UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~January~~April 3130, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from_________to_________

Commission File No. 000-56557

GLOBAL LEADERS CORP.

(Exact name of registrant as specified in its charter)

Nevada

65-0386288

(State or other jurisdiction

of incorporation or organization)

(I.R.S. Employer

Identification No.)

Units 2613-18, 26/F., Shui On Centre

6-8 Harbour Road, Wanchai

Hong Kong

(Address of principal executive offices, zip code)

999077

Tel: (852) 8102 3633

(Registrant’s telephone number, including area code)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the issuer (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒. No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (check one):

Large Accelerated Filer ☐ Accelerated Filer ☐ Non-accelerated Filer ☒ Smaller reporting company ☒ Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Exchange Act Rule 12b-2 of the Exchange Act): Yes ☐ No ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by an of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY

PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12,13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ☐ No ☐

APPLICABLE ONLY TO CORPORATE ISSUERS

There is no public trading market for the shares of Common Stock of Global Leaders Corp. As a result, the aggregate market value of the common units held by non-affiliates of Global Leaders Corp. cannot be determined.

As of ~~March~~May 1027, 2025, there were 154,394,750 shares of Common Stock, $0.0001 par value per share, outstanding.

GLOBAL LEADERS CORP.

QUARTERLY

REPORT ON FORM 10-Q FOR THE PERIOD

ENDED ~~JANUARY~~APRIL 3130, 2025

INDEX

			Page
Part I. Financial Information			4
	Item 1.	Financial Statements	4
		Condensed Consolidated Balance Sheets as of January 31, 2025 (Unaudited) and October 31, 2024	4
		Condensed Consolidated Balance Sheets as of April 30, 2025 (Unaudited) and October 31, 2024	4
		Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - Three months ended January 31, 2025 and 2024	5
		Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - Three and six months ended April 30, 2025 and 2024	5
		Condensed Consolidated Statements of Stockholders’ Deficit (Unaudited) - Three months ended January 31, 2025 and 2024	6
		Condensed Consolidated Statements of Stockholders’ Deficit (Unaudited) – Three and six months ended April 30, 2025 and 2024	6
		Condensed Consolidated Statements of Cash Flows (Unaudited) - Three months ended January 31, 2025 and 2024	7
		Condensed Consolidated Statements of Cash Flows (Unaudited) - Six months ended April 30, 2025 and 2024	7
		Notes to Condensed Consolidated Financial Statements (Unaudited) - Three months ended January 31, 2025 and 2024	8
		Notes to Condensed Consolidated Financial Statements (Unaudited) - Three and six months ended April 30, 2025 and 2024	8
	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	12
	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	14
	Item 4.	Controls and Procedures	14
Part II. Other Information			15
	Item 1.	Legal Proceedings	15
	Item 1A.	Risk Factors	15
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	15
	Item 3.	Defaults Upon Senior Securities	15
	Item 4.	Mine Safety Disclosures	15
	Item 5.	Other Information	15
	Item 6.	Exhibits	16
Signatures			17

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q of Global Leaders Corp., a Nevada corporation (the “Company”), contains “forward-looking statements,” as defined in the United States Private Securities Litigation Reform Act of 1995. In some cases, you can identify 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 statements include, without limitation, statements about our market opportunity, our strategies, competition, expected activities and expenditure 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-Q, 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 statements, which speak only as of the date made. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

PART I. FINANCIAL INFORMATION

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS.

GLOBAL LEADERS CORP.

CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF ~~JANUARY~~APRIL 3130, 2025 AND OCTOBER 31, 2024

(Expressed in U.S. Dollars)

	January 31, 2025			October 31, 2024
	April 30, 2025			October 31, 2024
	(Unaudited)
ASSETS
Current assets
Cash	$	~~2,280~~232		$	570
Prepaid expenses		14,~~980~~642			2,970
Total currents assets		4,~~260~~874			3,540
TOTAL ASSETS	$	4,~~260~~874		$	3,540
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities
Due to officer/principal shareholder	$	~~127~~138,~~944~~878		$	94,556
Total current liabilities		~~127~~138,~~944~~878			94,556
Commitments and Contingencies		-			-
		-			-
STOCKHOLDERS’ DEFICIT
Preferred stock, $0.0001 par value; 200,000,000 shares authorized; no shares issued and outstanding on January 31, 2025 and October 31, 2024		-			-
Preferred stock, $0.0001 par value; 200,000,000 shares authorized; no shares issued and outstanding on April 30, 2025 and October 31, 2024		-			-
Common Stock, $0.0001 par value, 600,000,000 shares authorized; 154,394,750 shares issued and outstanding on January 31, 2025 and October 31, 2024		15,439			15,439
Common Stock, $0.0001 par value, 600,000,000 shares authorized; 154,394,750 shares issued and outstanding on April 30, 2025 and October 31, 2024		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,~~566~~577,~~775~~095	)		(1,534,107	)
Total stockholders’ deficit		(~~123~~134,~~684~~004	)		(91,016	)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT	$	4,~~260~~874		$	3,540

See accompanying notes to the condensed consolidated financial statements.

GLOBAL LEADERS CORP.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

FOR THE THREE AND SIX MONTHS ENDED ~~JANUARY~~APRIL 3130, 2025 AND 2024

(Expressed in U.S. Dollars)

(Unaudited)

	2025			2024			2025			2024
	Three months ended January 31,
	Three months ended April 30,						Six months ended April 30,
	2025			2024			2025			2024
Revenues	$	~~2,567~~-		$	75,~~678~~112		$	2,567		$	12,790
Operating expenses:
General and administrative expenses-related party		5,790			8,755
General and administrative-related party		5,791			5,754			11,581			14,509
General and administrative expenses		29,445			21,143
General and administrative-other		4,529			7,128			33,974			28,271
General and administrative		294,~~445~~529			217,~~143~~128			33,974			28,271
Total operating expenses		3510,~~235~~320			2912,~~898~~882			45,555			42,780
Net loss and comprehensive loss	$	(3210,~~668~~320	)	$	(227,~~220~~770	)	$	(42,988	)	$	(29,990	)
Net loss per common share - basic and diluted	$	(0.00	)	$	(0.00	)
Basic and diluted net loss per share	$	(0.00	)	$	(0.00	)	$	(0.00	)	$	(0.00	)
Weighted average common shares outstanding - basic and diluted		154,394,750			154,394,750
Weighted average number of shares outstanding		154,394,750			154,394,750			154,394,750			154,394,750

See accompanying notes to the condensed consolidated financial statements.

GLOBAL LEADERS CORP.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT

FOR THE THREE AND SIX MONTHS ENDED ~~JANUARY~~APRIL 3130, 2025 AND 2024

(Expressed in U.S. Dollars)

Three months ended ~~January~~April 3130, 2025 (Unaudited)

	Number		Amount		Capital		Income		Deficit			Deficit
	Common Stock				Additional Paid-in		Accumulated Other Comprehensive		Accumulated			Total Stockholders’
	Number		Amount		Capital		Income		Deficit			Deficit
Balance, October 31, 2024		154,394,750	$	15,439	$	1,424,320	$	3,332	$	(1,534,107	)	$	(91,016	)
Net loss		-		-		-		-		(32,668	)		(32,668	)
Balance, January 31, 2025 (Unaudited)		154,394,750	$	15,439	$	1,424,320	$	3,332	$	(1,566,775	)	$	(123,684	)
Net loss		-		-		-		-		(10,320	)		(10,320	)
Balance, April 30, 2025 (Unaudited)		154,394,750	$	15,439	$	1,424,320	$	3,332	$	(1,577,095	)	$	(134,004	)

~~Three~~Six months ended ~~January~~April 3130, ~~2024~~2025 (Unaudited)

