Glidelogic Corp 10-Q for FY2024 Q3
Glidelogic Corp. (GDLG)
About this 10-Q
Glidelogic Corp filed this 10-Q on December 8, 2023, covering the quarter ended October 31, 2023 (FY2024 Q3).
Headline figures
Quarter ended October 31, 2023, as reported in this filing, compared with the same period a year earlier where the filing states it.
- Revenue
- $0
- compared with $94.13K a year earlier
- Net loss
- $10.77K
- compared with a net loss of $1511 a year earlier
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
For the quarterly period ended
For the transition period from __________ to __________
Registration No.
(Exact name of registrant as specified in its charter)
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State or Other Jurisdiction of |
| IRS Employer |
| Primary Standard Industrial |
Incorporation or Organization |
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Tel. (
Email: info@glidelogic.ai
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
Large accelerated filer | ☐ | Accelerated filer | ☐ |
Non-accelerated filer | ☒ | Smaller reporting company | |
| Emerging growth company | ||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes
State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date:
GLIDELOGIC CORP.
QUARTERLY REPORT ON FORM 10-Q
TABLE OF CONTENTS
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PART 1 – FINANCIAL INFORMATION
Item 1. Financial Statements
The accompanying interim financial statements of Glidelogic Corp. (“the Company”, “we”, “us” or “our”), have been prepared without audit pursuant to the rules and regulations of the Securities and Exchange Commission.
The interim financial statements are condensed and should be read in conjunction with the company’s latest annual financial statements.
In the opinion of management, the financial statements contain all material adjustments, consisting only of normal adjustments considered necessary to present fairly the financial condition, results of operations, and cash flows of the Company for the interim periods presented.
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GLIDELOGIC CORP.
BALANCE SHEETS
As of October 31, 2023 (Unaudited) and January 31, 2023 (Audited)
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Fixed Assets |
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Equipment, net |
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Total Fixed Assets |
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Total Assets | $ | $ | ||
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Account Payable |
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Loan |
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Loan Payable (to Parent Company) | $ | $ | ||
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Total Liabilities | $ | $ | ||
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Commitments and Contingencies |
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Stockholders’ Equity |
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Common stock, par value $ |
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Retained Earnings |
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Total Liabilities and Stockholders’ Equity | $ | $ |
See accompanying notes, which are an integral part of these financial statements
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GLIDELOGIC CORP.
STATEMENTS OF OPERATIONS
For the three and nine months ended October 31, 2023 and 2022 (Unaudited)
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REVENUES | $ | $ | $ | $ | ||||
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OPERATING EXPENSES |
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TOTAL OPERATING EXPENSES |
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NET INCOME/(LOSS) FROM OPERATIONS |
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OTHER INCOME |
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PROVISION FOR INCOME TAXES |
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NET LOSS/INCOME | $ | ( | $ | ( | $ | ( | $ | ( |
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NET INCOME PER SHARE: BASIC AND DILUTED | $ | $ | $ | $ | ||||
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WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED |
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See accompanying notes, which are an integral part of these financial statements
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GLIDELOGIC CORP.
STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
For the three and nine months ended October 31, 2023 and 2022 (Unaudited)
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Balance, July 31, 2022 | $ | $ | ( | $ | |||
Net loss for the three months ended October 31, 2022 |
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Balance, October 31, 2022 | $ | $ | ( | $ | |||
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Balance, July 31, 2023 | $ | $ | ( | $ | |||
Net loss for the three months ended October 31, 2023 |
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Balance, October 31, 2023 | $ | $ | ( | $ | |||
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Balance, January 31, 2022 | $ | $ | ( | $ | |||
Net loss for the nine months ended October 31, 2022 |
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Balance, October 31, 2022 | $ | $ | ( | $ | |||
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Balance, January 31, 2023 | $ | $ | ( | $ | |||
Net loss for the nine months ended October 31, 2023 |
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Balance, October 31, 2023 | $ | $ | ( | $ | |||
See accompanying notes, which are an integral part of these financial statements
4
GLIDELOGIC CORP.
