Cover
Cover - USD ($) | 12 Months Ended | ||
Oct. 31, 2023 | Jan. 26, 2024 | Apr. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Oct. 31, 2023 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
Current Fiscal Year End Date | --10-31 | ||
Entity File Number | 000-56557 | ||
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 | false | ||
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, 2023 | Oct. 31, 2022 |
Current assets | ||
Cash | $ 1,874 | $ 797 |
Total currents assets | 6,660 | 2,838 |
TOTAL ASSETS | 6,660 | 2,838 |
Current liabilities | ||
Accrued liabilities | 10,000 | 10,000 |
Due to officer/principal shareholder | 25,563 | 56,297 |
Total current liabilities | 35,563 | 66,297 |
Commitments and Contingencies | ||
STOCKHOLDERS’ DEFICIT | ||
Preferred stock, $0.0001 par value; 200,000,000 shares authorized; no shares issued and outstanding at October 31, 2023 and 2022 | ||
Common stock, $0.0001 par value, 600,000,000 shares authorized; 154,394,750 and 153,726,000 shares issued and outstanding at October 31, 2023 and 2022, respectively | 15,439 | 15,372 |
Additional paid in capital | 1,424,320 | 889,387 |
Accumulated other comprehensive income | 3,332 | 3,332 |
Accumulated deficit | (1,471,994) | (971,550) |
Total stockholders’ deficit | (28,903) | (63,459) |
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | 6,660 | 2,838 |
Nonrelated Party [Member] | ||
Current assets | ||
Prepaid expense to related party | 2,871 | 2,041 |
Related Party [Member] | ||
Current assets | ||
Prepaid expense to related party | 1,915 | |
Current liabilities | ||
Due to officer/principal shareholder | $ 25,563 | $ 56,297 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Oct. 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 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Revenues: | ||
Service revenue | $ 14,061 | |
Total revenue | 14,061 | |
Operating expenses: | ||
Total operating expenses | 514,505 | 105,905 |
Loss from continuing operations | (500,444) | (105,905) |
Discontinued operations: | ||
Loss from discontinued operations | (1,959) | |
Loss on sale of discontinued operations | (1,457) | |
Discontinued operations | (3,416) | |
Net loss | (500,444) | (109,321) |
Other comprehensive income: | ||
-Foreign currency translation income | 3,173 | |
Comprehensive loss | $ (500,444) | $ (106,148) |
Basic net loss per share | $ 0 | $ 0 |
Diluted net loss per share | $ 0 | $ 0 |
Weighted average number of shares outstanding basic | 154,365,315 | 153,726,000 |
Weighted average number of shares outstanding diluted | 154,365,315 | 153,726,000 |
Related Party [Member] | ||
Operating expenses: | ||
General and administrative-other | $ 370,607 | $ 54,691 |
Other [Member] | ||
Operating expenses: | ||
General and administrative-other | $ 143,898 | $ 51,214 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' 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, 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 transaction | 3,173 | 3,173 | |||
Net loss | (109,321) | (109,321) | |||
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 | ||||
Net loss | (500,444) | (500,444) | |||
Common Stock issued for cash in a private placement | $ 67 | 534,933 | 535,000 | ||
Common Stock issued for cash in private placements, shares | 668,750 | ||||
Ending balance value at Oct. 31, 2023 | $ 15,439 | $ 1,424,320 | $ 3,332 | $ (1,471,994) | $ (28,903) |
Ending balance, shares at Oct. 31, 2023 | 154,394,750 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Cash Flows From Operating Activities | ||
Net loss | $ (500,444) | $ (109,321) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Loss from discontinued operations | 1,959 | |
Loss from sale of discontinued operations | 1,457 | |
Change in operating assets and liabilities: | ||
Accrued liabilities | (1,863) | |
Accounts payable due to related party | (50,000) | |
Net cash used in operations - continuing operations | (503,189) | (159,809) |
Net cash used in operating activities - discontinued operations | (22,176) | |
Net cash used in operating activities | (503,189) | (181,985) |
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 an officer/principal shareholder | (30,734) | 56,074 |
Proceeds from shares issued for cash in a private placement | 535,000 | |
