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Global Leaders Corp Com (GLCP0.00%) has submitted its 10-K filing for the fiscal year ended October 31, 2024.
The filing outlines the company's focus on providing consultancy and training services to startups and SMEs in the Asia-Pacific region. The company operates through a three-stage consultancy process involving analysis, implementation, and follow-up.
The report highlights a net loss of $62,113 for the fiscal year, with revenues increasing to $39,130 from $14,061 in the previous year. The company attributes the rise in revenue to increased consultancy services.
General and administrative expenses totaled $84,537, a decrease from $514,505 in the prior year. The reduction is primarily due to lower expenses related to related parties.
The company faces substantial doubt about its ability to continue as a going concern, with a cash balance of $570 as of October 31, 2024. Management estimates that current funds will sustain operations for three months.
Global Leaders Corp has 154,394,750 shares of common stock outstanding, with no preferred stock issued. The company did not issue any new shares during the fiscal year.
The report identifies material weaknesses in internal controls over financial reporting, including inadequate segregation of duties and insufficient personnel with U.S. GAAP knowledge.
Global Leaders Corp's financial statements do not reflect any significant off-balance sheet arrangements. The company is not involved in any legal proceedings.
The filing includes a note on the company's tax position, indicating no income tax expense for the fiscal year. A full valuation allowance is maintained against net deferred tax assets.
The report mentions related party transactions, with advances from the CEO and fees incurred to Greenpro Capital Corp, a significant shareholder.
Global Leaders Corp outlines its plan of operation, emphasizing the need to attract new clients and adapt services to changing market conditions. The company acknowledges challenges related to market dynamics and competition.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Global Leaders Corp Com annual 10-K report dated January 24, 2025. To report an error, please email earnings@qz.com.