Quarterly Report for Quarter Ending July 31, 2025 (Form 10-Q)

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

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

OVERVIEW

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

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

USE OF ESTIMATES

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 period. 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

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

PLAN OF OPERATION

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

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

Results of Operations

Three Months Ended July 31, 2025, and 2024

We recorded $0 and $26,340 of revenues for the three months ended July 31, 2025, and 2024, respectively.

For the three months ended July 31, 2025, no cost of revenues was incurred, while for the three months ended July 31, 2024, cost of service revenues of $16,706 was incurred.

For the three months ended July 31, 2025, and 2024, general and administrative expenses were $7,900 and $30,337 and included $5,734 and $9,553 of general and administrative expenses to a related party for the three months ended July 31, 2025, and 2024, respectively.

Nine Months Ended July 31, 2025, and 2024

We recorded $2,567 and $39,130 of revenues for the nine months ended July 31, 2025, and 2024, respectively.

For the nine months ended July 31, 2025, no cost of revenues was incurred, while for the nine months ended July 31, 2024, cost of service revenues of $16,706 was incurred.

For the nine months ended July 31, 2025, and 2024, general and administrative expenses were $53,455 and $73,117 and included $17,315 and $24,062 of general and administrative expenses to a related party for the nine months ended July 31, 2025, and 2024, respectively.

Liquidity and Capital Resources

GOING CONCERN

For the nine months ended July 31, 2025, the Company incurred a net loss of $50,888 and used cash in operating activities of $50,476 and on July 31, 2025, the Company had a stockholders' deficit of $141,904. 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. In addition, the Company's independent registered public accounting firm, in its report on the Company's October 31, 2024 financial statements, raised substantial doubt about the Company's ability to continue as a going concern. These financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern.

On July 31, 2025, our cash balance was $151. Management estimates that the current funds on hand will not be sufficient to continue operations through the next twelve 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.