Net cash provided by financing activities - continuing operations | 504,266 | 56,074 |
Net cash provided by financing activities - discontinued operations | 114,444 | |
Net cash provided by financing activities | 504,266 | 170,518 |
Effect of exchange rate changes in cash and cash equivalents | 2,536 | |
Net increase (decrease) in cash | 1,077 | (11,025) |
Cash beginning of year | 797 | 11,822 |
Cash end of year | 1,874 | 797 |
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 | |
Nonrelated Party [Member] | ||
Change in operating assets and liabilities: | ||
Prepaid expense to related party | (830) | (2,041) |
Related Party [Member] | ||
Change in operating assets and liabilities: | ||
Prepaid expense to related party | $ (1,915) |
BASIS OF PRESENTATION AND SUMMA
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Oct. 31, 2023 | |
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 August 25, 2020, the Company acquired 100 % of the equity interests of Global Leaders Corporation, an Anguilla company (“GLC Anguilla”). Also on August 25, 2020, GLC Anguilla acquired 100 % of the equity interests of Global Leaders Academy Limited (“GLA”), a Hong Kong company. On May 1, 2022, GLC Anguilla sold its entire 100 % interest in GLA to an unrelated party due to continuing losses incurred by GLA. Mr. Yip Hoi Hing Peter (“Mr. Peter Yip”), founder of the Company, currently holds the positions of Chief Executive Officer, Chief Financial Officer, President, Secretary, Treasurer and Director of the Company, respectively. The Company is principally engaged in provision of consultancy services to management executives of small and medium enterprises (SMEs) and startup companies in Hong Kong. In the last quarter of 2023, the Company has initiated a comprehensive range of environmental, social, and governance (ESG) and sustainability programs and solutions tailored to the needs of SMEs in the Greater Bay Area (GBA), in response to the growing importance of sustainability. COVID-19 pandemic and other global risks As a result of the COVID-19 pandemic and actions taken to slow its spread, the ongoing military conflict between Russia and Ukraine, the armed conflict in Sudan, and other geopolitical and macroeconomic factors beyond our control, the global credit and financial markets have experienced extreme volatility, including diminished liquidity and credit availability, declines in consumer confidence, declines in economic growth, increases in unemployment rates and uncertainty about economic stability. Higher inflation, the actions by the Federal Reserve Bank to address inflation, most notably continuing increases in interest rates, and rising food and energy prices in combination with higher labor costs create uncertainty about the future economic environment. The implications of higher government deficits and debt, tighter monetary policy, and higher long-term interest rates may drive a higher cost of capital for the business and an increase in the Company’s operating expenses. It is possible that deterioration in credit and financial markets and confidence in economic conditions will occur. If equity and credit markets deteriorate, it may affect our ability to raise equity capital, borrow on our existing facilities, access our existing cash, or make any additional necessary debt or equity financing more difficult to obtain, more costly and/or more dilutive. 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, 2023, the Company incurred a net loss of $ 500,444 503,189 28,903 As of October 31, 2023, the Company’s cash balance was $ 1,874 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 subsidiary, Global Leaders Corporation, a company incorporated in Anguilla (“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 accrual of potential liabilities. Revenue recognition The Company recognizes revenue following the five-step model prescribed by Accounting Standards Codification (ASC) 606, “Revenue from Contracts” , The Company’s revenue consists of revenue from providing educational services (“service revenue”). Revenue is recognized in the period in which the services are delivered, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. The Company offers no discounts, rebates, rights of return, or other allowances to clients which would