Company Quick10K Filing
Global House Holdings
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 112 $-0
10-Q 2020-02-04 Quarter: 2019-10-31
10-Q 2020-01-16 Quarter: 2019-07-31
10-K 2019-08-13 Annual: 2019-04-30
10-Q 2019-03-12 Quarter: 2019-01-31
10-Q 2018-12-13 Quarter: 2018-10-31
10-Q 2018-09-19 Quarter: 2018-07-31
10-K 2018-09-11 Annual: 2018-04-30
10-Q 2018-04-06 Quarter: 2018-01-31
10-Q 2018-03-22 Quarter: 2017-10-31
10-Q 2017-09-08 Quarter: 2017-07-31
10-K 2017-07-31 Annual: 2017-04-30
10-Q 2017-02-28 Quarter: 2017-01-31
10-Q 2016-12-15 Quarter: 2016-10-31
8-K 2018-03-29 Amend Bylaw
8-K 2018-03-20 Accountant
KLDK 2019-10-31
Part I - Financial Information
Item 1. Financial Statements
Note 1 - Organization and Basis of Presentation
Note 2 - Going Concern
Note 3 - Summary of Significant Accounting Policies
Note 4 - Capital Stock
Note 5 - Related Party Transactions
Note 6 - Prepaid Expenses
Note 7 - Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 ghhh_ex311.htm
EX-32.1 ghhh_ex321.htm

Global House Holdings Earnings 2019-10-31

KLDK 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
DGDM 0 1 0 0 -0 -0 -0 0.0 -3,722%
MWPP 0 0 -0 -0 -0 0.2 16,188,400%
KLDK 0 0 0 0 -0 -0 -0 0.0 -179%
WPZ 45,938 24,399 8,277 0 775 3,293 16,763 0% 5.1 2%
AHNR 0 3 0 0 -0 -0 0 -0.4 -166%
POTO 39 1 0 0 4 4 -10 -2.6 10%
ACF 110,826 98,441 14,376 0 1,433 5,398 86,076 0% 15.9 1%
JFKKU 58 2 0 0 -0 -0 -0 0.6 -1%
ADVV 10 21 3 0 -6 -6 -0 11% 0.0 -56%
AEI26 10 0 0 0 -1 -1 -1 0.9 -12%

10-Q 1 ghhh_10q.htm FORM 10-Q ghhh_10q.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

(Mark One)

x

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

 

For the quarterly period ended October 31, 2019

 

or

 

¨

TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

 

For the transition period from ________ to ________

 

Commission File Number 333-213744

 

GLOBAL HOUSE HOLDINGS LTD.

(Exact name of registrant as specified in its charter)

     

Nevada

 

37-1817132

(State or other jurisdiction

of incorporation or organization)

 

(IRS Employer

Identification No.)

 

No. 9, Alley 7, Section 4, Renai Road

Daan District, Taipai, Taiwan

 

(Address of principal executive offices)

 

(Zip Code)

     

852-5238-9111

(Registrant’s telephone number, including area code)

 

N/A

(Former name, former address and former fiscal year, if changed since last report)

  

Securities registered pursuant to Section 12(b) of the Act: 

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

None

None

None

 

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.  x YES     ¨ NO

 

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). x YES     ¨ NO

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. 

  

Large accelerated filer

¨

Accelerated filer

¨

Non-accelerated filer

x

Smaller reporting company

x

Emerging growth company

x

    

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 13(a) of the Exchange Act. ¨

  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)  ¨ YES     x NO

  

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY

PROCEEDINGS DURING THE PRECEDING FIVE YEARS

   

Check whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Exchange Act after the distribution of securities under a plan confirmed by a court. ¨ YES     ¨ NO

  

APPLICABLE ONLY TO CORPORATE ISSUERS

    

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

   

111,800,000 shares of common stock as of February 4, 2020

 

 
 
 
 

 

TABLE OF CONTENTS

 

   

 
2
 
 

 

PART I - FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

GLOBAL HOUSE HOLDINGS LTD.

