Cover
Cover - shares | 9 Months Ended | |
Jul. 31, 2022 | Aug. 30, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jul. 31, 2022 | |
Document Fiscal Period Focus | Q3 | |
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 ($) | Jul. 31, 2022 | Oct. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 6,508 | $ 2,552 |
Prepaid expense | 2,917 | |
Current assets from discontinued operations | 9,270 | |
Total currents assets | 9,425 | 11,822 |
TOTAL ASSETS | 9,425 | 11,822 |
Current liabilities | ||
Accrued liabilities and customer deposit | 12,500 | |
Accrued expenses due to related party | 50,000 | |
Due to officer | 38,884 | 224 |
Current liabilities from discontinued operations | 43,458 | |
Total current liabilities | 38,884 | 106,182 |
Commitments and Contingencies | ||
STOCKHOLDERS’ DEFICIT | ||
Preferred stock, $0.0001 par value; 200,000,000 shares authorized; no shares issued and outstanding | ||
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 | 889,387 | 752,338 |
Accumulated other comprehensive income | 3,332 | 159 |
Accumulated deficit | (937,550) | (862,229) |
Total stockholders’ deficit | (29,459) | (94,360) |
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | $ 9,425 | $ 11,822 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jul. 31, 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 | 9 Months Ended | ||
Jul. 31, 2022 | Jul. 31, 2021 | Jul. 31, 2022 | Jul. 31, 2021 | |
Revenues [Abstract] | ||||
Revenues: | ||||
Operating expenses: | ||||
General and administrative-related party | 14,910 | 50,474 | 39,982 | 448,204 |
General and administrative-other | 17,109 | 13,835 | 31,923 | 48,478 |
Total operating expenses | 32,019 | 64,309 | 71,905 | 496,682 |
Loss from operations | (32,019) | (64,309) | (71,905) | (496,682) |
Interest income | 1 | |||
Loss from continuing operations | (32,019) | (64,309) | (71,905) | (496,681) |
Discontinued operations: | ||||
Loss from discontinued operations | (166) | (69,106) | (1,959) | (187,182) |
Loss on sale of discontinued operations | (1,457) | (1,457) | ||
Discontinued operations | (1,623) | (69,106) | (3,416) | (187,182) |
Net loss | (33,642) | (133,415) | (75,321) | (683,863) |
Other comprehensive income: | ||||
-Foreign currency translation income | 57 | 184 | 3,173 | 251 |
Comprehensive loss | $ (33,585) | $ (133,231) | $ (72,148) | $ (683,612) |
Basic and diluted net loss per share | ||||
Loss from continuing operations | $ 0 | $ 0 | $ 0 | $ 0 |
Loss from discontinued operations | 0 | 0 | 0 | 0 |
Net loss per share applicable to common shareholders | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average number of shares outstanding | 153,726,000 | 153,623,500 | 153,726,000 | 153,616,833 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' (Deficit) Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Shares To Be Issued [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Beginning balance, value 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 | 251 | 251 | ||||
Net loss | (683,863) | (683,863) | ||||
Cash received from sale of shares | $ 3 | 19,997 | 20,000 | |||
Cash received from sale of shares, shares | 25,000 | |||||
Shares to be issued - deposit received for share subscription | 35,000 | 35,000 | ||||
Ending balance, value at Jul. 31, 2021 | $ 15,364 | 682,346 | 35,000 | 255 | (791,730) | (58,765) |
Ending balance, shares at Jul. 31, 2021 | 153,638,500 | |||||
Beginning balance, value at Apr. 30, 2021 | $ 15,361 | 662,349 | 71 | (658,315) | 19,466 | |
Beginning balance, shares at Apr. 30, 2021 | 153,613,500 | |||||
Foreign currency translation | 184 | 184 | ||||
Net loss | (133,415) | (133,415) | ||||
Cash received from sale of shares | $ 3 | 19,997 | 20,000 | |||
Cash received from sale of shares, shares | 25,000 | |||||
Shares to be issued - deposit received for share subscription | 35,000 | 35,000 | ||||
Ending balance, value at Jul. 31, 2021 | $ 15,364 | 682,346 | 35,000 | 255 | (791,730) | (58,765) |
Ending balance, shares at Jul. 31, 2021 | 153,638,500 | |||||
Beginning balance, value at Oct. 31, 2021 | $ 15,372 | 752,338 | 159 | (862,229) | (94,360) | |
Beginning balance, shares at Oct. 31, 2021 | 153,726,000 | |||||
Capital contribution due to forgiveness of debt from officer/principal shareholder | 137,049 | 137,049 | ||||
Foreign currency translation | 3,173 | 3,173 | ||||
Net loss | (75,321) | (75,321) | ||||