result in the establishment of reserves against service revenue. Additionally, to date, the Company has not incurred incremental costs in obtaining a client contract. Cash 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 2023 2022 Cash Denominated in United States Dollars $ 707 $ 217 Denominated in Hong Kong Dollars 1,167 580 Cash $ 1,874 $ 797 Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash. As of October 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, prepaid expenses, accrued liabilities, and due to an officer/principal shareholder, 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 income or loss within stockholders’ equity or deficit. 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, 2023 2022 Period-end HK$ : US$1 exchange rate 7.82 7.85 Period-average HK$ : US$1 exchange rate 7.83 7.83 Net income or loss per share The Company calculates net income or loss per share in accordance with ASC Topic 260, “Earnings per Share.” Basic net income or loss per share is computed by dividing the net income or loss by the weighted-average number of common shares outstanding during the period. Diluted net income or loss per share is computed like basic net income or 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, 2023, the Company has no potentially dilutive securities, such as options or warrants, outstanding. Concentrations For the year ended October 31, 2023, five customers accounted for 100 28 18 no For the years ended October 31, 2023, and 2022, two vendors accounted for 75 65 10 93 52 41 Recent Accounting Pronouncements In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU”). This ASU reduces the number of accounting models for convertible debt instruments and convertible preferred stock and amends the guidance for the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions. In addition, this ASU improves and amends the related earnings per share guidance. This standard became effective for the Company beginning on January 1, 2023. Adoption is either a modified retrospective method or a fully retrospective method of transition. The Company adopted this guidance effective January 1, 2023, and the adoption of this standard did not have a material impact on its consolidated financial statements. Other recent accounting guidance issued by the FASB, including 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, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS | NOTE 2 - DISCONTINUED OPERATIONS In May 2022, the Company’s Anguilla subsidiary, GLC Anguilla finalized the sale of its entire 100 1 0.13 GLA was deconsolidated from the Company’s financial statements effective May 1, 2022. After 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 $ 2,094 637 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, 2023 and 2022: SUMMARY OF COMPONENTS OF DISCONTINUED OPERATIONS FOR DISPOSED SUBSIDIARY 2023 2022 Year ended October 31, 2023 2022 Revenues $ - $ 2,560 Loss from discontinued operations $ - $ (1,959 ) Loss per share from discontinued operations - Basic and Diluted $ - $ (0.00 ) Current and total assets $ - $ - Current and total liabilities $ - $ - |
STOCKHOLDERS_ DEFICIT
STOCKHOLDERS’ DEFICIT | 12 Months Ended |
Oct. 31, 2023 | |
Equity [Abstract] | |
STOCKHOLDERS’ DEFICIT | NOTE 3 – STOCKHOLDERS’ DEFICIT Shares issued for cash in a private placement During the year ended October 31, 2023, the Company sold 668,750 0.80 535,000 For the year ended October 31, 2022, the Company did not issue any shares of its Common Stock. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Oct. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 4 - INCOME TAXES The Company had no SCHEDULE OF RECONCILIATION OF THE STATUTORY FEDERAL INCOME TAX RATE 2023 2022 Year ended October 31, 2023 2022 Loss from continuing operations before income tax: $ (500,444 ) $ (105,905 ) U.S. Federal statutory tax rate 21 % 21 % Income tax benefit at statutory rate (105,093 ) (22,240 ) Foreign tax rate difference - - Change in valuation allowance 105,093 22,240 Income tax provision $ - $ - SCHEDULE OF COMPONENTS OF DEFERRED TAX ASSETS 2023 2022 As of October 31, 2023 2022 Components of deferred tax assets: Net operating loss carryforwards $ 254,659 $ 149,566 Gross deferred tax assets 254,659 149,566 Less: valuation allowance (254,659 ) (149,566 ) 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, 2023 and 2022, 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, 2023 and 2022, no |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Oct. 31, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 5 - RELATED PARTY TRANSACTIONS Mr. Yip Hoi Hing Peter (“Mr. Peter Yip”), our Chief Executive Officer, Chief Financial Officer, and Director, and his spouse control 68.23 30,100,000 3,010 19.50 and his spouse purchased 15,250,000 ommon S tock for $ 1,525 9.87 30,000,000 3,000 19.43 As of October 31, 2023 and 2022, the Company owed Mr. Peter Yip $ 25,563 56,297 For the year ended October 31, 2023, fees paid to CS Global totaled $ 336,828 89,621 247,207 In April 2022, Mr. Peter Yip forgave liabilities due to him by the Company’s former subsidiary, GLA of $ 137,049 137,049 Greenpro Capital Corp., through its wholly owned subsidiaries (collectively “Greenpro”), holds 9,000,000 5.83 16,000,000 10.36 For the year ended October 31, 2023, the Company incurred total fees to Greenpro of $ 33,779 28,299 640 800 4,040 54,691 50,496 4,195 |
BASIS OF PRESENTATION AND SUM_2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Oct. 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. On August 25, 2020, the Company acquired 100 % of the equity interests of Global Leaders Corporation, an Anguilla company (“GLC Anguilla”). Also on August 25, 2020, GLC Anguilla acquired 100 % of the equity interests of Global Leaders Academy Limited (“GLA”), a Hong Kong company. On May 1, 2022, GLC Anguilla sold its entire 100 % interest in GLA to an unrelated party due to continuing losses incurred by GLA. Mr. Yip Hoi Hing Peter (“Mr. Peter Yip”), founder of the Company, currently holds the positions of Chief Executive Officer, Chief Financial Officer, President, Secretary, Treasurer and Director of the Company, respectively. The Company is principally engaged in provision of consultancy services to management executives of small and medium enterprises (SMEs) and startup companies in Hong Kong. In the last quarter of 2023, the Company has initiated a comprehensive range of environmental, social, and governance (ESG) and sustainability programs and solutions tailored to the needs of SMEs in the Greater Bay Area (GBA), in response to the growing importance of sustainability. |
COVID-19 pandemic and other global risks | COVID-19 pandemic and other global risks As a result of the COVID-19 pandemic and actions taken to slow its spread, the ongoing military conflict between Russia and Ukraine, the armed conflict in Sudan, and other geopolitical and macroeconomic factors beyond our control, the global credit and financial markets have experienced extreme volatility, including diminished liquidity and credit availability, declines in consumer confidence, declines in economic growth, increases in unemployment rates and uncertainty about economic stability. Higher inflation, the actions by the Federal Reserve Bank to address inflation, most notably continuing increases in interest rates, and rising food and energy prices in combination with higher labor costs create uncertainty about the future economic environment. The implications of higher government deficits and debt, tighter monetary policy, and higher long-term interest rates may drive a higher cost of capital for the business and an increase in the Company’s operating expenses. It is possible that deterioration in credit and financial markets and confidence in economic conditions will occur. If equity and credit markets deteriorate, it may affect our ability to raise equity capital, borrow on our existing facilities, access our existing cash, or make any additional necessary debt or equity financing more difficult to obtain, more costly and/or more dilutive. |
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, 2023, the Company incurred a net loss of $ 500,444 503,189 28,903 As of October 31, 2023, the Company’s cash balance was $ 1,874 |
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 subsidiary, Global Leaders Corporation, a company incorporated in Anguilla (“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 accrual of potential liabilities. |