STATEMENTS OF CASH FLOWS
For the nine months ended October 31, 2023 and 2022 (Unaudited)
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CASH FLOWS FROM OPERATING ACTIVITIES |
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Net Income/(Loss) | $ | ( | $ | ( |
Adjustments to reconcile net loss to net cash provided by operations: |
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CASH FLOWS FROM OPERATING ACTIVITIES |
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Cash, end of period | $ | $ | ||
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SUPPLEMENTAL CASH FLOW INFORMATION: |
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Interest paid | $ | $ | ||
Income taxes paid | $ | $ |
See accompanying notes, which are an integral part of these financial statements
5
GLIDELOGIC CORP.
NOTES TO THE FINANCIAL STATEMENTS
As at October 31, 2023 (Unaudited)
1.ORGANIZATION AND NATURE OF BUSINESS
GLIDELOGIC CORP. (“the Company”) was incorporated in the State of Nevada on December 11, 2020. The Company is a diversified software development and consulting firm specializing in the development of AI-based software, financial technologies (fintech), and blockchain technologies. Additionally, the Company offers consulting services for these three areas as well. The Company's headquarters is located at 11264 Playa Court, Culver City, California, United States. The Company engages with customers and vendors both within and outside of the United States. The Company location is at 11264 Playa Court, Culver City, California of the United States. The Company's customers and vendors are located both within and outside of the United States.
2.GOING CONCERN
The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”), which contemplate continuation of the Company as a going concern. The Company had $
3.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of presentation
The accompanying financial statements have been prepared in accordance with GAAP and should be read in conjunction with our audited financial statements included in our Annual Report on Form 10-K for the year ended January 31, 2023, and not indicative of future results.
The Company’s year-end is January 31.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. Due to the limited level of operations, the Company has not had to make material assumptions or estimates other than the assumption that the Company is a going concern.
Cash and Cash Equivalents
The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents.
Income Taxes
Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for deferred tax assets that, based on available evidence, are not expected to be realized.
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Fair Value of Financial Instruments
ASC 825, “Disclosures about Fair Value of Financial Instruments”, requires disclosure of fair value information about financial instruments. ASC 820, “Fair Value Measurements” defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of October 31, 2023.
The respective carrying values of certain on-balance-sheet financial instruments approximate their fair values. These financial instruments include cash and related party loan payable. Fair values were assumed to approximate carrying values for these financial instruments since they are short term in nature and their carrying amounts approximate fair value.
Accounts Receivable and Expected Credit Loss
In accordance with ASC 326, "Measurement of Credit Losses on Financial Instruments", accounts receivable are recognized upon delivery of goods or services. The Company adopts the Current Expected Credit Loss (CECL) model, which necessitates the recognition of expected credit losses over the life of the asset. This model incorporates historical data, current conditions, and reasonable future forecasts. Accounts deemed uncollectible are written off against the allowance for doubtful accounts. As of October 31, 2023, the Company has assessed its accounts receivable for impairment under the CECL model and has made appropriate adjustments in line with GAAP standards.
Stock-Based Compensation
As of October 31, 2023, the Company has not issued any stock-based payments to its employees. Stock-based compensation is accounted for at fair value in accordance with ASC 718, when applicable. To date, the Company has not adopted a stock option plan and has not granted any stock options.
Fixed Assets
Equipment is stated at cost, net of accumulated depreciation. The cost of equipment and website is depreciated using the straight-line method over five and one years. Expenditures for maintenance and repairs are charged to expense as incurred. Additions, major renewals, and replacements that increase the equipment's useful life are capitalized. Equipment sold or retired, together with the related accumulated depreciation is removed from the appropriated accounts and the resultant gain or loss is included in net income.
Revenue Recognition
The Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) 606, “Revenue from Contracts with Customers”. ASC 606 adoption is on February 1, 2018. The core principle of ASC 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.
GLIDELOGIC CORP. recognizes revenue in accordance with this core principle by applying the following steps:
Step 1: Identifying the contract(s) with the customer.
Step 2: Identifying the performance obligation to satisfy the contract.
Step 3: Determining the transaction price.
Step 4: Allocate the transaction price to the performance obligations in the contract.
Step 5: Revenue recognition.
The Company's revenues are bifurcated into two categories: software and services. Revenues from software are recognized at a point-in-time as ownership is transferred to the customer at a distinct point in time, in accordance with the terms of the contract. For services, revenue is recognized over time as the services are rendered and milestones are achieved, pursuant to the terms specified in the service agreement.
