Glidelogic (GDLG) 10-Q 16 Sep 22 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jul. 31, 2022	Sep. 15, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jul. 31, 2022
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--01-31
File Number	333-254750
Registrant Name	GLIDELOGIC CORP.
Entity Central Index Key	0001848672
Tax Identification Number	98-1575837
Incorporation State Country Code	NV
Address Line1	21/1 Erkindik Ave, ste. 187
Address City	Bishkek
Address Country	KZ
Postal Zip Code	72000
City Area Code	786
Local Phone Number	708-6089
Current Reporting Status	Yes
Interactive Data Current	No
Filer Category	Non-accelerated Filer
Small Business	true
Emerging Growth Company	true
extended transition period	false
shell company	false
Common Stock Shares Outstanding		2,663,750
Personnel Email Address	glidelogic@yandex.com

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Jul. 31, 2022	Jan. 31, 2022
Current Assets
Cash and Cash Equivalents	$ 21,730	$ 34,713
Total Current Assets	21,730	34,713
Fixed Assets
Equipment, Website, net	1,610	3,695
Total Fixed Assets	1,610	3,695
Total Assets	23,340	38,408
Current Liabilities
Account Payable		5,500
Loan	6,010	6,010
Total Current Liabilities	6,010	11,510
Total Liabilities	6,010	11,510
Commitments and Contingencies
Stockholders’ Equity
Common stock, par valuevalue $0.001; 75,000,000 shares authorized, 2,663,750 shares issued and outstanding as of July 31, 2022 and 2,663,750 as of January 31, 2022	2,664	2,664
Additional Paid in Capital	25,886	25,886
Accumulated income/deficit	(11,220)	(1,652)
Total Stockholders’ Equity	17,330	26,898
Total Liabilities and Stockholders’ Equity	$ 23,340	$ 38,408

BALANCE SHEETS (Parenthetical)

BALANCE SHEETS (Parenthetical) - $ / shares	Jul. 31, 2022	Jan. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.001	$ 0.001
Shares Authorized	75,000,000	75,000,000
Shares Issued	2,663,750	2,663,750
Shares Outstanding	2,663,750	2,663,750

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
	Jul. 31, 2022	Jul. 31, 2021	Jul. 31, 2022	Jul. 31, 2021
Income Statement [Abstract]
REVENUES	$ 48,208	$ 4,500	$ 48,208	$ 24,500
Cost of goods	37,134		37,134
Gross Profit	11,074	4,500	11,074	24,500
OPERATING EXPENSES
General and Administrative Expenses	(17,012)	(3,490)	(20,642)	(9,782)
TOTAL OPERATING EXPENSES	(17,012)	(3,490)	(20,642)	(9,782)
NET LOSS/INCOME FROM OPERATIONS	(5,938)	1,010	(9,568)	14,718
PROVISION FOR INCOME TAXES		(202)		(2,944)
NET LOSS/INCOME	$ (5,938)	$ 808	$ (9,568)	$ 11,774
NET INCOME PER SHARE: BASIC AND DILUTED	$ 0	$ 0	$ 0	$ 0.01
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED	2,663,750	2,000,000	2,663,750	2,000,000

Statements of Stockholders' Equ

Statements of Stockholders' Equity - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance, shares				2,000,000
Balance, shares				2,663,750
Beginning balance, value at Jan. 31, 2021	$ 2,000		$ (910)	$ 1,090
Net loss			11,774	11,774
Ending balance, value at Jul. 31, 2021	2,000		10,864	$ 12,864
Balance, shares				2,000,000
Beginning balance, value at Apr. 30, 2021	2,000		10,056	$ 12,056
Net loss			808	10,966
Ending balance, value at Jul. 31, 2021	2,000		10,864	$ 12,864
Balance, shares				2,000,000
Beginning balance, value at Jan. 31, 2022	2,664	25,886	(1,652)	$ 26,898
Net loss			(9,568)	(9,568)
Ending balance, value at Jul. 31, 2022	2,664	25,886	(11,220)	17,330
Beginning balance, value at May. 01, 2022	2,664	25,886	(5,282)	23,268
Net loss			(5,938)	(5,938)
Ending balance, value at Jul. 31, 2022	$ 2,664	$ 25,886	$ (11,220)	$ 17,330
Balance, shares				2,663,750

