Fri, Jan 24, 11:02 AM (24 days ago)
Global Leaders Corp. (GLCP) reported a fiscal year ending October 31, 2024, marked by a net loss of $62,113, a decrease from the prior year's loss of $500,444. Revenue increased to $39,130 from $14,061, reflecting growth in consultancy services for SMEs in the Asia-Pacific region. Operating expenses totaled $101,243, with significant reductions in general and administrative expenses, down from $514,505 in 2023. The company faced a stockholders' deficit of $91,016 and had only $570 in cash at year-end, raising doubts about its ability to continue as a going concern. Management's future outlook hinges on securing financial support and client retention. Key risk factors include reliance on a limited customer base, potential market volatility, and internal control weaknesses, as highlighted by the absence of an independent audit committee. Despite these challenges, the company aims to adapt its services and expand its market presence. The strategic focus remains on enhancing management efficiency and workplace culture for clients, while also addressing sustainability initiatives initiated in late 2023.