The Company shall not be liable for any failure to perform its obligations, whether related to software or services, if such failure is due to circumstances beyond its reasonable control. Any liability of the Company shall be limited to the total of all amounts paid by the customer for software and/or services under the contract.
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Payment Terms: The Company plans to collect payment from customers prior to transferring ownership of the software and may require deposits from customers at the time an order is placed. When deposits are collected prior to transferring ownership of the software, the Company recognizes deferred revenue until the transfer is made. Similarly, for services, the Company may require an upfront retainer or periodic payments, as outlined in the service agreement. Any prepaid amounts for services will be recognized as deferred revenue until the services are rendered.
Nonmonetary Exchange Contracts: The Company accepts barter contracts and recognizes any revenue originating from such contracts, whether related to software or services, if a barter agreement is made between both parties.
The following are details pertaining to the Company’s most recent nonmonetary exchange contract and its revenue recognition procedure:
For the six months ended July 31, 2023, the Company rendered services to Streamline USA, Inc. (“Streamline” or “SLI”). These services are depicted in the following 2 key points:
· | The objective is to provide a one-time, comprehensive consulting service aimed at integrating Artificial Intelligence (AI) and Real-World Asset tokenization in Streamline's entertainment marketing operations. |
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· | The duration of the service is designed to be a one-time consultation, providing Streamline with a comprehensive strategy and actionable insights. At the end of the consultation, a detailed report summarizing findings, recommendations, and implementation guidelines will be provided to Streamline. |
The services rendered for the six months ended July 31, 2023 created a Nonmonetary Exchange Invoice for $
· | The Company is to provide to Streamline USA, Inc. the equivalent of Thirty Thousand Dollars ($30,000) in Artificial Intelligence (AI) technology time (the “AI Time Credit"). |
As of the end of July 2023, the reports of analysis, evaluations, and recommendations on the subject matter have all been delivered. Thus, the services were deemed completed and all $30,000 was realized in Q2.
Cost of Goods Sold
Cost of goods sold includes direct costs of selling items.
Recent Accounting Pronouncements
We have reviewed all the recently issued, but not yet effective and thus not disclosed here, accounting pronouncements and we do not believe any of those pronouncements will have a material impact on the Company’s financial position, results of operations or cash flows.
Basic Income (Loss) Per Share
The Company computes income (loss) per share in accordance with ASC 260 “Earnings per Share”. Basic loss per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. As of October 31, 2023, there were no potentially dilutive debt or equity instruments issued or outstanding.
4.Accounts Receivable
Accounts receivables are stated at their carrying values, net of a reserve for doubtful accounts. For the six months ended July 31, 2023, the Company rendered services to Streamline USA, Inc. (“Streamline” or “SLI”). This created a Nonmonetary Exchange Invoice for $30,000. Consequently, the Company entered into a Nonmonetary Exchange Agreement with Streamline USA, Inc. as depicted below:
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·The Company is to provide to Streamline USA, Inc. the equivalent of Thirty Thousand Dollars ($30,000) in Artificial Intelligence (AI) technology time (the “AI Time Credit").
·The Company offsets “Accounts Receivable due from” and “SLI Note Payable due to” until the full amount of $30,000 is counterbalanced.
·The $30,000 is to be counterbalanced by the total loan offset amounts which are equivalent to loan repayments from Streamline USA, Inc. to Glidelogic Corp. to suffice the SLI Note Payable.
For the nine months ended October 31, 2023, the total loan offset amounts were $6,678 (as portrayed below). Therefore, as of October 31, 2023, the Company had accounts receivable of $
Accounts Receivable due from |
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SLI Note Payable due to |
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SLI Note Payable due to |
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Total Loan Offset Amounts for Q1-Q3 |
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A/R Net Due to Glidelogic Corp. |
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As of October 31, 2023, the SLI Note Payable has been fully paid with a portion of the nonmonetary exchange invoice amount stated above. The remaining portion of the nonmonetary exchange invoice amount is $3,416. Moreover, this remaining amount of $3,416 is an Accounts Receivable to be counterbalanced by future dealings with Streamline USA, Inc.
