UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

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

For the fiscal year ended October 31, ~~2023~~2024

☐ 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 None (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)

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)

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:~~

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 January 2624, ~~2024~~2025, there were 154,394,750 shares of Common Stock, $0.0001 par value per share, outstanding.

GLOBAL LEADERS CORP.

FORM 10-K

FOR THE FISCAL YEAR ENDED OCTOBER 31, ~~2023~~2024

INDEX

		Page #
PART I
Item 1.	Business	2
Item 1A.	Risk Factors	3
Item 1B.	Unresolved Staff Comments	3
Item 1C.	Cybersecurity	3
Item 2.	Properties	3
Item 3.	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	56
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	56
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	67
Item 8.	Financial Statements and Supplementary Data	67
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	78
Item 9A.	Controls and Procedures	78
Item 9B.	Other Information	78
PART III
Item 10.	Directors, Executive Officers and Corporate Governance	89
Item 11.	Executive Compensation	910
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	1011
Item 13.	Certain Relationships and Related Transactions, and Director Independence	1112
Item 14.	Principal Accounting Fees and Services	1112
PART IV
Item 15.	Exhibits, Financial Statement Schedules	1213
SIGNATURES		1314

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 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 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 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

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 Global Leaders Corporation, an Anguilla company (“GLC Anguilla”). On August 25, 2020, GLC Anguilla acquired 100% of the equity interests of Global Leaders Academy Limited (“GLA”), a Hong Kong company, which was sold on May 1, 2022, to an unrelated party due to continuing losses incurred by GLA.

Mr. Yip Hoi Hing Peter (“Mr. Peter Yip”), founder of the Company, currently holds the positions of Chief Executive Officer, Chief Financial Officer, President, Secretary, Treasurer and Director of the Company, respectively.

DESCRIPTION OF BUSINESS

We are principally engaged in ~~provision~~providing of consultancy and training services to management executives of small and medium enterprises (SMEs) and startup companies in ~~Hong~~the ~~Kong~~Asia-Pacific Region. We aspire to assist our clients in creating high-performance management teams while simultaneously improving the mindset of our clients’ management executives. Through our professional and customized consultancy services, we also seek to improve our clients’ ~~management~~ management efficiency, as well as to analyze and ~~promote~~improve aupon ~~positive~~their ~~work~~workplace culture.

Three-~~stage~~Stage Formula

Although the exact details of our consultancy services vary based upon the needs and aspirations of our clients, the method through which we ~~evaluate~~ evaluate and implement our services follows a three-stage formula: (1) ~~Diagnosis~~External/Internal ~~Stage~~Analysis; (2) ~~Execution of Solutions Stage~~Implementation; and (3) Follow-upUp Stage.

(1) ~~Diagnosis~~External/Internal ~~Stage~~Analysis

During the initial ~~diagnosis~~external/internal analysis stage, ~~to provide tailor-made solutions to our clients,~~ we conduct interviews and meetings with our clients’ management executives, which can be conducted face-to-face or online. Our face-to-face meetings are normally held at the clients’ office, and if our discussions are conducted online, we will use a platform of our clients’ choice. The interviews and meetings, which are based more on discussion rather than standardized questions, help us to understand and analyze the client company’s culture and management style. Our goal during the ~~diagnosis~~external/internal analysis stage is to gain a better understanding of the client companies as a whole and to identify any critical problems and challenges, internally or externally, our clients are facing.

Subsequently, we prepare a diagnosis report, in which we analyze the client’s business strategies and identify any perceived gaps in their talents and capabilities. In this report, we also provide solutions that are tailor-made for our clients to overcome their challenges, which includes follow up workshops, personal management training and meetings. In providing this information, we provide an experienced, third-party perspective to provide blueprints for the Company’s future development by providing what we believe to be the right direction for increased performance, improved management mindset, and a more robust company culture.

Under normal circumstances, we conduct approximately three rounds of interviews and meetings, and it takes approximately one to three months to complete the diagnosis stage. This may vary based upon the specifics of each client.

(2) Execution of Solutions Stage

After the presentation of our diagnosis report to our clients there is a period of review where we follow up with any questions/comments they may have and ultimately work towards providing follow up services, as delineated in each individualized diagnosis report. Upon reaching an agreement with the client for these services, we execute the recommendations as advised in the diagnosis report. Typically, this will be performed through workshops and training that will be conducted by our outsourced management trainers and/or our staff.

To better facilitate the effectiveness of the workshop, the workshop will usually consist of two main parts: (i) Pre-workshop questionnaire; and (ii) Half-day workshop.

(i) Pre-Workshop Questionnaire

All participants must complete a questionnaire, which will be customized based on the needs/goals of each client, prior to the workshop itself. The purpose of the questionnaire is to gather the opinions, and gain a greater understanding, of the workshop participants. This will primarily be focused upon, but not exclusively pertain to, their management mindsets and current company culture. Through this information, our outsourced trainers and/or staff are better able to prepare for the workshop and can home in on the specific training needs of each client.

(ii) Half-Day Workshop

Our half-day workshops, comparable to our meetings during the diagnosis stage, can be conducted at the workplace of our client or through an online communication platform of their choice. The goal of the tailor-made workshop is to engage participants in discussion of different aspects of their business, which includes, but is not strictly limited to, the identification of corporate challenges, strategic review, identification of company and management capabilities, talent matching and departmental applications. The overall content of the workshop will be fine-tuned based on the feedback gathered in the previous questionnaire conducted before the workshop. Although we anticipate that each workshop will take place over half a business day, this may be longer or shorter depending on the specific needs of each client.

(3) Follow-up Stage

Following the completion of training workshops, we maintain ongoing engagement with clients through regular meetings with participants and management. These follow-ups provide continuous guidance, enabling clients to identify successes, address challenges, and optimize their training outcomes.

Management Trainers and Corporate Partners

To execute our consultancy solutions, we partner with management trainers for the preparation and delivery of workshops to our clients. The management trainers are identified and selected after the initial engagement of a client, whereupon we can determine what skill set/experience would be necessary to provide management training and workshops most competently to clients. In an ideal scenario, we hope to identify and engage management trainers with specific experiences in the same industry as a client. Currently, management trainers are identified through the personal and professional relationships of our executive team, and we do not presently have any other method of identification. All management trainers are engaged under a trainer’s agreement.

(2)	Implementation

(3)	Evaluation

Environmental, Social, and Governance (ESG) and Sustainability Programs

In response to the growing importance of sustainability, the Company has initiated a comprehensive range of environmental, social, and governance (ESG) and sustainability programs and solutions tailored to the needs of small and medium-sized enterprises (SMEs) in the Greater Bay Area (GBA) insince the last quarter of 2023.

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.

ITEM 1A. RISK FACTORS

Not required by smaller reporting companies. We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

ITEM 1B. UNRESOLVED STAFF COMMENTS

None

ITEM 1C. CYBERSECURITY

As of the date of this Annual Report, we believe that we have limited risks associated with a breach in cybersecurity. Risks from cybersecurity threats, including as a result of any previous cybersecurity incidents (of which we are not aware of any), have not materially affected or are not reasonably likely to materially affect the Company, including its business strategy, results of operations, or financial condition.

While we lack a formal risk assessment policy or analysis and no process has been integrated into our management system, a risk assessment would likely include identification of any reasonably foreseeable internal and external risks, any likelihood and potential damage that could result from such risks, and whether existing safeguards are sufficient to manage such risks. If appropriate and necessary, we would implement reasonable safeguards to minimize identified risks and address any identified gaps in existing systems.

Primary responsibility for assessing any cybersecurity risks rests with our Chief Executive Officer, who would report any threat to our Board of Directors.

To date, we have not encountered cybersecurity threats or challenges that have materially impaired our operations, business strategy or financial condition.

ITEM 2. PROPERTIES

Our current business office is located at Units 2613-18, 26/F., Shui On Centre, 6-8 Harbour Road, Wanchai, Hong Kong. The office space is provided by the Chief Executive Officer at no charge.

