Cover
Cover | 9 Months Ended |
Jul. 31, 2023 | |
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Jul. 31, 2023 |
Document Fiscal Period Focus | Q3 |
Document Fiscal Year Focus | 2023 |
Entity File Number | 000-56557 |
Entity Registrant Name | GLOBAL LEADERS CORPORATION |
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 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | true |
Elected Not To Use the Extended Transition Period | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jul. 31, 2023 | Oct. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 5,581 | $ 797 |
Accounts receivable | 3,828 | |
Total currents assets | 14,322 | 2,838 |
TOTAL ASSETS | 14,322 | 2,838 |
Current liabilities | ||
Accrued liabilities | 10,000 | |
Total current liabilities | 6,329 | 66,297 |
Commitments and Contingencies | ||
STOCKHOLDERS’ EQUITY (DEFICIT) | ||
Common Stock, $0.0001 par value, 600,000,000 shares authorized; 154,394,750 shares outstanding at July 31, 2023, and 153,726,000 shares outstanding at October 31, 2022 | 15,439 | 15,372 |
Additional paid in capital | 1,424,320 | 889,387 |
Accumulated other comprehensive income | 3,332 | 3,332 |
Accumulated deficit | (1,435,098) | (971,550) |
Total stockholders’ equity (deficit) | 7,993 | (63,459) |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | 14,322 | 2,838 |
Nonrelated Party [Member] | ||
Current assets | ||
Prepaid expense to related party | 2,999 | 2,041 |
Related Party [Member] | ||
Current assets | ||
Prepaid expense to related party | 1,914 | |
Current liabilities | ||
Due to officer/principal shareholder | $ 6,329 | $ 56,297 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jul. 31, 2023 | Oct. 31, 2022 |
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 | 154,394,750 | 153,726,000 |
Common stock, shares outstanding | 154,394,750 | 153,726,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations And Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | |
Revenues: | ||||
Service revenues | $ 3,828 | $ 3,828 | ||
Revenue, Product and Service [Extensible Enumeration] | Service [Member] | Service [Member] | Service [Member] | Service [Member] |
Total revenue | $ 3,828 | $ 3,828 | ||
Operating expenses: | ||||
Total operating expenses | 136,671 | 32,019 | 467,376 | 71,905 |
Loss from continuing operations | (132,843) | (32,019) | (463,548) | (71,905) |
Discontinued operations: | ||||
Loss from discontinued operations | (166) | (1,959) | ||
Loss on sale of discontinued operations | (1,457) | (1,457) | ||
Discontinued operations | (1,623) | (3,416) | ||
Net loss | (132,843) | (33,642) | (463,548) | (75,321) |
Other comprehensive income: | ||||
-Foreign currency translation income | 57 | 3,173 | ||
Comprehensive loss | $ (132,843) | $ (33,585) | $ (463,548) | $ (72,148) |
Basic net loss per share | $ 0 | $ 0 | $ 0 | $ 0 |
Diluted net loss per share | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average number of shares outstanding | 154,394,750 | 153,726,000 | 154,355,393 | 153,726,000 |
Related Party [Member] | ||||
Operating expenses: | ||||
General and administrative-other | $ 110,957 | $ 14,910 | $ 364,857 | $ 39,982 |
Other [Member] | ||||
Operating expenses: | ||||
General and administrative-other | $ 25,714 | $ 17,109 | $ 102,519 | $ 31,923 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance, value at Oct. 31, 2021 | $ 15,372 | $ 752,338 | $ 159 | $ (862,229) | $ (94,360) |
Balance, shares at Oct. 31, 2021 | 153,726,000 | ||||
Net loss | (75,321) | (75,321) | |||
Capital contribution due to forgiveness of debt from officer/principal shareholder | 137,049 | 137,049 | |||
Foreign currency translation | 3,173 | 3,173 | |||
Balance, value at Jul. 31, 2022 | $ 15,372 | 889,387 | 3,332 | (937,550) | (29,459) |
Balance, shares at Jul. 31, 2022 | 153,726,000 | ||||
Balance, value at Apr. 30, 2022 | $ 15,372 | 752,338 | 3,275 | (903,908) | (132,923) |
Balance, shares at Apr. 30, 2022 | 153,726,000 | ||||
Net loss | (33,642) | (33,642) | |||
Capital contribution due to forgiveness of debt from officer/principal shareholder | 137,049 | 137,049 | |||
Foreign currency translation | 57 | 57 | |||
Balance, value at Jul. 31, 2022 | $ 15,372 | 889,387 | 3,332 | (937,550) | (29,459) |
Balance, shares at Jul. 31, 2022 | 153,726,000 | ||||
Balance, value at Oct. 31, 2022 | $ 15,372 | 889,387 | 3,332 | (971,550) | (63,459) |
Balance, shares at Oct. 31, 2022 | 153,726,000 | ||||
Net loss | (463,548) | (463,548) | |||
Common Stock issued for cash in private placements | $ 67 | 534,933 | 535,000 | ||
Common Stock issued for cash in private placements, shares | 668,750 | ||||
Capital contribution due to forgiveness of debt from officer/principal shareholder | |||||
Balance, value at Jul. 31, 2023 | $ 15,439 | 1,424,320 | 3,332 | (1,435,098) | 7,993 |
