Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jul. 31, 2023 | Sep. 11, 2023 | |
Details | ||
Registrant CIK | 0001848672 | |
Fiscal Year End | --01-31 | |
Document Type | 10-Q/A | |
Document Quarterly Report | true | |
Document Period End Date | Jul. 31, 2023 | |
Document Transition Report | false | |
Entity File Number | 333-254750 | |
Entity Registrant Name | GLIDELOGIC CORP. | |
Entity Incorporation, State or Country Code | NV | |
Entity Tax Identification Number | 98-1575837 | |
Entity Address, Address Line One | 11264 Playa Court | |
Entity Address, City or Town | Culver City | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 90230 | |
City Area Code | 310 | |
Local Phone Number | 397-2300 | |
Phone Fax Number Description | Address and telephone number of principal executive offices | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 66,593,750 | |
Amendment Description | This Amendment No. 1 to the Registrant’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on September 19, 2023, is for the purpose of adding the financial statement XBRL files to that filing. Otherwise, the original filing remains the same. | |
Amendment Flag | true | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 |
Balance Sheets
Balance Sheets - USD ($) | Jul. 31, 2023 | Jan. 31, 2023 |
Current Assets | ||
Cash and Cash Equivalents | $ 1,761 | $ 14,547 |
Total current assets | 1,761 | 14,547 |
Accounts Receivable | ||
Accounts Receivable from Related Party | 10,094 | 0 |
Total Accounts Receivable | 10,094 | 0 |
Fixed Assets | ||
Equipment, net | 3,543 | 3,753 |
Total Fixed Assets | 3,543 | 3,753 |
Total Assets | 15,398 | 18,300 |
Current liabilities: | ||
Account Payable | 0 | 0 |
Loan | 0 | 6,010 |
Total Current Liabilities | 0 | 6,010 |
Total Liabilities | 0 | 6,010 |
Commitments and Contingencies | 0 | 0 |
Stockholders' Equity | ||
Common shares | 66,594 | 66,594 |
Retained Earnings | (51,196) | (54,304) |
Total Stockholders' Equity | 15,398 | 12,290 |
Total Liabilities and Stockholders' Equity | $ 15,398 | $ 18,300 |
Balance Sheets - Parenthetical
Balance Sheets - Parenthetical - $ / shares | Jul. 31, 2023 | Jan. 31, 2023 |
Balance Sheets | ||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 75,000,000 | 75,000,000 |
Common Stock, Shares, Issued | 66,593,750 | 66,593,750 |
Common Stock, Shares, Outstanding | 66,593,750 | 66,593,750 |
Statements of Operations
Statements of Operations - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | |
Statements of Operations | ||||
REVENUES | $ 30,000 | $ 48,208 | $ 30,000 | $ 48,208 |
Cost of goods | 0 | 37,134 | 0 | 37,134 |
Gross Profit | 30,000 | 11,074 | 30,000 | 11,074 |
OPERATING EXPENSES | ||||
General and Administrative Expenses | (24,152) | (17,012) | (32,902) | (20,642) |
TOTAL OPERATING EXPENSES | (24,152) | (17,012) | (32,902) | (20,642) |
NET INCOME/(LOSS) FROM OPERATIONS | 5,848 | (5,938) | (2,902) | (9,568) |
OTHER INCOME | 6,010 | 0 | 6,010 | 0 |
PROVISION FOR INCOME TAXES | 0 | 0 | 0 | 0 |
NET LOSS/INCOME | $ 11,858 | $ (5,938) | $ 3,108 | $ (9,568) |
NET INCOME PER SHARE: BASIC AND DILUTED | $ 0 | $ 0 | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED | 66,593,750 | 66,593,750 | 66,593,750 | 66,593,750 |
Statements of Changes in Stockh
Statements of Changes in Stockholders' Equity - USD ($) | Common Stock | Retained Earnings | Total |
Equity, Attributable to Parent, Beginning Balance at Jan. 31, 2022 | $ 66,594 | $ (39,696) | $ 26,898 |
Shares, Outstanding, Beginning Balance at Jan. 31, 2022 | 66,593,750 | ||
Net Income/(Loss) | $ 0 | (9,568) | (9,568) |
Shares, Outstanding, Ending Balance at Jul. 31, 2022 | 66,593,750 | ||
Equity, Attributable to Parent, Ending Balance at Jul. 31, 2022 | $ 66,594 | (49,264) | 17,330 |
Equity, Attributable to Parent, Beginning Balance at Apr. 30, 2022 | $ 66,594 | (43,326) | 23,268 |
Shares, Outstanding, Beginning Balance at Apr. 30, 2022 | 66,593,750 | ||
Net Income/(Loss) | $ 0 | (5,938) | (5,938) |
Shares, Outstanding, Ending Balance at Jul. 31, 2022 | 66,593,750 | ||
Equity, Attributable to Parent, Ending Balance at Jul. 31, 2022 | $ 66,594 | (49,264) | 17,330 |
Equity, Attributable to Parent, Beginning Balance at Jan. 31, 2023 | $ 66,594 | (54,304) | 12,290 |
Shares, Outstanding, Beginning Balance at Jan. 31, 2023 | 66,593,750 | ||
Net Income/(Loss) | $ 0 | 3,108 | 3,108 |
Shares, Outstanding, Ending Balance at Jul. 31, 2023 | 66,593,750 | ||
Equity, Attributable to Parent, Ending Balance at Jul. 31, 2023 | $ 66,594 | (51,196) | 15,398 |