	Common Stock				Additional Paid-in		Accumulated Other Comprehensive		Accumulated			Total Stockholders’
	Number		Amount		Capital		Income		Deficit			Deficit
Balance, October 31, 2023		154,394,750	$	15,439	$	1,424,320	$	3,332	$	(1,471,994	)	$	(28,903	)
Balance, October 31, 2024		154,394,750	$	15,439	$	1,424,320	$	3,332	$	(1,534,107	)	$	(91,016	)
Balance		154,394,750	$	15,439	$	1,424,320	$	3,332	$	(1,471,994	)	$	(28,903	)
Net loss		-		-		-		-		(42,988	)		(42,988	)
Net loss		-		-		-		-		(22,220	)		(22,220	)
Balance, April 30, 2025 (Unaudited)		154,394,750	$	15,439	$	1,424,320	$	3,332	$	(1,577,095	)	$	(134,004	)
Balance, January 31, 2024 (Unaudited)		154,394,750	$	15,439	$	1,424,320	$	3,332	$	(1,494,214	)	$	(51,123	)
Balance		154,394,750	$	15,439	$	1,424,320	$	3,332	$	(1,494,214	)	$	(51,123	)

Three months ended April 30, 2024 (Unaudited)

	Common Stock				Additional Paid-in		Accumulated Other Comprehensive		Accumulated			Total Stockholders’
	Number		Amount		Capital		Income		Deficit			Deficit
Balance, January 31, 2024 (Unaudited)		154,394,750	$	15,439	$	1,424,320	$	3,332	$	(1,494,214	)	$	(51,123	)
Net loss		-		-		-		-		(7,770	)		(7,770	)
Balance, April 30, 2024 (Unaudited)		154,394,750	$	15,439	$	1,424,320	$	3,332	$	(1,501,984	)	$	(58,893	)

Six months ended April 30, 2024 (Unaudited)

	Common Stock				Additional Paid-in		Accumulated Other Comprehensive		Accumulated			Total Stockholders’
	Number		Amount		Capital		Income		Deficit			Deficit
Balance, October 31, 2023		154,394,750	$	15,439	$	1,424,320	$	3,332	$	(1,471,994	)	$	(28,903	)
Balance, value		154,394,750	$	15,439	$	1,424,320	$	3,332	$	(1,471,994	)	$	(28,903	)
Net loss		-		-		-		-		(29,990	)		(29,990	)
Balance, April 30, 2024 (Unaudited)		154,394,750	$	15,439	$	1,424,320	$	3,332	$	(1,501,984	)	$	(58,893	)
Balance, value		154,394,750	$	15,439	$	1,424,320	$	3,332	$	(1,501,984	)	$	(58,893	)

See accompanying notes to the condensed consolidated financial statements.

GLOBAL LEADERS CORP.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE ~~THREE~~SIX MONTHS ENDED ~~JANUARY~~APRIL 3130, 2025 AND 2024

(Expressed in U.S. Dollars)

(Unaudited)

	2025			2024
	Three months ended January 31,
	Six months ended April 30,
	2025			2024
Cash Flows From Operating Activities
Net loss	$	(3242,~~668~~988	)	$	(2229,~~220~~990	)
Adjustments to reconcile net loss to net cash used in operating activities:
Change in operating assets and liabilities:
Prepaid expenses		~~990~~(1,672	)		~~(1,736~~168	)
Prepaid expense to related party		-			(63	)
Prepaid expense		-			(63	)
Accrued liabilities		-			(10,000	)
Net cash used in operating activities		(3144,~~678~~660	)		(3339,~~962~~825	)
Cash Flows From Financing Activities
Advances from officer/principal shareholder		3344,~~388~~322			3397,~~275~~101
Net cash provided by financing activities		3344,~~388~~322			3397,~~275~~101
Net increase (decrease) in cash		1,710			(687	)
Net (decrease) increase in cash		(338	)		57,276
Cash at the beginning of period		570			1,874
Cash at the end of period	$	~~2,280~~232		$	159,~~187~~150
Supplementary Cash Flow Information
Cash paid for:
Interest	$	-		$	-
Income taxes		-			-

See accompanying notes to the condensed consolidated financial statements.