Ending balance, value at Jul. 31, 2022 | $ 15,372 | 889,387 | 3,332 | (937,550) | (29,459) | |
Ending balance, shares at Jul. 31, 2022 | 153,726,000 | |||||
Beginning balance, value at Apr. 30, 2022 | $ 15,372 | 752,338 | 3,275 | (903,908) | (132,923) | |
Beginning balance, shares at Apr. 30, 2022 | 153,726,000 | |||||
Capital contribution due to forgiveness of debt from officer/principal shareholder | 137,049 | 137,049 | ||||
Foreign currency translation | 57 | 57 | ||||
Net loss | (33,642) | (33,642) | ||||
Ending balance, value at Jul. 31, 2022 | $ 15,372 | $ 889,387 | $ 3,332 | $ (937,550) | $ (29,459) | |
Ending balance, shares at Jul. 31, 2022 | 153,726,000 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Jul. 31, 2022 | Jul. 31, 2021 | |
Cash Flows From Operating Activities | ||
Net loss | $ (75,321) | $ (683,863) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Loss from discontinued operations | 1,959 | 187,182 |
Loss on sale of discontinued operations | 1,457 | |
Change in operating assets and liabilities: | ||
Accounts receivable | ||
Prepaid expense | (2,917) | |
Accrued liabilities and customer deposit | (11,863) | |
Accrued expenses due to related party | (50,000) | 70,000 |
Net cash used in operations - continuing operations | (136,685) | (426,681) |
Net cash used in operating activities - discontinued operations | (22,175) | (187,439) |
Net cash used in operating activities | (158,860) | (614,120) |
Cash Flows From Investing Activities | ||
Disposal of subsidiary, net of cash disposal of | (2,094) | |
Net cash used in investing activities - continuing operations | (2,094) | |
Cash Flows From Financing Activities | ||
Advances from officer | 38,660 | |
Shares to be issued - deposit received for share subscription | 35,000 | |
Proceeds from shares issued for cash | 20,000 | |
Net cash provided by financing activities - continuing operations | 38,660 | 55,000 |
Net cash provided by financing activities - discontinued operations | 114,444 | 9,880 |
Net cash provided by financing activities | 153,104 | 64,880 |
Effect of exchange rate changes in cash and cash equivalents | 2,536 | 250 |
Net change in cash and cash equivalents | (5,314) | (548,990) |
Cash and cash equivalents, beginning of period | 11,822 | 573,425 |
Cash and cash equivalents, ending of period | 6,508 | 24,435 |
Cash paid for: | ||
Interest | ||
Income taxes | ||
Non-Cash Financing Activities: | ||
Capital contribution due to forgiveness of debt from officer/principal shareholder | $ 137,049 |
BASIS OF PRESENTATION AND SUMMA
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Jul. 31, 2022 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 - BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of Business Global Leaders Corporation, a Nevada corporation (the “Company”), was incorporated in the State of Nevada on July 20, 2020. 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 100 200 On August 25, 2020, GLC Anguilla, our wholly owned subsidiary, acquired 100 1 0.13 On May 1, 2022, GLC Anguilla sold its entire 100 1 0.13 Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements as of and for the three and nine months ended July 31, 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 (“GLC Anguilla”), a holding company incorporated in Anguilla, and Global Leaders Academy Limited (“GLA”), a company incorporated in Hong Kong up to the date it was sold on May 1, 2022 (see Note 2). All intercompany balances and transactions have been eliminated in consolidation up to GLA was disposed on May 1, 2022. 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 nine months ended July 31, 2022, the Company incurred a net loss of $ 75,321 158,860 29,459 At July 31, 2022, our cash balance was $ 6,508 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).” 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 $ 491 $ 491 Denominated in Hong Kong Dollars 6,017 2,061 Cash and cash equivalents $ 6,508 $ 2,552 Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash. As of July 31, 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 nine months ended 2022 2021 Period-end HK$ : US$1 exchange rate 7.85 7.77 Period-average HK$ : US$1 exchange rate 7.83 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 July 31, 2022, the Company has no potentially dilutive securities, such as options or warrants, outstanding. Concentrations For the three and nine months ended July 31, 2022, one vendor accounted for 13 26 For the three months ended July 31, 2021, two vendors accounted for 79 63 16 90 43 47 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. |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 9 Months Ended |