Equity, Attributable to Parent, Beginning Balance at Apr. 30, 2023 | $ 66,594 | (63,054) | 3,540 |
Shares, Outstanding, Beginning Balance at Apr. 30, 2023 | 66,593,750 | ||
Net Income/(Loss) | $ 0 | 11,858 | 11,858 |
Shares, Outstanding, Ending Balance at Jul. 31, 2023 | 66,593,750 | ||
Equity, Attributable to Parent, Ending Balance at Jul. 31, 2023 | $ 66,594 | $ (51,196) | $ 15,398 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 6 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Income/(Loss) | $ 3,108 | $ (9,568) |
Adjustments to reconcile net loss to net cash provided by operations | ||
Depreciation Expense | 210 | 2,085 |
Accounts Receivable | (10,094) | 0 |
Loan Payable | (6,010) | 0 |
Accounts Payable | 0 | (5,500) |
CASH FLOWS FROM OPERATING ACTIVITIES | (12,786) | (12,983) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
CASH FLOWS FROM INVESTING ACTIVITIES | 0 | 0 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
CASH FLOWS FROM FINANCING ACTIVITIES | 0 | 0 |
NET CHANGE IN CASH | (12,786) | (12,983) |
Cash, beginning of period | 14,547 | 34,713 |
Cash, end of period | 1,761 | 21,730 |
SUPPLEMENTAL CASH FLOW INFORMATION | ||
Interest paid | 0 | 0 |
Income taxes paid | $ 0 | $ 0 |
1. ORGANIZATION AND NATURE OF B
1. ORGANIZATION AND NATURE OF BUSINESS | 6 Months Ended |
Jul. 31, 2023 | |
Notes | |
1. ORGANIZATION AND NATURE OF BUSINESS | 1. ORGANIZATION AND NATURE OF BUSINESS GLIDELOGIC CORP. (“the Company”) was incorporated in the State of Nevada on December 11, 2020. The Company is a diversified software development and consulting firm specializing in the development of online platforms, payment gateway solutions, AI, and blockchain technologies. Additionally, the Company offers consulting services in the areas of AI and blockchain. The Company's headquarters is located at 11264 Playa Court, Culver City, California, United States. The Company engages with customers and vendors both within and outside of the United States. The Company location is at 11264 Playa Court, Culver City, California of the United States. The Company's customers and vendors are located both within and outside of the United States. |
2. GOING CONCERN
2. GOING CONCERN | 6 Months Ended |
Jul. 31, 2023 | |
Notes | |
2. GOING CONCERN | 2. GOING CONCERN The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”), which contemplate continuation of the Company as a going concern. The Company had $30,000 revenues for the six months ended July 31, 2023. The Company currently has income but has not completed its efforts to establish a stabilized source of revenue sufficient to cover operating costs over an extended period. Therefore, there is substantial doubt about the Company’s ability to continue as a going concern. Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses. The Company intends to position itself so that it will be able to raise additional funds through the capital markets. Considering management’s efforts, there are no assurances that the Company will be successful in this or any of its endeavours or become financially viable and continue as a going concern. |
3. SUMMARY OF SIGNIFICANT ACCOU
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jul. 31, 2023 | |
Notes | |
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The accompanying financial statements have been prepared in accordance with GAAP and should be read in conjunction with our audited financial statements included in our Annual Report on Form 10-K for the year ended January 31, 2023, and not indicative of future results. The Company’s year-end is January 31. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. Due to the limited level of operations, the Company has not had to make material assumptions or estimates other than the assumption that the Company is a going concern. Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. Income Taxes Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for deferred tax assets that, based on available evidence, are not expected to be realized. Fair Value of Financial Instruments ASC 825, “Disclosures about Fair Value of Financial Instruments”, requires disclosure of fair value information about financial instruments. ASC 820, “Fair Value Measurements” defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of July 31, 2023. The respective carrying values of certain on-balance-sheet financial instruments approximate their fair values. These financial instruments include cash and related party loan payable. Fair values were assumed to approximate carrying values for these financial instruments since they are short term in nature and their carrying amounts approximate fair value. Accounts Receivable and Expected Credit Loss In accordance with ASC 326, "Measurement of Credit Losses on Financial Instruments", accounts receivable are recognized upon delivery of goods or services. The Company adopts the Current Expected Credit Loss (CECL) model, which necessitates the recognition of expected credit losses over the life of the asset. This model incorporates historical data, current conditions, and reasonable future forecasts. Accounts deemed uncollectible are written off against the allowance for doubtful accounts. As of July 31, 2023, the Company has assessed its accounts receivable for impairment under the CECL model and has made appropriate adjustments in line with GAAP standards. Stock-Based Compensation As of July 31, 2023, the Company has not issued any stock-based payments to its employees. Stock-based compensation is accounted for at fair value in accordance with ASC 718, when applicable. To date, the Company has not adopted a stock option plan and has not granted any stock options. Fixed Assets Equipment is stated at cost, net of accumulated depreciation. The cost of equipment and website is depreciated using the straight-line method over five and one years. Expenditures for maintenance and repairs are charged to expense as incurred. Additions, major renewals, and replacements that increase the equipment's useful life are capitalized. Equipment sold or retired, together with the related accumulated depreciation is removed from the appropriated accounts and the resultant gain or loss is included in net income. Revenue Recognition The Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) 606, “Revenue from Contracts with Customers”. ASC 606 adoption is on February 1, 2018. The core principle of ASC 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. GLIDELOGIC CORP. recognizes revenue in accordance with this core principle by applying the following steps: Step 1: Identifying the contract(s) with the customer. Step 2: Identifying the performance obligation to satisfy the contract. Step 3: Determining the transaction price. Step 4: Allocate the transaction price to the performance obligations in the contract. Step 5: Revenue recognition. The Company's revenues are bifurcated into two categories: software and services. Revenues from software are recognized at a point-in-time as ownership is transferred to the customer at a distinct point in time, in accordance with the terms of the contract. For services, revenue is recognized over time as the services are rendered and milestones are achieved, pursuant to the terms specified in the service agreement. The Company shall not be liable for any failure to perform its obligations, whether related to software or services, if such failure is due to circumstances beyond its reasonable control. Any liability of the Company shall be limited to the total of all amounts paid by the customer for software and/or services under the contract. Payment Terms: The Company plans to collect payment from customers prior to transferring ownership of the software and may require deposits from customers at the time an order is placed. When deposits are collected prior to transferring ownership of the software, the Company recognizes deferred revenue until the transfer is made. Similarly, for services, the Company may require an upfront retainer or periodic payments, as outlined in the service agreement. Any prepaid amounts for services will be recognized as deferred revenue until the services are rendered. Nonmonetary Exchange Contracts: The Company accepts barter contracts and recognizes any revenue originating from such contracts, whether related to software or services, if a barter agreement is made between both parties. The following are details pertaining to the Company’s most recent nonmonetary exchange contract and its revenue recognition procedure: For the six months ended July 31, 2023, the Company rendered services to Streamline USA, Inc. (“Streamline” or “SLI”) as depicted in the following 2 key points: § § The above created a Nonmonetary Exchange Invoice for $30,000. Consequently, the Company entered into a Nonmonetary Exchange Agreement with Streamline USA, Inc. as depicted below: § The Company is to provide to Streamline USA, Inc. the equivalent of