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | Unit 512 | |
Entity Address, Address Line Two | InnoCentre | |
Entity Address, Address Line Three | 72 Tat Chee Avenue | |
Entity Address, City or Town | Kowloon Tong | |
Entity Address, Country | HK | |
Entity Address, Postal Zip Code | 999077 | |
City Area Code | (852) | |
Local Phone Number | 8102 3633 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | false | |
Entity Shell Company | false | |
Entity Bankruptcy Proceedings, Reporting Current | true | |
Entity Common Stock, Shares Outstanding | 153,726,000 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Apr. 30, 2022 | Oct. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 4,629 | $ 11,822 |
Prepaid expense | 419 | |
Total currents assets | 5,048 | 11,822 |
TOTAL ASSETS | 5,048 | 11,822 |
Current liabilities | ||
Accrued liabilities and customer deposit | 637 | 33,353 |
Accrued expenses due to related party | 50,000 | |
Due to officer | 137,334 | 22,829 |
Total current liabilities | 137,971 | 106,182 |
Commitments and Contingencies | ||
STOCKHOLDERS’ DEFICIT | ||
Common stock, $0.0001 par value, 600,000,000 shares authorized; 153,726,000 shares issued and outstanding | 15,372 | 15,372 |
Additional paid in capital | 752,338 | 752,338 |
Accumulated other comprehensive income | 3,275 | 159 |
Accumulated deficit | (903,908) | (862,229) |
Total stockholders’ deficit | (132,923) | (94,360) |
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | $ 5,048 | $ 11,822 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Apr. 30, 2022 | Oct. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 200,000,000 | 200,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 600,000,000 | 600,000,000 |
Common stock, shares issued | 153,726,000 | 153,726,000 |
Common stock, shares outstanding | 153,726,000 | 153,726,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2022 | Apr. 30, 2021 | |
Revenues: | ||||
Total revenue | $ 2,560 | $ 16,252 | $ 2,560 | $ 16,661 |
Operating costs and expenses: | ||||
Cost of service revenues-related party | 1,771 | |||
Cost of service revenues-other | 1,536 | 7,580 | 1,536 | 5,938 |
General and administrative-related party | 12,517 | 107,345 | 26,094 | 399,019 |
General and administrative-other | 2,773 | 89,205 | 16,609 | 160,382 |
Total operating costs and expenses | 16,826 | 204,130 | 44,239 | 567,110 |
Loss from operations | (14,266) | (187,878) | (41,679) | (550,449) |
Other income: | ||||
Interest income | 1 | 1 | ||
Total other income | 1 | 1 | ||
Net loss | (14,266) | (187,877) | (41,679) | (550,448) |
Other comprehensive income: | ||||
-Foreign currency translation income | 2,420 | 66 | 3,116 | 67 |
Comprehensive loss | $ (11,846) | $ (187,811) | $ (38,563) | $ (550,381) |
Basic and diluted net loss per share | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average number of shares outstanding | 153,726,000 | 153,613,500 | 153,726,000 | 153,613,500 |
Service [Member] | ||||
Revenues: | ||||
Total revenue | $ 2,560 | $ 16,252 | $ 2,560 | $ 16,661 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (Parenthetical) - USD ($) | 6 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Service Revenue [Member] | ||
Revenue from Related Parties | $ 0 | $ 151 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' (Deficit) Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Beginning balance at Oct. 31, 2020 | $ 15,361 | $ 662,349 | $ 4 | $ (107,867) | $ 569,847 |
Beginning balance, shares at Oct. 31, 2020 | 153,613,500 | ||||
Foreign currency translation | 67 | 67 | |||
Net loss | (550,448) | (550,448) | |||
Ending balance at Apr. 30, 2021 | $ 15,361 | 662,349 | 71 | (658,315) | 19,466 |
Ending balance, shares at Apr. 30, 2021 | 153,613,500 | ||||
Beginning balance at Jan. 31, 2021 | $ 15,361 | 662,349 | 5 | (470,438) | 207,277 |
Beginning balance, shares at Jan. 31, 2021 | 153,613,500 | ||||
Foreign currency translation | 66 | 66 | |||
Net loss | (187,877) | (187,877) | |||
Ending balance at Apr. 30, 2021 | $ 15,361 | 662,349 | 71 | (658,315) | 19,466 |
Ending balance, shares at Apr. 30, 2021 | 153,613,500 | ||||
Beginning balance at Oct. 31, 2021 | $ 15,372 | 752,338 | 159 | (862,229) | (94,360) |
Beginning balance, shares at Oct. 31, 2021 | 153,726,000 | ||||
Foreign currency translation | 3,116 | 3,116 | |||
Net loss | (41,679) | (41,679) | |||
Ending balance at Apr. 30, 2022 | $ 15,372 | 752,338 | 3,275 | (903,908) | (132,923) |
Ending balance, shares at Apr. 30, 2022 | 153,726,000 | ||||
Beginning balance at Jan. 31, 2022 | $ 15,372 | 752,338 | 855 | (889,642) | (121,077) |
Beginning balance, shares at Jan. 31, 2022 | 153,726,000 | ||||
Foreign currency translation | 2,420 | 2,420 | |||
Net loss | (14,266) | (14,266) | |||
Ending balance at Apr. 30, 2022 | $ 15,372 | $ 752,338 | $ 3,275 | $ (903,908) | $ (132,923) |