GLOBAL LEADERS CORP.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND SIX MONTHS ENDED ~~JANUARY~~APRIL 3130, 2025 AND 2024

(Expressed in U.S. Dollars)

(Unaudited)

NOTE 1 - BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Description of business

Global Leaders Corporation, a Nevada corporation (the “Company”), was incorporated in the State of Nevada on July 20, 2020.

The Company is principally engaged in providing consultancy and training services to management executives of small and medium enterprises (SMEs) and startup companies in the Asia-Pacific Region.

Going concern

The accompanying 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. In accordance with Accounting Standards Codification (“ASC”) 205-40, Going Concern, the Company’s management has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date the accompanying financial statements were issued. For the ~~three~~six months ended ~~January~~April 3130, 2025, the Company recorded a net loss of $3242,~~668~~988 and used cash in operations of $3144,~~678~~660. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern within one year of the date that these financial statements are issued. The accompanying financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern. In addition, our independent registered public accounting firm has included an explanatory paragraph in their report with respect to this uncertainty that accompanies our audited consolidated financial statements as of and for the year ended October 31, 2024.

As of ~~January~~April 3130, 2025, the Company’s cash balance was $~~2,280~~232. Management estimates that the current funds on hand will be sufficient to continue operations through the next three months. The Company’s ability to continue as a going concern is dependent upon the Company’s ability to implement its business plans and continue receiving financial support from its officers and shareholders. No assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company can obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stockholders, in the case of equity financing.

Basis of presentation

The accompanying condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”).

The ~~consolidated~~unaudited condensed financial statements of the Company for the three months ended March 31, 2025, and 2024 have been prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Regulation S-K for scaled disclosures for smaller reporting companies. Accordingly, they do not include all the ~~accounts~~information and footnotes required by GAAP for complete financial statements. However, such information reflects all the adjustments (consisting solely of normal recurring adjustments), which are, in the opinion of the management, necessary for the fair presentation of the Company’s financial position and ~~its~~results ~~wholly~~of ~~owned~~operations. ~~subsidiary,~~Results ~~Global~~shown for ~~Leaders~~interim ~~Corporation~~periods are not necessarily indicative of the results obtained for the full fiscal year. The balance sheet information as of October 31, a2024, was derived from the audited financial statements included in the Company’s financial statements as of and ~~company~~for ~~incorporated~~the years ended October 31, 2024, and 2023 contained in ~~Anguilla~~the ~~(“GLC~~Company’s ~~Anguilla”).~~Annual ~~Intercompany~~Report ~~accounts~~on Form 10-K filed with the Securities and ~~transactions~~Exchange ~~have~~Commission. ~~been~~These ~~eliminated~~financial statements should be read in ~~consolidation~~conjunction with that report.

The condensed 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~~period. 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”, which includes (1) identifying the contracts or agreements with a customer, (2) identifying our performance obligations in the contract or agreement, (3) determining the transaction price, (4) allocating the transaction price to the separate performance obligations, and (5) recognizing revenue as each performance obligation is satisfied. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the services it transfers to its clients.

The Company’s revenue consists of revenue from delivering consultancy and training services. 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.

The Company’s cost of revenue consists of rental of instructional facilities directly attributable to training courses rendered.

Cash

Cash consists of funds on hand and held in bank accounts. Cash equivalents include 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 cash equivalents as of ~~January~~April 3130, 2025, and October 31, 2024.

	As of January 31, 2025		As of October 31, 2024
	As of April 30, 2025		As of October 31, 2024
	(Unaudited)
Cash
Denominated in United States Dollars	$	593	$	195
Denominated in Hong Kong Dollars		~~2,221~~229		375
Cash	$	~~2,280~~232	$	570

Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash. As of ~~January~~April 3130, 2025, 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. AtOn ~~January~~April 3130, 2025, none of the Company’s cash accounts are insured by the U.S. Federal Deposit Insurance Corporation (the “FDIC”).

