Cover
Cover - shares | 6 Months Ended | |
Apr. 30, 2024 | Jun. 11, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Apr. 30, 2024 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2024 | |
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 | 65-0386288 | |
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 Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | false | |
Entity Shell Company | false | |
Entity Bankruptcy Proceedings, Reporting Current | true | |
Entity Common Stock, Shares Outstanding | 154,394,750 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Apr. 30, 2024 | Oct. 31, 2023 |
Current assets | ||
Cash and cash equivalents | $ 59,150 | $ 1,874 |
Total currents assets | 63,771 | 6,660 |
TOTAL ASSETS | 63,771 | 6,660 |
Current liabilities | ||
Accrued liabilities | 10,000 | |
Total current liabilities | 122,664 | 35,563 |
STOCKHOLDERS’ DEFICIT | ||
Common Stock, $0.0001 par value, 600,000,000 shares authorized; 154,394,750 shares issued and outstanding at April 30, 2024 and October 31, 2023, respectively | 15,439 | 15,439 |
Additional paid in capital | 1,424,320 | 1,424,320 |
Accumulated other comprehensive income | 3,332 | 3,332 |
Accumulated deficit | (1,501,984) | (1,471,994) |
Total stockholders’ deficit | (58,893) | (28,903) |
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | 63,771 | 6,660 |
Nonrelated Party [Member] | ||
Current assets | ||
Prepaid expense | 2,703 | 2,871 |
Related Party [Member] | ||
Current assets | ||
Prepaid expense | 1,918 | 1,915 |
Current liabilities | ||
Due to officer/principal shareholder | $ 122,664 | $ 25,563 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Apr. 30, 2024 | Oct. 31, 2023 |
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 | 154,394,750 |
Common stock, shares outstanding | 154,394,750 | 154,394,750 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2024 | Apr. 30, 2023 | Apr. 30, 2024 | Apr. 30, 2023 | |
Revenues: | ||||
Service revenues | $ 5,112 | $ 12,790 | ||
Total revenue | 5,112 | 12,790 | ||
Operating costs and expenses: | ||||
Total operating costs and expenses | 12,882 | 138,261 | 42,780 | 330,705 |
Loss from operations | (7,770) | (138,261) | (29,990) | (330,705) |
Net loss | (7,770) | (138,261) | (29,990) | (330,705) |
Other comprehensive income: | ||||
-Foreign currency translation income | ||||
Comprehensive loss | $ (7,770) | $ (138,261) | $ (29,990) | $ (330,705) |
Basic net loss per share | $ 0 | $ 0 | $ 0 | $ 0 |
Diluted net loss per share | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average number of shares outstanding basic | 154,394,750 | 154,394,750 | 154,394,750 | 154,339,021 |
Weighted average number of shares outstanding diluted | 154,394,750 | 154,394,750 | 154,394,750 | 154,339,021 |
Related Party [Member] | ||||
Operating costs and expenses: | ||||
Cost of service revenues | ||||
General and administrative-other | 5,754 | 107,558 | 14,509 | 253,900 |
Other [Member] | ||||
Operating costs and expenses: | ||||
General and administrative-other | $ 7,128 | $ 30,703 | $ 28,271 | $ 76,805 |
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 |
Beginning balance, value at Oct. 31, 2022 | $ 15,372 | $ 889,387 | $ 3,332 | $ (971,550) | $ (63,459) |
Beginning balance, shares at Oct. 31, 2022 | 153,726,000 | ||||
Net loss | (330,705) | (330,705) | |||
Common Stock issued for cash in private placements | $ 67 | 534,933 | 535,000 | ||
Common Stock issued for cash in private placements, shares | 668,750 | ||||
Ending balance, value at Apr. 30, 2023 | $ 15,439 | 1,424,320 | 3,332 | (1,302,255) | 140,836 |
Ending balance, shares at Apr. 30, 2023 | 154,394,750 | ||||
Beginning balance, value at Jan. 31, 2023 | $ 15,439 | 1,424,320 | 3,332 | (1,163,994) | 279,097 |
Beginning balance, shares at Jan. 31, 2023 | 154,394,750 | ||||
Net loss | (138,261) | (138,261) | |||
Ending balance, value at Apr. 30, 2023 | $ 15,439 | 1,424,320 | 3,332 | (1,302,255) | 140,836 |
Ending balance, shares at Apr. 30, 2023 | 154,394,750 | ||||
Beginning balance, value at Oct. 31, 2023 | $ 15,439 | 1,424,320 | 3,332 | (1,471,994) | (28,903) |
Beginning balance, shares at Oct. 31, 2023 | 154,394,750 | ||||
Net loss | (29,990) | (29,990) | |||
Ending balance, value at Apr. 30, 2024 | $ 15,439 | 1,424,320 | 3,332 | (1,501,984) | (58,893) |
Ending balance, shares at Apr. 30, 2024 | 154,394,750 | ||||
Beginning balance, value at Jan. 31, 2024 | $ 15,439 | 1,424,320 | 3,332 | (1,494,214) | (51,123) |
Beginning balance, shares at Jan. 31, 2024 | 154,394,750 | ||||
Net loss | (7,770) | (7,770) | |||
Ending balance, value at Apr. 30, 2024 | $ 15,439 | $ 1,424,320 | $ 3,332 | $ (1,501,984) | $ (58,893) |
Ending balance, shares at Apr. 30, 2024 | 154,394,750 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
