Cover
Cover - USD ($) | 12 Months Ended | ||
Oct. 31, 2022 | Feb. 07, 2023 | Apr. 30, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K/A | ||
Amendment Flag | true | ||
Amendment Description | The purpose of this Amendment No. 1 (this “Amendment”) to our Annual Report on Form 10-K for the year ended October 31, 2022 (the “Form 10-K/A”) is to correct the Annual Report on Form 10-K for the year ended October 31, 2022 filed with the Securities and Exchange Commission (the “SEC”) on February 7, 2023 (the “Form 10-K”). The registrant has corrected the Form 10-K from a non-shell company to a shell company as defined in Rule 12b-2 of the Exchange Act due to no revenue was recorded for the year ended October 31, 2022. | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Oct. 31, 2022 | ||
Document Fiscal Period Focus | FY | ||
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 | Units 2613-18 | ||
Entity Address, Address Line Two | 26/F., Shui On Centre | ||
Entity Address, Address Line Three | 6-8 Harbour Road | ||
Entity Address, City or Town | Wanchai | ||
Entity Address, Country | HK | ||
Entity Address, Postal Zip Code | 999077 | ||
City Area Code | (852) | ||
Local Phone Number | 8102 3633 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 | true | ||
Entity Public Float | $ 0 | ||
Entity Bankruptcy Proceedings, Reporting Current | true | ||
Entity Common Stock, Shares Outstanding | 154,394,750 | ||
Document Financial Statement Error Correction [Flag] | false | ||
Auditor Firm ID | 572 | ||
Auditor Name | Weinberg & Company, P.A. | ||
Auditor Location | Los Angeles, California |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Oct. 31, 2022 | Oct. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 797 | $ 2,552 |
Cash and cash equivalents from discontinued operations | 9,270 | |
Prepaid expense | 2,041 | |
Total currents assets | 2,838 | 11,822 |
TOTAL ASSETS | 2,838 | 11,822 |
Current liabilities | ||
Accrued liabilities | 10,000 | 12,500 |
Current liabilities from discontinued operations | 43,458 | |
Total current liabilities | 66,297 | 106,182 |
Commitments and Contingencies | ||
STOCKHOLDERS’ DEFICIT | ||
Preferred stock, $0.0001 par value; 200,000,000 shares authorized; no shares issued and outstanding at October 31, 2022 and 2021 | ||
Common stock, $0.0001 par value, 600,000,000 shares authorized; 153,726,000 shares issued and outstanding at October 31, 2022 and 2021 | 15,372 | 15,372 |
Additional paid in capital | 889,387 | 752,338 |
Accumulated other comprehensive income | 3,332 | 159 |
Accumulated deficit | (971,550) | (862,229) |
Total stockholders’ deficit | (63,459) | (94,360) |
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | 2,838 | 11,822 |
Related Party [Member] | ||
Current liabilities | ||
Accrued expense due to related party | 50,000 | |
Due to officer/principal shareholder | $ 56,297 | $ 224 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Oct. 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 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Revenues: | ||
Operating expenses: | ||
Total operating expenses | 105,905 | 529,266 |
Loss from operations | (105,905) | (529,266) |
Interest income | 1 | |
Loss from continuing operations | (105,905) | (529,265) |
Discontinued operations: | ||
Loss from discontinued operations | (1,959) | (225,097) |
Loss on sale of discontinued operations | (1,457) | |
Discontinued operations | (3,416) | (225,097) |
Net loss | (109,321) | (754,362) |
Other comprehensive income: | ||
-Foreign currency translation income | 3,173 | 155 |
Comprehensive loss | $ (106,148) | $ (754,207) |
Net loss per common share - basic | $ 0 | $ 0 |
Net loss per common share - diluted | $ 0 | $ 0 |
Weighted average common shares outstanding - basic | 153,726,000 | 153,637,200 |
Weighted average common shares outstanding - diluted | 153,726,000 | 153,637,200 |
Related Party [Member] | ||
Operating expenses: | ||
General and administrative | $ 54,691 | $ 461,245 |
Other [Member] | ||
Operating expenses: | ||
General and administrative | $ 51,214 | $ 68,021 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [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 | ||||