ITEM 3. LEGAL PROCEEDINGS

The Company is not a party to any threatened or pending legal proceedings.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

PART II

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

We have authorized capital stock consisting of 600,000,000 shares of Common Stock, $0.0001 par value per share (“Common Stock”) and 200,000,000 shares of preferred stock, $0.0001 par value per share (“Preferred Stock”). As of October 31, ~~2023~~2024, and ~~2022~~2023, 154,394,750 ~~and 153,726,000~~ shares of our Common Stock were issued and outstanding~~, respectively~~.

On May 25, 2021, we received a notice of effectiveness from SEC.

On December 20, 2023, a trading symbol GLCP iswas assigned to the Company by FINRA’s Department of Market Operations, and ~~thus,~~since ~~as of~~then ~~December 20, 2023,~~ the Company’s Common Stock ~~may~~could be quoted and traded in the over-the counter (“OTC”) market.

ISSUANCE OF SHARES AND HOLDERS

InDuring ~~November~~the ~~2022,~~year ~~the~~ended ~~Company~~October ~~sold~~31, ~~668~~2024,~~750~~ ~~shares~~the ofCompany ~~restricted~~did ~~Common~~not ~~Stock~~issue toany ~~eighteen~~shares ~~(18) individuals in a private placement at a price~~ of ~~$0.80~~Common ~~per share, for total proceeds of $535,000:~~Stock.

Name	Number of Shares
Ho Ching		25,000
Tsui Hok Hoi Eddie		25,000
Lee Suk Man		125,000
Ng Wing Yee		31,250
Tang Choi Ying		12,500
Tsui Lam Oi Kwan Sandy		12,500
Wong Hou Yan Norman		12,500
Tsui Tai Hoi Raymond		200,000
Tsui Wong Dig Hong Betty		62,500
Tsui Shuk Yee Irene		12,500
Yau Kwai Ching Maggie		12,500
Tong Hing Yam Carie		37,500
Ho Kwan Ming		12,500
Szeto Yiu Kwai		12,500
Wong Kwai Ling Lucy		37,500
Leung Yuk Kuen		12,500
Leung Mei Yee Isabella		12,500
Leung Chuen Yee		12,500
Total		668,750

For the year ended October 31, 2023, the Company sold 668,750 shares of restricted Common Stock to eighteen (18) individuals in a private placement at a price of $0.80 per share, for total proceeds of $535,000:

During the year ended October 31, 2022, the Company did not issue any shares of Common Stock.

Name of Shareholder	Number of Shares
Ho Ching		25,000
Tsui Hok Hoi Eddie		25,000
Lee Suk Man		125,000
Ng Wing Yee		31,250
Tang Choi Ying		12,500
Tsui Lam Oi Kwan Sandy		12,500
Wong Hou Yan Norman		12,500
Tsui Tai Hoi Raymond		200,000
Tsui Wong Dig Hong Betty		62,500
Tsui Shuk Yee Irene		12,500
Yau Kwai Ching Maggie		12,500
Tong Hing Yam Carie		37,500
Ho Kwan Ming		12,500
Szeto Yiu Kwai		12,500
Wong Kwai Ling Lucy		37,500
Leung Yuk Kuen		12,500
Leung Mei Yee Isabella		12,500
Leung Chuen Yee		12,500
Total		668,750

AtOn October 31, ~~2022~~2024, our Chief Executive Officer, Chief Financial Officer and Director, Mr. Yip Hoi Hing Peter (“Mr. Peter Yip”) beneficially owns 68.5423% or 105,350,000 shares of Common Stock of the Company, comprised of his individual ownership of Common Stock of 30,100,000 shares, as well as 30,000,000 shares held by each of CSG Global Holdings Limited and CS Global Consultancy Limited, which are both controlled entirely by Mr. Peter Yip, and 15,250,000 shares of Common Stock owned by his ~~wife~~spouse, Ms. Law Mo Ching.

After the issuance of 668,750 shares of Common Stock in November 2022, Mr. Peter Yip’s beneficial ownership changed from 68.54% to 68.23% accordingly.

As of the date of this filing, we have 154,394,750 shares of Common Stock issued and outstanding and no shares of Preferred Stock are issued and outstanding.

TRANSFER AGENT AND REGISTRAR

As of the date of this filing, weour dotransfer ~~not~~agent ~~have~~is aVStock ~~transfer~~Transfer, ~~agent~~LLC, whose business address is 18 Lafayette Place, Woodmere, NY 11598 and telephone number is 212-828-8436.

PENNY STOCK REGULATIONS

The Securities and Exchange Commission has adopted regulations which generally define “penny stock” to be an equity security that has a market price of less than $5.00 per share. Our Common Stock, when and if a trading market develops, may fall within the definition of penny stock and be subject to rules that impose additional sales practice requirements on broker-dealers who sell such securities to persons other than established customers and accredited investors (generally those with assets more than $1,000,000, or annual incomes exceeding $200,000 individually, or $300,000, together with their spouse).

For transactions covered by these rules, the broker-dealer must make a special suitability determination for the purchase of such securities and have received the purchaser’s prior written consent to the transaction. Additionally, for any transaction, other than exempt transactions, involving a penny stock, the rules require the delivery, prior to the transaction, of a risk disclosure document mandated by the Securities and Exchange Commission relating to the penny stock market. The broker-dealer also must disclose the commissions payable to both the broker-dealer and the registered representative, current quotations for the securities and, if the broker-dealer is the sole market-maker, the broker-dealer must disclose this fact and the broker-dealer’s presumed control over the market. Finally, monthly statements must be sent disclosing recent price information for the penny stock held in the account and information on the limited market in penny stocks. Consequently, the “penny stock” rules may restrict the ability of broker-dealers to sell our Common Stock and may affect the ability of investors to sell their Common Stock in the secondary market.

In addition to the “penny stock” rules promulgated by the Securities and Exchange Commission, the Financial Industry Regulatory Authority (“FINRA”) has adopted rules that require that in recommending an investment to a customer, a broker-dealer must have reasonable grounds for believing that the investment is suitable for that customer. Prior to recommending speculative low-priced securities to their non-institutional customers, broker-dealers must make reasonable efforts to obtain information about the customer’s financial status, tax status, investment objectives and other information. Under interpretations of these rules, FINRA believes that there is a high probability that speculative low-priced securities will not be suitable for at least some customers. The FINRA requirements make it more difficult for broker-dealers to recommend that their customers buy our Common Stock, which may limit the investors’ ability to buy and sell our stock.

DIVIDEND POLICY

Any future determination as to the declaration and payment of dividends on shares of our Common Stock will be made at the discretion of our Board of Directors out of funds legally available for such a purpose. We are under no contractual obligations or restrictions to declare or pay dividends on our shares of Common Stock. In addition, we currently have no plans to pay such dividends. Our Board of Directors currently intends to retain all earnings for use in the business for the foreseeable future.

SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS

We have not established any compensation plans under which equity securities are authorized for issuance.

RECENT SALES OF UNREGISTERED SECURITIES

None

PURCHASES OF EQUITY SECURITIES BY THE REGISTRANT AND AFFILIATED PURCHASERS

We have not repurchased any shares of our Common Stock during the fiscal year ended October 31, ~~2023~~2024.

ITEM 6. SELECTED FINANCIAL DATA

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

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.

GOING CONCERN

For the year ended October 31, ~~2023~~2024, the Company incurred a net loss of $~~500~~62,~~444~~113 and used cash in operations of $~~503~~70,~~189~~297, and aton October 31, ~~2023~~ 2024, the Company had a stockholders’ deficit of $2891,~~903~~016. 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 its financial statements are issued. In addition, the Company’s independent registered public accounting firm, in their report on the Company’s October 31, ~~2023~~2024, audited financial statements, raised substantial doubt about the Company’s ability to continue as a going concern. The Company’s financial statements included elsewhere in this Annual Report do not include any adjustments that might be necessary should the Company be unable to continue as a going concern.

As of October 31, ~~2023~~2024, the Company’s cash balance was $~~1,874~~570. 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.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

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. Actual results could differ from those estimates. Significant estimates include estimates for the accruals of potential liabilities.

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

See Note 1 to the Consolidated Financial Statements.