Cash Flows From Operating Activities | ||
Net loss | $ (29,990) | $ (330,705) |
Change in operating assets and liabilities: | ||
Accrued liabilities | (10,000) | (6,178) |
Net cash used in operating activities | (39,825) | (335,465) |
Cash Flows From Financing Activities | ||
Advances from (repayment to) officer/principal shareholder | 97,101 | (49,968) |
Proceeds from shares issued for cash in private placements | 535,000 | |
Net cash provided by financing activities | 97,101 | 485,032 |
Effect of exchange rate changes in cash and cash equivalents | ||
Net change in cash and cash equivalents | 57,276 | 149,567 |
Cash and cash equivalents, beginning of period | 1,874 | 797 |
Cash and cash equivalents, ending of period | 59,150 | 150,364 |
Cash paid for: | ||
Interest | ||
Income taxes | ||
Related Party [Member] | ||
Change in operating assets and liabilities: | ||
Prepaid expenses | (3) | |
Nonrelated Party [Member] | ||
Change in operating assets and liabilities: | ||
Prepaid expenses | $ 168 | $ 1,418 |
BASIS OF PRESENTATION AND SUMMA
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Apr. 30, 2024 | |
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”), 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 Guangdong-Hong Kong-Macao Greater Bay Area (GBA), in response to the growing importance of sustainability. 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, currently holds the positions of Chief Executive Officer, Chief Financial Officer, President, Secretary, Treasurer and Director of the Company, respectively. Inflation 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 condensed consolidated financial statements, for the six months ended April 30, 2024, the Company incurred a net loss of $ 29,990 39,825 58,893 As of April 30, 2024, the Company’s cash balance was $ 59,150 Basis of presentation and consolidation The accompanying unaudited condensed consolidated financial statements as of and for the three and six months ended April 30, 2024 and 2023, have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. 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, 2023, 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. 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, 2024. 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 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 As of (Unaudited) Cash Denominated in United States Dollars $ 10,381 $ 707 Denominated in Hong Kong Dollars 48,769 1,167 Cash and cash equivalents $ 59,150 $ 1,874 Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash. As of April 30, 2024, 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$”) and the accompanying consolidated financial statements have been expressed in US$. 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 income or loss within stockholders’ equity. Translation of amounts from the local currencies of the Company into US$ has been made at the following exchange rates for the period: SCHEDULE OF FOREIGN CURRENCY TRANSLATION As of and for the six months 2024 2023 Period-end HK$ : US$1 exchange rate 7.82 7.85 Period-average HK$ : US$1 exchange rate 7.82 7.83 Net loss per share The Company calculates net loss per share in accordance with ASC Topic 260, “Earnings per Share.” Basic 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 loss per share is computed like basic loss per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive. As of April 30, 2024, the Company has no potentially dilutive securities, such as options or warrants, outstanding. Concentrations For the three and six months ended April 30, 2024, two vendors accounted for 80 45 35 90 34 33 23 For the three and six months ended April 30, 2023, one vendor accounted for 73 71 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 becomes effective for the Company beginning on November 1, 2024. Adoption is either a modified retrospective method or a fully retrospective method of transition. The Company adopted this guidance effective November 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. |
STOCKHOLDERS DEFICIT
STOCKHOLDERS DEFICIT | 6 Months Ended |
Apr. 30, 2024 | |
Equity [Abstract] | |