Common Stock issued for cash in private placements | $ 11 | 89,989 | 90,000 | ||
Common stock sold in private placements, shares | 112,500 | ||||
Foreign currency translation | 155 | 155 | |||
Net loss | (754,362) | (754,362) | |||
Ending balance, value at Oct. 31, 2021 | $ 15,372 | 752,338 | 159 | (862,229) | (94,360) |
Ending balance, shares at Oct. 31, 2021 | 153,726,000 | ||||
Foreign currency translation | 3,173 | 3,173 | |||
Net loss | (109,321) | (109,321) | |||
Capital contribution due to forgiveness of debt from officer/principal shareholder | 137,049 | 137,049 | |||
Ending balance, value at Oct. 31, 2022 | $ 15,372 | $ 889,387 | $ 3,332 | $ (971,550) | $ (63,459) |
Ending balance, shares at Oct. 31, 2022 | 153,726,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Cash Flows From Operating Activities | ||
Net loss | $ (109,321) | $ (754,362) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Loss from discontinued operations | 1,959 | 225,097 |
Loss from sale of discontinued operations | 1,457 | |
Change in operating assets and liabilities: | ||
Prepaid expense | (2,041) | |
Accrued liabilities | (1,863) | 12,500 |
Accounts payable due to related party | (50,000) | 50,000 |
Net cash used in operations - continuing operations | (159,809) | (466,765) |
Net cash used in operating activities - discontinued operations | (22,176) | (204,889) |
Net cash used in operating activities | (181,985) | (671,654) |
Cash Flows From Investing Activities | ||
Disposal of subsidiary, net of cash disposed of | (2,094) | |
Net cash used in investing activities - continuing operations | (2,094) | |
Cash Flows From Financing Activities | ||
Advances from an officer/principal shareholder | 56,074 | |
Proceeds from shares issued for cash in private placements | 90,000 | |
Net cash provided by financing activities - continuing operations | 56,074 | 90,000 |
Net cash provided by financing activities - discontinued operations | 114,444 | 19,896 |
Net cash provided by financing activities | 170,518 | 109,896 |
Effect of exchange rate changes in cash and cash equivalents | 2,536 | 155 |
Net decrease in cash and cash equivalents | (11,025) | (561,603) |
Cash and cash equivalents, beginning of year | 11,822 | 573,425 |
Cash and cash equivalents, ending of year | 797 | 11,822 |
Cash paid for: | ||
Interest | ||
Income taxes | ||
Non-cash investing and 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 | 12 Months Ended |
Oct. 31, 2022 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 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 plans to develop professional consultancy services to management executives of small and medium enterprises in Hong Kong. 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 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 consolidated financial statements, for the year ended October 31, 2022, the Company incurred a net loss of $ 109,321 181,985 63,459 As of October 31, 2022, the Company’s cash balance was $ 797 . In November 2022, the Company sold 668,750 restricted shares of its common stock to eighteen individual shareholders in a private placement for total proceeds of $ 535,000 . Notwithstanding the November 2022 equity financing, 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 is able to obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stockholders, in the case of equity financing. Basis of presentation and consolidation The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries Global Leaders Corporation, a holding company incorporated in Anguilla (“GLC Anguilla”), and Global Leaders Academy Limited, a company incorporated in Hong Kong (“GLA”) that the Company operated until May 2022, when GLA was sold (see Note 2). As of October 31, 2022, the Company owns one subsidiary, GLC Anguilla. Intercompany accounts and transactions have been eliminated in consolidation. Use of estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting year. Actual results could differ from those estimates. Significant estimates include estimates for the accruals of potential liabilities. Revenue recognition The Company recognizes revenues when its customer obtains control of promised services, in an amount that