Revenue recognition | Revenue recognition The Company recognizes revenue following the five-step model prescribed by Accounting Standards Codification (ASC) 606, “Revenue from Contracts” , The Company’s revenue consists of revenue from providing educational services (“service revenue”). Revenue is recognized in the period in which the services are delivered, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. The Company offers no discounts, rebates, rights of return, or other allowances to clients which would result in the establishment of reserves against service revenue. Additionally, to date, the Company has not incurred incremental costs in obtaining a client contract. |
Cash | Cash 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 2023 2022 Cash Denominated in United States Dollars $ 707 $ 217 Denominated in Hong Kong Dollars 1,167 580 Cash $ 1,874 $ 797 Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash. As of October 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, prepaid expenses, accrued liabilities, and due to an officer/principal shareholder, 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 income or loss within stockholders’ equity or deficit. 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, 2023 2022 Period-end HK$ : US$1 exchange rate 7.82 7.85 Period-average HK$ : US$1 exchange rate 7.83 7.83 |
Net income or loss per share | Net income or loss per share The Company calculates net income or loss per share in accordance with ASC Topic 260, “Earnings per Share.” Basic net income or loss per share is computed by dividing the net income or loss by the weighted-average number of common shares outstanding during the period. Diluted net income or loss per share is computed like basic net income or 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, 2023, the Company has no potentially dilutive securities, such as options or warrants, outstanding. |
Concentrations | Concentrations For the year ended October 31, 2023, five customers accounted for 100 28 18 no For the years ended October 31, 2023, and 2022, two vendors accounted for 75 65 10 93 52 41 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU”). This ASU reduces the number of accounting models for convertible debt instruments and convertible preferred stock and amends the guidance for the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions. In addition, this ASU improves and amends the related earnings per share guidance. This standard became effective for the Company beginning on January 1, 2023. Adoption is either a modified retrospective method or a fully retrospective method of transition. The Company adopted this guidance effective January 1, 2023, and the adoption of this standard did not have a material impact on its consolidated financial statements. Other recent accounting guidance issued by the FASB, including 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, 2023 | |
Accounting Policies [Abstract] | |
SCHEDULE OF CASH AND CASH EQUIVALENTS | SCHEDULE OF CASH AND CASH EQUIVALENTS As of 2023 2022 Cash Denominated in United States Dollars $ 707 $ 217 Denominated in Hong Kong Dollars 1,167 580 Cash $ 1,874 $ 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 respective periods: SCHEDULE OF FOREIGN CURRENCY TRANSLATION As of and for the years ended October 31, 2023 2022 Period-end HK$ : US$1 exchange rate 7.82 7.85 Period-average HK$ : US$1 exchange rate 7.83 7.83 |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended |
Oct. 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 years ended October 31, 2023 and 2022: SUMMARY OF COMPONENTS OF DISCONTINUED OPERATIONS FOR DISPOSED SUBSIDIARY 2023 2022 Year ended October 31, 2023 2022 Revenues $ - $ 2,560 Loss from discontinued operations $ - $ (1,959 ) Loss per share from discontinued operations - Basic and Diluted $ - $ (0.00 ) Current and total assets $ - $ - Current and total liabilities $ - $ - |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
SCHEDULE OF RECONCILIATION OF THE STATUTORY FEDERAL INCOME TAX RATE | SCHEDULE OF RECONCILIATION OF THE STATUTORY FEDERAL INCOME TAX RATE 2023 2022 Year ended October 31, 2023 2022 Loss from continuing operations before income tax: $ (500,444 ) $ (105,905 ) U.S. Federal statutory tax rate 21 % 21 % Income tax benefit at statutory rate (105,093 ) (22,240 ) Foreign tax rate difference - - Change in valuation allowance 105,093 22,240 Income tax provision $ - $ - |