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 input used in measuring fair value as follows:

Level 1 : Observable inputs such as quoted prices in active markets;

Level 2 : Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

Level 3 : Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions

The Company believes the carrying amount reported in the balance sheet for cash, prepaid expenses and due to an officer/principal shareholder, 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$”) and the accompanying ~~consolidated~~condensed consolidated financial statements have been expressed in US$. In addition, the Company’s operating subsidiary maintains its books and records in its functional currency, Hong Kong Dollars (“HK$”).

In general, for consolidation purposes, assets and liabilities of the Company’s subsidiaries whose functional currency is not 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 ~~year~~reporting 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 or deficit.

Translation of amounts from the local currencies of the Company into US$ has been made at the following exchange rates for the respective periods:

	As of and for the three months ended January 31,
	As of and for the six months ended April 30,
	2025		2024
Period-end HK$ : US$1 exchange rate		7.7976		7.82
Period-average HK$ : US$1 exchange rate		7.78		7.8182

Net income or loss per share

The Company calculates net income or loss per share in accordance with ASC Topic 260, “Earnings per Share.” Basic net income or 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 net income or loss per share is computed like basic net income or 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 ~~January~~April 3130, 2025, the Company has no potentially dilutive securities, ~~such~~ such as options or warrants, outstanding.

Segment ~~Information~~ information

The Company’s Chief Executive Officer and President (“CEO”) is our chief operating decision maker (“CODM”) and evaluates performance and makes operating decisions about allocating resources based on financial data presented on a consolidated basis. Because our CODM evaluates financial performance on a consolidated basis, the Company has determined that it operates as a single reportable segment composed of the consolidated financial results of Global Leaders Corp. (see Note 43).

Concentrations

For the ~~three~~six months ended ~~January~~April 3130, 2025, one customer accounted for 100% of the Company’s revenue. For the three and six months ended ~~January~~ 31April 30, 2024, two customers accounted for 100% (50% each) of the Company’s revenue.

For the three and six months ended ~~January~~April 3130, 2025, two vendors accounted for 67% (56% and 11%) and 86 % (61% and 25%) of the Company’s operating expenses, respectively. For the three months and six months ended April 30, 2024, two vendors accounted for 9280% (7545% and 1735%) and three vendors accounted for 9490% (34%, 31 32% and 2924%) of the Company’s operating expenses, respectively.

Recent ~~Accounting~~accounting ~~Pronouncements~~pronouncements

In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03 Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40) Disaggregation of Income Statement Expenses. The guidance in ASU 2024-03 requires public business entities to disclose in the notes to the financial statements, among other things, specific information about certain costs and expenses including purchases of inventory; employee compensation; and depreciation, amortization and depletion expenses for each caption on the income statement where such expenses are included. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted, and the amendments may be applied prospectively to reporting periods after the effective date or retrospectively to all periods presented in the financial statements. The Company is currently evaluating the provisions of this guidance and assessing the potential impact on the Company’s financial statement disclosures.