reflects the consideration the Company expects to receive in exchange for those services. The Company recognizes revenue following the five-step model prescribed by Accounting Standards Codification (ASC) 606, “Revenue from Contracts” , 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. The Company had no SCHEDULE OF CASH AND CASH EQUIVALENTS As of 2022 2021 Cash and cash equivalents Denominated in United States Dollars $ 217 $ 491 Denominated in Hong Kong Dollars 580 2,061 Cash from discontinued operations in Hong Kong Dollars - 9,270 Cash and cash equivalents $ 797 $ 11,822 Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash. As of October 31, 2022, substantially all the Company’s cash was held by a major financial institution located in Hong Kong, which management believes is of high credit quality 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, 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 year. The gains and losses resulting from translation of financial statements of a foreign subsidiary are recorded as a separate component of accumulated other comprehensive 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 respective periods: SCHEDULE OF FOREIGN CURRENCY TRANSLATION As of and for the years ended October 31, 2022 2021 Period-end HK$ : US$1 exchange rate 7.85 7.78 Period-average HK$ : US$1 exchange rate 7.83 7.77 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 like 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 October 31, 2022, the Company has no potentially dilutive securities, such as options or warrants, outstanding. Concentrations For the years ended October 31, 2022, and 2021, two vendors accounted for 84 52 32 87 44 43 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 | 12 Months Ended |
Oct. 31, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS | NOTE 2 - DISCONTINUED OPERATIONS In May 2022, GLC Anguilla finalized the sale of its entire 100 1 0.13 GLA was deconsolidated effective May 1, 2022. Subsequent to the deconsolidation, the Company did 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. On May 1, 2022, prior to the disposal, GLA had net assets of $ 2,094 and net liabilities of $ 637 . As a result, the Company recorded a loss on sale of discontinued operations of $ 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 years ended October 31, 2022 and 2021: SUMMARY OF COMPONENTS OF DISCONTINUED OPERATIONS FOR DISPOSED SUBSIDIARY 2022 2021 For the year ended October 31, 2022 2021 Revenues $ 2,560 $ 55,843 Loss from discontinued operations $ (1,959 ) $ (225,097 ) Loss per share from discontinued operations - Basic and Diluted $ (0.00 ) $ (0.00 ) Current and total assets $ - $ 9,270 Current and total liabilities $ - $ 43,458 |
STOCKHOLDERS
STOCKHOLDERS | 12 Months Ended |
Oct. 31, 2022 | |
Equity [Abstract] | |
STOCKHOLDERS | NOTE 3 - STOCKHOLDERS Shares issued for cash in private placements During the year ended October 31, 2022, the Company did not issue any shares of Common Stock. During the year ended October 31, 2021, the Company sold 112,500 0.80 90,000 |
SCHEDULE OF INCOME TAX PROVISIO
SCHEDULE OF INCOME TAX PROVISIONS | 12 Months Ended |
Oct. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
SCHEDULE OF INCOME TAX PROVISIONS | NOTE 4 - INCOME TAXES The Company had no SCHEDULE OF INCOME TAX PROVISIONS Year ended October 31, 2022 2021 Loss from continuing operations before income tax: $ (105,905 ) $ (529,265 ) U.S. Federal statutory tax rate 21 % 21 % Income tax benefit at statutory rate (22,240 ) (111,146 ) Foreign tax rate difference - - Change in valuation allowance 22,240 111,146 Income tax provision $ - $ - SCHEDULE OF COMPONENTS OF DEFERRED TAX ASSETS As of October 31, 2022 2021 Components of deferred tax assets: Net operating loss carryforwards $ 149,566 $ 127,326 Gross deferred tax assets 149,566 127,326 Less: valuation allowance (149,566 ) (127,326 ) Net deferred tax asset $ - $ - The provisions of ASC Topic 740, Accounting for Income Taxes, require an assessment of both positive and negative evidence when determining whether it is more likely than not that deferred tax assets are recoverable. As of October 31, 2022 and 2021, based on all available