STOCKHOLDERS DEFICIT | NOTE 2 – STOCKHOLDERS DEFICIT During the three and six months ended April 30, 2024, the Company did not issue any shares of Common Stock. In November 2022, the Company sold 668,750 0.80 535,000 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Apr. 30, 2024 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 3 - RELATED PARTY TRANSACTIONS Mr. Yip Hoi Hing Peter (“Mr. Peter Yip”), our Chief Executive Officer, Chief Financial Officer, and Director, and his spouse, and two companies owned by Mr. Peter Yip, CS Global Consultancy Limited (“CS Global”) and CSG Group Holdings Limited, control 105,350,000 68.23 As of April 30, 2024 and October 31, 2023, the Company owed Mr. Peter Yip $ 122,664 25,563 For the three and six months ended April 30, 2024, the Company did not incur any fees to Mr. Peter Yip’s companies. For the three months ended April 30, 2023, fees paid to CS Global totaled $ 101,567 consisting of management fees of $ 29,873 and office usage and manpower support of $ 71,694 . For the six months ended April 30, 2023, fees paid to CS Global totaled $ 235,393 consisting of management fees of $ 59,787 , other office usage and manpower support $ 95,606 , and the one-time fee of $ 80,000 . Greenpro Capital Corp., through its wholly owned subsidiaries (collectively “Greenpro”), holds 9,000,000 5.83 16,000,000 10.36 As of April 30, 2024 and October 31, 2023, the Company prepaid accounting fees to Greenpro of $ 1,918 1,915 For the three and six months ended April 30, 2024, the Company incurred accounting fees to Greenpro of $ 5,754 14,509 For the three months ended April 30, 2023, the Company incurred total fees to Greenpro of $ 5,991 , consisting of accounting fees of $ 5,736 and company secretarial fees of $ 255 , respectively. For the six months ended April 30, 2023, the Company incurred total fees to Greenpro of $ 18,507 , including accounting fees of $ 16,812 , administration fees of $ 640 , advisory fees of $ 800 and company secretarial fees of $ 255 , respectively. |
BASIS OF PRESENTATION AND SUM_2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Apr. 30, 2024 | |
Accounting Policies [Abstract] | |
Description of business | Description of business Global Leaders Corporation, a Nevada corporation (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 Guangdong-Hong Kong-Macao Greater Bay Area (GBA), in response to the growing importance of sustainability. 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, currently holds the positions of Chief Executive Officer, Chief Financial Officer, President, Secretary, Treasurer and Director of the Company, respectively. |
Inflation and other global risks | Inflation 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 condensed consolidated financial statements, for the six months ended April 30, 2024, the Company incurred a net loss of $ 29,990 39,825 58,893 As of April 30, 2024, the Company’s cash balance was $ 59,150 |
Basis of presentation and consolidation | Basis of presentation and consolidation The accompanying unaudited condensed consolidated financial statements as of and for the three and six months ended April 30, 2024 and 2023, have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. 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, 2023, 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. 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, 2024. 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 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 As of (Unaudited) Cash Denominated in United States Dollars $ 10,381 $ 707 Denominated in Hong Kong Dollars 48,769 1,167 Cash and cash equivalents $ 59,150 $ 1,874 Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash. As of April 30, 2024, 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$”) and the accompanying consolidated financial statements have been expressed in US$. 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 income or loss within stockholders’ equity. Translation of amounts from the local currencies of the Company into US$ has been made at the following exchange rates for the period: SCHEDULE OF FOREIGN CURRENCY TRANSLATION As of and for the six months 2024 2023 Period-end HK$ : US$1 exchange rate 7.82 7.85 Period-average HK$ : US$1 exchange rate 7.82 7.83 |
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 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 loss per share is computed like basic loss per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive. As of April 30, 2024, the Company has no potentially dilutive securities, such as options or warrants, outstanding. |
Concentrations | Concentrations For the three and six months ended April 30, 2024, two vendors accounted for 80 45 35 90 34 33 23 For the three and six months ended April 30, 2023, one vendor accounted for 73 71 |
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 becomes effective for the Company beginning on November 1, 2024. Adoption is either a modified retrospective method or a fully retrospective method of transition. The Company adopted this guidance effective November 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) | 6 Months Ended |
Apr. 30, 2024 | |
Accounting Policies [Abstract] | |