Thirty Thousand Dollars ($30,000) in Artificial Intelligence (AI) technology time (the “AI Time Credit"). As of the end of July 2023, the reports of analysis, evaluation, and recommendation on the subject matter have all been delivered, thus, the service was deemed completed and all $30,000 was realized in Q2. Cost of Goods Sold Cost of goods sold includes direct costs of selling items. Recent Accounting Pronouncements We have reviewed all the recently issued, but not yet effective and thus not disclosed here, accounting pronouncements and we do not believe any of those pronouncements will have a material impact on the Company’s financial position, results of operations or cash flows. Basic Income (Loss) Per Share The Company computes income (loss) per share in accordance with ASC 260 “Earnings per Share”. Basic loss per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. As of July 31, 2023, there were no potentially dilutive debt or equity instruments issued or outstanding. |
4. ACCOUNTS RECEIVABLE
4. ACCOUNTS RECEIVABLE | 6 Months Ended |
Jul. 31, 2023 | |
Notes | |
4. ACCOUNTS RECEIVABLE | 4. Accounts Receivable Accounts receivables are stated at their carrying values, net of a reserve for doubtful accounts. For the six months ended July 31, 2023, the Company rendered services to Streamline USA, Inc. (“Streamline” or “SLI”). This created a Nonmonetary Exchange Invoice for $30,000. Consequently, the Company entered into a Nonmonetary Exchange Agreement with Streamline USA, Inc. as depicted below: § The Company is to provide to Streamline USA, Inc. the equivalent of Thirty Thousand Dollars ($30,000) in time (the “AI Time Credit"). § As of July 31, 2023, the Company has accounts receivable of $10,094. Hence, this figure is also the remaining credit that still needs to be counterbalanced (as portrayed below). Nonmonetary Exchange Invoice Amount $30,000 SLI Loan Payable Payoff (19,906) Due to Glidelogic Corp. $10,094 As of July 31, 2023, this loan has been fully paid with the Nonmonetary Exchange agreement stated above. Consequently, there is still an Accounts Receivable of $10,094 to be counterbalanced by future dealings with Streamline USA, Inc. |
5. FIXED ASSETS
5. FIXED ASSETS | 6 Months Ended |
Jul. 31, 2023 | |
Notes | |
5. FIXED ASSETS | 5. FIXED ASSETS Equipment Website Total As of January 31, 2023 $ 4,453 4,500 8,953 Additions - - - Disposals - - - As of July 31, 2023 $ 4,453 4,500 8,953 Depreciation As of January 31, 2023 (700) (4,500) (5,200) Change for the period (210) - (210) As of July 31, 2023 $ (910) (4,500) (5,410) Net book value $ 3,543 - 3,543 |
6. RELATED PARTY TRANSACTIONS
6. RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jul. 31, 2023 | |
Notes | |
6. RELATED PARTY TRANSACTIONS | 6. RELATED PARTY TRANSACTIONS For the three months ended April 30, 2023, the Company’s back-then sole director during the period did not make any new loans to the Company. As part of the change of the Company control effective May 23, 2023, Seller agreed to waive her outstanding $6,010 loan to the Company. Therefore, as of July 31, 2023, the loan of $6,010 was forgiven and it became cancellation of debt. As of July 31, 2023, it is listed under Other Income. For the six months ended July 31, 2023, Streamline USA, Inc. loaned $19,906 to Glidelogic Corp. Streamline and Glidelogic Corp. share the same ultimate controlling persons – Mr. Dapeng Ma and Mr. Yitian Xue. While they hold majority interest in Streamline line, together they own 100% of Star Success Business, LLC, which owns 75% of Glidelogic’s interest. The loan from Streamline consisted of cash transferred to Glidelogic Corp. or as expenses paid on behalf of Glidelogic Corp. As of July 31, 2023, this loan has been fully paid with the nonmonetary exchange agreement depicted in the Accounts Receivable section. The following is the breakdown of the payoff: Nonmonetary Exchange Invoice Amount $30,000 SLI Loan Payable Payoff (19,906) Due to Glidelogic Corp. $10,094 |
7. COMMON STOCK
7. COMMON STOCK | 6 Months Ended |
Jul. 31, 2023 | |
Notes | |
7. COMMON STOCK | 7. COMMON STOCK The Company has 75,000,000, $0.001 par value shares of common stock authorized. In August 2023, the company effected 25 to 1 forward stock split of its common stock. As a result, currently there are 66,593,750 shares of common stock issued and outstanding. On January 21, 2021, the Company issued 50,000,000 shares of common stock to a director for cash proceeds of $2,000. In October 2021, the Company issued 3,218,750 shares of common stock for cash proceeds of $5,150. In November 2021, the Company issued 9,468,750 shares of common stock for cash proceeds of $15,150. In December 2021, the Company issued 3,906,250 shares of common stock for cash proceeds of $6,250. There were 66,593,750 shares of common stock issued and outstanding as a result of these four issuances. |