SCHEDULE OF COMPONENTS OF DEFERRED TAX ASSETS | SCHEDULE OF COMPONENTS OF DEFERRED TAX ASSETS 2023 2022 As of October 31, 2023 2022 Components of deferred tax assets: Net operating loss carryforwards $ 254,659 $ 149,566 Gross deferred tax assets 254,659 149,566 Less: valuation allowance (254,659 ) (149,566 ) Net deferred tax asset $ - $ - |
SCHEDULE OF CASH AND CASH EQUIV
SCHEDULE OF CASH AND CASH EQUIVALENTS (Details) - USD ($) | Oct. 31, 2023 | Oct. 31, 2022 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Cash and cash equivalents | $ 1,874 | $ 797 |
United States of America, Dollars | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Cash and cash equivalents | 707 | 217 |
Hong Kong, Dollars | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Cash and cash equivalents | $ 1,167 | $ 580 |
SCHEDULE OF FOREIGN CURRENCY TR
SCHEDULE OF FOREIGN CURRENCY TRANSLATION (Details) | Oct. 31, 2023 | Oct. 31, 2022 |
Period-End HK$ : US$1 Exchange Rate [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Exchange rate | 7.82 | 7.85 |
Period-Average HK$ : US$1 Exchange Rate [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Exchange rate | 7.83 | 7.83 |
BASIS OF PRESENTATION AND SUM_4
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 12 Months Ended | ||||
Oct. 31, 2023 | Oct. 31, 2022 | May 01, 2022 | Oct. 31, 2021 | Aug. 25, 2020 | |
Product Information [Line Items] | |||||
Net loss | $ 500,444 | $ 109,321 | |||
Net cash provided by (used in) operating activities | 503,189 | 181,985 | |||
Stockholders equity | 28,903 | 63,459 | $ 94,360 | ||
Cash balance | 1,874 | ||||
Cash equivalents at carrying value | $ 0 | $ 0 | |||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Five Customer [Member] | |||||
Product Information [Line Items] | |||||
Concentration risk percentage | 100% | ||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | One Customer [Member] | |||||
Product Information [Line Items] | |||||
Concentration risk percentage | 28% | ||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Four Customer [Member] | |||||
Product Information [Line Items] | |||||
Concentration risk percentage | 18% | ||||
Costs and Expenses [Member] | Supplier Concentration Risk [Member] | Two Vendors [Member] | |||||
Product Information [Line Items] | |||||
Concentration risk percentage | 75% | 93% | |||
Costs and Expenses [Member] | Supplier Concentration Risk [Member] | Vendor One [Member] | |||||
Product Information [Line Items] | |||||
Concentration risk percentage | 65% | 52% | |||
Costs and Expenses [Member] | Supplier Concentration Risk [Member] | Vendor Two [Member] | |||||
Product Information [Line Items] | |||||
Concentration risk percentage | 10% | 41% | |||
GLC [Member] | Anguilla Company [Member] | |||||
Product Information [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 100% | ||||
GLC [Member] | Global Leaders Academy Limited [Member] | |||||
Product Information [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 100% | 100% |
SCHEDULE OF SALE OF DISCONTINUE
SCHEDULE OF SALE OF DISCONTINUED OPERATIONS (Details) - USD ($) | 12 Months Ended | ||
May 01, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | |
Carrying value of assets disposed | |||
Carrying value of liabilities disposed | |||
Loss on sale of discontinued operations | $ (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) |
SUMMARY OF COMPONENTS OF DISCON
SUMMARY OF COMPONENTS OF DISCONTINUED OPERATIONS FOR DISPOSED SUBSIDIARY (Details) - USD ($) | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | ||
Revenues | $ 2,560 | |
Loss from discontinued operations | $ (1,959) | |
Loss per share from discontinued operations - Basic | $ 0 | |
Loss per share from discontinued operations - Diluted | $ 0 | |
Current and total assets | ||
Current and total liabilities |
DISCONTINUED OPERATIONS (Detail
DISCONTINUED OPERATIONS (Details Narrative) | 12 Months Ended | |||
May 01, 2022 USD ($) $ / shares | Oct. 31, 2023 USD ($) | Oct. 31, 2022 USD ($) | May 01, 2022 $ / shares | |
Assets discontinued operation | ||||
Liabilities discontinued operation | ||||
Loss on sale of discontinued operations | $ 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 | ||