SCHEDULE OF CASH AND CASH EQUIVALENTS | SCHEDULE OF CASH AND CASH EQUIVALENTS As of As of (Unaudited) Cash Denominated in United States Dollars $ 10,381 $ 707 Denominated in Hong Kong Dollars 48,769 1,167 Cash and cash equivalents $ 59,150 $ 1,874 |
SCHEDULE OF FOREIGN CURRENCY TRANSLATION | Translation of amounts from the local currencies of the Company into US$ has been made at the following exchange rates for the period: SCHEDULE OF FOREIGN CURRENCY TRANSLATION As of and for the six months 2024 2023 Period-end HK$ : US$1 exchange rate 7.82 7.85 Period-average HK$ : US$1 exchange rate 7.82 7.83 |
SCHEDULE OF CASH AND CASH EQUIV
SCHEDULE OF CASH AND CASH EQUIVALENTS (Details) - USD ($) | Apr. 30, 2024 | Oct. 31, 2023 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Cash and cash equivalents | $ 59,150 | $ 1,874 |
United States of America, Dollars | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Cash and cash equivalents | 10,381 | 707 |
Hong Kong, Dollars | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Cash and cash equivalents | $ 48,769 | $ 1,167 |
SCHEDULE OF FOREIGN CURRENCY TR
SCHEDULE OF FOREIGN CURRENCY TRANSLATION (Details) | Apr. 30, 2024 | Apr. 30, 2023 |
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$1 Exchange Rate [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Exchange rate | 7.82 | 7.83 |
BASIS OF PRESENTATION AND SUM_4
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||||||
Apr. 30, 2024 | Apr. 30, 2023 | Apr. 30, 2024 | Apr. 30, 2023 | Jan. 31, 2024 | Oct. 31, 2023 | Jan. 31, 2023 | Oct. 31, 2022 | |
Product Information [Line Items] | ||||||||
Net loss | $ (7,770) | $ (138,261) | $ (29,990) | $ (330,705) | ||||
Net cash provided by (used in) operating activities | (39,825) | (335,465) | ||||||
Stockholders equity | (58,893) | $ 140,836 | (58,893) | $ 140,836 | $ (51,123) | $ (28,903) | $ 279,097 | $ (63,459) |
Cash balance | 59,150 | 59,150 | ||||||
Cash equivalents at carrying value | $ 0 | $ 0 | $ 0 | |||||
Operating Expense [Member] | Supplier Concentration Risk [Member] | Two Vendor [Member] | ||||||||
Product Information [Line Items] | ||||||||
Concentration risk percentage | 80% | |||||||
Operating Expense [Member] | Supplier Concentration Risk [Member] | Vendor One [Member] | ||||||||
Product Information [Line Items] | ||||||||
Concentration risk percentage | 45% | 73% | 34% | |||||
Operating Expense [Member] | Supplier Concentration Risk [Member] | Vendor Two [Member] | ||||||||
Product Information [Line Items] | ||||||||
Concentration risk percentage | 35% | 33% | 71% | |||||
Operating Expense [Member] | Supplier Concentration Risk [Member] | Three Vendors [Member] | ||||||||
Product Information [Line Items] | ||||||||
Concentration risk percentage | 90% | |||||||
Operating Expense [Member] | Supplier Concentration Risk [Member] | Vendor Three [Member] | ||||||||
Product Information [Line Items] | ||||||||
Concentration risk percentage | 23% |
STOCKHOLDERS DEFICIT (Details N
STOCKHOLDERS DEFICIT (Details Narrative) - USD ($) | 1 Months Ended | 6 Months Ended | |
Nov. 30, 2022 | Apr. 30, 2024 | Apr. 30, 2023 | |
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) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Apr. 30, 2024 | Apr. 30, 2023 | Apr. 30, 2024 | Apr. 30, 2023 | Oct. 31, 2023 | |
Related Party Transaction [Line Items] | |||||
Share based compensation Arrangement by share based payment award | 105,350,000 | ||||
CS Global Consultancy Limited [Member] | |||||
Related Party Transaction [Line Items] | |||||
Professional Fees | $ 101,567 | $ 235,393 | |||
Management Fee Expense | 29,873 | 59,787 | |||
Labor and Related Expense | 71,694 | 95,606 | |||
Legal Fees | 80,000 | ||||
Related Party [Member] | |||||
Related Party Transaction [Line Items] | |||||
Other liabilities current | $ 122,664 | $ 122,664 | $ 25,563 | ||
Greenpro Capital Corp [Member] | |||||
Related Party Transaction [Line Items] | |||||
Equity method investment, ownership percentage | 5.83% | 5.83% | |||
Professional Fees | 5,991 | 18,507 | |||
Shares issued | 9,000,000 | 9,000,000 | |||
Prepaid accounting fees | $ 1,918 | $ 1,918 | $ 1,915 | ||
Accounting fees | $ 5,754 | 5,736 | $ 14,509 | 16,812 | |
[custom:SecretarialFees] | $ 255 | 255 | |||
Administrative Fees Expense | 640 | ||||
[custom:AdvisoryFeesExpense] | $ 800 | ||||
Greenpro Capital Corp [Member] | Three Executives [Member] | |||||
Related Party Transaction [Line Items] | |||||
Equity method investment, ownership percentage | 10.36% | 10.36% | |||
Shares issued | 16,000,000 | 16,000,000 | |||
Restricted Stock [Member] | Mr Peter Yip and His Spouse [Member] | |||||
Related Party Transaction [Line Items] | |||||
Equity method investment, ownership percentage | 68.23% | 68.23% |