8. COMMITMENTS AND CONTINGENCIE
8. COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jul. 31, 2023 | |
Notes | |
8. COMMITMENTS AND CONTINGENCIES | 8. COMMITMENTS AND CONTINGENCIES From time-to-time, the Company is subject to various litigation and other claims in the normal course of business. The Company establishes liabilities in connection with legal actions that management deems to be probable and estimable (if any). No such event or amounts have been accrued in the financial statements with respect to any litigation or other claim matters. |
9. INCOME TAXES
9. INCOME TAXES | 6 Months Ended |
Jul. 31, 2023 | |
Notes | |
9. INCOME TAXES | 9. INCOME TAXES The Company adopted the provisions of uncertain tax positions as addressed in ASC 740 “Income Taxes” (“ASC 740”). As a result of the implementation of ASC 740, the Company recognized no increase in the liability for unrecognized tax benefits. As of July 31, 2023, the Company had net operating loss carry forwards of approximately $13,152 that may be available to reduce future years’ taxable income in varying amounts indefinitely. Future tax benefits which may arise because of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards. The valuation allowance at as of July 31, 2023, was approximately $2,762. The net change in valuation allowance from January 31, 2023, through July 31, 2023, was a decrease of $653. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred income tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based on consideration of these items, management has determined that enough uncertainty exists relative to the realization of the deferred income tax asset balances to warrant the application of a full valuation allowance as of July 31, 2023. All tax years since inception remain open for examination by taxing authorities. The provision for Federal income tax consists of the following: July 31, 2023 January 31, 2023 Non-current deferred tax assets: Net operating loss carry forward $ (13,152) $ (16,260) Valuation allowance $ (13,152) $ (16,260) Net deferred tax assets $ - $ - The actual tax benefit at the expected rate of 21% differs from the expected tax benefit for the year ended July 31, 2023, as follows: July 31, 2023 January 31, 2023 Computed “expected” tax expense (benefit) $ (653) $ (3,259) Change in valuation allowance $ 653 $ 3,259 Actual tax expense (benefit) $ - $ - The related deferred tax benefits for the above unused tax losses have not been fully recognized as it is not reasonably certain that they will be realized. Management has evaluated tax positions in accordance with ASC 740 and has not identified any significant tax positions, other than those disclosed. |
10. SUBSEQUENT EVENTS
10. SUBSEQUENT EVENTS | 6 Months Ended |
Jul. 31, 2023 | |
Notes | |
10. SUBSEQUENT EVENTS | 10. SUBSEQUENT EVENTS On August 8, 2023, FINRA announced the a 25 for 1 forward stock split would become effective on August 9, 2023. Following the stock split, we had 66,593,750 shares of common stock issued and outstanding. All shares and par value per share amounts in the financial statements and accompanying notes presented in this filing have been retrospectively adjusted to give effect to the Forward Stock Split. |
3. SUMMARY OF SIGNIFICANT ACC_2
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Basis of presentation (Policies) | 6 Months Ended |
Jul. 31, 2023 | |
Policies | |
Basis of presentation | Basis of presentation The accompanying financial statements have been prepared in accordance with GAAP and should be read in conjunction with our audited financial statements included in our Annual Report on Form 10-K for the year ended January 31, 2023, and not indicative of future results. The Company’s year-end is January 31. |
3. SUMMARY OF SIGNIFICANT ACC_3
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Use of Estimates (Policies) | 6 Months Ended |
Jul. 31, 2023 | |
Policies | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. Due to the limited level of operations, the Company has not had to make material assumptions or estimates other than the assumption that the Company is a going concern. |