Jul. 31, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS | NOTE 2 - DISCONTINUED OPERATIONS On May 1, 2022, GLC Anguilla sold its entire 100% 1 0.13 GLA was deconsolidated effective May 1, 2022, and the Company does not have any continuing involvement in the operations of the disposed subsidiary. The disposal is accounted for as discontinued operations and, accordingly, all prior periods presented in the accompanying consolidated balance sheets, statements of operations and statements of cash flows have been adjusted to conform to this presentation; no adjustment has been made to the prior period consolidated balance sheet as a result of the disposal. As of July 31, 2022, only one subsidiary, GLC Anguilla was owned by the Company. On May 1, 2022, before the disposal, GLA had net assets of $ 2,094 637 137,049 137,049 1,457 SCHEDULE OF SALE OF DISCONTINUED OPERATIONS Carrying value of assets disposed $ (2,094 ) Carrying value of liabilities disposed 637 Carrying value of net assets disposed (1,457 ) Sales proceeds - Loss on sale of discontinued operations $ (1,457 ) The following table summarizes certain selected components of discontinued operations for the disposed subsidiary for the three and nine months ended July 31, 2022 and 2021: SUMMARY OF COMPONENTS OF DISCONTINUED OPERATIONS FOR DISPOSED SUBSIDIARY 2022 2021 2022 2021 Three months ended July 31, Nine months ended July 31, 2022 2021 2022 2021 Revenues $ - $ 4,097 $ 2,500 $ 20,758 Loss from discontinued operations $ (166 ) $ (69,106 ) $ (1,959 ) $ (187,182 ) Loss per share from discontinued operations - Basic and Diluted $ (0.00 ) $ (0.00 ) $ (0.00 ) $ (0.00 ) Current and total assets $ - $ 16,345 $ - $ 16,345 Current and total liabilities $ - $ 13,233 $ - $ 13,233 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Jul. 31, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 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 Effective May 1, 2022, the amount due to Mr. Peter Yip of $ 137,049 At July 31, 2022, Mr. Peter Yip had advanced $ 38,884 During the three and nine months ended July 31, 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 July 31, 2021, the Company incurred management fee of $ 10,047 234,569 172,641 42,320 59,932 70,389 61,928 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 July 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 professional fees of $ 40,427 related to Greenpro. During the nine months ended July 31, 2021, the Company incurred professional fees of $ 213,635 related to Greenpro. |
BASIS OF PRESENTATION AND SUM_2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Jul. 31, 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. On August 25, 2020, the Company acquired 100 200 On August 25, 2020, GLC Anguilla, our wholly owned subsidiary, acquired 100 1 0.13 On May 1, 2022, GLC Anguilla sold its entire 100 1 0.13 |
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 nine months ended July 31, 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 (“GLC Anguilla”), a holding company incorporated in Anguilla, and Global Leaders Academy Limited (“GLA”), a company incorporated in Hong Kong up to the date it was sold on May 1, 2022 (see Note 2). All intercompany balances and transactions have been eliminated in consolidation up to GLA was disposed on May 1, 2022. |
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 nine months ended July 31, 2022, the Company incurred a net loss of $ 75,321 158,860 29,459 At July 31, 2022, our cash balance was $ 6,508 |
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).” |
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 $ 491 $ 491 Denominated in Hong Kong Dollars 6,017 2,061 Cash and cash equivalents $ 6,508 $ 2,552 Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash. As of July 31, 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 nine months ended 2022 2021 Period-end HK$ : US$1 exchange rate 7.85 7.77 Period-average HK$ : US$1 exchange rate 7.83 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 July 31, 2022, the Company has no potentially dilutive securities, such as options or warrants, outstanding. |
