GLOBAL LEADERS CORP Files 10-K for Fiscal Year Ended October 31, 2023

TL;DR

<b>GLOBAL LEADERS CORP has filed its annual 10-K report detailing financial performance and risks for the fiscal year ending October 31, 2023.</b>

AI Summary

GLOBAL LEADERS CORP (GLCP) filed a Annual Report (10-K) with the SEC on January 26, 2024. GLOBAL LEADERS CORP filed its 10-K report for the fiscal year ending October 31, 2023. The company is incorporated in Nevada and operates in the Services-Management Consulting Services industry (SIC 8742). The filing includes financial data for the fiscal years 2023, 2022, and 2021. Specific data points related to common stock, additional paid-in capital, accumulated other comprehensive income, and retained earnings are presented for these periods. The report also details customer and supplier concentration risks for the fiscal year 2023.

Why It Matters

For investors and stakeholders tracking GLOBAL LEADERS CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of GLOBAL LEADERS CORP's financial health and operational status for the fiscal year 2023, crucial for investors assessing the company's performance and future prospects. The inclusion of customer and supplier concentration risks highlights potential vulnerabilities in GLOBAL LEADERS CORP's business model, which could impact revenue streams and operational costs.

Risk Assessment

Risk Level: medium — GLOBAL LEADERS CORP shows moderate risk based on this filing. The company faces medium risk due to identified customer and supplier concentration risks, which could lead to significant financial impact if key customers or vendors are lost.

Analyst Insight

Investors should review the detailed financial statements and risk factor disclosures in the 10-K to understand GLOBAL LEADERS CORP's financial position and operational dependencies.

Key Numbers

• 2023-10-31 — Fiscal Year End (Conformed period of report)
• 2024-01-26 — Filing Date (Date the 10-K was filed)
• 2022-11-01 — Fiscal Year Start (Beginning of the reported fiscal year)
• 2021-11-01 — Prior Fiscal Year Start (Beginning of the prior fiscal year)

Key Players & Entities

• GLOBAL LEADERS CORP (company) — Filer of the 10-K report
• 2023-10-31 (date) — Conformed period of report
• 2024-01-26 (date) — Filed as of date
• 8742 (industry_code) — Standard Industrial Classification for Services-Management Consulting Services
• NV (state) — State of incorporation
• 000-56557 (filing_id) — SEC file number
• GLC:FiveCustomerMember (entity) — Customer concentration risk category
• GLC:TwoVendorsMember (entity) — Supplier concentration risk category

FAQ

Risk Factors

• Customer Concentration Risk [medium — market]: The company faces risk from reliance on a small number of customers, as indicated by 'FiveCustomerMember' and 'OneCustomerMember' for sales revenue and accounts receivable.
• Supplier Concentration Risk [medium — operational]: GLOBAL LEADERS CORP is exposed to risks related to its reliance on a limited number of vendors for its costs and expenses, as noted by 'TwoVendorsMember'.

Key Dates

• 2023-10-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-01-26: Filing Date — Date the 10-K was officially submitted to the SEC.

Key Financial Figures

• $0.0001 — ere 154,394,750 shares of Common Stock, $0.0001 par value per share, outstanding. GLO
• $0.80 — ls in a private placement at a price of $0.80 per share, for total proceeds of $535,0
• $535,000 — $0.80 per share, for total proceeds of $535,000: Name Number of Shares Ho Ching 2
• $5.00 — ty that has a market price of less than $5.00 per share. Our Common Stock, when and i
• $1,000,000 — (generally those with assets more than $1,000,000, or annual incomes exceeding $200,000 i
• $200,000 — $1,000,000, or annual incomes exceeding $200,000 individually, or $300,000, together wit
• $300,000 — mes exceeding $200,000 individually, or $300,000, together with their spouse). For tra
• $500,444 — 023, the Company incurred a net loss of $500,444 and used cash in operations of $503,189
• $503,189 — $500,444 and used cash in operations of $503,189, and at October 31, 2023, the Company h
• $28,903 — Company had a stockholders' deficit of $28,903. These factors, among others, raise sub
• $1,874 — 1, 2023, the Company's cash balance was $1,874. Management estimates that the current
• $14,061 — ended October 31, 2023, our revenue was $14,061. We recorded no revenues for the year
• $514,505 — and administrative (G&A) expenses were $514,505 and $105,905, respectively, and include
• $105,905 — rative (G&A) expenses were $514,505 and $105,905, respectively, and included $370,607 an
• $370,607 — nd $105,905, respectively, and included $370,607 and $54,691 of G&A expenses to related