BALANCE SHEETS

(Unaudited)

 

 

 

October 31,

 

 

April 30,

 

 

 

2019

 

 

2019

 

ASSETS

 

Current Assets:

 

 

 

 

 

 

Prepaid expenses

 

$18,912

 

 

$20,358

 

Total Current Assets

 

 

18,912

 

 

 

20,358

 

 

 

 

 

 

 

 

 

 

TOTAL ASSETS

 

$18,912

 

 

$20,358

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' DEFICIT

Current Liabilities:

 

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

 

23,450

 

 

 

11,477

 

Due to related party

 

 

72,268

 

 

 

72,268

 

Total Current Liabilities

 

 

95,718

 

 

 

83,745

 

 

 

 

 

 

 

 

 

 

Total Liabilities

 

 

95,718

 

 

 

83,745

 

 

 

 

 

 

 

 

 

 

Stockholders' Deficit:

 

 

 

 

 

 

 

 

Common stock, $0.001 par value, 1,500,000,000 shares authorized 111,800,000 shares issued and outstanding

 

 

111,800

 

 

 

111,800

 

Additional paid-in capital (deficiency)

 

 

(83,737)

 

 

(83,737)

Accumulated deficit

 

 

(104,869)

 

 

(91,450)

Total Stockholders' Deficit

 

 

(76,806)

 

 

(63,387)

TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT

 

$18,912

 

 

$20,358

 

 

The accompanying notes are an integral part of these unaudited condensed financial statements.

 

 
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GLOBAL HOUSE HOLDINGS LTD.

STATEMENTS OF OPERATIONS

(Unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

October 31,

 

 

October 31,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$-

 

 

$-

 

 

$-

 

 

$-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative

 

 

6,223

 

 

 

21,013

 

 

 

13,419

 

 

 

28,455

 

Total Operating Expenses

 

 

6,223

 

 

 

21,013

 

 

 

13,419

 

 

 

28,455

 

Loss from operations

 

 

(6,223)

 

 

(21,013)

 

 

(13,419)

 

 

(28,455)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Loss

 

$(6,223)

 

$(21,013)

 

$(13,419)

 

$(28,455)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Loss Per Common Share: Basic and Diluted

 

$(0.00)

 

$(0.00)

 

$(0.00)

 

$(0.00)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Number of Common Shares Outstanding: Basic and Diluted

 

 

111,800,000

 

 

 

111,800,000

 

 

 

111,800,000

 

 

 

111,800,000

 

 

The accompanying notes are an integral part of these unaudited condensed financial statements.

 

 
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GLOBAL HOUSE HOLDINGS LTD.

STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT)

FOR THE SIX MONTHS ENDED OCTOBER 31, 2019 AND OCTOBER 31, 2018

(Unaudited)

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

 

 

 

 

 

 

paid-in

 

 

 

 

 

 

 

 

 

Common stock

 

 

capital

 

 

Accumulated

 

 

 

 

 

 

Shares

 

 

Amount

 

 

(deficiency)

 

 

Deficit

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, April 30, 2019

 

 

111,800,000

 

 

$111,800

 

 

$(83,737)

 

$(91,450)

 

$(63,387)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss for the period

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(7,196)

 

 

(7,196)

Balance, July 31, 2019

 

 

111,800,000

 

 

$111,800

 

 

$(83,737)

 

$(98,646)

 

$(70,583)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss for the period

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(6,223)

 

 

(6,223)

Balance, October 31, 2019

 

 

111,800,000

 

 

$111,800

 

 

$(83,737)

 

$(104,869)

 

$(76,806)

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

 

 

 

 

 

 

paid-in

 

 

 

 

 

 

 

 

 

Common stock

 

 

capital

 

 

Accumulated

 

 

 

 

 

 

Shares

 

 

Amount

 

 

(deficiency)

 

 

Deficit

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, April 30, 2018

 

 

111,800,000

 

 

$111,800

 

 

$(83,737)

 

$(50,638)

 

$(22,575)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss for the period

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(7,442)

 

 

(7,442)

Balance, July 31, 2018

 

 

111,800,000

 

 

$111,800

 

 

$(83,737)

 

$(58,080)

 

$(30,017)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss for the period

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(21,013)

 

 

(21,013)

Balance, October 31, 2018

 

 

111,800,000

 

 

$111,800

 

 

$(83,737)

 

$(79,093)

 

$(51,030)

 

The accompanying notes are an integral part of these unaudited condensed financial statements.

 

 
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GLOBAL HOUSE HOLDINGS LTD.

STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

Six Months Ended

 

 

 

October 31,

 

 

 

2019

 

 

2018

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

Net loss

 

$(13,419)

 

$(28,455)

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Prepaid expenses

 

 

1,446

 

 

 

(21,485)

Accounts payable and accrued liabilities

 

 

11,973

 

 

 

(1,110)

Net cash used in Operating Activities

 

 

-

 

 

 

(51,050)

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

Net cash used in Investing Activities

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

Proceeds from loan from shareholder

 

 

-

 

 

 

51,050

 

Net cash provided by Financing Activities

 

 

-

 

 

 

51,050

 

 

 

 

 

 

 

 

 

 

Net change in cash for period

 

 

-

 

 

 

-

 

Cash at beginning of period

 

 

-

 

 

 

-

 

Cash at end of period

 

$-

 

 

$-

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL CASH FLOW INFORMATION:

 

 

 

 

 

 

 

 

Cash paid for income taxes

 

$-

 

 

$-

 

Cash paid for interest

 

$-

 

 

$-

 

 

The accompanying notes are an integral part of these unaudited condensed financial statements.

 

 
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Table of Contents

 

GLOBAL HOUSE HOLDINGS LTD.

NOTES TO THE FINANCIAL STATEMENTS

October 31, 2019

(Unaudited)

 

NOTE 1 – ORGANIZATION AND BASIS OF PRESENTATION

 

GLOBAL HOUSE HOLDINGS LTD. (the “Company”) is a corporation established under the corporation laws in the State of Nevada on March 29, 2016. The Company’s activities are subject to significant risks and uncertainties including failure to secure additional funding to properly execute the Company’s business plan.

 

On April 2, 2018, the Company approved an agreement and plan of merger for the purposes of changing our corporate name from Koldeck Inc. to Global House Holdings Ltd. Pursuant to the agreement and plan of merger, our company merged with our wholly-owned subsidiary Global House Holdings Ltd., a Nevada corporation. Koldeck Inc. remained the surviving company of the merger, continuing under the name Global House Holdings Ltd. The name change, as well as a 20:1 forward stock split, was approved by FINRA and effective April 3, 2018 (Note 4).

 

Basis of Presentation

 

The accompanying unaudited condensed financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the six months ended October 31, 2019 are not necessarily indicative of the results that may be expected for the year ending April 30, 2020. Notes to the unaudited interim financial statements that would substantially duplicate the disclosures contained in the audited financial statements for fiscal year 2018 have been omitted. This report should be read in conjunction with the audited financial statements and the footnotes thereto for the fiscal year ended April 30, 2019 included in the Company’s Form 10-K as filed with the Securities and Exchange Commission on August 13, 2019.

 

NOTE 2 – GOING CONCERN

 

The Company’s financial statements as of October 31, 2019 have been prepared using generally accepted accounting principles in the United States of America applicable to a going concern, which contemplate the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern. The Company has incurred a cumulative net loss of $104,869. These factors among others raise substantial doubt about the ability of the Company to continue as a going concern for a reasonable period of time.

 

In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management’s plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its minimal operating expenses and seeking third party equity and/or debt financing. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. These financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

 

NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Use of Estimates

 

Preparing financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. Actual results and outcomes may differ from management’s estimates and assumptions.

 

Cash and Cash Equivalents

 

For purposes of the statement of cash flows, the Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. At October 31, 2019 and April 30, 2019, the Company did not have any cash or cash equivalents.

 

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Table of Contents

 

Financial Instruments

 

The Company’s financial instruments consist primarily of accounts payable and debts. The carrying amounts of such financial instruments approximate their respective estimated fair value due to the short-term maturities and approximate market interest rates of these instruments.

 

Basic and Diluted Loss per Share

 

Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted 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. The Company had no potentially dilutive instruments outstanding during the periods presented.

 

New Accounting Pronouncements

 

There were various accounting standards and interpretations issued recently, none of which have or are expected to a have a material impact on our financial position, operations or cash flows.

 

NOTE 4 – CAPITAL STOCK

 

As of October 31, 2019 and April 30, 2019, the Company had 111,800,000 shares of common stock issued and outstanding. The Company has not authorized or designated any preferred stock.

 

On October 26, 2017, our Board of Directors approved a forward stock split of the issued and authorized shares of common stock on the basis of 20 new shares for one (1) old share. The forward stock split was effective April 3, 2018 and resulted in the increase of our authorized capital from 75,000,000 shares of common stock to 1,500,000,000 shares of common stock. The issued and outstanding capital increased from 5,590,000 shares of common stock to 111,800,000 shares of common stock. The $0.001 par value of our common shares remains unchanged.