3. SUMMARY OF SIGNIFICANT ACC_4
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Cash and Cash Equivalents (Policies) | 6 Months Ended |
Jul. 31, 2023 | |
Policies | |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. |
3. SUMMARY OF SIGNIFICANT ACC_5
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Income Taxes (Policies) | 6 Months Ended |
Jul. 31, 2023 | |
Policies | |
Income Taxes | Income Taxes Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for deferred tax assets that, based on available evidence, are not expected to be realized. |
3. SUMMARY OF SIGNIFICANT ACC_6
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Fair Value of Financial Instruments (Policies) | 6 Months Ended |
Jul. 31, 2023 | |
Policies | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments ASC 825, “Disclosures about Fair Value of Financial Instruments”, requires disclosure of fair value information about financial instruments. ASC 820, “Fair Value Measurements” defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of July 31, 2023. The respective carrying values of certain on-balance-sheet financial instruments approximate their fair values. These financial instruments include cash and related party loan payable. Fair values were assumed to approximate carrying values for these financial instruments since they are short term in nature and their carrying amounts approximate fair value. |
3. SUMMARY OF SIGNIFICANT ACC_7
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Stock-Based Compensation (Policies) | 6 Months Ended |
Jul. 31, 2023 | |
Policies | |
Stock-Based Compensation | Stock-Based Compensation As of July 31, 2023, the Company has not issued any stock-based payments to its employees. Stock-based compensation is accounted for at fair value in accordance with ASC 718, when applicable. To date, the Company has not adopted a stock option plan and has not granted any stock options. |
3. SUMMARY OF SIGNIFICANT ACC_8
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Fixed Assets (Policies) | 6 Months Ended |
Jul. 31, 2023 | |
Policies | |
Fixed Assets | Fixed Assets Equipment is stated at cost, net of accumulated depreciation. The cost of equipment and website is depreciated using the straight-line method over five and one years. Expenditures for maintenance and repairs are charged to expense as incurred. Additions, major renewals, and replacements that increase the equipment's useful life are capitalized. Equipment sold or retired, together with the related accumulated depreciation is removed from the appropriated accounts and the resultant gain or loss is included in net income. |
3. SUMMARY OF SIGNIFICANT ACC_9
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Revenue Recognition (Policies) | 6 Months Ended |
Jul. 31, 2023 | |
Policies | |
Revenue Recognition | Revenue Recognition The Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) 606, “Revenue from Contracts with Customers”. ASC 606 adoption is on February 1, 2018. The core principle of ASC 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. GLIDELOGIC CORP. recognizes revenue in accordance with this core principle by applying the following steps: Step 1: Identifying the contract(s) with the customer. Step 2: Identifying the performance obligation to satisfy the contract. Step 3: Determining the transaction price. Step 4: Allocate the transaction price to the performance obligations in the contract. Step 5: Revenue recognition. The Company's revenues are bifurcated into two categories: software and services. Revenues from software are recognized at a point-in-time as ownership is transferred to the customer at a distinct point in time, in accordance with the terms of the contract. For services, revenue is recognized over time as the services are rendered and milestones are achieved, pursuant to the terms specified in the service agreement. The Company shall not be liable for any failure to perform its obligations, whether related to software or services, if such failure is due to circumstances beyond its reasonable control. Any liability of the Company shall be limited to the total of all amounts paid by the customer for software and/or services under the contract. Payment Terms: The Company plans to collect payment from customers prior to transferring ownership of the software and may require deposits from customers at the time an order is placed. When deposits are collected prior to transferring