5.FIXED ASSETS
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Depreciation |
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Change for the period |
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Net book value | $ |
6.RELATED PARTY TRANSACTIONS
For the three months ended April 30, 2023, the Company’s back-then sole director during the period did not make any new loans to the Company. As part of the change of the Company control effective May 23, 2023, Seller agreed to waive her outstanding $
For the nine months ended October 31, 2023, Streamline USA, Inc. loaned to Glidelogic Corp. two different times. In July $
Streamline and Glidelogic Corp. share the same ultimate controlling persons – Mr. Dapeng Ma and Mr. Yitian Xue. While they hold majority interest in Streamline line, together they own 100% of Star Success Business, LLC,
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which owns 75% of Glidelogic’s interest. The loan from Streamline consisted of cash transferred to Glidelogic Corp. as well as various expenses paid by Streamline on behalf of Glidelogic Corp.
As of October 31, 2023, the SLI Note Payable has been fully paid with a portion of the nonmonetary exchange invoice amount depicted in the Accounts Receivable section. The following is the breakdown of the payoff:
Note Payable to SLI | $ |
Paid by a portion of the nonmonetary | ( |
Total SLI Note Payable | $ |
For the nine months ended October 31, 2023, Parent company Star Success Business, LLC (SSB) entered into an inter-company loan agreement with Glidelogic Corp. (GDLG). The total principal loan amount from SSB to GLDG is $5,000 as shown in the table below:
Date | Details | Amount | Int. Accrue Starting |
2023/10/10 | Loan to GDLG | $ | 2024/07/01 |
2023/10/16 | Loan to GDLG | $ | 2024/07/01 |
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Total Loan Amount as of 10/31/2023 | $ |
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The term of the loan is to December 31, 2024, regardless of when the loan is received by GDLG. The loan is interest free through June 30, 2024. After that, the simple interest rate of 3% per annum applies. Interest is based on a full year (365 days) consisting of twelve months. Interest will accrue starting July 1, 2024, until repayment of the loan. As of October 31, 2023, the balance is $5,000 as there has been no payments made.
7.COMMON STOCK
The Company has
On January 21, 2021, the Company issued
In October 2021, the Company issued
In November 2021, the Company issued
In December 2021, the Company issued
There were
8.COMMITMENTS AND CONTINGENCIES
From time-to-time, the Company is subject to various litigation and other claims in the normal course of business. The Company establishes liabilities in connection with legal actions that management deems to be probable and estimable (if any). No such event or amounts have been accrued in the financial statements with respect to any litigation or other claim matters.
9.INCOME TAXES
The Company adopted the provisions of uncertain tax positions as addressed in ASC 740 “Income Taxes” (“ASC 740”). As a result of the implementation of ASC 740, the Company recognized no increase in the liability for unrecognized tax benefits. As of October 31, 2023, the Company had net operating loss carry forwards of approximately $
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The valuation allowance at as of October 31, 2023, was approximately $
The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred income tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based on consideration of these items, management has determined that enough uncertainty exists relative to the realization of the deferred income tax asset balances to warrant the application of a full valuation allowance as of October 31, 2023. All tax years since inception remain open for examination by taxing authorities.
The provision for Federal income tax consists of the following:
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Net operating loss carry forward | $ | ( | $ | ( |
Valuation allowance | $ | $ | ||
Net deferred tax assets | $ | $ |
The actual tax benefit at the expected rate of 21% differs from the expected tax benefit for the nine months ended October 31, 2023, as follows:
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Computed “expected” tax expense (benefit) | $ | ( | $ | ( |
Change in valuation allowance | $ | $ | ||
Actual tax expense (benefit) | $ | $ |
The related deferred tax benefits for the above unused tax losses have not been fully recognized as it is not reasonably certain that they will be realized. Management has evaluated tax positions in accordance with ASC 740 and has not identified any significant tax positions, other than those disclosed.
10.SUBSEQUENT EVENTS
No known material subsequent events at the time of filing.
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ITEM 2. MANAGEMENT’ DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
A CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This prospectus contains forward-looking statements which relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including the risks in the section entitled “Risk Factors,” that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.
While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested herein. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results.