objective evidence, including the existence of cumulative losses, the Company determined that it was more likely than not that the net deferred tax assets were not fully realizable. Accordingly, the Company established a full valuation allowance against its net deferred tax assets. The Company intends to maintain a full valuation allowance on net deferred tax assets until sufficient positive evidence exists to support reversal of the valuation allowance. The Company adopted the provisions of ASC 740, which requires companies to determine whether it is “more likely than not” that a tax position will be sustained upon examination by the appropriate taxing authorities before any tax benefit can be recorded in the financial statements. ASC 740 also provides guidance on the recognition, measurement, classification and interest and penalties related to uncertain tax positions. As of October 31, 2022 and 2021, no |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Oct. 31, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 5 - RELATED PARTY TRANSACTIONS In 2020, Mr. Peter Yip, CEO, purchased 30,100,000 3,100 19.58 30,000,000 3,000 19.52 Greenpro Capital Corp., through its wholly owned subsidiaries (collectively “Greenpro”), is a 5.85 10.41 In April 2022, Mr. Peter Yip forgave liabilities due to him by GLA (see Note 2) of $ 137,049 137,049 56,297 and $ 224 , respectively, for advances made to the Company for operations. The advances are due on demand, are unsecured, and are non-interest bearing. For the year ended October 31, 2022, the Company incurred total fees to Greenpro of $ 54,691 , including accounting fees of $ 50,496 and company secretarial fees of $ 4,195 , respectively. For the year ended October 31, 2021, the Company incurred total fees to Greenpro of $ 226,677 , including accounting fees of $ 47,866 , advisory fees of $ 175,000 and company secretarial fees of $ 3,811 , respectively. For the year ended October 31, 2022, the Company did not incur any fees to CS Global or Asia Pacific Management & Family Office Limited (“Asia Pacific Management”). For the year ended October 31, 2021, fees paid to CS Global totaled $ 172,641 including advertising and promotion expense of $ 42,320 , management fees of $ 70,389 , and administration fees of $ 59,932 . Also, for the year ended October 31, 2021, the Company incurred consulting fees of $ 61,927 to Asia Pacific Management, a company incorporated in Hong Kong, and wholly owned by Mr. Peter Yip. In addition the Company’s office space is provided by Mr. Peter Yip at no charge. |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 12 Months Ended |
Oct. 31, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENT | NOTE 6 – SUBSEQUENT EVENT In November 2022, the Company sold 668,750 0.80 535,000 |
BASIS OF PRESENTATION AND SUM_2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Oct. 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. The Company plans to develop professional consultancy services to management executives of small and medium enterprises in Hong Kong. |
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 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 consolidated financial statements, for the year ended October 31, 2022, the Company incurred a net loss of $ 109,321 181,985 63,459 As of October 31, 2022, the Company’s cash balance was $ 797 . In November 2022, the Company sold 668,750 restricted shares of its common stock to eighteen individual shareholders in a private placement for total proceeds of $ 535,000 . Notwithstanding the November 2022 equity financing, 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 is able to obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stockholders, in the case of equity financing. |
Basis of presentation and consolidation | Basis of presentation and consolidation The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries Global Leaders Corporation, a holding company incorporated in Anguilla (“GLC Anguilla”), and Global Leaders Academy Limited, a company incorporated in Hong Kong (“GLA”) that the Company operated until May 2022, when GLA was sold (see Note 2). As of October 31, 2022, the Company owns one subsidiary, GLC Anguilla. Intercompany accounts and transactions have been eliminated in consolidation. |