ownership of the software, the Company recognizes deferred revenue until the transfer is made. Similarly, for services, the Company may require an upfront retainer or periodic payments, as outlined in the service agreement. Any prepaid amounts for services will be recognized as deferred revenue until the services are rendered. Nonmonetary Exchange Contracts: The Company accepts barter contracts and recognizes any revenue originating from such contracts, whether related to software or services, if a barter agreement is made between both parties. The following are details pertaining to the Company’s most recent nonmonetary exchange contract and its revenue recognition procedure: For the six months ended July 31, 2023, the Company rendered services to Streamline USA, Inc. (“Streamline” or “SLI”) as depicted in the following 2 key points: § § The above created a Nonmonetary Exchange Invoice for $30,000. Consequently, the Company entered into a Nonmonetary Exchange Agreement with Streamline USA, Inc. as depicted below: § The Company is to provide to Streamline USA, Inc. the equivalent of Thirty Thousand Dollars ($30,000) in Artificial Intelligence (AI) technology time (the “AI Time Credit"). As of the end of July 2023, the reports of analysis, evaluation, and recommendation on the subject matter have all been delivered, thus, the service was deemed completed and all $30,000 was realized in Q2. |
3. SUMMARY OF SIGNIFICANT AC_10
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Cost of Goods Sold (Policies) | 6 Months Ended |
Jul. 31, 2023 | |
Policies | |
Cost of Goods Sold | Cost of Goods Sold Cost of goods sold includes direct costs of selling items. |
3. SUMMARY OF SIGNIFICANT AC_11
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Recent Accounting Pronouncements (Policies) | 6 Months Ended |
Jul. 31, 2023 | |
Policies | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements We have reviewed all the recently issued, but not yet effective and thus not disclosed here, accounting pronouncements and we do not believe any of those pronouncements will have a material impact on the Company’s financial position, results of operations or cash flows. |
3. SUMMARY OF SIGNIFICANT AC_12
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Basic Income (Loss) Per Share (Policies) | 6 Months Ended |
Jul. 31, 2023 | |
Policies | |
Basic Income (Loss) Per Share | Basic Income (Loss) Per Share The Company computes income (loss) per share in accordance with ASC 260 “Earnings per Share”. Basic loss per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. As of July 31, 2023, there were no potentially dilutive debt or equity instruments issued or outstanding. |
3. SUMMARY OF SIGNIFICANT AC_13
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Accounts Receivable and Expected Credit Loss (Tables) | 6 Months Ended |
Jul. 31, 2023 | |
Tables/Schedules | |
Accounts Receivable and Expected Credit Loss | Accounts Receivable and Expected Credit Loss In accordance with ASC 326, "Measurement of Credit Losses on Financial Instruments", accounts receivable are recognized upon delivery of goods or services. The Company adopts the Current Expected Credit Loss (CECL) model, which necessitates the recognition of expected credit losses over the life of the asset. This model incorporates historical data, current conditions, and reasonable future forecasts. Accounts deemed uncollectible are written off against the allowance for doubtful accounts. As of July 31, 2023, the Company has assessed its accounts receivable for impairment under the CECL model and has made appropriate adjustments in line with GAAP standards. |
4. ACCOUNTS RECEIVABLE_ Schedul
4. ACCOUNTS RECEIVABLE: Schedule of Accounts Receivable (Tables) | 6 Months Ended |
Jul. 31, 2023 | |
Tables/Schedules | |
Schedule of Accounts Receivable | Nonmonetary Exchange Invoice Amount $30,000 SLI Loan Payable Payoff (19,906) Due to Glidelogic Corp. $10,094 |
5. FIXED ASSETS_ Schedule of Fi
5. FIXED ASSETS: Schedule of Fixed Assets (Tables) | 6 Months Ended |
Jul. 31, 2023 | |
Tables/Schedules | |
Schedule of Fixed Assets | Equipment Website Total As of January 31, 2023 $ 4,453 4,500 8,953 Additions - - - Disposals - - - As of July 31, 2023 $ 4,453 4,500 8,953 Depreciation As of January 31, 2023 (700) (4,500) (5,200) Change for the period (210) - (210) As of July 31, 2023 $ (910) (4,500) (5,410) Net book value $ 3,543 - 3,543 |
9. INCOME TAXES_ Schedule of De