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jul. 31, 2022	Jul. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (9,568)	$ 11,774
Adjustments to reconcile net loss to net cash provided by operations:
Depreciation Expense	2,085	445
Accounts Receivable		990
Deferred Tax Liability		2,944
Accounts Payable	(5,500)	3,000
CASH FLOWS FROM OPERATING ACTIVITIES	(12,983)	19,153
CASH FLOWS FROM INVESTING ACTIVITIES
Equipment		(6,600)
CASH FLOWS FROM INVESTING ACTIVITIES		(6,600)
CASH FLOWS FROM FINANCING ACTIVITIES
Loan From Director		6,010
CASH FLOWS FROM FINANCING ACTIVITIES		6,010
NET CHANGE IN CASH	(12,983)	18,563
Cash, beginning of period	34,713	100
Cash, end of period	21,730	18,663
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid
Income taxes paid

ORGANIZATION AND NATURE OF BUSI

ORGANIZATION AND NATURE OF BUSINESS	6 Months Ended
	Jul. 31, 2022
Accounting Policies [Abstract]
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. We are a software development company which is developing online platform and messenger. Packed with bunch of redundant security and privacy tools the application is striving to meet and surpass defense-grade security requirements by employing “true end-to-end” encryption technology. Company location is in Kyrgyzstan.

GOING CONCERN

GOING CONCERN	6 Months Ended
	Jul. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
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 $48,208 revenues for the six months ended July 31, 2022. 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 of time. 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. In light of management’s efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jul. 31, 2022
Accounting Policies [Abstract]
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, 2022 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 the amount of 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, 2022. 8 GLIDELOGIC CORP. NOTES TO THE FINANCIAL STATEMENTS As at July 31, 2022 (Unaudited) 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. Stock-Based Compensation As of July 31, 2022, 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 recognized at a point-in-time as ownership of software (when it is approved by the customer) is transferred at a distinct point in time per the terms of a contract. The Company shall not be liable for any failure to perform its obligations 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 services under the contract. 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. 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, 2022 there were no potentially dilutive debt or equity instruments issued or outstanding. 9 GLIDELOGIC CORP. NOTES TO THE FINANCIAL STATEMENTS As at July 31, 2022 (Unaudited)

FIXED ASSETS

FIXED ASSETS	6 Months Ended
	Jul. 31, 2022
Property, Plant and Equipment [Abstract]
FIXED ASSETS	4. FIXED ASSETS Equipment Website Total Cost As at January 31, 2022 $ 2,100 4,500 6,600 Additions - - - Disposals - (4,500) (4,500) As at July 31, 2022 $ 2,100 - 2,100 Depreciation As at January 31, 2022 (280) (2,625) (2,905) Change for the period (210) (1,875) (2,085) As at July 31, 2022 $ (490) (4,500) (4,990) Net book value $ 1,610 - 1,610

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jul. 31, 2022
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	5. RELATED PARTY TRANSACTIONS For the six months ended July 31, 2022, our sole director did not make a loan to the Company. During the period from January 31, 2021 through July 31, 2021, our sole director has loaned to the Company $ 6,010 The amounts due to the related party are unsecured and non-interest bearing with no set terms of repayment.