Balance, shares at Jul. 31, 2023 | 154,394,750 | ||||
Balance, value at Apr. 30, 2023 | $ 15,439 | 1,424,320 | 3,332 | (1,302,255) | 140,836 |
Balance, shares at Apr. 30, 2023 | 154,394,750 | ||||
Net loss | (132,843) | (132,843) | |||
Balance, value at Jul. 31, 2023 | $ 15,439 | $ 1,424,320 | $ 3,332 | $ (1,435,098) | $ 7,993 |
Balance, shares at Jul. 31, 2023 | 154,394,750 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Cash Flows From Operating Activities | ||
Net loss | $ (463,548) | $ (75,321) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Loss from discontinued operations | 1,959 | |
Loss on sale of discontinued operations | 1,457 | |
Change in operating assets and liabilities: | ||
Accounts receivable | (3,828) | |
Accrued liabilities and customer deposit | (10,000) | (11,863) |
Accrued expense due to related party | (50,000) | |
Net cash used in operating activities - continuing operations | (480,248) | (136,685) |
Net cash used in operating activities - discontinued operations | (22,175) | |
Net cash used in operating activities | (480,248) | (158,860) |
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 | ||
(Repayment to) advances from officer/principal shareholder | (49,968) | 38,660 |
Proceeds from shares issued for cash in private placements | 535,000 | |
Net cash provided by financing activities - continuing operations | 485,032 | 38,660 |
Net cash provided by financing activities - discontinued operations | 114,444 | |
Net cash provided by financing activities | 485,032 | 153,104 |
Effect of exchange rate changes in cash and cash equivalents | 2,536 | |
Net change in cash and cash equivalents | 4,784 | (5,314) |
Cash and cash equivalents, beginning of period | 797 | 11,822 |
Cash and cash equivalents, ending of period | 5,581 | 6,508 |
Cash paid for: | ||
Interest | ||
Income taxes | ||
Non-Cash Financing Activities: | ||
Capital contribution due to forgiveness of debt from officer/principal shareholder | 137,049 | |
Nonrelated Party [Member] | ||
Change in operating assets and liabilities: | ||
Prepaid expense to related party | (958) | (2,917) |
Related Party [Member] | ||
Change in operating assets and liabilities: | ||
Prepaid expense to related party | $ (1,914) |
BASIS OF PRESENTATION AND SUMMA
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Jul. 31, 2023 | |
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. Mr. Yip Hoi Hing Peter (“Mr. Peter Yip”), founder of the Company, is 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. 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, 2023 and 2022, 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 consolidated balance sheet as of October 31, 2022, 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 February 7, 2023. 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, 2023. The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary Global Leaders Corporation, a company incorporated in Anguilla. All intercompany balances and transactions have been eliminated in consolidation. 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, 2023, the Company has generated limited revenue of $ 3,828 463,548 480,248 At July 31, 2023, our cash balance was $ 5,581 COVID-19 The COVID-19 pandemic has negatively impacted the global economy. The Company continues to monitor guidance from national and local public health authorities and has implemented health and safety precautions and protocols in response to such guidance. 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 its customer obtains control of promised services, in an amount that reflects the consideration the Company expects to receive in exchange for those services, following the guidance of Accounting Standards Codification (ASC) 606, “Revenue from Contracts with Customers”. 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 $ 1,054 $ 217 Denominated in Hong Kong Dollars 4,527 580 Cash and cash equivalents $ 5,581 $ 797 Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash. As of July 31, 2023, 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, prepaid expenses and other current assets, accrued liabilities, due to officer/principal shareholder, and due from or 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$”) and the accompanying condensed consolidated financial statements have been expressed in US$. In addition, the Company’s operating subsidiary uses Hong Kong Dollars (“HK$”) as its functional currency and maintains its books and records in the reporting currency US$, respectively. 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 July 31, 2023 2022 Period-end HK$ : US$1 exchange rate 7.80 7.85 Period-average HK$ : US$1 exchange rate 7.83 7.81 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 July 31, 2023, the Company has no potentially dilutive securities, such as options or warrants, outstanding. Concentrations For the three and nine months ended July 31, 2023, one customer accounted for 100 100 8 4 For the three and nine months ended July 31, 2023, one related party vendor accounted for 74 % and 72 % of the Company’s total operating expenses, respectively. 47 56 10 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 the Company beginning on November 1, 2023. 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, 2023 | |