 

NOTE 5 – RELATED PARTY TRANSACTIONS

 

In support of the Company’s efforts and cash requirements, it may rely on advances from related parties until such time that the Company can support its operations or attains adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support by officers, directors, or shareholders. Amounts represent advances or amounts paid in satisfaction of liabilities. The advances are considered temporary in nature and have not been formalized by a promissory note.

 

During the six months ended October 31, 2019 and October 31, 2018, the Company’s sole officer and director loaned the Company $0 and $51,050, respectively, to pay for operating expenses.

 

The amounts are non-interest bearing and due on demand. As of October 31, 2019 and April 30, 2019, $72,268, is outstanding.

 

NOTE 6 – PREPAID EXPENSES

 

Prepaid expenses relate to prepayment made for future services in advance and will be expensed over time as the benefit of the services is received in the future, expected within one year.

 

Prepaid expenses consisted of the following at October 31, 2019 and April 30, 2019:

 

 

 

October 31,

 

 

April 30,

 

 

 

2019

 

 

2019

 

Legal Fees

 

$18,912

 

 

$20,358

 

 

NOTE 7 – SUBSEQUENT EVENTS

 

Management has evaluated subsequent events through the date these financial statements were issued. Based on our evaluation, except of following payments by related party, no material subsequent events have occurred that require disclosure, other than as noted below.

 

Subsequent to the period ended October 31, 2019 through the date of filing, the Company’s sole officer and director loaned the Company $24,480 to pay for operating expenses.

 

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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

 

FORWARD-LOOKING STATEMENTS

 

This quarterly report contains forward-looking statements. These statements 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 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. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. 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.

 

Our unaudited financial statements are prepared in accordance with United States Generally Accepted Accounting Principles. The following discussion should be read in conjunction with our financial statements and the related notes that appear elsewhere in this quarterly report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed below and elsewhere in this quarterly report.

 

In this quarterly report, unless otherwise specified, all dollar amounts are expressed in United States dollars and all references to “common shares” refer to the common shares in our capital stock.

 

As used in this quarterly report, the terms “we,” “us,” “our” and “our company” mean Global House Holdings Ltd., unless otherwise indicated.

 

General Overview

 

We were incorporated under the laws of the State of Nevada on March 29, 2016. We are engaged in the business of content writing and editing services.

 

On October 26 2017, our Board of Directors approved a forward stock split of our issued and authorized shares of common stock on the basis of 20 new shares for one (1) old share, increasing of our authorized capital from 75,000,000 shares of common stock to 1,500,000,000 shares of common stock. Correspondingly, our issued and outstanding capital increased from 5,590,000 shares of common stock to 111,800,000 shares of common stock. The $0.001 par value of our common shares remained unchanged. The forward stock split was payable upon surrender and no fractional shares were issued. Fractional shares were rounded up.

 

Also on October 26, 2017, our board of directors approved an agreement and plan of merger for the purposes of changing our corporate name from Koldeck Inc. to Global House Holdings Ltd. Pursuant to the agreement and plan of merger, our company merged with our wholly-owned subsidiary Global House Holdings Ltd., a Nevada corporation. Koldeck Inc. remained the surviving company of the merger, continuing under the name Global House Holdings Ltd.

 

The resolutions of our Board of Directors approving the above described forward stock split and name change were subject to the prior approval of the Financial Industry Regulatory Authority (FINRA). On January 31, 2018, in anticipation of FINRA approval, we filed a Certificate of Change and Articles of Merger with the Nevada Secretary of State to give effect to the forward stock split and name change. The name change and forward stock split were subsequently approved by FINRA on March 29, 2018 with a market effective date of April 3, 2018. As a result, effective April 3, 2018, we adopted the new trading symbol GHHHD. After 20 business days, the symbol changed to GHHH. Our new CUSIP number is 37891G108.

 

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Our business and corporate address is No. 9, Alley 27, Section 4, Renai Road, Daan District, Tapei, Taiwan and our telephone number is +852 5238 9111. We do not have a corporate website.

 

We do not have any subsidiaries.

 

We have never declared bankruptcy, been in receivership, or involved in any kind of legal proceeding.