In August ~~November 2023~~2020, the FASB issued ASU ~~2023~~2020-0706, ~~“Segment Reporting~~Debt ~~(Topic~~– ~~280):~~Debt ~~Improvements~~with toConversion ~~Reportable~~and ~~Segment~~Other ~~Disclosure.”~~Options ~~The~~(Subtopic ~~amendments~~470-20) ~~expand~~and aDerivatives ~~public~~and ~~entity’s segment disclosures~~Hedging by– ~~requiring~~Contracts ~~disclosure~~in ofEntity’s ~~significant~~Own ~~segment~~Equity ~~expenses~~(Subtopic ~~that~~815-40). ~~are~~This ~~regularly~~ASU ~~provided~~reduces to the ~~chief~~number ~~operating~~of ~~decision~~accounting ~~maker,~~models ~~requiring~~for ~~other~~convertible debt ~~new~~instruments ~~disclosures,~~ and ~~requiring~~convertible ~~enhanced~~preferred ~~interim~~stock ~~disclosures.~~and ~~ASU~~amends ~~2023-07~~the ~~requires~~guidance ~~public~~for ~~entities with a single reportable segment to provide all~~ the ~~disclosures~~derivatives ~~required~~scope byexception ~~this~~for ~~standard~~contracts ~~and all existing segment disclosures~~ in ~~Topic 280 on~~ an ~~interim~~entity’s own ~~and~~equity ~~annual~~to ~~basis. ASU~~reduce ~~2023~~form-07over-substance-based isaccounting ~~effective~~conclusions. ~~for~~In ~~annual~~addition, ~~periods~~this ~~beginning~~ASU ~~after~~improves ~~December 15, 2023,~~ and ~~interim~~amends ~~periods~~the ~~beginning~~related ~~after December 15, 2024,~~earnings ~~applied~~per ~~retrospectively~~share ~~with early adoption permitted~~guidance. AsThe ofCompany ~~January~~adopted ~~31, 2025,~~ the ~~Company~~guidance ~~has~~effective ~~adopted~~November ~~ASU~~1, 2023~~-07.~~, ~~The~~and the adoption of this standard did not have a material impact on ~~the~~its ~~Company’s~~condensed consolidated financial statements ~~but has resulted in additional disclosures within the footnotes to our consolidated financial statements (See Note 4)~~.

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). 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. The Company adopted the 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.

NOTE 2 –- ~~STOCKHOLDERS’~~RELATED ~~DEFICIT~~PARTY TRANSACTIONS

During the three months ended January 31, 2025, and 2024, the Company did not issue any shares of its Common Stock.

NOTE 3 - RELATED PARTY TRANSACTIONS

Mr. Yip Hoi Hing Peter, our Chief Executive Officer, Chief Financial Officer, and Director, and his spouse control 68.23% of the Company’s restricted Common Stock, including 38.86% collectively owned by two companies owned by Mr. Yip, CS Global Consultancy Limited (“CS Global”) and CSG Group Holdings Limited.

As of October 31, 2024, the balance due to Mr. Yip for advances to the Company for supporting its operations was $94,556. During the ~~three~~ six months ended ~~January~~April 3130, 2025, Mr. Yip further advanced $3344,~~388~~322 to the Company, and as of ~~January~~April 3130, 2025, the balance due to Mr. Yip was $~~127~~138,~~944~~878. The advances are due on demand, are unsecured and are non-interest bearing.

Greenpro Capital Corp., through its wholly owned subsidiaries (collectively “Greenpro”), is currently a 5.83% shareholder of the Company. In addition, three executives of Greenpro are currently 10.36% shareholders of the Company.

For the three and six months ended ~~January~~April 3130, 2025, the Company incurred accounting fees to Greenpro of $5,791 and ~~2024~~$11,581, respectively, while the Company incurred accounting fees to Greenpro of $5,~~790~~754 and $814,~~755~~509 for the three and six months ended April 30, 2024, respectively.

NOTE 43 - SEGMENT INFORMATION

The Company operates and manages its business as one reportable and operating segment dedicated to ~~the~~ delivering consultancy and training ~~services~~ services of Global Leaders Corp. The measure of segment assets is reported on the balance sheet as total consolidated assets. In addition, ~~the~~ the Company manages the business activities on a consolidated basis.

The Company’s CODM reviews financial information presented on a consolidated basis and decides how to allocate resources based on net income (loss). Consolidated net income (loss) is used for evaluating financial performance.

Significant segment expenses include accounting-related party, filing fees, and external professional fees. Operating expenses include all the remaining costs necessary to operate our business, which primarily include external professional services and other administrative expenses. The following table presents the significant segment expenses and other segment items regularly reviewed by our CODM:

	2025			2024			2025			2024
	Three months ended January 31,
	Three months ended April 30,						Six months ended April 30,
	2025			2024			2025			2024
Revenue	$	2,567		$	7,678
Revenues	$	-		$	5,112		$	2,567		$	12,790
Less:
Accounting-related party		5,~~790~~791			85,~~755~~754			11,581			14,509
Professional fees		273,~~655~~075			195,~~585~~948			30,730			25,533
Operating expenses		1,~~790~~454			1,~~558~~180			3,244			2,738
Net loss	$	(3210,~~668~~320	)	$	(227,~~220~~770	)	$	(42,988	)	$	(29,990	)