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, 2023, 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, 2023 and 2022: SUMMARY OF COMPONENTS OF DISCONTINUED OPERATIONS FOR DISPOSED SUBSIDIARY 2023 2022 2023 2022 Three months ended July 31, Nine months ended July 31, 2023 2022 2023 2022 Revenues $ - $ - $ - $ 2,500 Loss from discontinued operations $ - $ (166 ) $ - $ (1,959 ) Loss per share from discontinued operations - Basic and Diluted $ - $ (0.00 ) $ - $ (0.00 ) Loss per share from discontinued operations - Basic $ - $ (0.00 ) $ - $ (0.00 ) Current and total assets $ - $ - $ - $ - Current and total liabilities $ - $ - $ - $ - |
STOCKHOLDERS
STOCKHOLDERS | 9 Months Ended |
Jul. 31, 2023 | |
Equity [Abstract] | |
STOCKHOLDERS | NOTE 3 - STOCKHOLDERS Shares issued for cash in private placement During the three months ended July 31, 2023, the Company did not issue any shares of Common Stock. During the nine months ended July 31, 2023, the Company sold 668,750 0.80 535,000 For the three and nine months ended July 31, 2022, the Company did not issue any shares of its Common Stock. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Jul. 31, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 4 - RELATED PARTY TRANSACTIONS Mr. Peter Yip, CEO, is 19.50% 19.43 % shareholders in the Company. In November 2022, the Company entered into two contacts with CS Global that have a term from November 1, 2022 to October 31, 2023. In the first contract, CS Global provides management services, as defined, to the Company for a monthly fee of $ 10,000 24,000 187,200 80,000 624,000 80,000 For the three months ended July 31, 2023, fees paid to CS Global totalled $ 101,435 29,834 71,601 For the nine months ended July 31, 2023, fees paid to CS Global totalled $ 336,828 89,621 167,207 80,000 For the three and nine months ended July 31, 2022, the Company did not incur any fees to CS Global. As of July 31, 2023 and October 31, 2022, the Company owed Mr. Peter Yip $ 6,329 56,297 Greenpro Capital Corp., through its wholly owned subsidiaries (collectively “Greenpro”), is a 5.83 10.36 For the three months ended July 31, 2023, the Company incurred total fees to Greenpro of $ 9,522 5,737 3,785 For the nine months ended July 31, 2023, the Company incurred total fees to Greenpro of $ 28,029 22,549 640 800 4,040 During the three months ended July 31, 2022, the Company incurred total fees to Greenpro of $ 14,910 12,469 2,441 During the nine months ended July 31, 2022, the Company incurred total fees to Greenpro of $ 39,982 37,540 2,442 As of July 31, 2023 and October 31, 2022, the Company prepaid $ 1,914 0 |
BASIS OF PRESENTATION AND SUM_2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Jul. 31, 2023 | |
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. Mr. Yip Hoi Hing Peter (“Mr. Peter Yip”), founder of the Company, is 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. |
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, 2023 and 2022, 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 consolidated balance sheet as of October 31, 2022, 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 February 7, 2023. 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, 2023. The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary Global Leaders Corporation, a company incorporated in Anguilla. All intercompany balances and transactions have been eliminated in consolidation. |
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, 2023, the Company has generated limited revenue of $ 3,828 463,548 480,248 At July 31, 2023, our cash balance was $ 5,581 |
COVID-19 | COVID-19 The COVID-19 pandemic has negatively impacted the global economy. The Company continues to monitor guidance from national and local public health authorities and has implemented health and safety precautions and protocols in response to such guidance. |
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 its customer obtains control of promised services, in an amount that reflects the consideration the Company expects to receive in exchange for those services, following the guidance of Accounting Standards Codification (ASC) 606, “Revenue from Contracts with Customers”. |