RESULTS OF OPERATIONS

Years ended October 31, ~~2023~~2024, and ~~2022~~2023:

~~For~~Our revenue was $39,130 and $14,061 for the ~~year~~years ended October 31, ~~2023~~2024, ~~our~~and ~~revenue was $14~~2023,~~061~~ respectively.

We ~~recorded~~incurred nocost of revenues of $16,706 for the year ended October 31, ~~2022~~2024, while no such cost was incurred during the year ended October 31, 2023.

For the years ended October 31, ~~2023~~2024, and ~~2022~~2023, general and administrative (G&A) expenses were $~~514~~84,~~505~~537 and $~~105~~514,~~905~~505, respectively, ~~and~~ and included $~~370~~29,~~607~~837 and $54370,~~691~~607 of G&A expenses to related parties, respectively.

Liquidity and Capital Resources

OFF-BALANCE SHEET ARRANGEMENTS

As of October 31, ~~2023~~2024, we have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in our financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to our stockholders.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

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

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

ITEM 9A. CONTROLS AND PROCEDURES

DISCLOSURE 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~~2024, 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)-15(f) under the Exchange Act as a process designed to provide reasonable assurance to the Company’s management and Board of Directors regarding the preparation and fair presentation of published financial statements. Management assessed the Company’s internal control over financial reporting as of October 31, ~~2023~~2024, based on the framework and criteria established by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control-Integrated Framework (2013) (COSO). Based on the assessment, management concluded that, as of October 31, ~~2023~~2024, the Company’s internal controls over financial reporting were not effective.

We identified material weaknesses in our internal controls 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 our financial statements will not be prevented or detected on a timely basis.

The material weaknesses identified include (i) the Company did not maintain a functioning independent audit committee and did not maintain an independent board; (ii) the Company had inadequate segregation of duties; and (iii) the Company had an insufficient number of personnel with an appropriate level of U.S. GAAP knowledge and experience and ongoing training in the application of U.S. GAAP and SEC disclosure requirements commensurate with the Company’s financial reporting requirements.

The material weaknesses were identified by our President, Chief Executive Officer, and Director, who also serves as our principal financial officer and principal accounting officer, in connection with the review of our financial statements as of October 31, ~~2023~~2024.

Notwithstanding the identified material weaknesses, management has concluded that the Financial Statements included in this Annual Report on Form 10-K present fairly, in all material respects, the Company’s financial position, results of operations and cash flows for the periods disclosed in conformity with U.S. GAAP.

CHANGES IN INTERNAL CONTROLS OVER FINANCIAL REPORTING

There was no change in our internal controls over financial reporting that occurred during the period covered by this report, which has materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting.

This Annual Report does not include an attestation report of the Company’s registered independent public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by the Company’s registered independent public accounting firm pursuant to rules of the Securities and Exchange Commission that permit the Company to provide only management’s report in this Annual Report on Form 10-K.

ITEM 9B. OTHER INFORMATION

None.

PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE

Biographical information regarding the executive officer and director of the Company is as follows:

NAME		AGE		POSITION
Yip Hoi Hing Peter		6667		President, Chief Executive Officer, Chief Financial Officer, Chairman of Board of Directors

The executive officer and director named above will serve until the next annual meeting of the stockholders or until their respective resignation or removal from office. Thereafter, directors are anticipated to be elected for one-year terms at the annual stockholders’ meeting. Officers will hold their positions at the pleasure of the Board of Directors, absent any employment agreement, of which none currently exists or is contemplated.

Set forth below is a brief description of the background and business experience of our executive officer and director.

Yip Hoi Hing Peter, 6667, is the President, Chief Executive Officer, Chief Financial Officer, and Chairman of the Board of Directors of the Company. Mr. Yip graduated from banking in Association of Chartered Institute of Bankers London and Master of Business Administration degree in Hong Kong Polytechnic University, Mr. Yip has held various senior positions in ABN AMRO, Standard Chartered Bank, JPMorgan Chase and CSG Group Holdings Limited in the last 30 years. He was the regional training manager in ABN AMRO from 1982 to 1992, spearheading the training function in the Asia Pacific region. In 1993, he took up the position of Regional Training Consultant in Standard Chartered Bank to develop corporate bankers’ relationship management competencies. From 1994 to 2003, Mr. Yip was the Head of Learning & Development, North Asia in JPMorgan Chase, specializing in organizational integration, leadership alignment, change management, culture development, performance management and feedback management. After a 20 years’ career in banking, Mr. Yip started his entrepreneurship as the Founder & CEO of CSG Group Holdings Limited in 2003. In the past 20 years, he has set up a diversified business in Asia Pacific, ranging from market research, business consulting to corporate advisory.

Mr. Yip brings to the ~~board~~Board of ~~directors~~Directors his business leadership, corporate strategy, and talent development expertise.

TERM OF OFFICE

All directors hold office until the next annual meeting of the stockholders of the Company and until their successors have been duly elected and qualified. The Company’s Bylaws provide that the Board of Directors will consist of no less than three members. Officers are elected by and serve at the discretion of the Board of Directors.

DIRECTOR INDEPENDENCE

Our Board of Directors is currently composed of one member who does not qualify as an independent director in accordance with the published listing requirements of the NASDAQ Global Market (though the Company may have a plan to list on the NASDAQ Global Market later). The NASDAQ independence definition includes a series of objective tests, such as that the director is not, and has not been for at least three years, one of our employees and that neither the director, nor any of his family members has engaged in various types of business dealings with us. In addition, our Board of Directors has not made a subjective determination as to our director that no relationships exist which, in the opinion of our Board of Directors, would interfere with the exercise of independent judgment in carrying out the responsibilities of a director, though such subjective determination is required by the NASDAQ rules. Had our Board of Directors made these determinations, our Board of Directors would have reviewed and discussed information provided by our director and us regarding to our director’s business and personal activities and relationships as they may relate to us and our management.

CERTAIN LEGAL PROCEEDINGS

No director, nominee for director, or executive officer of the Company has appeared as a party in any legal ~~proceeding~~proceedings ~~material~~ to an evaluation of his ability or integrity during the past five years.

SIGNIFICANT EMPLOYEES AND CONSULTANTS

Other than our sole officer and director, we currently have no other significant employees.

AUDIT COMMITTEE AND CONFLICTS OF INTEREST

Since we do not have an audit or compensation committee comprised of independent directors, the functions that would have been performed by such committees are performed by our directors. The Board of Directors has not established an audit committee and does not have an audit committee financial expert, nor has the Board of Directors established a nominating committee. The Board is of the opinion that such committees are not necessary since the Company is an early exploration stage company and has only one director, and to date, such a director has been performing the functions of such committees. Thus, there is a potential conflict of interest in that our sole officer and director has the authority to determine issues concerning management compensation, nominations, and audit issues that may affect management decisions.

There are no family relationships among our officers or directors. Other than as described above, we are not aware of any other conflicts of interest with any of our executive officers or directors, as currently only sole officer and director serves the Company and as well as the Board.

SECTION 16(A) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE

Section 16(a) of the Securities Exchange Act of 1934 requires our executive officers and directors, and persons who own more than ten percent of a registered class of our equity securities, file reports of ownership and changes in ownership with the SEC. Executive officers, directors and greater-than-ten percent stockholders are required by SEC regulations to furnish us with all Section 16(a) forms they file. Specific due dates for these reports have been established and the Company is required to report in this report any failure to file by these dates.

All filing requirements were satisfied by the Company’s ~~Officers~~officers, ~~Directors~~directors, and ten-percent holders.

In making these statements, we have relied on the written representation of our ~~Officers~~officers and ~~Directors~~directors or copies of the reports that they have filed with the Commission.

CODE OF ETHICS

We have not adopted a formal Code of Ethics. The Board of Directors evaluated the business of the Company and the number of employees and determined that since the business is operated by a small number of persons, general rules of fiduciary duty and federal and state criminal, business conduct and securities laws are adequate ethical guidelines. In the event our operations, employees and/or ~~Directors~~directors expand in the future, we may take ~~actions~~action to adopt a formal Code of Ethics.