9. INCOME TAXES: Schedule of Deferred Tax Assets (Tables) | 6 Months Ended |
Jul. 31, 2023 | |
Tables/Schedules | |
Schedule of Deferred Tax Assets | July 31, 2023 January 31, 2023 Non-current deferred tax assets: Net operating loss carry forward $ (13,152) $ (16,260) Valuation allowance $ (13,152) $ (16,260) Net deferred tax assets $ - $ - |
9. INCOME TAXES_ Schedule of Ef
9. INCOME TAXES: Schedule of Effective Income Tax Rate Reconciliation (Tables) | 6 Months Ended |
Jul. 31, 2023 | |
Tables/Schedules | |
Schedule of Effective Income Tax Rate Reconciliation | July 31, 2023 January 31, 2023 Computed “expected” tax expense (benefit) $ (653) $ (3,259) Change in valuation allowance $ 653 $ 3,259 Actual tax expense (benefit) $ - $ - |
2. GOING CONCERN (Details)
2. GOING CONCERN (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | |
Details | ||||
REVENUES | $ 30,000 | $ 48,208 | $ 30,000 | $ 48,208 |
3. SUMMARY OF SIGNIFICANT AC_14
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Revenue Recognition (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | |
Details | ||||
Nonmonetary Exchange Invoice Amount | $ 30,000 | $ 30,000 | ||
REVENUES | $ 30,000 | $ 48,208 | $ 30,000 | $ 48,208 |
4. ACCOUNTS RECEIVABLE (Details
4. ACCOUNTS RECEIVABLE (Details) - USD ($) | Jul. 31, 2023 | Jan. 31, 2023 |
Details | ||
Accounts Receivable from Related Party | $ 10,094 | $ 0 |
4. ACCOUNTS RECEIVABLE_ Sched_2
4. ACCOUNTS RECEIVABLE: Schedule of Accounts Receivable (Details) - USD ($) | Jul. 31, 2023 | Jan. 31, 2023 |
Details | ||
Nonmonetary Exchange Invoice Amount | $ 30,000 | |
SLI Loan Payable Payoff | (19,906) | |
Accounts Receivable from Related Party | $ 10,094 | $ 0 |
5. FIXED ASSETS_ Schedule of _2
5. FIXED ASSETS: Schedule of Fixed Assets (Details) - USD ($) | 6 Months Ended | |
Jul. 31, 2023 | Jan. 31, 2023 | |
Equipment | ||
Fixed Assets, Cost | $ 4,453 | $ 4,453 |
Additions | 0 | |
Disposals | 0 | |
Accumulated Depreciation | (910) | (700) |
Change for the period | (210) | |
Equipment, net | 3,543 | |
Website | ||
Fixed Assets, Cost | 4,500 | 4,500 |
Additions | 0 | |
Disposals | 0 | |
Accumulated Depreciation | (4,500) | (4,500) |
Change for the period | 0 | |
Equipment, net | 0 | |
Fixed Assets, Cost | 8,953 | 8,953 |
Additions | 0 | |
Disposals | 0 | |
Accumulated Depreciation | (5,410) | (5,200) |
Change for the period | (210) | |
Equipment, net | $ 3,543 | $ 3,753 |
6. RELATED PARTY TRANSACTIONS (
6. RELATED PARTY TRANSACTIONS (Details) | Jul. 31, 2023 USD ($) |
Details | |
Loan Waived | $ 6,010 |
SLI Loan Payable Payoff | $ 19,906 |
7. COMMON STOCK (Details)
7. COMMON STOCK (Details) - USD ($) | 1 Months Ended | |||||
Jan. 21, 2021 | Dec. 31, 2021 | Nov. 30, 2021 | Oct. 31, 2021 | Jul. 31, 2023 | Jan. 31, 2023 | |
Common Stock, Shares Authorized | 75,000,000 | 75,000,000 | ||||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | ||||
Stock Issued During Period, Shares, New Issues | 3,906,250 | 9,468,750 | 3,218,750 | |||
Proceeds from Issuance of Common Stock | $ 2,000 | $ 6,250 | $ 15,150 | $ 5,150 | ||
Common Stock, Shares, Outstanding | 66,593,750 | 66,593,750 | ||||
Common Stock, Shares, Issued | 66,593,750 | 66,593,750 | ||||
Director | ||||||
Stock Issued During Period, Shares, New Issues | 50,000,000 |
9. INCOME TAXES (Details)
9. INCOME TAXES (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jul. 31, 2023 | Jan. 31, 2023 | |
Details | ||
Operating Loss Carryforwards | $ 13,152 | |
Tax Credit Carryforward, Valuation Allowance | 2,762 | |
Change in valuation allowance | $ 653 | $ 3,259 |
9. INCOME TAXES_ Schedule of _2
9. INCOME TAXES: Schedule of Deferred Tax Assets (Details) - USD ($) | Jul. 31, 2023 | Jan. 31, 2023 |
Details | ||
Net operating loss carry forward | $ (13,152) | $ (16,260) |
Valuation allowance | (13,152) | (16,260) |
Deferred Tax Assets, Net of Valuation Allowance | $ 0 | $ 0 |
9. INCOME TAXES_ Schedule of _3
9. INCOME TAXES: Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jul. 31, 2023 | Jan. 31, 2023 | |
Details | ||
Computed "expected" tax expense (benefit) | $ (653) | $ (3,259) |
Change in valuation allowance | 653 | 3,259 |
Actual tax expense (benefit) | $ 0 | $ 0 |
10. SUBSEQUENT EVENTS (Details)
10. SUBSEQUENT EVENTS (Details) | Aug. 08, 2023 |
Subsequent Event | |
Stockholders' Equity Note, Stock Split | On August 8, 2023, FINRA announced the a 25 for 1 forward stock split would become effective on August 9, 2023. Following the stock split, we had 66,593,750 shares of common stock issued and outstanding |