Concentrations | Concentrations For the three and nine months ended July 31, 2022, one vendor accounted for 13 26 For the three months ended July 31, 2021, two vendors accounted for 79 63 16 90 43 47 |
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) | 9 Months Ended |
Jul. 31, 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 $ 491 $ 491 Denominated in Hong Kong Dollars 6,017 2,061 Cash and cash equivalents $ 6,508 $ 2,552 |
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 nine months ended 2022 2021 Period-end HK$ : US$1 exchange rate 7.85 7.77 Period-average HK$ : US$1 exchange rate 7.83 7.76 |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 9 Months Ended |
Jul. 31, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
SCHEDULE OF SALE OF DISCONTINUED OPERATIONS | SCHEDULE OF SALE OF DISCONTINUED OPERATIONS Carrying value of assets disposed $ (2,094 ) Carrying value of liabilities disposed 637 Carrying value of net assets disposed (1,457 ) Sales proceeds - Loss on sale of discontinued operations $ (1,457 ) |
SUMMARY OF COMPONENTS OF DISCONTINUED OPERATIONS FOR DISPOSED SUBSIDIARY | The following table summarizes certain selected components of discontinued operations for the disposed subsidiary for the three and nine months ended July 31, 2022 and 2021: SUMMARY OF COMPONENTS OF DISCONTINUED OPERATIONS FOR DISPOSED SUBSIDIARY 2022 2021 2022 2021 Three months ended July 31, Nine months ended July 31, 2022 2021 2022 2021 Revenues $ - $ 4,097 $ 2,500 $ 20,758 Loss from discontinued operations $ (166 ) $ (69,106 ) $ (1,959 ) $ (187,182 ) Loss per share from discontinued operations - Basic and Diluted $ (0.00 ) $ (0.00 ) $ (0.00 ) $ (0.00 ) Current and total assets $ - $ 16,345 $ - $ 16,345 Current and total liabilities $ - $ 13,233 $ - $ 13,233 |
SCHEDULE OF CASH AND CASH EQUIV
SCHEDULE OF CASH AND CASH EQUIVALENTS (Details) - USD ($) | Jul. 31, 2022 | Oct. 31, 2021 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Cash and cash equivalents | $ 6,508 | $ 2,552 |
Denominated in USD [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Cash and cash equivalents | 491 | 491 |
Denominated in HKD [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Cash and cash equivalents | $ 6,017 | $ 2,061 |
SCHEDULE OF FOREIGN CURRENCY TR
SCHEDULE OF FOREIGN CURRENCY TRANSLATION (Details) | Jul. 31, 2022 | Jul. 31, 2021 |
Period-End HK$ : US$1 Exchange Rate [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Exchange rate | 7.85 | 7.77 |
Period-AverageHK$ : US$1 Exchange Rate [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Exchange rate | 7.83 | 7.76 |
BASIS OF PRESENTATION AND SUM_4
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | 3 Months Ended | 9 Months Ended | ||||||||||
May 01, 2022 $ / shares | Aug. 25, 2020 USD ($) $ / shares | Jul. 31, 2022 USD ($) | Jul. 31, 2021 USD ($) | Jul. 31, 2022 USD ($) | Jul. 31, 2021 USD ($) | May 01, 2022 $ / shares | Apr. 30, 2022 USD ($) | Oct. 31, 2021 USD ($) | Apr. 30, 2021 USD ($) | Oct. 31, 2020 USD ($) | Aug. 25, 2020 $ / shares | |
Product Information [Line Items] | ||||||||||||
Net loss | $ 33,642 | $ 133,415 | $ 75,321 | $ 683,863 | ||||||||
Net cash provided by (used in) operating activities | 158,860 | 614,120 | ||||||||||
Stockholders' equity | 29,459 | $ 58,765 | 29,459 | $ 58,765 | $ 132,923 | $ 94,360 | $ (19,466) | $ (569,847) | ||||
Cash | $ 6,508 | $ 6,508 | ||||||||||
Costs and Expenses [Member] | Supplier Concentration Risk [Member] | One Vendor [Member] | ||||||||||||
Product Information [Line Items] | ||||||||||||
Concentration risk, percentage | 13% | 26% | ||||||||||
Costs and Expenses [Member] | Supplier Concentration Risk [Member] | Two Vendor [Member] | ||||||||||||
Product Information [Line Items] | ||||||||||||
Concentration risk, percentage | 79% | 90% | ||||||||||
Costs and Expenses [Member] | Supplier Concentration Risk [Member] | Vendor One [Member] | ||||||||||||
Product Information [Line Items] | ||||||||||||
Concentration risk, percentage | 63% | 43% | ||||||||||
Costs and Expenses [Member] | Supplier Concentration Risk [Member] | Vendor Two [Member] | ||||||||||||
Product Information [Line Items] | ||||||||||||
Concentration risk, percentage | 16% | 47% | ||||||||||
GLC Anguilla [Member] | ||||||||||||
Product Information [Line Items] | ||||||||||||
Acquisition percentage | 100% | 100% | ||||||||||