SHAREHOLDER PROPOSALS

Our Company does not have any defined policy or procedural requirements for shareholders to submit recommendations or nominations for Directors. The Board of Directors believes that, given the stage of our development, a specific nominating policy would be premature and of little assistance until our business operations develop to a more advanced level. Our Company does not currently have any specific or minimum criteria for the election of nominees to the Board of Directors and we do not have any specific process or procedure for evaluating such nominees. The Board of Directors will assess all candidates, whether submitted by management or shareholders, and make recommendations for election or appointment.

A shareholder who wishes to communicate with our Board of Directors may do so by directing a written request addressed to our President, at the address appearing on the cover page of this Annual Report.

ITEM 11. EXECUTIVE COMPENSATION

The following tables set forth certain information about compensation paid, earned, or accrued for services by our Chief Executive Officer and Chief Financial Officer in the fiscal years ended October 31, ~~2023~~2024, and ~~2022~~2023:

SUMMARY COMPENSATION TABLE

Name and principal position

Year

Salary ($)

~~Salary ($)~~

Bonus ($)

~~Bonus ($)~~

Stock Compensation ($)

~~Stock Compensation ($)~~

Option Awards ($)

~~Option Awards ($)~~

Non-Equity Incentive Plan Compensation ($)

~~Non-Equity Incentive Plan Compensation ($)~~

Nonqualified Deferred Compensation Earnings ($)

~~Nonqualified Deferred Compensation Earnings ($)~~

All Other Compensation ($)

~~All Other Compensation ($)~~

Total ($)

~~Total ($)~~

Yip Hoi Hing Peter (1)

~~2023~~2024

Chief Executive Officer, Chief Financial Officer

Yip Hoi Hing Peter (1)

~~2022~~2023

Chief Executive Officer, Chief Financial Officer

(1) Mr. Yip Hoi Hing Peter (“Mr. Peter Yip”), our Chief Executive Officer, Chief Financial Officer, and Director, was not compensated for his services provided to the Company during the years ended October 31, ~~2023~~2024, and ~~2022~~2023, respectively.

STOCK OPTION GRANTS

We have not granted any stock options to our executive officers or directors since our incorporation.

EMPLOYMENT AGREEMENTS

We do not have an employment or consulting agreement with any officers or directors.

910

DIRECTOR’S COMPENSATION

The following table sets forth our director’s compensation for the year ended October 31, ~~2023~~2024 (~~2022~~2023: Nil).

Name

Salary

($)

Bonus

($)

Stock

Compensation

($)

Option

Awards

($)

Non-Equity

Incentive

Plan

Compensation

($)

Nonqualified

Deferred

Compensation

Earnings

($)

All Other

Compensation

($)

Total

($)

Yip Hoi Hing Peter (1)

(1) On July 20, 2020, Mr. Yip Hoi Hing Peter (“Mr. Peter Yip”) was appointed as Chief Executive Officer, President, and Director of the Company. Mr. Peter Yip currently holds the positions of Chief Executive Officer, Chief Financial Officer, President, Secretary, Treasurer and Director of the Company, respectively.

None of our directors have received monetary compensation since our inception to the date of this Annual Report on Form 10-K. We currently do not pay any compensation to our director serving on the Board of Directors.

COMPENSATION DISCUSSION AND ANALYSIS

DIRECTOR COMPENSATION

Our Board of Directors does not currently receive any consideration as a member serving the Board of Directors. The Board of Directors reserves the right in the future to award the members of the Board of Directors cash or stock-based consideration for their services to the Company, which awards, if granted shall be in the sole determination of the Board of Directors.

EXECUTIVE COMPENSATION PHILOSOPHY

Our Board of Directors determines the compensation given to our executive officers in their sole determination. Our Board of Directors reserves the right to pay our executive or any future executives a salary, and/or issue them shares of Common Stock in consideration for services rendered and/or to award incentive bonuses which are linked to our performance, as well as to the individual executive officer’s performance. This package may also include long-term stock-based compensation to certain executives, which is intended to align the performance of our executives with our long-term business strategies. Additionally, while our Board of Directors has not granted any performance base stock options to date, the Board of Directors reserves the right to grant such options in the future, if the Board in its sole determination believes such grants would be in the best interests of the Company.

INCENTIVE BONUS

The Board of Directors may grant incentive bonuses to our executive officer and/or future executive officers in its sole discretion, if the Board of Directors believes such bonuses are in the Company’s best interest, after analyzing our current business objectives and growth, if any, and the amount of revenue we are able to generate each month, which revenue is a direct result of the actions and ability of such executives.

LONG-TERM, STOCK BASED COMPENSATION

To attract, retain and motivate executive talent necessary to support the Company’s long-term business strategy we may award our executive and any future executives with long-term, stock-based compensation in the future, at the sole discretion of our Board of Directors, which we do not currently have any immediate plans to award.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

Information relating to beneficial ownership of Common Stock by our principal shareholders and management is based upon information furnished by each person using “beneficial ownership” concepts under the rules of the Securities and Exchange Commission. Under these rules, a person is deemed to be a beneficial owner of a security if that person has or shares voting power, which includes the power to vote or direct the voting of the security, or investment power, which includes the power to vote or direct the voting of the security. The person is also deemed to be a beneficial owner of any security of which that person has a right to acquire beneficial ownership within 60 days. Under the Securities and Exchange Commission rules, more than one person may be deemed to be a beneficial owner of the same securities, and a person may be deemed to be a beneficial owner of securities as to which he or she may not have any pecuniary beneficial interest. Except as noted below, each person has sole voting and investment power.

The following table lists, as of October 31, ~~2023~~2024, the number of shares of Common Stock of the Company that are beneficially owned by (i) each person or entity known to the Company to be the beneficial owner of more than 5% of our outstanding Common Stock; (ii) each officer and director of the Company; and (iii) all officers and directors if any as a group.

1011

The percentages below are calculated based on 154,394,750 shares of our Common Stock issued and outstanding as of October 31, ~~2023~~2024. We do not have any outstanding warrant, options, or other securities exercisable for or convertible into shares of our Common Stock.

Name of Beneficial Owner	Number of Common Stock Owned		Percentage of Ownership

Yip Hoi Hing Peter (1)		105,350,000		68.23	%
Yip Sau Fong (2)		10,000,000		6.48	%
Yip Sau Fan Fanny (2)		10,000,000		6.48	%
Greenpro Venture Capital Limited (3)		9,000,000		5.83	%
Lee Chong Kuang (4)		8,000,000		5.18	%

(1)	Mr. Yip Hoi Hing Peter (“Mr. Peter Yip”), Chief Executive Officer, Chief Financial Officer and Director of the Company, his 68.23% shareholdings or ownership of 105,350,000 shares comprises his individual ownership of Common Stock of 30,100,000 shares as well as 30,000,000 shares held by each of CSG Global Holdings Limited and CS Global Consultancy Limited, which are both controlled entirely by Mr. Peter Yip, and the 15,250,000 shares of Common Stock owned by his ~~wife~~spouse, Ms. Law Mo Ching.
(2)	Ms. Yip Sau Fong and Ms. Yip Sau Fan Fanny are sisters of Mr. Peter Yip.
(3)	Greenpro Venture Capital Limited is owned and controlled entirely by Greenpro Capital Corp. or “GRNQ,” a NASDAQ listed Company.
(4)	Mr. Lee Chong Kuang is ~~Chief~~chief ~~Executive~~executive ~~Officer~~officer and ~~Director~~a director of Greenpro Capital Corp.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE

None.

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES

Below is the aggregate amount of fees billed for professional services rendered by our principal accountant with respect to our last two fiscal years:

	Year ended October 31,
	2023		2022
	2024		2023
Audit fees (1)	$	4945,~~445~~143	$	4338,~~375~~640
Audit related fees (2)		-		-
Total	$	49,445	$	43,375
Tax fees (3)		5,749		10,805
Total	$	50,892	$	49,445

(1)	The category of “Audit fees” includes fees for our annual audit, quarterly reviews and services rendered in connection with regulatory filings with the SEC, such as the issuance of comfort letters and consents.