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

The following information should be read in conjunction with (i) the financial statements of Global Leaders Corp., a Nevada corporation, and the notes thereto appearing elsewhere in this Form 10-Q together with (ii) the more detailed business information and the October 31, 2024 audited financial statements and related notes included in the Company’s most recent Annual Report on Form 10-K for the year ended October 31, 2024 filed with the SEC on January 24, 2025. Statements in this section and elsewhere in this Form 10-Q that are not statements of historical or current fact constitute “forward-looking” statements.

OVERVIEW

Global Leaders Corp. (the “Company” or “we”) was incorporated in the State of Nevada on July 20, 2020 and has a fiscal year end of October 31.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

USE OF ESTIMATES

REVENUE RECOGNITION

The Company recognizes revenues when its customer obtains control of promised services, in an amount that reflects the consideration the Company expects to receive in exchange for those services. The Company recognizes revenue following the five-step model prescribed by Accounting Standards Codification (ASC) 606, “Revenue from Contracts”, which includes (1) identifying the contracts or agreements with a customer, (2) identifying our performance obligations in the contract or agreement, (3) determining the transaction price, (4) allocating the transaction price to the separate performance obligations, and (5) recognizing revenue as each performance obligation is satisfied. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the services it transfers to its clients.

RECENT ACCOUNTING PRONOUNCEMENTS

Refer to Note 1 in the accompanying condensed consolidated financial statements.

PLAN OF OPERATION

Our planned operations may be hindered by factors beyond our control, such as general market conditions, our ability to attract qualified employees, government policies relevant to our industry, our ability to maintain our existing competitive advantages and new market entrants.

Our anticipated future growth will likely place significant demand on our management and operational efficiency. Our success in managing our growth will depend, to a significant degree, on our ability to attract new clients and retain existing clients and launch new services to increase our revenue. In addition, we will adapt our existing services to changing industry and user conditions, and expand, train, and manage our employees. The market in which we operate is highly dynamic and may not develop as expected. If we are unable to manage our operations properly and prudently as we continue to grow in this evolving market, or if the quality of our services deteriorates due to mismanagement, our brand name and reputation could be severely harmed, which would materially and adversely affect our business, financial condition, and results of operations.

Results of Operations

Three Months Ended ~~January~~April 3130, 2025, and 2024

We recorded $~~2,567~~0 and $75,~~678~~112 of revenues for the three months ended ~~January~~April 3130, 2025, and 2024, respectively.

For the three months ended ~~January~~April 3130, 2025 and 2024, no cost of revenues was incurred.

For the three months ended ~~January~~April 3130, 2025, and 2024, general and administrative expenses were $3510,~~235~~320 and $2912,~~898~~882 and included $5,~~790~~791 and $85,~~755~~754 of general and administrative expenses to a related party for the three months ended ~~January~~April 3130, 2025, and 2024, respectively.

Six Months Ended April 30, 2025, and 2024

We recorded $2,567 and $12,790 of revenues for the six months ended April 30, 2025, and 2024, respectively.

For the six months ended April 30, 2025 and 2024, no cost of revenues was incurred.

For the six months ended April 30, 2025, and 2024, general and administrative expenses were $45,555 and $42,780 and included $11,581 and $14,509 of general and administrative expenses to a related party for the six months ended April 30, 2025, and 2024, respectively.

Liquidity and Capital Resources

GOING CONCERN

For the ~~three~~six months ended ~~January~~April 3130, 2025, the Company incurred a net loss of $3242,~~668~~988 and used cash in operating activities of $3144,~~678~~ 660 and on atApril ~~January 31~~30, 2025, the Company had a stockholders’ deficit of $~~123~~134,~~684~~004. These factors, among others, raise substantial doubt ~~about~~ about the Company’s ability to continue as a going concern within one year of the date that these financial statements are issued. In In addition, the Company’s independent registered public accounting firm, in its report on the Company’s October 31, 2024 ~~financial~~ financial statements, raised substantial doubt about the Company’s ability to continue as a going concern. These financial statements do do not include any adjustments that might be necessary should the Company be unable to continue as a going concern.