Use of estimates | Use of estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting year. Actual results could differ from those estimates. Significant estimates include estimates for the accruals of potential liabilities. |
Revenue recognition | Revenue recognition The Company recognizes revenues when its customer obtains control of promised services, in an amount that reflects the consideration the Company expects to receive in exchange for those services. The Company recognizes revenue following the five-step model prescribed by Accounting Standards Codification (ASC) 606, “Revenue from Contracts” , |
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. The Company had no SCHEDULE OF CASH AND CASH EQUIVALENTS As of 2022 2021 Cash and cash equivalents Denominated in United States Dollars $ 217 $ 491 Denominated in Hong Kong Dollars 580 2,061 Cash from discontinued operations in Hong Kong Dollars - 9,270 Cash and cash equivalents $ 797 $ 11,822 Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash. As of October 31, 2022, substantially all the Company’s cash was held by a major financial institution located in Hong Kong, which management believes is of high credit quality |
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, 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 year. The gains and losses resulting from translation of financial statements of a foreign subsidiary are recorded as a separate component of accumulated other comprehensive 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 respective periods: SCHEDULE OF FOREIGN CURRENCY TRANSLATION As of and for the years ended October 31, 2022 2021 Period-end HK$ : US$1 exchange rate 7.85 7.78 Period-average HK$ : US$1 exchange rate 7.83 7.77 |
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 like 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 October 31, 2022, the Company has no potentially dilutive securities, such as options or warrants, outstanding. |
Concentrations | Concentrations For the years ended October 31, 2022, and 2021, two vendors accounted for 84 52 32 87 44 43 |
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) | 12 Months Ended |
Oct. 31, 2022 | |
Accounting Policies [Abstract] | |
SCHEDULE OF CASH AND CASH EQUIVALENTS | SCHEDULE OF CASH AND CASH EQUIVALENTS As of 2022 2021 Cash and cash equivalents Denominated in United States Dollars $ 217 $ 491 Denominated in Hong Kong Dollars 580 2,061 Cash from discontinued operations in Hong Kong Dollars - 9,270 Cash and cash equivalents $ 797 $ 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 respective periods: SCHEDULE OF FOREIGN CURRENCY TRANSLATION As of and for the years ended October 31, 2022 2021 Period-end HK$ : US$1 exchange rate 7.85 7.78 Period-average HK$ : US$1 exchange rate 7.83 7.77 |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended |
Oct. 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 years ended October 31, 2022 and 2021: SUMMARY OF COMPONENTS OF DISCONTINUED OPERATIONS FOR DISPOSED SUBSIDIARY 2022 2021 For the year ended October 31, 2022 2021 Revenues $ 2,560 $ 55,843 Loss from discontinued operations $ (1,959 ) $ (225,097 ) Loss per share from discontinued operations - Basic and Diluted $ (0.00 ) $ (0.00 ) Current and total assets $ - $ 9,270 Current and total liabilities $ - $ 43,458 |
SCHEDULE OF INCOME TAX PROVIS_2
SCHEDULE OF INCOME TAX PROVISIONS (Tables) | 12 Months Ended |
Oct. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
SCHEDULE OF INCOME TAX PROVISIONS | SCHEDULE OF INCOME TAX PROVISIONS Year ended October 31, 2022 2021 Loss from continuing operations before income tax: $ (105,905 ) $ (529,265 ) U.S. Federal statutory tax rate 21 % 21 % Income tax benefit at statutory rate (22,240 ) (111,146 ) Foreign tax rate difference - - Change in valuation allowance 22,240 111,146 Income tax provision $ - $ - |
SCHEDULE OF COMPONENTS OF DEFERRED TAX ASSETS | SCHEDULE OF COMPONENTS OF DEFERRED TAX ASSETS As of October 31, 2022 2021 Components of deferred tax assets: Net operating loss carryforwards $ 149,566 $ 127,326 Gross deferred tax assets 149,566 127,326 Less: valuation allowance (149,566 ) (127,326 ) Net deferred tax asset $ - $ - |