~~Audit~~2024 audit fees were comprised of ~~annual~~the ~~audit~~balance ~~fee~~ of ~~$10,000~~2023 ~~and~~annual ~~quarterly~~audit ~~review~~fee ~~fees~~ of 39$7,~~445~~325, ~~for~~ the ~~year~~2024 ~~ended October 31, 2023, and~~ annual audit fee of $1018,000 and the quarterly review fees of ~~$33~~19,~~375~~818 for the year ended October 31, ~~2022~~2024, respectively.

2023 audit fees were comprised of the part of 2023 annual audit fee of $10,000 and the quarterly review fees of $28,640 for the year ended October 31, 2023, respectively.

(2)	The category of “Audit-related fees” includes employee benefit plan audits, internal control reviews and accounting consultation.

During the years ended October 31, ~~2023~~2024, and ~~2022~~2023, neither audit related services were rendered by our principal accountant nor audit related fees were incurred by the Company.

~~All the~~(3) ~~professional~~The ~~services~~category ~~rendered by principal accountant for the audit~~ of ~~our~~“Tax ~~annual~~fees” ~~financial~~includes ~~statements~~services ~~that~~for ~~are~~tax ~~normally~~compliance, ~~provided by~~tax ~~the accountant in connection with statutory and regulatory~~ filings ~~or engagements by Weinberg & Company, P.A. (2023~~ and ~~2022) were~~tax ~~approved by our Board of Directors~~advice.

11Our principal accountant rendered tax services for the Company, $5,749 and $10,805 tax services fees were incurred by the Company for the years ended October 31, 2024, and 2023, respectively.

During the years ended October 31, 2024, and 2023, all the audit and tax services were provided by our principal accountant, Weinberg & Company, P.A, and all the services were pre-approved by the Board of Directors.

PART IV

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

(a) Exhibits

The following exhibits are filed or “furnished” herewith:

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 in the Company’s Registration Statement, Amendment No.3 to Form S-1 (File No. 333-251324) with the Securities and Exchange Commission on May 7, 2021.

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

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

(4)	Previously filed as an exhibit to the Company’s Current Report on Form 8-K 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.

1213

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: January 26, 2024	By:	/s/ Yip Hoi Hing Peter
Date: January 24, 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)

1314

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

	~~Page #~~	Page #
Consolidated Financial Statements
Report of Independent Registered Public Accounting Firm (PCAOB ID: 572)	~~F-2~~	F-2
Consolidated Balance Sheets as of October 31, 2023, and 2022	F-3
Consolidated Balance Sheets as of October 31, 2024, and 2023		F-3
Consolidated Statements of Operations and Comprehensive Loss for the years ended October 31, 2023 and 2022	F-4
Consolidated Statements of Operations and Comprehensive Loss for the years ended October 31, 2024 and 2023		F-4
Consolidated Statements of Stockholders’ Deficit for the years ended October 31, 2023 and 2022	F-5
Consolidated Statements of Stockholders’ Deficit for the years ended October 31, 2024 and 2023		F-5
Consolidated Statements of Cash Flows for the years ended October 31, 2023 and 2022	F-6
Consolidated Statements of Cash Flows for the years ended October 31, 2024 and 2023		F-6
Notes to Consolidated Financial Statements	~~F-7 – F-10~~	F-7 – F-11

F-1

Report of Independent Registered Public Accounting Firm

To the Stockholders and the Board of Directors of Global Leaders Corp.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Global Leaders Corp. (the “Company”) as of October 31, ~~2023~~2024, and ~~2022~~2023, the related consolidated statements of operations and comprehensive loss, stockholders’ deficit, and cash flows for the years then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of October 31, ~~2023~~2024, and ~~2022~~2023, and the results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in in the United States of America.

Going Concern

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in ~~Note~~ Note 1 to the financial statements, during the year ended October 31, ~~2023~~2024, the Company incurred a net loss and had negative cash flows from operating activities, and at October 31, ~~2023~~2024, had a stockholders’ deficit. These conditions raise substantial doubt about ~~the~~ the Company’s ability to continue as a going concern. Management’s plans in relation to these matters are also described in Note 1. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these ~~financial~~ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence ~~regarding~~ regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Company’s auditor since 2020.

/s/~~Weinberg~~ Weinberg & Company, P.A.

Los Angeles, California

January 2624, ~~2024~~2025

F-2

GLOBAL LEADERS CORP.

CONSOLIDATED BALANCE SHEETS

AS OF OCTOBER 31, ~~2023~~2024, AND ~~2022~~2023

(Expressed in U.S. Dollars)

	October 31, 2023			October 31, 2022
	October 31, 2024			October 31, 2023
ASSETS
Current assets
Cash	$	~~1,874~~570		$	~~797~~1,874
Prepaid expenses		2,~~871~~970			2,~~041~~871
Prepaid expense to related party		~~1,915~~-			-1,915
Total currents assets		6,660			2,838
Prepaid expense		-			1,915
TOTAL ASSETS	$	6,660		$	2,838
Total currents assets		3,540			6,660
TOTAL ASSETS	$	3,540		$	6,660
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities
Accrued liabilities	$	~~10,000~~-		$	10,000
Due to officer/principal shareholder		2594,~~563~~556			5625,~~297~~563
Total current liabilities		3594,~~563~~556			6635,~~297~~563
Commitments and Contingencies		-			-
STOCKHOLDERS’ DEFICIT
Preferred stock, $0.0001 par value; 200,000,000 shares authorized; no shares issued and outstanding at October 31, 2023 and 2022		-			-
Preferred stock, $0.0001 par value; 200,000,000 shares authorized; no shares issued and outstanding on October 31, 2024, and 2023		-			-
Common stock, $0.0001 par value, 600,000,000 shares authorized; 154,394,750 and 153,726,000 shares issued and outstanding at October 31, 2023 and 2022, respectively		15,439			15,372
Common stock, $0.0001 par value, 600,000,000 shares authorized; 154,394,750 shares issued and outstanding on October 31, 2024, and 2023		15,439			15,439
Additional paid in capital		1,424,320			~~889~~1,~~387~~424,320
Accumulated other comprehensive income		3,332			3,332
Accumulated deficit		(1,~~471~~534,~~994~~107	)		(~~971~~1,~~550~~471,994	)
Total stockholders’ deficit		(2891,~~903~~016	)		(6328,~~459~~903	)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT	$	63,~~660~~540		$	26,~~838~~660

See accompanying notes to the consolidated financial statements.

F-3

GLOBAL LEADERS CORP.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

FOR THE YEARS ENDED OCTOBER 31, ~~2023~~2024, AND ~~2022~~2023

(Expressed in U.S. Dollars)

	2023			2022
	Year ended October 31,
	2023			2022
	2024			2023
Revenues:
Revenues	$	39,130		$	14,061
Service revenue	$	14,061		$	-
Operating costs and expenses:
Total revenue		14,061			-
Costs of revenues		16,706			-
Operating expenses:
General and administrative expenses-related parties		29,837			370,607
General and administrative-related parties		370,607			54,691
General and administrative expenses		54,700			143,898
General and administrative-other		143,898			51,214
General and administrative		54,700			143,898
Total operating expenses		514,505			105,905
Total operating costs and expenses		101,243			514,505
Loss from continuing operations		(500,444	)		(105,905	)
Net loss and comprehensive loss	$	(62,113	)	$	(500,444	)
Discontinued operations:
Loss from discontinued operations		-			(1,959	)
Loss on sale of discontinued operations		-			(1,457	)
Discontinued operations		-			(3,416	)
Net loss		(500,444	)		(109,321	)
Other comprehensive income:
-Foreign currency translation income		-			3,173
Comprehensive loss	$	(500,444	)	$	(106,148	)
Net loss per common share - basic and diluted	$	(0.00	)	$	(0.00	)
Weighted average common shares outstanding - basic and diluted		154,~~365~~394,~~315~~750			~~153~~154,~~726~~365,~~000~~315

See accompanying notes to the consolidated financial statements.