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 $ 1,054 $ 217 Denominated in Hong Kong Dollars 4,527 580 Cash and cash equivalents $ 5,581 $ 797 Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash. As of July 31, 2023, 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, prepaid expenses and other current assets, accrued liabilities, due to officer/principal shareholder, and due from or 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$”) and the accompanying condensed consolidated financial statements have been expressed in US$. In addition, the Company’s operating subsidiary uses Hong Kong Dollars (“HK$”) as its functional currency and maintains its books and records in the reporting currency US$, respectively. 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 July 31, 2023 2022 Period-end HK$ : US$1 exchange rate 7.80 7.85 Period-average HK$ : US$1 exchange rate 7.83 7.81 |
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 July 31, 2023, the Company has no potentially dilutive securities, such as options or warrants, outstanding. |
Concentrations | Concentrations For the three and nine months ended July 31, 2023, one customer accounted for 100 100 8 4 For the three and nine months ended July 31, 2023, one related party vendor accounted for 74 % and 72 % of the Company’s total operating expenses, respectively. 47 56 10 |
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 the Company beginning on November 1, 2023. 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, 2023 | |
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 $ 1,054 $ 217 Denominated in Hong Kong Dollars 4,527 580 Cash and cash equivalents $ 5,581 $ 797 |
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 July 31, 2023 2022 Period-end HK$ : US$1 exchange rate 7.80 7.85 Period-average HK$ : US$1 exchange rate 7.83 7.81 |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 9 Months Ended |
Jul. 31, 2023 | |
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, 2023 and 2022: SUMMARY OF COMPONENTS OF DISCONTINUED OPERATIONS FOR DISPOSED SUBSIDIARY 2023 2022 2023 2022 Three months ended July 31, Nine months ended July 31, 2023 2022 2023 2022 Revenues $ - $ - $ - $ 2,500 Loss from discontinued operations $ - $ (166 ) $ - $ (1,959 ) Loss per share from discontinued operations - Basic and Diluted $ - $ (0.00 ) $ - $ (0.00 ) Loss per share from discontinued operations - Basic $ - $ (0.00 ) $ - $ (0.00 ) Current and total assets $ - $ - $ - $ - Current and total liabilities $ - $ - $ - $ - |
SCHEDULE OF CASH AND CASH EQUIV
SCHEDULE OF CASH AND CASH EQUIVALENTS (Details) - USD ($) | Jul. 31, 2023 | Oct. 31, 2022 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Cash and cash equivalents | $ 5,581 | $ 797 |
United States of America, Dollars | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Cash and cash equivalents | 1,054 | 217 |
Hong Kong, Dollars | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Cash and cash equivalents | $ 4,527 | $ 580 |
SCHEDULE OF FOREIGN CURRENCY TR
SCHEDULE OF FOREIGN CURRENCY TRANSLATION (Details) | Jul. 31, 2023 | Jul. 31, 2022 |
Period-End HK$ : US$1 Exchange Rate [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Exchange rate | 7.80 | 7.85 |
Period-Average HK$ : US$1 Exchange Rate [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Exchange rate | 7.83 | 7.81 |
BASIS OF PRESENTATION AND SUM_4
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | Oct. 31, 2022 | |
Product Information [Line Items] | |||||
Total revenue | $ 3,828 | $ 3,828 | |||
Net loss | 132,843 | $ 33,642 | 463,548 | 75,321 | |
Net cash provided by (used in) operating activities | 480,248 | $ 158,860 | |||
Cash balance | $ 5,581 | $ 5,581 | $ 797 | ||
Revenue Benchmark [Member] | Supplier Concentration Risk [Member] | One Customer [Member] | |||||
Product Information [Line Items] | |||||
Concentration risk percentage | 100% | 100% | |||
Revenue Benchmark [Member] | Supplier Concentration Risk [Member] | Unrelated Vendor [Member] | |||||
Product Information [Line Items] | |||||
Concentration risk percentage | 8% | 4% | |||
Revenue Benchmark [Member] | Supplier Concentration Risk [Member] | Other Vendor [Member] | |||||
Product Information [Line Items] | |||||
Concentration risk percentage | 10% | 10% | |||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | One Customer [Member] | |||||
Product Information [Line Items] | |||||
Concentration risk percentage | 100% | 100% | |||
Costs and Expenses [Member] | Supplier Concentration Risk [Member] | One Related Party Vendor [Member] | |||||
Product Information [Line Items] | |||||
Concentration risk percentage | 74% | 47% | 72% | 56% |
SCHEDULE OF SALE OF DISCONTINUE
SCHEDULE OF SALE OF DISCONTINUED OPERATIONS (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