Ending balance, shares at Apr. 30, 2022 | 153,726,000 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - (Unaudited) - USD ($) | 6 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Cash Flows From Operating Activities | ||
Net loss | $ (41,679) | $ (550,448) |
Change in operating assets and liabilities: | ||
Accounts receivable | (1,030) | |
Prepaid expense | (419) | |
Accrued liabilities and customer deposit | (32,716) | 6,117 |
Accrued expenses due to related party | (50,000) | 50,000 |
Net cash used in operations | (124,814) | (495,361) |
Cash Flows From Financing Activities | ||
Advances from officer | 114,505 | 1,527 |
Net cash provided by financing activities | 114,505 | 1,527 |
Effect of exchange rate changes in cash and cash equivalents | 3,116 | 67 |
Net change in cash and cash equivalents | (7,193) | (493,767) |
Cash and cash equivalents, beginning of period | 11,822 | 573,425 |
Cash and cash equivalents, ending of period | 4,629 | 79,658 |
Supplementary Cash Flow Information | ||
Interest | ||
Income taxes |
BASIS OF PRESENTATION AND SUMMA
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Apr. 30, 2022 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ITEM 1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of Business Global Leaders Corporation, a Nevada corporation (the “Company”), was incorporated in the State of Nevada on July 20, 2020. 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. The Company is primarily engaged in the provision of professional consultancy services to management executives of small and medium enterprises in Hong Kong. The Company has adopted October 31 as its fiscal year end. Mr. Peter Yip currently holds the position of Chief Executive Officer and Chief Financial Officer of the Company, respectively. Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements as of and for the three and six months ended April 30, 2022 and 2021, have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. The condensed consolidated balance sheet as of October 31, 2021, included herein was derived from the audited consolidated financial statements as of that date, included in the Company’s Annual Report on Form 10-K filed with the SEC on January 28, 2022. These financial statements should be read in conjunction with that report. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods have been included. The results of operations for the interim periods presented are not necessarily indicative of the results of operations to be expected for the full fiscal year ending October 31, 2022. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries Global Leaders Corporation, a holding company incorporated in Anguilla, and Global Leaders Academy Limited, a company incorporated in Hong Kong. All intercompany balances and transactions have been eliminated in consolidation. COVID-19 The COVID-19 pandemic has negatively impacted the global economy, workforces, customers, and created significant volatility and disruption of financial markets. The Company monitors guidance from national and local public health authorities and has implemented health and safety precautions and protocols in response to these guidelines. The extent of the impact of the COVID-19 pandemic has had and will continue to have on the Company’s business is highly uncertain and difficult to predict and quantify at this time. Going Concern The accompanying condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. As reflected in the accompanying condensed consolidated financial statements, for the six months ended April 30, 2022, the Company incurred a net loss of $ 41,679 124,814 132,923 At April 30, 2022, our cash balance was $ 4,629 Use of estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include estimates for the accruals of potential liabilities. Revenue recognition The Company recognizes revenues when services are rendered, 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 with Customers (Topic 606).” The Company’s revenue consists of revenue from providing business consulting and corporate advisory services. Revenues are recognized when services are rendered, which may occur at a point in time or over time depending on the terms and conditions of the agreement, in an amount that reflects the consideration we expect to be entitled to in exchange for those services. Cash and cash equivalents Cash consists of funds on hand and held in bank accounts. Cash equivalents includes demand deposits placed with banks or other financial institutions and all highly liquid investments with original maturities of three months or less, including money market funds. SCHEDULE OF CASH AND CASH EQUIVALENTS As of As of (Unaudited) Cash and cash equivalents Denominated in United States Dollars $ 760 $ 551 Denominated in Hong Kong Dollars 3,869 11,271 Cash and cash equivalents $ 4,629 $ 11,822 Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash. As of April 30, 2022, substantially all of