F-4

GLOBAL LEADERS CORP.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT

FOR THE YEARS ENDED OCTOBER 31, ~~2023~~2024, AND ~~2022~~2023

(Expressed in U.S. Dollars)

	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, 2021		153,726,000	$	15,372	$	752,338	$	159	$	(862,229	)	$	(94,360	)
Balance, October 31, 2022		153,726,000	$	15,372	$	889,387	$	3,332	$	(971,550	)	$	(63,459	)
Capital contribution due to forgiveness of debt from officer/principal shareholder		-		-		137,049		-		-			137,049
Foreign currency transaction		-		-		-		3,173		-			3,173
Net loss		-		-		-		-		(109,321	)		(109,321	)
Balance, October 31, 2022		153,726,000		15,372		889,387		3,332		(971,550	)		(63,459	)
Beginning balance value		153,726,000		15,372		889,387		3,332		(971,550	)		(63,459	)
Common Stock issued for cash in a private placement		668,750		67		534,933		-		-			535,000
Net loss		-		-		-		-		(500,444	)		(500,444	)
Balance, October 31, 2023		154,394,750	$	15,439	$	1,424,320	$	3,332	$	(1,471,994	)	$	(28,903	)
Ending balance value		154,394,750	$	15,439	$	1,424,320	$	3,332	$	(1,471,994	)	$	(28,903	)
Balance		154,394,750		15,439		1,424,320		3,332		(1,471,994	)		(28,903	)
Net loss		-		-		-		-		(62,113	)		(62,113	)
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	$	(1,534,107	)	$	(91,016	)

See accompanying notes to the consolidated financial statements.

F-5

GLOBAL LEADERS CORP.

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED OCTOBER 31, ~~2023~~2024, AND ~~2022~~2023

(Expressed in U.S. Dollars)

	2023			2022
	Year ended October 31,
	2023			2022
	2024			2023
Cash Flows From Operating Activities
Net loss	$	(~~500~~62,~~444~~113	)	$	(~~109~~500,~~321~~444	)
Adjustments to reconcile net loss to net cash used in operating activities:
Loss from discontinued operations		-			1,959
Loss from sale of discontinued operations		-			1,457
Change in operating assets and liabilities:
Prepaid expenses		(~~830~~99	)		(~~2,041~~830	)
Prepaid expense to related party		(1,915	)		-(1,915	)
Accrued liabilities		-			(1,863	)
Prepaid expense		1,915			(1,915	)
Accounts payable due to related party		-			(50,000	)
Accrued liabilities		(10,000	)		-
Net cash used in operations - continuing operations		(503,189	)		(159,809	)
Net cash used in operating activities		(70,297	)		(503,189	)
Net cash used in operating activities - discontinued operations		-			(22,176	)
Net cash used in operating activities		(503,189	)		(181,985	)
Cash Flows From Investing Activities
Disposal of subsidiary, net of cash disposed of		-			(2,094	)
Net cash used in investing activities - continuing operations		-			(2,094	)
Cash Flows From Financing Activities
(Repayment to) advances from an officer/principal shareholder		(30,734	)		56,074
Advances from officer/principal shareholder		164,872			19,234
Proceeds from shares issued for cash in a private placement		535,000			-
Repayment of advances from officer/principal shareholder		(95,879	)		(49,968	)
Net cash provided by financing activities - continuing operations		504,266			56,074
Proceeds from shares issued for cash in a private placement		-			535,000
Net cash provided by financing activities - discontinued operations		-			114,444
Net cash provided by financing activities		68,993			504,266
Net cash provided by financing activities		504,266			170,518
Net (decrease) increase in cash		(1,304	)		1,077
Effect of exchange rate changes in cash and cash equivalents		-			2,536
Cash at the beginning of year		1,874			797
Net increase (decrease) in cash		1,077			(11,025	)
Cash at the end of year	$	570		$	1,874
Cash beginning of year		797			11,822
Cash end of year	$	1,874		$	797
Supplementary Cash Flow Information
Cash paid for:
Interest	$	-		$	-
Income taxes		-			-
Non-cash investing and financing activities:
Capital contribution due to forgiveness of debt from officer/principal shareholder	$	-		$	137,049

See accompanying notes to the consolidated financial statements.

F-6

GLOBAL LEADERS CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED OCTOBER 31, ~~2023~~2024, AND ~~2022~~2023

(Expressed in U.S. Dollars)

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.

OnThe ~~August 25, 2020, the~~ Company ~~acquired~~is ~~100% of~~principally ~~the~~engaged ~~equity~~in ~~interests~~providing ofconsultancy ~~Global~~and ~~Leaders~~training ~~Corporation,~~services anto ~~Anguilla~~management ~~company~~executives ~~(“GLC~~of ~~Anguilla”).~~small ~~Also~~and ~~on August 25, 2020,~~medium ~~GLC~~enterprises ~~Anguilla acquired 100% of the equity interests of Global Leaders Academy Limited~~ (~~“GLA”~~SMEs), aand ~~Hong~~startup ~~Kong~~companies ~~company. On May 1, 2022, GLC Anguilla sold its entire 100% interest~~ in ~~GLA~~the toAsis-Pacific ~~an unrelated party due to continuing losses incurred by GLA~~Region.

The Company is principally engaged in provision of consultancy services to management executives of small and medium enterprises (SMEs) and startup companies in Hong Kong. In the last quarter of 2023, the Company has initiated a comprehensive range of environmental, social, and governance (ESG) and sustainability programs and solutions tailored to the needs of SMEs in the Greater Bay Area (GBA), in response to the growing importance of sustainability.

COVID-19 pandemic and other global risks

As a result of the COVID-19 pandemic and actions taken to slow its spread, the ongoing military conflict between Russia and Ukraine, the armed conflict in Sudan, and other geopolitical and macroeconomic factors beyond our control, the global credit and financial markets have experienced extreme volatility, including diminished liquidity and credit availability, declines in consumer confidence, declines in economic growth, increases in unemployment rates and uncertainty about economic stability.

Higher inflation, the actions by the Federal Reserve Bank to address inflation, most notably continuing increases in interest rates, and rising food and energy prices in combination with higher labor costs create uncertainty about the future economic environment. The implications of higher government deficits and debt, tighter monetary policy, and higher long-term interest rates may drive a higher cost of capital for the business and an increase in the Company’s operating expenses. It is possible that deterioration in credit and financial markets and confidence in economic conditions will occur. If equity and credit markets deteriorate, it may affect our ability to raise equity capital, borrow on our existing facilities, access our existing cash, or make any additional necessary debt or equity financing more difficult to obtain, more costly and/or more dilutive.

Going concern

The accompanying ~~consolidated~~ 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. AsIn ~~reflected~~accordance inwith ~~the~~Accounting ~~accompanying~~Standards Codification ~~consolidated~~(“ASC”) ~~financial statements~~205-40, ~~for~~Going Concern, the ~~year~~Company’s ~~ended~~management ~~October~~has 31evaluated whether there are conditions and events, ~~2023~~considered in the aggregate, that raise substantial doubt about the Company’s ~~incurred~~ability to continue as a ~~net~~going ~~loss~~concern within ofone ~~$500,444~~year ~~and~~after ~~used~~the ~~cash~~date inthe ~~operating~~accompanying ~~activities~~financial ~~of $503,189~~statements ~~and~~were atissued. For the year ended October 31, ~~2023~~2024, the Company ~~had~~ recorded a ~~stockholders’~~net ~~deficit~~loss of $2862,~~903~~113 and used cash in operations of $70,297. 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. ~~These~~The ~~financial~~accompanying financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern.

~~Basis of~~Risks ~~presentation~~& uncertainties resulting from inflation, COVID-19, and ~~consolidation~~geopolitical instability

Higher inflation, the actions by the Federal Reserve Bank to address inflation, most notably continuing increases in interest rates, and rising food and energy prices in combination with higher labor costs create uncertainty about the future economic environment. The implications of higher government deficits and debt, tighter monetary policy, and higher long-term interest rates may drive a higher cost of capital for the business and an increase in the Company’s operating expenses. It is possible that deterioration in credit and financial markets and confidence in economic conditions will occur. If equity and credit markets deteriorate, it may affect our ability to raise equity capital, access our existing cash, or make any additional necessary debt or equity financing more difficult to obtain, more costly and/or more dilutive.