Consideration amount | $ 200 | |||||||||||
GLA Anguilla [Member] | ||||||||||||
Product Information [Line Items] | ||||||||||||
Acquisition percentage | 100% | 100% | ||||||||||
Share price | (per share) | $ 0.13 | $ 0.13 | $ 1 | $ 1 | ||||||||
Sale of stock percentage | 100% |
SCHEDULE OF SALE OF DISCONTINUE
SCHEDULE OF SALE OF DISCONTINUED OPERATIONS (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
May 02, 2022 | Jul. 31, 2022 | Jul. 31, 2021 | Jul. 31, 2022 | Jul. 31, 2021 | May 02, 2022 | |
Carrying value of assets disposed | $ (16,345) | $ (16,345) | ||||
Carrying value of liabilities disposed | 13,233 | 13,233 | ||||
Sales proceeds | ||||||
Loss on sale of discontinued operations | $ (1,457) | $ (1,457) | $ (1,457) | |||
Global Leaders Academy Limited [Member] | ||||||
Carrying value of assets disposed | (2,094) | (2,094) | ||||
Carrying value of liabilities disposed | 637 | 637 | ||||
Carrying value of net assets disposed | (1,457) | $ (1,457) | ||||
Loss on sale of discontinued operations | $ 1,457 |
SUMMARY OF COMPONENTS OF DISCON
SUMMARY OF COMPONENTS OF DISCONTINUED OPERATIONS FOR DISPOSED SUBSIDIARY (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2022 | Jul. 31, 2021 | Jul. 31, 2022 | Jul. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | ||||
Revenues | $ 4,097 | $ 2,500 | $ 20,758 | |
Loss from discontinued operations | $ (166) | $ (69,106) | $ (1,959) | $ (187,182) |
Loss per share from discontinued operations - Basic and Diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Disposal Group, Including Discontinued Operation, Assets | $ 16,345 | $ 16,345 | ||
Disposal Group, Including Discontinued Operation, Liabilities | $ 13,233 | $ 13,233 |
DISCONTINUED OPERATIONS (Detail
DISCONTINUED OPERATIONS (Details Narrative) | 3 Months Ended | 9 Months Ended | ||||
May 02, 2022 USD ($) $ / shares | Jul. 31, 2022 USD ($) | Jul. 31, 2021 USD ($) | Jul. 31, 2022 USD ($) | Jul. 31, 2021 USD ($) | May 02, 2022 $ / shares | |
Net of assets before disposal | $ 16,345 | $ 16,345 | ||||
Net of liabilities before disposal | 13,233 | 13,233 | ||||
Loss on sale of discontinued operations | $ (1,457) | $ (1,457) | $ (1,457) | |||
Global Leaders Academy Limited [Member] | ||||||
Percentage of ownership interest involved in disposal | 100% | |||||
Sale of stock, per share | (per share) | $ 0.13 | $ 1 | ||||
Net of assets before disposal | $ 2,094 | |||||
Net of liabilities before disposal | 637 | |||||
Deemed capital contribution | 137,049 | |||||
Loss on sale of discontinued operations | 1,457 | |||||
Global Leaders Academy Limited [Member] | Mr. Yip Hoi Hing Peter [Member] | ||||||
Forgiveness of due from shareholder | $ 137,049 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
May 01, 2022 | Jul. 31, 2022 | Jul. 31, 2021 | Jul. 31, 2022 | Jul. 31, 2021 | Oct. 31, 2021 | |
Related Party Transaction [Line Items] | ||||||
Deemed capital contribution | $ 137,049 | |||||
Advances due to officer | $ 38,884 | $ 38,884 | $ 224 | |||
Greenpro Capital Corp., [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Professional Fees | $ 14,910 | $ 40,427 | $ 39,982 | $ 213,635 | ||
CS Global Consultancy Limited [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Management fee | 70,389 | |||||
Professional Fees | 172,641 | |||||
Advertising and promotion expense | 42,320 | |||||
Administration fee | 59,932 | |||||
Asia Pacific Management and Family Office Limited [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Professional Fees | 61,928 | |||||
Chief Executive Officer [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Professional Fees | $ 234,569 | |||||
Chief Executive Officer [Member] | CS Global Consultancy Limited [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Management fee | $ 10,047 | |||||
Mr. Yip Hoi Hing Peter [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Equity Method Investment, Ownership Percentage | 19.60% | 19.60% | ||||
CSG Group Holdings Limited [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Equity Method Investment, Ownership Percentage | 19.50% | 19.50% | ||||
Greenpro Capital Corp., [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Equity Method Investment, Ownership Percentage | 5.86% | 5.86% | ||||
Greenpro Capital Corp., [Member] | Three Executives [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Equity Method Investment, Ownership Percentage | 10.40% | 10.40% |