DESCRIPTION OF BUSINESS
GENERAL
As we anticipated and planned in Q1 2023, our payment gateway solution was launched and tested in July 2023 at TP FINTECH SOLUTIONS LTD (“TPFT”), a wholly-owned Brazilian subsidiary by Glidelogic’s affiliated company Streamline USA, Inc. (“Streamline”). Currently, it is integrating well with the PIX payment system of FITBANK INSTITUIÇÃO DE PAGAMENTOS ELETRÔNICOS SA (“FITBANK”). TPFT has officially launched the payment service via FITBANK in August. However, due to the passage of new legislation in Brazil, in order for the payment gateway to adapt to the new compliance requirements, the system needs to be adjusted accordingly. The expected launch time is to be determined.
Also as anticipated and planned in Q1 2023, Glidelogic has already provided Streamline with advisory services related to the LLM (Large Language Model) and RWA (Real World Assets) Token in Q2. Streamline plans to offer an AI Bot related to entertainment marketing in the future, and to issue RWA Tokens tied to the earnings of KOL (Key Opinion Leaders) on social media. In Q3, as the initial step in working towards Streamline’s vision of creating AI solution for entertainment marketing, we have completed the software development of an AI bot for assisting the livestreaming function on social media platforms like TikTok. This system is undergoing testing with Streamline; it is anticipated to be officially put in use starting in Q4 and starts to generate revenue. Glidelogic expects to continue providing related software development and consulting services for Streamline.
Going forward, as we continue with more software development, we plan to offer the standard version of the products to the general market while having the ability to customize certain features based on client requests, which both will become Glidelogic’s revenue sources. Examples of the products and services we plan to offer are seen below, the list of which can be extended or shortened depending on their profitability and popularity with the customers:
1. Consulting services in software development business.
2. Consulting services in data encryption.
3. Consulting services in block chain operation and development.
4. Software development using block chain technologies.
5. Software development using encryption and data protection.
6. Software development using Al technologies.
We plan to offer the above services to small and medium companies involved in various parts of the IT industry and companies providing services to IT entities.
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REVENUE
We plan to generate revenue by fine-tuning then licensing payment gateway solution, also offering the AI-bot designed to assist with livestreaming on social media platforms as part of an unique AI solution for the entertainment marketing industry.
Additionally, we intend to offer consulting services for small and medium business entities involved in software development. The offers are planned to be framed by demands of the customers. The price is planned to vary whether they require the following:
| - | single consultation or revision of their project. |
| - | continuous monitoring or maintenance. |
MARKETING
We expect the Marketing Campaign to be our main drive allowing us to penetrate the payment gateway solution market and attract new customers as well. We plan to target customers who are concerned about privacy and security of payment solutions. We plan to advertise our prime software product at IT workshops, hackathons, trade shows and exhibitions of software for computers and mobile devices, exhibitions and trade shows of mobile gadgets, gaming industry shows and exhibitions.
The promotion of the Payment Gateway Solution will follow the expansion of our affiliated company Streamline’s payment service business in the Americas. We expect to enter countries like Brazil as a technology service provider and then promote within the industry through technical collaboration with partnering banks.
We expect to attract two main kinds of customers regarding services they wish to receive. The ones referred as “users”, are granted the use of payment gateway solutions application conditional on the package they would select. The ones referred as “customers”, are expected to offer consulting services in the software development business area. They are expected to be IT professionals employed in cryptography, developing encryption systems, employed in the IT security area and development of block chain technologies.
We also plan on promoting the AI solution for the entertainment marketing industry through the in-depth experience of our directors. Leveraging Dapeng Ma’s previous experience, networks, and client, we plan on primarily targeting our existing Propaganda GEM (“PGEM”) clients as well as production studios for adoption. We project to implement a set of marketing strategies and depending on their efficiency we, possibly, either correct the strategy or exclude the ineffective methodologies from the campaign.
COMPETITION
The market of crypto payment gateway solutions, new LLM based AI solutions, and Crypto related services is relatively new and expanding with numbers of offers. We still plan to seek new business opportunities through the management's connections and experience in the relevant industries. We aim to expand our business by collaborating with industry-leading companies and to gain customer recognition through innovation and high-quality work.