the Company’s cash was held by a major financial institution located in Hong Kong, which management believes is of high credit quality Fair value measurements The Company follows the guidance of ASC 820-10, “Fair Value Measurements and Disclosures”, with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows: Level 1 : Level 2 : Level 3 : The Company believes the carrying amount reported in the balance sheet for cash and cash equivalents, prepaids and other current assets, accrued liabilities and customer deposit, due to an officer, and due to a related party, approximate their fair values because of the short-term nature of these financial instruments. Foreign currency translation The reporting currency of the Company is the United States Dollars (“US$”) and the accompanying consolidated financial statements have been expressed in US$. In addition, the Company’s operating subsidiary maintains its books and records in its functional currency, Hong Kong Dollars (“HK$”). In general, for consolidation purposes, assets and liabilities of the Company’s subsidiaries whose functional currency is not the US$, are translated into US$ using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of a foreign subsidiary are recorded as a separate component of accumulated other comprehensive loss within stockholders’ equity. Translation of amounts from the local currencies of the Company into US$ has been made at the following exchange rates for the period: SCHEDULE OF FOREIGN CURRENCY TRANSLATION As of and for the six months ended April 30, 2022 2021 Period-end HK$ : US$1 exchange rate 7.85 7.76 Period-average HK$ : US$1 exchange rate 7.81 7.76 Net loss per share The Company calculates net loss per share in accordance with ASC Topic 260, “Earnings per Share.” Basic net loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding during the period. Diluted net loss per share is computed similar to basic net loss per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive. As of April 30, 2022, the Company has no potentially dilutive securities, such as options or warrants, outstanding. Concentrations For the three and six months ended April 30, 2022, one customer accounted for 100 For the three and six months ended April 30, 2021, two customers accounted for 48 24 24 46 23 23 For the three and six months ended April 30, 2022, one vendor accounted for 74 59 For the three and six months ended April 30, 2021, two vendors accounted for 46 34 12 66 29 26 11 Recent Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Credit Losses - Measurement of Credit Losses on Financial Instruments (“ASC 326”). The standard significantly changes how entities will measure credit losses for most financial assets, including accounts and notes receivables. The standard will replace today’s “incurred loss” approach with an “expected loss” model, under which companies will recognize allowances based on expected rather than incurred losses. Entities will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The standard is effective for interim and annual reporting periods beginning after December 15, 2022. The adoption of ASU 2016-13 is not expected to have a material impact on the Company’s financial position, results of operations, and cash flows. Other recent accounting pronouncements issued by the FASB, its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future financial statements. |
REVENUE FROM CONTRACTS WITH CUS
REVENUE FROM CONTRACTS WITH CUSTOMERS | 6 Months Ended |
Apr. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE FROM CONTRACTS WITH CUSTOMERS | NOTE 2 - REVENUE FROM CONTRACTS WITH CUSTOMERS The Company’s revenue consists of revenue from providing business consulting and corporate advisory services. Our services provided are one performance obligation, revenue and expenses are deferred until the performance obligation is complete and collectability of the consideration is probable. For service contracts where the performance obligation is not completed, deferred costs of revenue are recorded as incurred and deferred revenue is recorded for any payments received on such yet to be completed performance obligations. On an ongoing basis, management monitors these contracts for profitability and when needed may record a liability if a determination is made that cost will exceed revenue. Revenue from services The Company offers no discounts, rebates, rights of return, or other allowances to clients which would result in the establishment of reserves against service revenue. Additionally, to date, the Company has not incurred incremental costs in obtaining a client contract. For the three and six months ended April 30, 2022, the Company recorded $ 2,560 Cost of revenues Cost of service revenue primarily consists of other professional fees directly attributable to the services rendered. For the three and six months ended April 30, 2022, the