 

Our Current Business

 

Our main business activity is content writing and editing services. We plan to deliver our services to both individuals and companies, as well as to printed or digital newspapers and magazines. Our main objective is to provide our customers with a quality service of text composing and editing of written materials. As additional services we may offer help with illustrating and designing book covers, as we plan to hire professional designers if business turns out profitable. We plan to write the texts based on data provided by our customers by mail, by phone or directly in person during the interviews. We also plan to deliver services on writing creative texts such as pieces of fiction, poetry, blog posts, and articles for magazines or newspapers. We also plan to deliver texts not related to fiction such as business proposals, presentations, bids, customer offers and letters. We also plan to offer editing and rewriting services. We also plan to carry out the jobs of editing or rewriting texts to make them more appealing to the final reader, as well as to make them look professionally-written. As business grows, we may change our services to the needs of the markets or to the needs of the company or to meet the requirements of our customers.

 

Results of Operations

 

The following summary of our results of operations should be read in conjunction with our financial statements for the six months ended October 31, 2019 and 2018, which are included herein.

 

We did not earn any revenues from our operations during the six months ended October 31, 2019 or 2018.

 

Three Months Ended October 31, 2019 Compared to Three Months Ended October 31, 2018

 

 

 

Three Months Ended

 

 

 

 

 

October 31,

 

 

 

 

 

2019

 

 

2018

 

 

Changes

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$-

 

 

$-

 

 

$-

 

Operating Expenses

 

 

(6,223)

 

 

(21,013)

 

 

14,790

 

Loss from Operations

 

 

(6,223)

 

 

(21,013)

 

 

14,790

 

Net Loss

 

$(6,223)

 

$(21,013)

 

$14,790

 

 

Our condensed interim financial statements report a net loss of $6,223 for the three months ended October 31, 2019 compared to a net loss of $21,013 for the three months ended October 31, 2018.

 

Our operating expenses for the three months ended October 31, 2019 were $6,223 compared to $21,013 for the three months ended October 31, 2018. Operating expenses consists primarily of professional fees.

 

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Six Months Ended October 31, 2019 Compared to Six Months Ended October 31, 2018

 

 

 

Six Months Ended

 

 

 

 

 

October 31,

 

 

 

 

 

2019

 

 

2018

 

 

Changes

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$-

 

 

$-

 

 

$-

 

Operating Expenses

 

 

(13,419)

 

 

(28,455)

 

 

15,036

 

Loss from Operations

 

 

(13,419)

 

 

(28,455)

 

 

15,036

 

Net Loss

 

$(13,419)

 

$(28,455)

 

$15,036

 

 

Our condensed interim financial statements report a net loss of $13,419 for the six months ended October 31, 2019 compared to a net loss of $28,455 for the six months ended October 31, 2018.

 

Our operating expenses for the six months ended October 31, 2019 were $13,419 compared to $28,455 for the six months ended October 31, 2018. Operating expenses consists primarily of professional fees.

 

Liquidity and Financial Condition

 

Working Capital

 

 

 

October 31,

2019

 

 

April 30,

2018

 

 

 

 

 

 

 

 

Current Assets

 

$18,912

 

 

$20,358

 

Current Liabilities

 

$95,718

 

 

$83,745

 

Working Capital (Deficiency)

 

$(76,806)

 

$(63,387)

 

Our total current assets as of October 31, 2019 were $18,912 as compared to total current assets of $20,358 as of April 30, 2019 due to decrease in prepaid expenses.

 

Our total current liabilities as of October 31, 2019 were $95,718 as compared to total current liabilities of $83,745 as of April 30, 2019. The increase was primarily due to an increase in accounts payable and accrued liabilities.

 

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Cash Flows

 

 

 

Six Months Ended

October 31,

 

 

 

2019

 

 

2018

 

 

 

 

 

 

 

 

Cash Flows used in Operating Activities

 

$-

 

 

$(51,050)

Cash Flows used in Investing Activities

 

 

-

 

 

 

-

 

Cash Flows provided by Financing Activities

 

 

-

 

 

 

51,050

 

Net increase (decrease) in cash during period

 

$-

 

 

$-

 

 

Operating Activities

 

Net cash used in operating activities was $0 for the six months ended October 31, 2019 compared with net cash used in operating activities of $51,050 in the same period in 2018.

 

During the six months ended October 31, 2019, the net cash used in operating activities was attributed to net loss of $13,419, reduced by a decrease in prepaid expenses of $1,446 and an increase in accounts payable and accrued liabilities of $11,973.