COMMON STOCK

COMMON STOCK	6 Months Ended
	Jul. 31, 2022
Equity [Abstract]
COMMON STOCK	6. COMMON STOCK The Company has 75,000,000, $0.001 par value shares of common stock authorized. On January 21, 2021 the Company issued 2,000,000 shares of common stock to a director at $0.001 per share. In October 2021, the Company issued 128,750 shares of common stock for cash proceeds of $5,150 at $0.04 per share. In November 2021, the Company issued 378,750 shares of common stock for cash proceeds of $15,150 at $0.04 per share. In December 2021, the Company issued 156,250 shares of common stock for cash proceeds of $6,250 at $0.04 per share. There were 2,663,750

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jul. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	7. 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. Director and management stay informed about COVID-19 developments generally and ensure it has access to information related to a company’s response to the crisis and how the specific impact on the company is developing as the crisis extends. 10 GLIDELOGIC CORP. NOTES TO THE FINANCIAL STATEMENTS As at July 31, 2022 (Unaudited)

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jul. 31, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	8. 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, 2022 the Company had net operating loss carry forwards of approximately $11,220 that may be available to reduce future years’ taxable income in varying amounts through 2031. Future tax benefits which may arise as a result 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, 2022 was approximately $2,356. The net change in valuation allowance from January 31, 2022 through July 31, 2022 was $2,009. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of 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, 2022. All tax years since inception remain open for examination by taxing authorities. The provision for Federal income tax July 31, 2022 January 31, 2022 Non-current deferred tax assets: Net operating loss carry forward $ (2,356) $ (347) Valuation allowance $ 2,356 $ 347 Net deferred tax assets $ - $ - The actual tax benefit July 31, 2022 January 31, 2022 Computed “expected” tax expense (benefit) $ (2,009) $ (156) Change in valuation allowance $ 2,009 $ 156 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.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jul. 31, 2022
Accounting Policies [Abstract]
SUBSEQUENT EVENTS	9. SUBSEQUENT EVENTS

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jul. 31, 2022
Accounting Policies [Abstract]
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, 2022 and not indicative of future results. The Company’s year-end is January 31.
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.
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.
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 the amount of deferred tax assets that, based on available evidence, are not expected to be realized.
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, 2022. 8 GLIDELOGIC CORP. NOTES TO THE FINANCIAL STATEMENTS As at July 31, 2022 (Unaudited) 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.
Stock-Based Compensation	Stock-Based Compensation As of July 31, 2022, 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	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	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 recognized at a point-in-time as ownership of software (when it is approved by the customer) is transferred at a distinct point in time per the terms of a contract. The Company shall not be liable for any failure to perform its obligations 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 services under the contract. 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.
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.
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, 2022 there were no potentially dilutive debt or equity instruments issued or outstanding.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	6 Months Ended
	Jul. 31, 2022
Income Tax Disclosure [Abstract]
actual tax benefit	The provision for Federal income tax July 31, 2022 January 31, 2022 Non-current deferred tax assets: Net operating loss carry forward $ (2,356) $ (347) Valuation allowance $ 2,356 $ 347 Net deferred tax assets $ - $ - The actual tax benefit July 31, 2022 January 31, 2022 Computed “expected” tax expense (benefit) $ (2,009) $ (156) Change in valuation allowance $ 2,009 $ 156 Actual tax expense (benefit) $ - $ -
actual tax benefit	The actual tax benefit July 31, 2022 January 31, 2022 Computed “expected” tax expense (benefit) $ (2,009) $ (156) Change in valuation allowance $ 2,009 $ 156 Actual tax expense (benefit) $ - $ -

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative)	18 Months Ended
	Jul. 31, 2022 USD ($)
Related Party Transactions [Abstract]
director loaned	$ 6,010

COMMON STOCK (Details Narrative

COMMON STOCK (Details Narrative)	Jul. 31, 2022 USD ($)
Equity [Abstract]
common stock issued and outstanding	$ 2,663,750

actual tax benefit (Details)

actual tax benefit (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jul. 31, 2022	Jan. 31, 2022
Income Tax Disclosure [Abstract]
Net operating loss carry forward	$ (2,356)	$ (347)
Valuation allowance	2,356	347
Net deferred tax assets
Computed “expected” tax expense (benefit)	(2,009)	(156)
Change in valuation allowance	2,009	156
Actual tax expense (benefit)

Uncategorized Items - glidelogi

Label	Element	Value
Balance, shares	us-gaap_SharesOutstanding	2,663,750