EMPLOYEES; IDENTIFICATION OF CERTAIN SIGNIFICANT EMPLOYEES.
We are a start-up company and currently have two employees: our president, Mr. Dapeng Ma, and our CEO, Mr. Yitian Xue, both were appointed as a director of the Company on May 15, 2023. Mr. Ma and Mr. Xue will jointly oversee the day-to-day operations of the company. We intend to hire employees on an as needed basis.
INSURANCE
We do not maintain any insurance and do not intend to maintain insurance in the future. Because we do not have any insurance, if we are had a party of a legal action, we may not have sufficient funds to defend the litigation. If that occurs a judgment could be rendered against us that could cause us to cease operations.
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OFFICES
The Company’s principal offices are located at 11264 Playa Court, Culver City, California 90230.
GOVERNMENT REGULATION
We will be required to comply with all regulations, rules and directives of governmental authorities and agencies applicable to our business in any jurisdiction which we would conduct activities. We do not believe that regulations will have a material impact on the way we conduct our business.
LEGAL PROCEEDINGS
There are no pending legal proceedings to which the Company is a party or in which any director, officer or affiliate of the Company, any owner of record or beneficially of more than 5% of any class of voting securities of the Company, or security holder is a party adverse to the Company or has a material interest adverse to the Company.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Certain statements contained in this prospectus, including statements regarding the anticipated development and expansion of our business, our intent, belief or current expectations, primarily with respect to the future operating performance of the Company and the products we expect to offer and other statements contained herein regarding matters that are not historical facts, are “forward-looking” statements. Future filings with the Securities and Exchange Commission, future press releases and future oral or written statements made by us or with our approval, which are not statements of historical fact, may contain forward-looking statements, because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements.
RESULTS OF OPERATIONS
As of the end of Q3, 2023, Glidelogic has made $30,000 in revenue from the consulting service to Streamline USA, Inc.in Q2, the other income of $6,010 represents debt forgiven by the Company’s previous owner. The total expenses amount to $43,675, which is mainly composed of various legal & compliance costs including SEC filing-related preparation, audit/review, and processing cost, transfer agency cost, OTC market cost, etc. As a result, as of the end of Q3, 2023, Glidelogic has an operation loss of $7,665.
Our financial statements have been prepared assuming that we will continue as a going concern and, accordingly, do not include adjustments relating to the recoverability and realization of assets and classification of liabilities that might be necessary should we be unable to continue in operation.
Currently efforts are focused on enhancing revenue generation based on the business plan detailed in this report. We expect we may require additional capital to meet our long-term operating requirements. We expect to raise additional capital through, among other things, the sale of equity.
LIQUIDITY AND CAPITAL RESOURCES
At October 31, 2023, our total assets were $9,625. Total assets were comprised of $6,187 in current assets and $3,438 in fixed assets.
As at October 31, 2023, our current liabilities were $5,000 and Stockholders’ equity was $4,625.
CASH FLOWS FROM OPERATING ACTIVITIES
For the nine months ended October 31, 2023 net cash flows used in operating activities was $11,776.
For the nine months ended October 31, 2022 net cash flows used in operating activities was $14,389.
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CASH FLOWS FROM INVESTING ACTIVITIES
For the nine months ended October 31, 2023 we have generated $0 in investing activities.
For the nine months ended October 31, 2022 we have generated $0 in investing activities.
CASH FLOWS FROM FINANCING ACTIVITIES
For the nine months ended October 31, 2023 net cash flows provided by financing activities was $0.
For the nine months ended October 31, 2022 net cash flows provided by financing activities was $0.
In August 2023, the company effected 25 to 1 forward stock split of its common stock. As a result, currently there are 66,593,750 shares of common stock issued and outstanding. The breakdown is:
Since inception, Glidelogic has sold 50,000,000 shares to its previous director for net proceeds of $2,000, the par value of these shares is $0.001. These shares were acquired by Star Success Business LLC in May 2023.
For the year ended January 31, 2022, the Company issued 16,593,750 shares of common stock for cash proceeds of $26,550, par value of these shares is $0.001 per share.
