Securities registered pursuant to Section 12(g) of the Act: Common Stock, $0.00001 par value

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes o No þ

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes o No þ

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. YES þ NO o

Indicate by check mark whether registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post such files). YES þ NO o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes o No þ

TABLE OF CONTENTS

		Page

Special Note Regarding Forward Looking Statements		3

PART I
Item 1.	Business	4
Item 1A.	Risk Factors	11
Item 1B.	Unresolved Staff Comments	11
Item 2.	Properties	11
Item 3.	Legal Proceedings	11
Item 4.	Mine Safety Disclosures	12

PART II
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	12
Item 6.	Selected Financial Data	13
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	13
Item 7A.	Quantitative and Qualitative Disclosures about Market Risk	2120
Item 8.	Financial Statements and Supplementary Data	2221
Item 9.	Changes In and Disagreements With Accountants on Accounting and Financial Disclosure	2322
Item 9A.	Controls and Procedures	2322
Item 9B.	Other Information	2322

PART III
Item 10.	Directors, Executive Officers and Corporate Governance	2423
Item 11.	Executive Compensation	2725
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	2826
Item 13.	Certain Relationships and Related Transactions, and Director Independence	2827
Item 14.	Principal Accounting Fees and Services	2928
Item 15.	Exhibits, Financial Statement Schedules	3029

SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS

Investors are cautioned that certain statements contained in this document, as well as some statements in periodic press releases and some oral statements of Advanced Biomedical Technologies, Inc. (“ABMT”) officials during presentations about ABMT, are “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”). Forward-looking statements include statements that are predictive in nature, that depend upon or refer to future events or conditions, that include words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” or similar expressions. In addition, any statements concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible future ABMT actions, which may be provided by management, are also forward-looking statements as defined by the Act. Forward-looking statements are based on current expectations and projections about future events and are subject to risks, uncertainties, and assumptions about ABMT, economic and market factors and the industries in which ABMT does business, among other things. These statements are not guaranties of future performance and we have no specific intention to update these statements.

Actual events and results may differ materially from those expressed or forecasted in forward-looking statements due to a number of factors. Although forward-looking statements in this Annual Report on Form 10-K reflect the good faith judgment of our management, forward-looking statements are inherently subject to known and unknown risks, business, economic and other risks and uncertainties that may cause actual results to be materially different from those discussed in the forward-looking statements, and Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this Annual Report on Form 10-K.

ITEM 1. BUSINESS

Organizational History

Advanced Biomedical Technologies, Inc. has one direct wholly owned subsidiary, Masterise Holdings Ltd., a limited liability company organized under the laws of British Virgin Islands (“Masterise”). Masterise, owns seventy percent (70%) of the issued and outstanding equity or voting interests in Shenzhen Changhua, a company formed under the laws of the People’s Republic of China. (ABMT, Masterise, and Shenzhen Changhua are collectively referred to throughout this document as “We, “Us,” “Our” (and similar pronouns), “ABMT” and the “Company”).

We were incorporated in the State of Nevada on September 12, 2006. We maintain our statutory registered agent's office at The Corporation Trust Company of Nevada, 311 S Division Street, Carson City, Nevada 89703, and our business office is located at 350 Fifth Avenue, 59th Floor, New York, NY 10118. We have not been subject to any bankruptcy, receivership, or similar proceeding, or any material reclassification or consolidation.

Our primary business is carried out by Masterise through Shenzhen Changhua, as set forth in the following diagram:

Shenzhen Changhua ~~does not have any subsidiary.~~has no subsidiaries.

Organizational History of Masterise and Shenzhen Changhua

Masterise is a wholly owned subsidiary of Advanced Biomedical Technologies, Inc.

Masterise is a limited liability company which was organized under the laws of British Virgin Islands (“BVI”) on May 31, 2007, and owns 70% of the capital stock of Shenzhen Changhua.

Shenzhen Changhua is a limited liability company which was organized under the laws of PRC on September 25, 2002.

Since their founding, Shenzhen Changhua has been involved in the development of self-reinforced, absorbable degradable screws, rods and binding wires for fixation on human fractured bones. The Company is currently involved in conducting clinical trials on its products and intends to raise additional capital to produce and market its products commercially pending approval of its products by the China Food and Drug Administration (“CFDA”), formally the State Food and Drug Administration (“SFDA”) of the PRC.