Company incurred $ 1,536 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Apr. 30, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 3. RELATED PARTY TRANSACTIONS Mr. Yip Hoi Hing Peter (“Mr. Peter Yip”), Chief Executive Officer and Director of the Company, is a 19.6 19.5 At April 30, 2022, Mr. Peter Yip had advanced $ 137,334 During the three and six months ended April 30, 2022, the Company had no transactions related to CS Global or CSG Group or any entities wholly owned by Mr. Peter Yip. During the three months ended April 30, 2021, the Company incurred administration fee of $ 39,937 30,154 70,091 224,521 162,594 42,320 59,932 60,342 61,927 Greenpro Capital Corp., through its wholly owned subsidiaries (collectively “Greenpro”), is a 5.86 % shareholder in the Company. In addition, three executives of Greenpro are collectively 10.4 % shareholders in the Company. During the three months ended April 30, 2022, the Company incurred professional fees to Greenpro of $ 12,518 26,094 . During the three months ended April 30, 2021, the Company incurred cost of service revenue of $ 1,771 37,255 151 176,268 1,771 174,497 |
BASIS OF PRESENTATION AND SUM_2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Apr. 30, 2022 | |
Accounting Policies [Abstract] | |
Description of Business | Description of Business Global Leaders Corporation, a Nevada corporation (the “Company”), was incorporated in the State of Nevada on July 20, 2020. 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. The Company is primarily engaged in the provision of professional consultancy services to management executives of small and medium enterprises in Hong Kong. The Company has adopted October 31 as its fiscal year end. Mr. Peter Yip currently holds the position of Chief Executive Officer and Chief Financial Officer of the Company, respectively. |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements as of and for the three and six months ended April 30, 2022 and 2021, have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. The condensed consolidated balance sheet as of October 31, 2021, included herein was derived from the audited consolidated financial statements as of that date, included in the Company’s Annual Report on Form 10-K filed with the SEC on January 28, 2022. These financial statements should be read in conjunction with that report. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods have been included. The results of operations for the interim periods presented are not necessarily indicative of the results of operations to be expected for the full fiscal year ending October 31, 2022. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries Global Leaders Corporation, a holding company incorporated in Anguilla, and Global Leaders Academy Limited, a company incorporated in Hong Kong. All intercompany balances and transactions have been eliminated in consolidation. |
COVID-19 | COVID-19 The COVID-19 pandemic has negatively impacted the global economy, workforces, customers, and created significant volatility and disruption of financial markets. The Company monitors guidance from national and local public health authorities and has implemented health and safety precautions and protocols in response to these guidelines. The extent of the impact of the COVID-19 pandemic has had and will continue to have on the Company’s business is highly uncertain and difficult to predict and quantify at this time. |
Going Concern | Going Concern The accompanying condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. As reflected in the accompanying condensed consolidated financial statements, for the six months ended April 30, 2022, the Company incurred a net loss of $ 41,679 124,814 132,923 At April 30, 2022, our cash balance was $ 4,629 |
Use of estimates | Use of estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include estimates for the accruals of potential liabilities. |
Revenue recognition | Revenue recognition The Company recognizes revenues when services are rendered, 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 with Customers (Topic 606).” The Company’s revenue consists of revenue from providing business consulting and corporate advisory services. Revenues are recognized when services are rendered, which may occur at a point in time or over time depending on the terms and conditions of the agreement, in an amount that reflects the consideration we expect to be entitled to in exchange for those services. |
Cash and cash equivalents | Cash and cash equivalents Cash consists of funds on hand and held in bank accounts. Cash equivalents includes demand deposits placed with banks or other financial institutions and all highly liquid investments with original maturities of three months or less, including money market funds. SCHEDULE OF CASH AND CASH EQUIVALENTS As of As of (Unaudited) Cash and cash equivalents Denominated in United States Dollars $ 760 $ 551 Denominated in Hong Kong Dollars 3,869 11,271 Cash and cash equivalents $ 4,629 $ 11,822 Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash. As of April 30, 2022, substantially all of the Company’s cash was held by a major financial institution located in Hong Kong, which management believes is of high credit quality |
