$GLCP
GLOBAL LEADERS CORP

2023 Q4 Form 10-K Financial Statement

#000149315224003832 Filed on January 26, 2024

View on sec.gov

Income Statement

Concept 2023 Q4 2023 2022
Revenue $10.23K $14.06K
YoY Change
Cost Of Revenue
YoY Change
Gross Profit $14.06K
YoY Change
Gross Profit Margin 100.0%
Selling, General & Admin $47.13K $514.5K $105.9K
YoY Change 385.8% -86.51%
% of Gross Profit 3659.13%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $47.13K $514.5K $105.9K
YoY Change 385.82% -79.99%
Operating Profit -$500.4K -$105.9K
YoY Change 372.54% -79.99%
Interest Expense $0.00
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$36.90K -$500.4K -$105.9K
YoY Change 372.54% -79.99%
Income Tax
% Of Pretax Income
Net Earnings -$36.90K -$500.4K -$109.3K
YoY Change 357.77% -85.51%
Net Earnings / Revenue -360.7% -3559.09%
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 154.4M shares 153.7M shares
Diluted Shares Outstanding 154.4M shares 153.7M shares

Balance Sheet

Concept 2023 Q4 2023 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.870K $1.870K $800.00
YoY Change 133.75% -93.23%
Cash & Equivalents $1.874K $1.870K $800.00
Short-Term Investments
Other Short-Term Assets $4.790K $4.790K $2.040K
YoY Change 134.8%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $6.660K $6.660K $2.840K
YoY Change 134.67% 134.51% -75.97%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $0.00 $0.00 $0.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $6.660K $6.660K $2.840K
Total Long-Term Assets $0.00 $0.00 $0.00
Total Assets $6.660K $6.660K $2.840K
YoY Change 134.67% 134.51% -75.97%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $10.00K $10.00K $10.00K
YoY Change 0.0% 0.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $35.56K $35.56K $66.30K
YoY Change -46.36% -46.37% -37.56%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $35.56K $35.56K $66.30K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $35.56K $35.56K $66.30K
YoY Change -46.37% -37.56%
SHAREHOLDERS EQUITY
Retained Earnings -$1.472M
YoY Change 51.51%
Common Stock $15.44K
YoY Change 0.44%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$28.90K -$28.90K -$63.46K
YoY Change
Total Liabilities & Shareholders Equity $6.660K $6.660K $2.840K
YoY Change 134.67% 134.51% -75.97%

Cashflow Statement

Concept 2023 Q4 2023 2022
OPERATING ACTIVITIES
Net Income -$36.90K -$500.4K -$109.3K
YoY Change 357.77% -85.51%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$503.2K -$503.2K -$182.0K
YoY Change 176.5% -72.9%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 -$2.090K
YoY Change -100.0%
Cash From Investing Activities $0.00 -$2.094K
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 504.3K $504.3K $170.5K
YoY Change 195.73% 55.16%
NET CHANGE
Cash From Operating Activities -503.2K -$503.2K -$182.0K
Cash From Investing Activities 0.000 -$2.094K
Cash From Financing Activities 504.3K $504.3K $170.5K
Net Change In Cash 1.080K $1.077K -$11.03K
YoY Change -109.77% -98.04%
FREE CASH FLOW
Cash From Operating Activities -$503.2K -$503.2K -$182.0K
Capital Expenditures
Free Cash Flow
YoY Change

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CY2023 us-gaap Use Of Estimates
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<p id="xdx_841_eus-gaap--UseOfEstimates_zShASdKf85M" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86A_zGg3V0bBJsm5">Use of estimates</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 accrual of potential liabilities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2022Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2023Q4 us-gaap Cash
Cash
1874 usd
CY2022Q4 us-gaap Cash
Cash
797 usd
CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_841_eus-gaap--ConcentrationRiskCreditRisk_zN4L7wkUr6Cb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86A_zkio0BdXpRWi">Concentrations</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the year ended October 31, 2023, five customers accounted for <span id="xdx_90C_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20221101__20231031__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--FiveCustomerMember_zoDC09gd2VZa" title="Concentration risk percentage">100</span>% (one customer for <span id="xdx_90F_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20221101__20231031__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneCustomerMember_zbvPmlxWpeF8" title="Concentration risk percentage">28</span>%, and four customers for <span id="xdx_90D_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20221101__20231031__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--FourCustomerMember_zgvzBqM7NiN6" title="Concentration risk percentage">18</span>% each) of the Company’s revenue, while <span id="xdx_90C_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20211101__20221031__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--NoCustomerMember_zgC3BMvdRB67" title="Concentration risk percentage">no</span> revenue was recorded for the year ended October 31, 2022.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the years ended October 31, 2023, and 2022, two vendors accounted for <span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20221101__20231031__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--TwoVendorsMember__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--CostsAndExpensesMember_zyeDEsTt6Upi">75</span>% (<span id="xdx_90F_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20221101__20231031__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--VendorOneMember__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--CostsAndExpensesMember_zYatbsGuiRkb">65</span>% and <span id="xdx_909_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20221101__20231031__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--VendorTwoMember__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--CostsAndExpensesMember_zCbK383rJQuj">10</span>%) and <span id="xdx_90C_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20211101__20221031__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--TwoVendorsMember__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--CostsAndExpensesMember_zKYxeDhBfblk">93</span>% (<span id="xdx_90B_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20211101__20221031__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--VendorOneMember__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--CostsAndExpensesMember_zKEAqOFxtVFf">52</span>% and <span id="xdx_908_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20211101__20221031__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--VendorTwoMember__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--CostsAndExpensesMember_zg9c9rABswxa">41</span>%) of the Company’s operating expenses, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022 us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
2560 usd
CY2022 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
-1959 usd
CY2022 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
-0.00
CY2022 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
-0.00
CY2023 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-500444 usd
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-105905 usd
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2023 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-105093 usd
CY2022 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-22240 usd
CY2023 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
105093 usd
CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
22240 usd
CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
254659 usd
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
149566 usd
CY2023Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
254659 usd
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
149566 usd
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
254659 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
149566 usd
CY2023Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
0 usd
CY2022Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
0 usd
CY2023Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
25563 usd
CY2022Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
56297 usd

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