Filing Documents

• form10-k.htm (10-K) — 585KB
• ex31-1.htm (EX-31.1) — 8KB
• ex32-1.htm (EX-32.1) — 4KB
• 0001493152-24-003832.txt (&nbsp;) — 2896KB
• glc-20231031.xsd (EX-101.SCH) — 22KB
• glc-20231031_cal.xml (EX-101.CAL) — 36KB
• glc-20231031_def.xml (EX-101.DEF) — 120KB
• glc-20231031_lab.xml (EX-101.LAB) — 205KB
• glc-20231031_pre.xml (EX-101.PRE) — 165KB
• form10-k_htm.xml (XML) — 287KB

Business

Business 2 Item 1A.

Risk Factors

Risk Factors 3 Item 1B. Unresolved Staff Comments 3 Item 2.

Properties

Properties 3 Item 3.

Legal Proceedings

Legal Proceedings 3 Item 4. Mine Safety Disclosure 3 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 4 Item 6.

Selected Financial Data

Selected Financial Data 5 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 5 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 6 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 6 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 7 Item 9A.

Controls and Procedures

Controls and Procedures 7 Item 9B. Other Information 7 PART III Item 10. Directors, Executive Officers and Corporate Governance 8 Item 11.

Executive Compensation

Executive Compensation 9 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 10 Item 13. Certain Relationships and Related Transactions, and Director Independence 11 Item 14. Principal Accounting Fees and Services 11 PART IV Item 15. Exhibits, Financial Statement Schedules 12

SIGNATURES

SIGNATURES 13 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K of Global Leaders Corp., a Nevada corporation (the "Company"), contains "forward-looking

forward-looking statements by terminology such as "may", "will", "should", "could", "expects",

forward-looking statements by terminology such as "may", "will", "should", "could", "expects", "plans", "intends", "anticipates", "believes", "estimates", "predicts", "potential" or "continue" or the negative of such terms and other comparable terminology. These forward-looking expenditures as we pursue our business plan, and the adequacy of our available cash resources. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. Actual results may differ materially from the predictions discussed in these forward-looking statements. The economic environment within which we operate could materially affect our actual results. Our management has included projections and estimates in this Form 10-K, which are based primarily on management's experience in the industry, assessments of our results of operations, discussions, and negotiations with third parties and a review of information filed by our competitors with the SEC or otherwise publicly available. We caution readers not to place undue reliance on any such forward-looking to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. 1 PART I ITEM 1. BUSINESS CORPORATE HISTORY We are a company with a focus on start-up advisory and corporate consulting services, targeting start-up companies and young entrepreneurs in the Asia-Pacific Region. Global Leaders Corporation, a Nevada corporation (the "Company"), was incorporated in the State of Nevada on July 20, 2020. On August 25, 2020, the Company acquired 100% of the equity interests of Glo

financial statements required by this item are in PART IV of this Annual Report

financial statements required by this item are in PART IV of this Annual Report. 6 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE None. ITEM 9A. CONTROLS AND PROCEDURES DISCLOSURE

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES Under the supervision and with the participation of our management, including our principal executive and financial officer, we are responsible for conducting an evaluation of the effectiveness of the design and operation of our internal controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as of the end of the fiscal year covered by this report. Disclosure controls and procedures means that the material information required to be included in our Securities and Exchange Commission ("SEC") reports is recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms relating to our company, including any consolidating subsidiaries, and was made known to us by others within those entities, particularly during the period when this report was being prepared. Based on this evaluation, our principal executive and financial officer concluded as of the evaluation date that our disclosure controls and procedures were not effective as of October 31, 2023, due to material weaknesses in our internal control over financial reporting as described below. MANAGEMENT'S ANNUAL REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING Management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Exchange Act Rule 13a-15. Internal control over financial reporting is defined in Rule 13a-15(f) and 15(d

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View this 10-K filing on SEC EDGAR