F-7

Basis of presentation

The accompanying 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 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

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 ~~providing~~delivering ~~educational~~consultancy ~~services~~and ~~(“service~~training ~~revenue”)~~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. ~~Additionally, to date, the Company has not incurred incremental costs in obtaining a client contract.~~

~~F-7~~Cost of revenue consists of rental of instructional facilities directly attributable to training courses rendered.

F-8

Cash

Cash consists of funds on hand and held in bank accounts. Cash equivalents ~~includes~~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 atof October 31, ~~2023~~2024, or ~~2022~~2023.

SCHEDULE OF CASH AND CASH EQUIVALENTS

	As of October 31,
	2023		2022
	2024		2023
Cash
Denominated in United States Dollars	$	~~707~~195	$	~~217~~707
Denominated in Hong Kong Dollars		~~1,167~~375		~~580~~1,167
Cash	$	~~1,874~~570	$	~~797~~1,874

Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash. As of October 31, ~~2023~~2024, 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. At October 31, 2024, none of the Company’s cash accounts are insured by the U.S. Federal Deposit Insurance Corporation (the “FDIC”).

Income taxes

The Company accounts for income taxes using an asset and liability approach which allows for the recognition and measurement of deferred tax assets based upon the likelihood of realization of tax benefits in future years. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is provided for deferred tax assets if it is more likely than not these items will either expire before the Company is able to realize their benefits, or that future deductibility is uncertain.

The Company conducts its business in Hong Kong and is subject to tax in Hong Kong jurisdictions. As a result of its business activities, the Company will file tax returns that are subject to examination by the Hong Kong tax authorities.

Advertising costs

Advertising costs are expensed as incurred and were $0 and $16,078 in 2024 and 2023, respectively.

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 inputs 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, accrued liabilities, 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$”) and the accompanying consolidated financial statements have been expressed in US$. 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 the 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. 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.

F-9

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 years ended October 31,
	2023		2022
	2024		2023
Period-end HK$ : US$1 exchange rate		7.8277		7.8582
Period-average HK$ : US$1 exchange rate		7.8381		7.83

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 October 31, ~~2023~~2024, the Company has no potentially dilutive securities, such as options or warrants, outstanding.

Concentrations

For the year ended October 31, 2024, two customers accounted for 32% (16% each) of the Company’s revenue. For the year ended October 31, 2023, five customers accounted for 100% (one customer for 28%, and four customers for 18% each) of the Company’s revenue~~, while no revenue was recorded for the year ended October 31, 2022~~.

For the ~~years~~year ended October 31, ~~2023~~2024, ~~and~~one ~~2022,~~vendor ~~two vendors~~ accounted for 75100% ~~(65% and 10%) and 93% (52% and 41%)~~ of the Company’s ~~operating~~ ~~expenses,~~cost ~~respectively~~of service revenues.

~~F-8~~For the years ended October 31, 2024, and 2023, three vendors accounted for 86% (39%, 35% and 12%) and two vendors accounted for 75% (65% and 10%) of the Company’s operating expenses, respectively.

Recent Accounting Pronouncements

In ~~August~~ ~~2020~~November 2024, the Financial Accounting Standards Board (“FASB”) issued ~~ASU~~Accounting ~~2020-06,~~Standards ~~Debt~~Update –(“ASU”) ~~Debt~~2024-03 ~~with~~Income ~~Conversion~~Statement—Reporting ~~and~~Comprehensive Income—Expense ~~Other~~Disaggregation ~~Options~~Disclosures (Subtopic ~~470~~220-2040) ~~and~~Disaggregation ~~Derivatives~~of ~~and Hedging~~Income –Statement ~~Contracts~~Expenses. The guidance in ~~Entity’s~~ASU ~~Own~~2024-03 requires ~~Equity~~public ~~(Subtopic~~business ~~815-40)~~entities ~~(“ASU”).~~to ~~This~~disclose ~~ASU~~in ~~reduces~~the notes to the ~~number~~financial ofstatements, ~~accounting~~among ~~models~~other ~~for convertible~~things, ~~debt~~specific ~~instruments~~information about certain costs and ~~convertible~~expenses ~~preferred~~including ~~stock~~purchases of inventory; employee compensation; and ~~amends~~depreciation, ~~the~~amortization ~~guidance~~and depletion expenses for ~~the~~each ~~derivatives~~caption ~~scope~~on ~~exception~~the ~~for contracts~~income instatement anwhere ~~entity’s~~such ~~own~~expenses ~~equity~~are toincluded. ~~reduce~~ASU ~~form~~2024-~~over-substance-based~~03 ~~accounting~~is ~~conclusions.~~effective Infor ~~addition,~~annual ~~this~~reporting ~~ASU~~periods ~~improves~~beginning ~~and~~after ~~amends~~December ~~the~~15, ~~related~~2026, ~~earnings~~and ~~per~~interim ~~share~~reporting ~~guidance.~~periods ~~This~~beginning ~~standard~~after ~~became~~December ~~effective~~15, ~~for~~2027. ~~the~~Early ~~Company~~adoption ~~beginning~~is onpermitted, ~~January~~and 1,the ~~2023.~~amendments ~~Adoption~~may isbe ~~either~~applied aprospectively ~~modified~~to ~~retrospective~~reporting ~~method~~periods orafter athe ~~fully~~effective ~~retrospective~~date ~~method~~or ofretrospectively ~~transition.~~to ~~The~~all ~~Company~~periods ~~adopted~~presented ~~this~~in ~~guidance~~the financial ~~effective~~statements. ~~January~~The 1,Company ~~2023,~~is ~~and~~currently evaluating the ~~adoption~~provisions of this ~~standard~~guidance ~~did~~and ~~not~~assessing ~~have~~the apotential ~~material~~ impact on ~~its~~the ~~consolidated financial~~Company’s ~~statements~~financial statement disclosures.

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 this 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 - ~~DISCONTINUED~~STOCKHOLDERS’ ~~OPERATIONS~~DEFICIT

InDuring ~~May~~the ~~2022,~~year ~~the~~ended ~~Company’s~~October ~~Anguilla~~31, ~~subsidiary~~2024, ~~GLC Anguilla finalized~~ the ~~sale~~Company ofdid ~~its~~not ~~entire~~issue ~~100%~~any ~~interest~~shares inof its ~~subsidiary,~~Common ~~GLA to an unrelated party for HK$1 (approximately $0~~Stock.~~13), due to continuing losses incurred by GLA.~~

~~GLA~~For ~~was deconsolidated from~~ the ~~Company’s~~year ~~financial~~ended ~~statements~~October ~~effective May 1~~31, ~~2022. After the deconsolidation~~2023, the Company ~~did~~sold ~~not have~~668,750 ~~any~~shares ~~continuing involvement in the operations~~ of ~~the~~restricted ~~disposed~~Common ~~subsidiary.~~Stock ~~The~~to ~~disposal~~eighteen is(18) ~~accounted~~individuals ~~for~~in asa ~~discontinued operations~~private ~~and,~~placement ~~accordingly,~~at ~~all~~a ~~prior~~price ~~periods~~of ~~presented~~$0.80 inper ~~the accompanying consolidated balance sheets~~share, ~~statements~~for oftotal ~~operations~~proceeds ~~and statements~~ of ~~cash~~$535,000. ~~flows~~The ~~have~~proceeds ~~been~~were ~~adjusted~~used to ~~conform~~fund ~~to this presentation; no adjustment has been made to~~ the ~~prior~~expansion ~~period consolidated balance sheet as a result~~ of the ~~disposal~~Company’s operations.

