The information contained in this Form 10-Q is intended to update the
information contained in our Annual Report on Form 10-K for the year ended
November 30, 2019 and presumes that readers have access to, and will have read,
the "Management's Discussion and Analysis of Financial Condition and Results of
Operations" and other information contained in such Form 10-K. The following
discussion and analysis also should be read together with our financial
statements and the notes to the financial statements included elsewhere in this
Form 10-Q.
The following discussion contains certain statements that may be deemed
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. Such statements appear in a number of places in
this Report, including, without limitation, "Management's Discussion and
Analysis of Financial Condition and Results of Operations. "These statements are
not guarantees of future performance and involve risks, uncertainties and
requirements that are difficult to predict or are beyond our control.
Forward-looking statements speak only as of the date of this quarterly report.
You should not put undue reliance on any forward-looking statements. We strongly
encourage investors to carefully read the factors described in our Form S-1
Amendment No.2, dated June 15, 2018, in the section entitled "Risk Factors" for
a description of certain risks that could, among other things, cause actual
results to differ from these forward-looking statements. We assume no
responsibility to update the forward-looking statements contained in this
transition report on Form10-Q. The following should also be read in conjunction
with the unaudited Condensed Consolidated Financial Statements and notes thereto
that appear elsewhere in this report.
Company Overview
We, Leader Hill Corporation, a Nevada corporation ("the Company") was
incorporated under the laws of the State of Nevada on August 21, 2017.
The Company's executive office is located at Flat 1204 Block B, Mei Li Yuan,
Hong Ling Middle Road, Luohu, Shenzhen 518000 China.
We, Leader Hill Corporation ("the Company"), are an early stage business
consulting company that intends to assist start-up to midsize companies in the
East Asia region, with a focus on mainland China and Hong Kong, to operate their
businesses more cost effectively through our multifaceted consulting services.
Additionally, it should be noted that the Company has not yet generated any
revenue, and we currently operate at a net loss.
Going Concern Uncertainties
The accompanying financial statements have been prepared using the going concern
basis of accounting, which contemplates the realization of assets and the
satisfaction of liabilities in the normal course of business.
For the nine months ended and as of August 31, 2020, the Company suffered
operating losses of $29,118 and had an accumulated deficit of $98,123. The
continuation of the Company as a going concern through August 31, 2020 is
dependent upon improving the profitability and the continuing financial support
from its stockholders. Management believes the existing shareholders or external
financing will provide the additional cash needed to meet the Company's
obligations as they become due.
These and other factors raise substantial doubt about the Company's ability to
continue as a going concern. The financial statements included herein do not
include any adjustments to reflect the possible future effects on the
recoverability and classification of assets or the amounts and classification of
liabilities that may result in the Company not being able to continue as a going
concern.
Results of Operation
For the three and nine months period ended August 31, 2020 and 2019
Our cash and cash equivalents balance were $508 and $525 as of August 31, 2020
and November 30, 2019 respectively.
Revenues and cost of revenue
For the three and nine months ended August 31, 2020, the Company has no revenue
, no cost of revenue was incurred for both of mentioned period.
For the three and nine months ended August 31, 2019, the Company has realized a
revenue of $43,800 and $46,600 respectively, from two and three customers
respectively, no cost of revenue was incurred for both of mentioned period.
General and administrative expenses
For the three and nine months ended August 31, 2020, the company has incurred
general and administrative expenses of $5,013 and $29,118 respectively, which
consist of mainly financial statement review, transfer agent fee, filing fee and
application fee for DTC.
For the three and nine months ended August 31, 2019, the company has incurred
general and administrative expenses of $45,029 and $53,662 respectively, which
consist of mainly company incorporation fee, audit fee and professional fees.
14
Net loss
The Company has incurred a net loss of $5,013 and $29,118 for the three and nine
months period ended August 31, 2020 respectively.
For the three and nine months ended August 31, 2019, the Company has incurred a
net loss of $1,229 and $7,062 respectively.
Liquidity and Capital Resources
Cash Used in Operating Activities
For the nine months period ended August 31, 2020, the company has consumed $18
in operating activity, of which mainly consist of incurring an operating net
loss and increase in accrued expenses contra by increase in loan form director.
For the nine months period ended August 31, 2019, the company has consumed
$22,835 in operating activity, of which mainly consist of incurring an operating
net loss, increase in account receivable and decrease in other payable and
accrued liabilities.
Cash Used in / Provided by Financing Activities
For the nine months period ended August 31, 2019 and 2020, the company didn't
incur or generate any cash from financing activity.
Cash Used in / Provided by Investing Activities
For the nine months period ended August 31, 2019 and 2020, the company didn't
incur or generate any cash from investing activity.
Off-balance Sheet Arrangements
We have no significant off-balance sheet arrangements that have or are
reasonably likely to have a current or future effect on our financial condition,
changes in our financial condition, revenues or expenses, results of operations,
liquidity, capital expenditures or capital resources that are material to our
stockholders as of August 31, 2020.
Contractual Obligations
As of August 31, 2020, the Company has no contractual obligations involved.
15
© Edgar Online, source Glimpses