 

During the six months ended October 31, 2018, the net cash used in operating activities was attributed to net loss of $28,455, increased by an increase in prepaid expenses of $21,485 and a decrease in accounts payable and accrued liabilities of $1,110.

 

Investing Activities

 

During the six months ended October 31, 2019 and October 31, 2018, we did not use any funds in investing activities.

 

Financing Activities

 

During the six months ended October 31, 2019, net cash from financing activities was $0 compared with net cash from financing activities of $51,050 attributed to proceeds from loans from our sole officer.

 

Cash Requirements

 

We will require additional cash as we expand our business. Initially, to carry out our business plan, we will need to raise additional capital. There can be no assurance that we will be able to raise additional capital or, if we are able to raise additional capital, the terms we be acceptable to us. Currently we do not have any inventory.

 

These conditions indicate a material uncertainty that casts significant doubt about our ability to continue as a going concern. We require additional debt or equity financing to have the necessary funding to continue operations and meet our obligations. We have continued to adopt the going concern basis of accounting in preparing our financial statements.

 

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Future Financings

 

We anticipate continuing to rely on equity sales of our common stock in order to continue to fund our business operations. Issuances of additional shares will result in dilution to our existing stockholders. There is no assurance that we will achieve any additional sales of our equity securities or arrange for debt or other financing to fund our planned business activities.

 

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 that is material to stockholders.

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

As a “smaller reporting company,” we are not required to provide the information required by this Item.

 

Item 4. Controls and Procedures

 

Evaluation of Disclosure 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, 2019. 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 as a result of the following material weaknesses:

 

The specific material weakness identified by our management was ineffective controls over certain aspects of the financial reporting process because of a lack of a sufficient complement of personnel with a level of accounting expertise and an adequate supervisory review structure that is commensurate with our financial reporting requirements and inadequate segregation of duties. A "material weakness" is a deficiency, or combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of the company's annual or interim financial statements would not be prevented or detected on a timely basis.

 

We expect to be materially dependent upon a third party to provide us with accounting consulting services for the foreseeable future. Until such time as we have a chief financial officer with the requisite expertise in U.S. GAAP, there are no assurances that the material weaknesses in our disclosure controls and procedures and internal control over financial reporting will not result in errors in our financial statements which could lead to a restatement of those financial statements.

 

Changes in Internal Controls

 

There have been no changes in our internal controls over financial reporting identified in connection with the evaluation required by paragraph (d) of Securities Exchange Act Rule 13a-15 or Rule 15d-15 that occurred in the quarter ended October 31, 2019 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

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PART II - OTHER INFORMATION

 

Item 1. Legal Proceedings

 

From time to time, we may become involved in litigation relating to claims arising out of its operations in the normal course of business. We are not involved in any pending legal proceeding or litigation and, to the best of our knowledge, no governmental authority is contemplating any proceeding to which we area party or to which any of our properties is subject, which would reasonably be likely to have a material adverse effect on us.

 

Item 1A. Risk Factors

 

As a “smaller reporting company,” we are not required to provide the information required by this Item.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

None.

 

Item 3. Defaults Upon Senior Securities

 

None.

 

Item 4. Mine Safety Disclosures

 

Not Applicable.

 

Item 5. Other Information

 

None.

 

 
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Item 6. Exhibits

 

Exhibit

Number

 

Description

(31)

 

Rule 13a-14 (d)/15d-14d) Certifications

31.1*

 

Section 302 Certification by the Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer

(32)

 

Section 1350 Certifications

32.1*

 

Section 906 Certification by the Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer

101*

 

Interactive Data File

101.INS

 

XBRL Instance Document

101.SCH

 

XBRL Taxonomy Extension Schema Document

101.CAL

 

XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF

 

XBRL Taxonomy Extension Definition Linkbase Document

101.LAB

 

XBRL Taxonomy Extension Label Linkbase Document

101.PRE

 

XBRL Taxonomy Extension Presentation Linkbase Document

______

* Filed herewith.

 

 
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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

GLOBAL HOUSE HOLDINGS LTD.

 

 

(Registrant)

 

Dated: February 4, 2020

 

/s/ Jian Han Chen

 

 

Jian Han Chen

 

 

President, Chief Executive Officer,

 

 

 

Chief Financial Officer, Treasurer and Director

 

 

(Principal Executive Officer, Principal Financial

 

 

 

Officer and Principal Accounting Officer)

 

 

 
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