~~On May 1, 2022, prior to the disposal, GLA had net assets of $2,094 and net liabilities of $637. As a result, the Company recorded a loss on sale of discontinued operations of $1,457:~~F-10

~~SCHEDULE~~NOTE OF3 ~~SALE~~- OFINCOME ~~DISCONTINUED OPERATIONS~~TAXES

Carrying value of assets disposed	$	(2,094	)
Carrying value of liabilities disposed		637
Carrying value of net assets disposed		(1,457	)
Sales proceeds		-
Loss on sale of discontinued operations	$	(1,457	)

The Company had no income tax expense for the years ended October 31, 2024, and 2023, respectively. The following is a reconciliation of the statutory federal income tax rate to the Company’s effective tax rate:

~~The~~ SCHEDULE ~~following~~OF ~~table~~RECONCILIATION ~~summarizes~~OF ~~certain~~STATUTORY ~~selected~~FEDERAL ~~components~~INCOME ofTAX ~~discontinued operations for the disposed subsidiary for the years ended October 31, 2023 and 2022:~~RATE

SUMMARY OF COMPONENTS OF DISCONTINUED OPERATIONS FOR DISPOSED SUBSIDIARY


	Year ended October 31,
	2024			2023

Loss from continuing operations before income tax:	$	(62,113	)	$	(500,444	)
U.S. Federal statutory tax rate		21	%		21	%
Income tax benefit at statutory rate		(13,044	)		(105,093	)
Foreign tax rate difference		-			-
Change in valuation allowance		13,044			105,093
Income tax provision	$	-		$	-

	2023		2022
	Year ended October 31,
	2023		2022
Revenues	$	-	$	2,560
Loss from discontinued operations	$	-	$	(1,959	)
Loss per share from discontinued operations - Basic and Diluted	$	-	$	(0.00	)
Current and total assets	$	-	$	-
Current and total liabilities	$	-	$	-

NOTE 3 – STOCKHOLDERS’ DEFICIT

Shares issued for cash in a private placement

During the year ended October 31, 2023, the Company sold 668,750 shares of restricted Common Stock to eighteen (18) individuals in a private placement at a price of $0.80 per share, for total proceeds of $535,000. The proceeds are used to fund expansion of the Company’s operations.

For the year ended October 31, 2022, the Company did not issue any shares of its Common Stock.

F-9

NOTE 4 - INCOME TAXES

The Company had no income tax expense for the years ended October 31, 2023 and 2022, respectively. The following is a reconciliation of the statutory federal income tax rate to the Company’s effective tax rate:

SCHEDULE OF RECONCILIATION OF THE STATUTORY FEDERAL INCOME TAX RATE

	2023			2022
	Year ended October 31,
	2023			2022
Loss from continuing operations before income tax:	$	(500,444	)	$	(105,905	)
U.S. Federal statutory tax rate		21	%		21	%
Income tax benefit at statutory rate		(105,093	)		(22,240	)
Foreign tax rate difference		-			-
Change in valuation allowance		105,093			22,240
Income tax provision	$	-		$	-

	2023			2022
	As of October 31,
	2023			2022
	2024			2023
Components of deferred tax assets:
Net operating loss carryforwards	$	~~254~~267,~~659~~703		$	~~149~~254,~~566~~659
Gross deferred tax assets		~~254~~267,~~659~~703			~~149~~254,~~566~~659
Less: valuation allowance		(~~254~~267,~~659~~703	)		(~~149~~254,~~566~~659	)
Net deferred tax asset	$	-		$	-

The provisions of ASC Topic 740, Accounting for Income Taxes, require an assessment of both positive and negative evidence when determining whether it is more likely than not that deferred tax assets are recoverable. As of October 31, ~~2023~~2024, and ~~2022~~2023, based on all available objective evidence, including the existence of cumulative losses, the Company determined that it was more likely than not that the net deferred tax assets were not fully realizable. Accordingly, the Company established a full valuation allowance against its net deferred tax assets. The Company intends to maintain a full valuation allowance on net deferred tax assets until sufficient positive evidence exists to support reversal of the valuation allowance.

The Company adopted the provisions of ASC 740, which requires companies to determine whether it is “more likely than not” that a tax position will be sustained upon examination by the appropriate taxing authorities before any tax benefit can be recorded in the financial statements. ASC 740 also provides guidance on the recognition, measurement, classification and interest and penalties related to uncertain tax positions. As of October 31, ~~2023~~2024, and ~~2022~~2023, no liability for unrecognized tax benefits was required to be recorded or or disclosed.

NOTE 54 - RELATED PARTY TRANSACTIONS

Mr. Yip Hoi Hing Peter (“Mr. Peter Yip”), our Chief Executive Officer, Chief Financial Officer, and Director, and his spouse control 68.23% of the Company’s restricted Common Stock. In September 2020, Mr. Peter Yip purchased 30,100,000 shares of the Company’s restricted Common Stock as a founder for $3,010 and is currently a 19.50% shareholder of the Company and his spouse purchased 15,250,000 shares of the Company’s Common Stock for $1,525 and is currently a 9.87% shareholder of the Company. In addition, in October 2020, two companies owned by Mr. Peter Yip, CS Global Consultancy Limited (“CS Global”) and CSG Group Holdings Limited, each purchased 30,000,000 shares of the Company’s restricted Common Stock issued to founders for $3,000 and are each currently a 19.43% shareholder of the Company, respectively.

As of October 31, ~~2023 and~~ 2022, the balance due to Mr. Peter Yip for advances to the Company for supporting its operations was $56,297. During the year ended October 31, 2023, advances to the Company ~~owed~~from Mr. Peter Yip totaled $2519,~~563~~234, and repayments of advances by the Company to Mr. Peter Yip totaled $5649,~~297~~968. As of October 31, 2023, the balance due to Mr. Peter Yip for advances to the Company was $25,563. During the year ended October 31, 2024, advances ~~which~~to ~~were~~the ~~for~~Company from Mr. Peter Yip totaled $165,914, and repayments of advances by the Company’s ~~operations~~to Mr. Yip totaled $96,921. As of October 31, 2024, the balance due to Mr. Peter Yip for advances to the Company was $94,556. The advances are due on demand, are unsecured, and are non-interest bearing.

During the year ended October 31, 2024, the Company did not incur any fees to Mr. Peter Yip’s companies. For the year ended October 31, 2023, fees paid to CS Global totaled $336,828 ~~including~~ including management fees of $89,621, and office usage and manpower support of $247,207~~, while for the year ended October 31, 2022, the Company did not incur any fees to CS Global~~.

InGreenpro ~~April~~Capital ~~2022~~Corp., ~~Mr.~~through ~~Peter~~its ~~Yip~~wholly ~~forgave~~owned ~~liabilities~~subsidiaries ~~due~~(collectively to“Greenpro”), ~~him~~holds by9,000,000 shares of the Company’s Common ~~former subsidiary~~Stock, ~~GLA~~and ofis ~~$137,049.~~currently As a ~~result,~~5.83% shareholder of the Company. ~~recorded~~In aaddition, ~~capital~~three ~~contribution~~executives toof Greenpro, who collectively hold 16,000,000 shares of the Company’s ofCommon ~~$137~~Stock,~~049~~ ~~during~~are ~~the~~currently ~~year~~10.36% ~~ended~~shareholders ~~October~~of ~~31,~~the ~~2022~~Company.

~~Greenpro Capital Corp., through its~~As ~~wholly~~of ~~owned~~October ~~subsidiaries (collectively “Greenpro”)~~31, ~~holds 9~~2024,~~000,000~~ ~~shares of~~ the Company’s ~~Common~~did ~~Stock, and~~not ispay ~~currently~~any afees ~~5.83% shareholder~~to ofGreenpro ~~the~~in ~~Company~~advance. InAs ~~addition, three executives~~ of ~~Greenpro~~October ~~who~~31, ~~collectively hold 16~~2023,~~000,000~~ ~~shares of~~ the Company’s ~~Common~~prepaid accounting ~~Stock,~~fees ~~are~~to ~~currently~~Greenpro ~~10.36% shareholders~~ of ~~the Company~~$1,915.

For the year ended October 31, ~~2023~~2024, the Company incurred total fees to Greenpro of $3329,~~779~~837, consisting ~~including~~of accounting fees of $2826,~~299,~~040 ~~administration fees of $640, advisory fees of $800~~ and company secretarial fees of $43,~~040~~797, respectively. For the year ended October 31, ~~2022~~2023, the Company incurred total fees to Greenpro of $5433,~~691~~779, including accounting fees of $5028,~~496~~299, administration ~~and~~fees of $640, advisory fees of $800 and company secretarial fees of $4,~~195~~040, respectively.

F-1011

Filing Compare · GLOBAL LEADERS CORP