SCHEDULE OF CASH AND CASH EQUIV
SCHEDULE OF CASH AND CASH EQUIVALENTS (Details) - USD ($) | Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2020 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Denominated in Hong Kong Dollars | $ 797 | $ 2,552 | |
Cash and cash equivalents | 797 | 11,822 | $ 573,425 |
United States of America, Dollars | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Denominated in Hong Kong Dollars | 217 | 491 | |
Hong Kong, Dollars | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Denominated in Hong Kong Dollars | 580 | 2,061 | |
Cash from discontinued operations in Hong Kong Dollars | $ 9,270 |
SCHEDULE OF FOREIGN CURRENCY TR
SCHEDULE OF FOREIGN CURRENCY TRANSLATION (Details) | Oct. 31, 2022 | Oct. 31, 2021 |
Period-End HK$ : US$1 Exchange Rate [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Exchange rate | 7.85 | 7.78 |
Period-AverageHK$ : US$1 Exchange Rate [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Exchange rate | 7.83 | 7.77 |
BASIS OF PRESENTATION AND SUM_4
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2022 | Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2020 | |
Product Information [Line Items] | ||||
Net loss | $ 109,321 | $ 754,362 | ||
Net cash provided by (used in) operating activities | 181,985 | 671,654 | ||
Stockholders' deficit | 63,459 | 94,360 | $ (569,847) | |
Cash | 797 | |||
Cash equivalents | $ 0 | $ 0 | ||
Costs and Expenses [Member] | Supplier Concentration Risk [Member] | Two Vendor [Member] | ||||
Product Information [Line Items] | ||||
Concentration risk percentage | 84% | 87% | ||
Costs and Expenses [Member] | Supplier Concentration Risk [Member] | Vendor One [Member] | ||||
Product Information [Line Items] | ||||
Concentration risk percentage | 52% | 44% | ||
Costs and Expenses [Member] | Supplier Concentration Risk [Member] | Vendor Two [Member] | ||||
Product Information [Line Items] | ||||
Concentration risk percentage | 32% | 43% | ||
Subsequent Event [Member] | Restricted Stock [Member] | Eighteen Individual Shareholders [Member] | ||||
Product Information [Line Items] | ||||
Sale of stock transaction, shares | 668,750 | |||
Sale of stock transaction | $ 535,000 |
SCHEDULE OF SALE OF DISCONTINUE
SCHEDULE OF SALE OF DISCONTINUED OPERATIONS (Details) - USD ($) | 12 Months Ended | |||
May 02, 2022 | May 02, 2022 | Oct. 31, 2022 | Oct. 31, 2021 | |
Carrying value of assets disposed | $ (9,270) | |||
Carrying value of liabilities disposed | 43,458 | |||
Loss on sale of discontinued operations | $ (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) | ||
Sales proceeds | ||||
Loss on sale of discontinued operations | $ (1,457) | $ (1,457) |
SUMMARY OF COMPONENTS OF DISCON
SUMMARY OF COMPONENTS OF DISCONTINUED OPERATIONS FOR DISPOSED SUBSIDIARY (Details) - USD ($) | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | ||
Revenues | $ 2,560 | $ 55,843 |
Loss from discontinued operations | $ (1,959) | $ (225,097) |
Loss per share from discontinued operations - Basic and Diluted | $ 0 | $ 0 |
Current and total assets | $ 9,270 | |
Current and total liabilities | $ 43,458 |
DISCONTINUED OPERATIONS (Detail
DISCONTINUED OPERATIONS (Details Narrative) | 12 Months Ended | ||||
May 02, 2022 USD ($) $ / shares | May 02, 2022 USD ($) $ / shares | Oct. 31, 2022 USD ($) | Oct. 31, 2021 USD ($) | May 02, 2022 $ / shares | |
Disposal Group, Including Discontinued Operation, Assets | $ 9,270 | ||||
Disposal Group, Including Discontinued Operation, Liabilities | 43,458 | ||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | $ 1,457 | ||||
Global Leaders Academy Limited [Member] | |||||
Percentage of ownership interest involved in disposal | 100% | ||||
Sale of stock, per share | (per share) | $ 0.13 | $ 0.13 | $ 1 | ||
Disposal Group, Including Discontinued Operation, Assets | $ 2,094 | $ 2,094 | |||
Disposal Group, Including Discontinued Operation, Liabilities | 637 | 637 | |||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | $ 1,457 | $ 1,457 |
STOCKHOLDERS (Details Narrative