May 02, 2022 | May 01, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | |
Carrying value of assets disposed | ||||||
Carrying value of liabilities disposed | ||||||
Loss on sale of discontinued operations | $ (1,457) | $ (1,457) | ||||
Global Leaders Academy Limited [Member] | ||||||
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) | $ (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, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | ||||
Revenues | $ 2,500 | |||
Loss from discontinued operations | $ (166) | $ (1,959) | ||
Loss per share from discontinued operations - Basic | $ 0 | $ 0 | ||
Loss per share from discontinued operations - Diluted | $ 0 | $ 0 | ||
Current and total assets | ||||
Current and total liabilities |
DISCONTINUED OPERATIONS (Detail
DISCONTINUED OPERATIONS (Details Narrative) | 3 Months Ended | 9 Months Ended | |||||
May 02, 2022 USD ($) | May 01, 2022 USD ($) $ / shares | Jul. 31, 2023 USD ($) | Jul. 31, 2022 USD ($) | Jul. 31, 2023 USD ($) | Jul. 31, 2022 USD ($) | May 01, 2022 $ / shares | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Assets discontinued operation | |||||||
Liabilities discontinued operation | |||||||
Loss on sale of discontinued operations | $ 1,457 | $ 1,457 | |||||
Global Leaders Academy Limited [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Percentage of ownership interest involved in disposal | 100% | ||||||
Sale of stock, per share | (per share) | $ 0.13 | $ 1 | |||||
Assets discontinued operation | $ 2,094 | ||||||
Liabilities discontinued operation | 637 | ||||||
Loss on sale of discontinued operations | $ 1,457 | 1,457 | |||||
Global Leaders Academy Limited [Member] | Discontinued Operations [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Forgave liabilities | 137,049 | ||||||
Global Leaders Academy Limited [Member] | Mr. Yip Hoi Hing Peter [Member] | Discontinued Operations [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Forgave liabilities | $ 137,049 |
STOCKHOLDERS (Details Narrative
STOCKHOLDERS (Details Narrative) - USD ($) | 9 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Subsidiary, Sale of Stock [Line Items] | ||
Proceeds from issuance of private placement | $ 535,000 | |
Private Placement [Member] | Restricted Stock [Member] | Eighteen Individuals [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Number of shares sold, shares | 668,750 | |
Sale of stock, price per share | $ 0.80 | |
Proceeds from issuance of private placement | $ 535,000 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Nov. 30, 2022 USD ($) | Nov. 30, 2022 HKD ($) | Jul. 31, 2023 USD ($) | Jul. 31, 2022 USD ($) | Jul. 31, 2023 USD ($) | Jul. 31, 2022 USD ($) | Oct. 31, 2022 USD ($) | Oct. 31, 2020 | |
Related Party [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Other liabilities current | $ 6,329 | $ 6,329 | $ 56,297 | |||||
Prepaid accounting fee | 1,914 | 1,914 | ||||||
Greenpro Capital Corp., [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Professional fees | 9,522 | $ 14,910 | 28,029 | $ 39,982 | ||||
Accounting fees | 5,737 | 12,469 | 22,549 | 37,540 | ||||
Secretarial fees | 3,785 | $ 2,441 | 4,040 | $ 2,442 | ||||
Administration fee | 640 | |||||||
Advisory fees | 800 | |||||||
Prepaid accounting fee | $ 1,914 | $ 1,914 | $ 0 | |||||
Greenpro Capital Corp., [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Equity Method Investment, Ownership Percentage | 5.83% | 5.83% | ||||||
Greenpro Capital Corp., [Member] | Three Executives [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Equity Method Investment, Ownership Percentage | 10.36% | 10.36% | ||||||
CS Global Consultancy Limited [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
One time non refundable fees | $ 80,000 | $ 624,000 | ||||||
Non refundable fees | $ 80,000 | |||||||
Professional fees | $ 101,435 | 336,828 | ||||||
Management fees | 29,834 | 89,621 | ||||||
Other office usage and manpower support fees | $ 71,601 | 167,207 | ||||||
One time fee | $ 80,000 | |||||||
CS Global Consultancy Limited [Member] | First Contract [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Management services fees | 10,000 | |||||||
CS Global Consultancy Limited [Member] | Second Contract [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Management services fees | $ 24,000 | $ 187,200 | ||||||
Restricted Stock [Member] | Chief Executive Officer [Member] | Shareholder [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Equity Method Investment, Ownership Percentage | 19.50% | |||||||
Restricted Stock [Member] | CS Global Consultancy Limited and CSG Group Holdings Limited [Member] | Shareholder [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Equity Method Investment, Ownership Percentage | 19.43% |