Thu, Sep 5, 10:29 AM (306 days ago)
For the quarter ending July 31, 2024, Global Leaders Corp reported significant financial developments. Revenue surged to $26,340 from $3,828 in the same quarter of the prior year, while total revenue for the nine months reached $39,130, marking a substantial increase from $3,828. However, operating costs remained high at $47,043, leading to a net loss of $20,703 for the quarter, although this was an improvement from a loss of $132,843 in Q3 2023. As of July 31, 2024, the company had cash and cash equivalents of $4,379, up from $1,874 at the end of the previous fiscal year, indicating improved liquidity. Despite this, the company faces a stockholders' deficit of $79,596, raising concerns about its ability to continue as a going concern. Management acknowledges reliance on financial support from shareholders, highlighting uncertainties in future operations. The report emphasizes the need for effective management of growth and operational efficiency amidst market volatility and rising costs, which could impact future profitability and cash flow.