STOCKHOLDERS (Details Narrative) - USD ($) | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Subsidiary, Sale of Stock [Line Items] | ||
Proceeds from issuance of private placement | $ 90,000 | |
Private Placement [Member] | Restricted Stock [Member] | Four Shareholder [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Number of shares sold, shares | 112,500 | |
Sale of stock, price per share | $ 0.80 | |
Proceeds from issuance of private placement | $ 90,000 |
SCHEDULE OF INCOME TAX PROVIS_3
SCHEDULE OF INCOME TAX PROVISIONS (Details) - USD ($) | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Loss before income tax | $ (105,905) | $ (529,265) |
U.S. Federal statutory tax rate | 21% | 21% |
Income tax benefit at statutory rate | $ (22,240) | $ (111,146) |
Foreign tax rate difference | ||
Change in valuation allowance | 22,240 | 111,146 |
Income tax provision |
SCHEDULE OF COMPONENTS OF DEFER
SCHEDULE OF COMPONENTS OF DEFERRED TAX ASSETS (Details) - USD ($) | Oct. 31, 2022 | Oct. 31, 2021 |
Income Tax Disclosure [Abstract] | ||
Net operating loss carryforwards | $ 149,566 | $ 127,326 |
Gross deferred tax assets | 149,566 | 127,326 |
Less: valuation allowance | (149,566) | (127,326) |
Net deferred tax asset |
SCHEDULE OF INCOME TAX PROVIS_4
SCHEDULE OF INCOME TAX PROVISIONS (Details Narrative) - USD ($) | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Income tax expenses | ||
Unrecognized tax benefits | $ 0 | $ 0 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Apr. 30, 2022 | Oct. 31, 2020 | Oct. 31, 2022 | Oct. 31, 2021 | |
Mr. Peter Yip [Member] | ||||
Related Party Transaction [Line Items] | ||||
Other Liabilities, Current | $ 56,297 | $ 224 | ||
Greenpro Capital Corp., [Member] | ||||
Related Party Transaction [Line Items] | ||||
Accrued professional fees | 54,691 | 226,677 | ||
Accounting fees | 50,496 | 47,866 | ||
Secretarial fees | $ 4,195 | 3,811 | ||
Advisory fees | 175,000 | |||
CS Global Consultancy Limited [Member] | ||||
Related Party Transaction [Line Items] | ||||
Professional fees | 172,641 | |||
Advertising and promotion expense | 42,320 | |||
Management fee | 70,389 | |||
Administration fee | 59,932 | |||
Asia Pacific Management & Family Office Limited [Member] | ||||
Related Party Transaction [Line Items] | ||||
Professional fees | $ 61,927 | |||
Global Leaders Academy Limited [Member] | ||||
Related Party Transaction [Line Items] | ||||
Capital contribution | $ 137,049 | |||
Greenpro Capital Corp., [Member] | ||||
Related Party Transaction [Line Items] | ||||
Equity method investment, ownership percentage | 5.85% | |||
Three Executives [Member] | Greenpro Capital Corp., [Member] | ||||
Related Party Transaction [Line Items] | ||||
Equity method investment, ownership percentage | 10.41% | |||
Mr. Yip Hoi Hing Peter [Member] | Global Leaders Academy Limited [Member] | ||||
Related Party Transaction [Line Items] | ||||
Forgave liabilities | $ 137,049 | |||
Restricted Stock [Member] | CS Global Consultancy Limited and CSG Group Holdings Limited [Member] | ||||
Related Party Transaction [Line Items] | ||||
Number of shares sold, shares | 30,000,000 | |||
Proceeds from issuance of common stock | $ 3,000 | |||
Restricted Stock [Member] | Shareholder [Member] | CS Global Consultancy Limited and CSG Group Holdings Limited [Member] | ||||
Related Party Transaction [Line Items] | ||||
Equity method investment, ownership percentage | 19.52% | |||
Restricted Stock [Member] | Chief Executive Officer [Member] | ||||
Related Party Transaction [Line Items] | ||||
Number of shares sold, shares | 30,100,000 | |||
Proceeds from issuance of common stock | $ 3,100 | |||
Restricted Stock [Member] | Chief Executive Officer [Member] | Shareholder [Member] | ||||
Related Party Transaction [Line Items] | ||||
Equity method investment, ownership percentage | 19.58% |
SUBSEQUENT EVENT (Details Narra
SUBSEQUENT EVENT (Details Narrative) - Subsequent Event [Member] - Restricted Stock [Member] - Eighteen Individual Shareholders [Member] | 1 Months Ended |
Nov. 30, 2022 USD ($) $ / shares shares | |
Subsequent Event [Line Items] | |
Sale of stock transaction, shares | shares | 668,750 |
Sale of stock price per share | $ / shares | $ 0.80 |
Sale of stock transaction | $ | $ 535,000 |