As of July 31, 2024, Global Leaders Corp. reported total assets of $11.1 million, a significant increase from $6.7 million as of October 31, 2023. Current assets also rose to $11.1 million, with cash and cash equivalents increasing to $4.4 million from $1.9 million during the same period. However, total current liabilities surged to $90.7 million, up from $35.6 million, resulting in a total stockholders’ deficit of $(79.6 million), compared to $(28.9 million) previously.
In terms of revenue, Global Leaders Corp. experienced substantial growth. For the three months ended July 31, 2024, total revenue reached $26,340, a dramatic increase from $3,828 in the same period in 2023. Service revenues for the nine months ended July 31, 2024, were $39,130, compared to $3,828 for the same period in the prior year. Despite this revenue growth, total operating costs and expenses for the three months ended July 31, 2024, were $47,043, down from $136,671 in 2023. The company reported a loss from operations of $(20,703) for the three months ended July 31, 2024, a significant improvement from $(132,843) in the same quarter of 2023. For the nine months ended July 31, 2024, the net loss was $(50,693), compared to $(463,548) for the same period in 2023.
The company’s cash flow situation showed some improvement, with net cash used in operating activities for the nine months ended July 31, 2024, at $(62,627), compared to $(480,248) in the previous year. However, the net cash provided by financing activities decreased to $65,132 from $485,032 in the prior year.
Management indicated that the company’s ability to continue as a going concern is contingent upon implementing business plans and securing financial support from officers and shareholders. An independent registered public accounting firm expressed substantial doubt regarding the company’s ability to continue as a going concern in its report on the October 31, 2023 financial statements.
The company also noted material weaknesses in its internal control over financial reporting, specifically inadequate segregation of duties. No changes in internal control were reported during the quarter that materially affected the internal control.
About GLOBAL LEADERS CORP
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