Fair value measurements | Fair value measurements The Company follows the guidance of ASC 820-10, “Fair Value Measurements and Disclosures”, with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows: Level 1 : Level 2 : Level 3 : The Company believes the carrying amount reported in the balance sheet for cash and cash equivalents, prepaids and other current assets, accrued liabilities and customer deposit, due to an officer, and due to a related party, approximate their fair values because of the short-term nature of these financial instruments. |
Foreign currency translation | Foreign currency translation The reporting currency of the Company is the United States Dollars (“US$”) and the accompanying consolidated financial statements have been expressed in US$. In addition, the Company’s operating subsidiary maintains its books and records in its functional currency, Hong Kong Dollars (“HK$”). In general, for consolidation purposes, assets and liabilities of the Company’s subsidiaries whose functional currency is not the US$, are translated into US$ using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of a foreign subsidiary are recorded as a separate component of accumulated other comprehensive loss within stockholders’ equity. Translation of amounts from the local currencies of the Company into US$ has been made at the following exchange rates for the period: SCHEDULE OF FOREIGN CURRENCY TRANSLATION As of and for the six months ended April 30, 2022 2021 Period-end HK$ : US$1 exchange rate 7.85 7.76 Period-average HK$ : US$1 exchange rate 7.81 7.76 |
Net loss per share | Net loss per share The Company calculates net loss per share in accordance with ASC Topic 260, “Earnings per Share.” Basic net loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding during the period. Diluted net loss per share is computed similar to basic net loss per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive. As of April 30, 2022, the Company has no potentially dilutive securities, such as options or warrants, outstanding. |
Concentrations | Concentrations For the three and six months ended April 30, 2022, one customer accounted for 100 For the three and six months ended April 30, 2021, two customers accounted for 48 24 24 46 23 23 For the three and six months ended April 30, 2022, one vendor accounted for 74 59 For the three and six months ended April 30, 2021, two vendors accounted for 46 34 12 66 29 26 11 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Credit Losses - Measurement of Credit Losses on Financial Instruments (“ASC 326”). The standard significantly changes how entities will measure credit losses for most financial assets, including accounts and notes receivables. The standard will replace today’s “incurred loss” approach with an “expected loss” model, under which companies will recognize allowances based on expected rather than incurred losses. Entities will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The standard is effective for interim and annual reporting periods beginning after December 15, 2022. The adoption of ASU 2016-13 is not expected to have a material impact on the Company’s financial position, results of operations, and cash flows. Other recent accounting pronouncements issued by the FASB, its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future financial statements. |
BASIS OF PRESENTATION AND SUM_3
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Apr. 30, 2022 | |
Accounting Policies [Abstract] | |
SCHEDULE OF CASH AND CASH EQUIVALENTS | SCHEDULE OF CASH AND CASH EQUIVALENTS As of As of (Unaudited) Cash and cash equivalents Denominated in United States Dollars $ 760 $ 551 Denominated in Hong Kong Dollars 3,869 11,271 Cash and cash equivalents $ 4,629 $ 11,822 |
SCHEDULE OF FOREIGN CURRENCY TRANSLATION | Translation of amounts from the local currencies of the Company into US$ has been made at the following exchange rates for the period: SCHEDULE OF FOREIGN CURRENCY TRANSLATION As of and for the six months ended April 30, 2022 2021 Period-end HK$ : US$1 exchange rate 7.85 7.76 Period-average HK$ : US$1 exchange rate 7.81 7.76 |
SCHEDULE OF CASH AND CASH EQUIV
SCHEDULE OF CASH AND CASH EQUIVALENTS (Details) - USD ($) | Apr. 30, 2022 | Oct. 31, 2021 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Cash and cash equivalents | $ 4,629 | $ 11,822 |
USD [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Cash and cash equivalents | 760 | 551 |
HKD [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Cash and cash equivalents | $ 3,869 | $ 11,271 |