Primary Products

Our primary products include Absorbable PA Osteosynthesis Devices made of a proprietary polyamide material. These advanced materials are used in surgical screws, binding wires, rods and related medical devices for the treatment of orthopedic trauma, sports-related medical treatment, cartilage repair, and related treatments, and reconstructive dental procedures. Our devices are Self-Reinforced, Bio-absorbable, Brady-degradable internal fixation devices. At this time, ABMT is the sole patent holder of PA technologies in China, as well as the only company currently engaged in clinical trials and marketing submission for PA devices in the PRC. Our PA Screws have completed clinical trials and are pending approval by the China Food and Drug Administration of China (“CFDA”); and our PA Binding Wires are under clinical trials; and our PA Mini-Screws are under animal test.

Product Characteristics:

The theory of Brady-degradable PA absorbable material is based on water dissolution, that is, the material is broken down by body fluids in a predictable and carefully engineered fashion. As a bone fracture heals, the supporting implant is designed to degrade from the outer to the inner layers, inducing new bone generation in the gap left by the degrading material. Eventually, new bone is formed to occupy all of the space left by the degraded implant.

Brady-degradable PA absorbable materials consist of enhanced fiber and high molecular polymers. It has high tensile, bending, and shear strengths, and is particularly suitable for patients with severe conditions, high tensile, bending, and shear strengths, and is particularly suitable for patients with severe conditions, such as fractures with light osteoporosis, severe soft tissue injury or bad blood supply, and so forth. This innovative material provides several benefits:

1. Reduces costs on all patient medical care,

2. Helps avoid the necessity for secondary surgery,

3. Enhances the performance of components constructed from these materials,

4. Improves the biological activity of components employing these materials,

5. Effectively controls the degeneration speed of the temporary support component.

The Company has developed six proprietary re-absorbable polymer fixation implant product lines, including screws, pins, tacks, rods and binding wires, which provide an alternative to metal implants and overcome the limitations of first generation re-absorbable fixation devices. The Company’s product range will ultimately cover the full gamut of components featuring self-reinforced, re-absorbable, biodegradable PA macromolecule polymer materials for implantation, including human orthopedic and dental applications, as well as veterinary applications.

Industry Development

The fracture fixation industry has developed through three generations of materials science:

The first generation internal-fracture fixation material:

The first generation internal-fracture-fixer components are usually made of stainless steel, titanium and alloy. Due to their high intensity, low costs and easy machining character, these components have achieved huge success in fracture treatment and remain the most widely used internal-fracture-fixer material. However, their prominent flaws are the huge difference between metal’s elasticity co-efficient, easily causing second-time bone fracture. The metallic ion can also cause tissue inflammation, and the need of a secondary surgery to have them taken out. These flaws stimulated the development of the degradable macromolecule material.

The second generation fracture fixation material:

The second generation bone-fracture-fixed components are made of degradable macromolecule material, such as PLLA, PGA and PDS, etc. The disadvantage of these components is rapid self-degeneration in early stages after the initial implant. For example, the strength of SR-PLLA decreases to 10-20Mpa after 4 weeks of implantation. Therefore, the second generation bone-fracture-fixed components can be only used to treat substantial spongiosa bone fractures.

The third generation fracture fixation material:

The third generation fracture fixation material, biodegradable fracture fixation components are currently under research by developed countries. There are many technical challenges to research in the third generation fracture fixation material field; for example, the materials must have a high degree of bio-compatibility and mechanical compatibility. They also must be of high biological activity, self-absorbable, and degeneration controllable.

Product Development

After careful deliberation, we selected the biodegradable screw as our first product to market. In order to replace the widely-used metal components, the new materials must meet multiple bio-consistency and mechanical-consistency requirements. Furthermore, they must also exhibit specific properties with respect to bio-activities, degradability, and controllable degradation speed. Although many macromolecule materials are degradable inside human body, relatively few provide the physical characters required for fracture fixation.