Our cash flow change in Q3 is minimum and relied mainly on the Company’s controlling shareholders loan. Due to the passage of new legislation in Brazil, in order for the payment gateway to adapt to the new compliance requirements, the system is currently being adjusted. The expected launch time is not yet known. In Q4, we anticipate to start having revenue generated from servicing the AI bot system developed for the TikTok livestreaming.
OFF-BALANCE SHEET ARRANGEMENTS
We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
None
ITEM 4. CONTROLS AND PROCEDURES
Our management is responsible for establishing and maintaining a system of disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) that is designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer’s management, including its principal executive officer or officers and principal financial officer or officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
An evaluation was conducted under the supervision and with the participation of our management of the effectiveness of the design and operation of our disclosure controls and procedures as of October 31, 2023. Based on that evaluation, our management concluded that our disclosure controls and procedures were not effective as of such date to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms.
Changes in Internal Controls over Financial Reporting
There was no change in the Company’s internal control over financial reporting during the quarterly period covered by this report that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.
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PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
There are no pending legal proceedings to which the Company is a party or in which any director, officer or affiliate of the Company, any owner of record or beneficially of more than 5% of any class of voting securities of the Company, or security holder is a party adverse to the Company or has a material interest adverse to the Company.
ITEM 1A. RISK FACTORS
None
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
None
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITIES HOLDERS
None
ITEM 5. OTHER INFORMATION
None
ITEM 6. EXHIBITS
The following exhibits are included as part of this report by reference:
31.1 |
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31.2 |
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32.1 |
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32.2 |
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized in the City of Culver City, California, on December 8, 2023.
| GLIDELOGIC CORP. | ||
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| By: | /s/ Yitian Xue | |
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| Name: | Yitian Xue |
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| Title: | President Secretary, Director and Treasurer |
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| (Principal Executive, Financial and Accounting Officer) |
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EXHIBIT 31.1
CERTIFICATIONS
I, Yitian Xue, certify that:
1. | I have reviewed this quarterly report of Glidelogic Corp.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in the Exchange Act Rules 13a-15(f) and 15d – 15(f)) for the registrant and have: |
| a) | Designed such disclosure controls and procedures, or caused such controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
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| b) | Designed such internal controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
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| c) | Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
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| d) | Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing equivalent functions): |
| a) | All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and, |
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| b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: December 8, 2023 | By: | /s/ Yitian Xue |
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| Yitian Xue |
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| Chief Executive Officer |
EXHIBIT 31.2
CERTIFICATIONS
I, Yitian Xue, certify that:
1. | I have reviewed this quarterly report of Glidelogic Corp.; |
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2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
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3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
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4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in the Exchange Act Rules 13a-15(f) and 15d – 15(f)) for the registrant and have: |
| a) | Designed such disclosure controls and procedures, or caused such controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
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| b) | Designed such internal controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
| c) | Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
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| d) | Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing equivalent functions): |
| a) | All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and, |
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| b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: December 8, 2023 | By: | /s/ Yitian Xue |
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| Yitian Xue |
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| Chief Financial Officer |
EXHIBIT 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report on Form 10-Q for the period ended October 31, 2023 of Glidelogic Corp., a Nevada corporation (the “Company”), as filed with the Securities and Exchange Commission on the date hereof (the “Transition Report”), I, Yitian Xue, Chief Executive Officer of the Company certify, pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
1. The Quarterly Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities and Exchange Act of 1934, as amended; and
2. The information contained in this Quarterly Report fairly presents, in all material respects, the financial condition and results of operation of the Company.
Date: December 8, 2023 | By: | /s/ Yitian Xue |
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| Yitian Xue |
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| Chief Executive Officer |
EXHIBIT 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report on Form 10-Q for the period ended October 31, 2023 of Glidelogic Corp., a Nevada corporation (the “Company”), as filed with the Securities and Exchange Commission on the date hereof (the “Transition Report”), I, Yitian Xue, Chief Financial Officer of the Company certify, pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
1. The Quarterly Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities and Exchange Act of 1934, as amended; and
2. The information contained in this Quarterly Report fairly presents, in all material respects, the financial condition and results of operation of the Company.
Date: December 8, 2023 | By: | /s/ Yitian Xue |
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| Yitian Xue |
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| Chief Financial Officer |