AtOn ~~January~~April 3130, 2025, our cash balance was $~~2,280~~232. Management estimates that the current funds on hand will be sufficient to continue operations through the next three months. The Company’s ability to continue as a going concern is dependent upon the Company’s ability to implement its business plans and continue receiving financial support from its officers and shareholders. No assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company can obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stockholders, in the case of equity financing.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

As a smaller reporting company (as defined in Rule 12b-2 of the Exchange Act), we are not required to provide the information called for by this Item 3.

ITEM 4. CONTROLS AND PROCEDURES.

DISCLOSURE CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures:

We conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of ~~January~~April 3130, 2025. This evaluation was carried out by Mr. Yip Hoi Hing Peter, our Chief Executive Officer and Chief Financial Officer, who also serves as our principal executive officer and principal financial and accounting officer, respectively. Based upon that evaluation, Mr. Yip concluded that, as of ~~January~~April 3130, 2025, our disclosure controls and procedures were ~~not~~ not effective due to the presence of material weaknesses in internal control over financial reporting.

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or detected on a timely basis.

Management has identified the following material weaknesses which have caused management to conclude that, as of ~~January~~April 3130, 2025, our disclosure controls and procedures were not effective: Inadequate segregation of duties consistent with control objectives.

Changes in Internal Control over Financial Reporting:

There were no changes in our internal control over financial reporting during the quarter ended ~~January~~April 3130, 2025, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

The Company is not currently subject to any legal proceedings. From time to time, the Company may become subject to litigation or proceedings in connection with its business, as either a plaintiff or defendant. There are no such pending legal proceedings to which the Company is a party that, in the opinion of management, is likely to have a material adverse effect on the Company’s business, financial condition or results of operations.

ITEM 1A. RISK FACTORS.

As a smaller reporting company (as defined in Rule 12b-2 of the Exchange Act), we are not required to provide the information called for by this Item 1A.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

None.

ITEM 4. MINE SAFETY DISCLOSURES.

None.

ITEM 5. OTHER INFORMATION.

None.

ITEM 6. EXHIBITS.

(a) Exhibits required by Item 601 of Regulation SK.

Number		Description
3.1		Articles of Incorporation (1)

3.2		Bylaws (1)

17.1		Departure of Director and Appointment of Officer dated June 4, 2021 (2)

17.2		Departure of Director and Appointment of Officer dated June 22, 2021 (3)

17.3		Departure of Director and Appointment of Officer dated September 23, 2021 (4)

31.1		Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*

32.1		Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*

101.INS**		Inline XBRL Instance Document

101.SCH**		Inline XBRL Taxonomy Extension Schema Document

101.CAL**		Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF**		Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB**		Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE**		Inline XBRL Taxonomy Extension Presentation Linkbase Document

104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

* Filed herewith.

(1)	Previously filed and incorporated by reference to the Company’s Registration Statement on Form S-1, as amended (File No. 333-251324), as filed with the Securities and Exchange Commission on December 14, 2020.

(2)	Previously filed as an exhibit to the Company’s Current Report on Form 8-K filed with SEC on June 4, 2021.

(3)	Previously filed as an exhibit to the Company’s Current Report on Form 8-K filed with SEC on June 23, 2021.

(4)	Previously filed as an exhibit to the Company’s Current Report on Form 8-K filed with SEC on September 24, 2021.

** XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	GLOBAL LEADERS CORP.
	(Name of Registrant)
Date: March 10, 2025	By:	/s/ Yip Hoi Hing Peter
Date: May 27, 2025	By:	/s/ Yip Hoi Hing Peter
	Name:	Yip Hoi Hing Peter
	Title:	Chief Executive Officer and Chief Financial Officer (Principal Executive Officer and Principal Financial and Accounting Officer)

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