Assets discontinued operation | $ 2,094 | |||
Liabilities discontinued operation | 637 | |||
Loss on sale of discontinued operations | $ 1,457 |
STOCKHOLDERS_ DEFICIT (Details
STOCKHOLDERS’ DEFICIT (Details Narrative) - USD ($) | 12 Months Ended | |
Oct. 31, 2023 | Oct. 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 |
SCHEDULE OF RECONCILIATION OF T
SCHEDULE OF RECONCILIATION OF THE STATUTORY FEDERAL INCOME TAX RATE (Details) - USD ($) | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Loss from continuing operations before income tax: | $ (500,444) | $ (105,905) |
U.S. Federal statutory tax rate | 21% | 21% |
Income tax benefit at statutory rate | $ (105,093) | $ (22,240) |
Foreign tax rate difference | ||
Change in valuation allowance | 105,093 | 22,240 |
Income tax provision |
SCHEDULE OF COMPONENTS OF DEFER
SCHEDULE OF COMPONENTS OF DEFERRED TAX ASSETS (Details) - USD ($) | Oct. 31, 2023 | Oct. 31, 2022 |
Income Tax Disclosure [Abstract] | ||
Net operating loss carryforwards | $ 254,659 | $ 149,566 |
Gross deferred tax assets | 254,659 | 149,566 |
Less: valuation allowance | (254,659) | (149,566) |
Net deferred tax asset |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Income tax expense benefit | ||
Deferred tax liabilities | $ 0 | $ 0 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Apr. 30, 2022 | Oct. 31, 2020 | Sep. 30, 2020 | Oct. 31, 2023 | Oct. 31, 2022 | |
Related Party Transaction [Line Items] | |||||
Other liabilities current | $ 25,563 | $ 56,297 | |||
Common Stock [Member] | |||||
Related Party Transaction [Line Items] | |||||
Shares issued | 9,000,000 | ||||
Global Leaders Academy Limited [Member] | |||||
Related Party Transaction [Line Items] | |||||
Proceeds from contributed capital | $ 137,049 | ||||
Related Party [Member] | |||||
Related Party Transaction [Line Items] | |||||
Other liabilities current | $ 25,563 | 56,297 | |||
Greenpro Capital Corp [Member] | |||||
Related Party Transaction [Line Items] | |||||
Professional fees | 33,779 | 54,691 | |||
Accounting fees | 28,299 | 50,496 | |||
Administration fee | 640 | ||||
Advisory fees | 800 | ||||
Secretarial fees | 4,040 | $ 4,195 | |||
CS Global Consultancy Limited [Member] | |||||
Related Party Transaction [Line Items] | |||||
Professional fees | 336,828 | ||||
Management fees | 89,621 | ||||
Other office usage and manpower support fees | $ 247,207 | ||||
Mr Yip Hoi Hing Peter [Member] | Global Leaders Academy Limited [Member] | |||||
Related Party Transaction [Line Items] | |||||
Debt instrument decrease forgiveness | $ 137,049 | ||||
Three Executives [Member] | Related Party [Member] | Common Stock [Member] | |||||
Related Party Transaction [Line Items] | |||||
Shares issued | 16,000,000 | ||||
Mr Peter Yip [Member] | |||||
Related Party Transaction [Line Items] | |||||
Equity method investment, ownership percentage | 9.87% | ||||
Greenpro Capital Corp [Member] | |||||
Related Party Transaction [Line Items] | |||||
Equity method investment, ownership percentage | 5.83% | ||||
Greenpro Capital Corp [Member] | Three Executives [Member] | |||||
Related Party Transaction [Line Items] | |||||
Equity method investment, ownership percentage | 10.36% | ||||
Restricted Stock [Member] | Mr Peter Yip [Member] | |||||
Related Party Transaction [Line Items] | |||||
Sale of stock transaction, shares | 15,250,000 | ||||
Sale of stock transaction, shares | $ 1,525 | ||||
Restricted Stock [Member] | CS Global Consultancy Limited and CSG Group Holdings Limited [Member] | |||||
Related Party Transaction [Line Items] | |||||
Sale of stock transaction, shares | 30,000,000 | ||||
Sale of stock transaction, shares | $ 3,000 | ||||
Restricted Stock [Member] | Mr Peter Yip [Member] | |||||
Related Party Transaction [Line Items] | |||||
Sale of stock transaction, shares | 30,100,000 | ||||
Sale of stock transaction, shares | $ 3,010 | ||||
Restricted Stock [Member] | Mr Peter Yip [Member] | |||||
Related Party Transaction [Line Items] | |||||
Equity method investment, ownership percentage | 68.23% | ||||
Restricted Stock [Member] | Shareholder [Member] | Mr Peter Yip [Member] | |||||
Related Party Transaction [Line Items] | |||||
Equity method investment, ownership percentage | 19.50% | ||||
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 | 19.43% |