SCHEDULE OF FOREIGN CURRENCY TR
SCHEDULE OF FOREIGN CURRENCY TRANSLATION (Details) | 6 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Accounting Policies [Abstract] | ||
Foreign exchange rate | 7.85 | 7.76 |
Foreign exchange rate | 7.81 | 7.76 |
BASIS OF PRESENTATION AND SUM_4
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||||||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2022 | Apr. 30, 2021 | Jan. 31, 2022 | Oct. 31, 2021 | Jan. 31, 2021 | Oct. 31, 2020 | |
Product Information [Line Items] | ||||||||
Net income (loss) | $ 14,266 | $ 187,877 | $ 41,679 | $ 550,448 | ||||
Net cash provided by (used in) operating activities | 124,814 | 495,361 | ||||||
Stockholders' deficit | 132,923 | $ (19,466) | 132,923 | $ (19,466) | $ 121,077 | $ 94,360 | $ (207,277) | $ (569,847) |
Cash | $ 4,629 | $ 4,629 | ||||||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | One Customer [Member] | ||||||||
Product Information [Line Items] | ||||||||
Concentration risk, percentage | 100.00% | 100.00% | ||||||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Two Customers [Member] | ||||||||
Product Information [Line Items] | ||||||||
Concentration risk, percentage | 48.00% | 46.00% | ||||||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer One [Member] | ||||||||
Product Information [Line Items] | ||||||||
Concentration risk, percentage | 24.00% | 23.00% | ||||||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer Two [Member] | ||||||||
Product Information [Line Items] | ||||||||
Concentration risk, percentage | 24.00% | 23.00% | ||||||
Costs and Expenses [Member] | Supplier Concentration Risk [Member] | One Vendor [Member] | ||||||||
Product Information [Line Items] | ||||||||
Concentration risk, percentage | 74.00% | 59.00% | ||||||
Costs and Expenses [Member] | Supplier Concentration Risk [Member] | Two Vendor [Member] | ||||||||
Product Information [Line Items] | ||||||||
Concentration risk, percentage | 46.00% | |||||||
Costs and Expenses [Member] | Supplier Concentration Risk [Member] | Vendor One [Member] | ||||||||
Product Information [Line Items] | ||||||||
Concentration risk, percentage | 34.00% | 29.00% | ||||||
Costs and Expenses [Member] | Supplier Concentration Risk [Member] | Vendor Two [Member] | ||||||||
Product Information [Line Items] | ||||||||
Concentration risk, percentage | 12.00% | 26.00% | ||||||
Costs and Expenses [Member] | Supplier Concentration Risk [Member] | Three Vendor [Member] | ||||||||
Product Information [Line Items] | ||||||||
Concentration risk, percentage | 66.00% | |||||||
Costs and Expenses [Member] | Supplier Concentration Risk [Member] | Vendor Three [Member] | ||||||||
Product Information [Line Items] | ||||||||
Concentration risk, percentage | 11.00% |
REVENUE FROM CONTRACTS WITH C_2
REVENUE FROM CONTRACTS WITH CUSTOMERS (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2022 | Apr. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | ||||
Revenue | $ 2,560 | $ 16,252 | $ 2,560 | $ 16,661 |
Cost of goods and services sold | $ 1,536 | $ 1,536 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2022 | Apr. 30, 2021 | Oct. 31, 2021 | |
Related Party Transaction [Line Items] | |||||
Due to officers or stockholders, current | $ 137,334 | $ 137,334 | $ 22,829 | ||
Greenpro Capital Corp., [Member] | |||||
Related Party Transaction [Line Items] | |||||
Professional fee | $ 37,255 | $ 26,094 | $ 174,497 | ||
Cost of service revenue | 1,771 | 1,771 | |||
Revenue | 151 | ||||
Cost including professional fee | 176,268 | ||||
CSG Group Holdings Limited [Member] | |||||
Related Party Transaction [Line Items] | |||||
Ownership percentage | 19.50% | 19.50% | |||
CS Global Consultancy Limited [Member] | |||||
Related Party Transaction [Line Items] | |||||
Administrative fee | 59,932 | ||||
Management fee | 60,342 | ||||
Professional fee | 162,594 | ||||
Advertising and promotion expense | 42,320 | ||||
Asia Pacific Management And Family Office Limited [Member] | |||||
Related Party Transaction [Line Items] | |||||
Professional fee | 61,927 | ||||
Greenpro Capital Corp., [Member] | |||||
Related Party Transaction [Line Items] | |||||
Ownership percentage | 5.86% | 5.86% | |||
Professional fee | $ 12,518 | ||||
Mr. Yip Hoi Hing Peter [Member] | |||||
Related Party Transaction [Line Items] | |||||
Ownership percentage | 19.60% | 19.60% | |||
Chief Executive Officer [Member] | |||||
Related Party Transaction [Line Items] | |||||
Professional fee | $ 224,521 | ||||
Chief Executive Officer [Member] | CS Global Consultancy Limited [Member] | |||||
Related Party Transaction [Line Items] | |||||
Administrative fee | 39,937 | ||||
Management fee | 30,154 | ||||
Professional fee | $ 70,091 | ||||
Three Executives [Member] | Greenpro Capital Corp., [Member] | |||||
Related Party Transaction [Line Items] | |||||
Ownership percentage | 10.40% | 10.40% |