Development began with selection of macromolecule materials that exhibited the desired physical characters, leading, ultimately, to our selection of polyamide. In order to achieve the desired mechanical performance and degrading speed, various chemical and physical techniques were employed to modify the bio-degradable polyamide so as to synthesize the required new bio-degradable material. This phase of our research also entailed the selection of monomer class, polymerization conditions, the mensuration of polymer molecular weight, hydrophile capability, crystal capability, the mensuration and controlled degrading speed of the polymer, the mensuration and control of the mechanical performance of the polymer, and numerous other critical considerations.

Our next challenge was to identify a suitable bio-active inorganic material, and to optimize the compound and associated production conditions. It was critical that we could predict and control the bio-activities of the implanted fixture material, and to this end we used high grade and mature phosphate type bio-active materials, taking into account the preparation characteristics of the compound material, and the surface character requirements of the finished products. We also improved current technical parameters by modifying the surface character, thereby achieving critical control over the desired grain size and surface activities.

The third technological hurdle involved the actual preparation and utilization of the engineered compound in conjunction with a bio-active material. Hydronium bombardment of the surface, with spread and cover techniques, was employed during this critical step in the process. This had the effect of creating a well-knit bio-active membrane on the degradable polymer’s surface, and embedding a bio-active core inside the degradable polymer stick, so as to form the bio-active degradable compound material.

The final step entailed strengthening and shaping the processed compound by using directional extrusion and molding. Degradable acantha inoculators, fixation screws, orthopedics stuffing, enlace strings, and anti-conglutination membrane can all be manufactured, as needed, using this same technique.

Our company has studied and researched Polyamide, changing its chemical and physical properties to meet the above requirements. As a result of our research we have:

1.	Increased mechanical strength to 170Mpa.

2.	Increased biological activities to accelerate bone cell substitution.

3.	Extended the degeneration period during the implant. While the PA is degenerating layer by layer, the bone cells grow and take its place.

Product Analysis

Our Company is researching and currently developing the capability of manufacturing several different kinds of human implant products including Artificial Lumber Disc, Mini-Screws, Suture Anchors, reconstructive dental devices and other PA products. Currently the company has two production lines certified by the GMP regulations.

Our Company is constantly analyzing the market needs to develop suitable products. One of the company’s products is currently pending CFDA approval and two products are under clinical tests.

Overview of PA Devices and Market in the US, China and Worldwide

Fractures are among the most common orthopaedic problems. There are ~~about 6.3~~estimated 1.5 million fracture cases each year in the United States alone (Riggs and Melton 1995), and the average citizen in a developed country can expect to sustain two fractures over the course of their lifetime. Fractures occur at an annual rate of 2.4 per 100 population. Men are more likely to experience fractures (2.8 per 100 population) than women (2.0 per 100). In 1998, over 10.7 million fractures were seen by physicians in office-based practice (this included visits for follow-up care). Of these, approximately 8.6 million visits for fracture care (79.6%) were made to orthopaedic surgeons. When a fracture was referred to another physician, approximately 90.6% were referred to orthopaedic surgeons. (Data Source: National Ambulatory Medical Care Survey & American Academy of Orthopaedic).

Hip fracture rates are increasing throughout urban Asia. A landmark study from Beijing 2002–2006 indicates the hip fracture incidence in those aged over 50 years to be 229/100,000 per year in women and 129/100,000 per year in men. This study found the rates of age-specific hip fractures in those aged over 50 years increased by 58% in women and by 49% in men. The same study also compared hip fractures that occurred from 2002-2006 with those that had occurred previously from 1990-1992, and it was found that the adjusted age-specific rates of hip fracture over age 50 years increased 2.76-fold in women and 1.61-fold in men. The increasing rate of hip fractures is serious since they are associated with increased mortality. In Mainland China, 1.8 million new osteoporotic vertebral fractures occurred in 2006. Since the number of people aged older than 60 years is expected to approach 438 million by 2050, it can be projected that the number of Chinese in this age group with osteoporotic vertebral fractures could reach 36.7 million and 48.5 million in 2020 and 2050, respectively. (Data Source: International Osteoporosis Foundation).

The demand for medical device equipment has rapidly increased during the last decade. Total market sales have increased more than 15% each year. The figures show that about 4 million bone bolts/screws are needed each year. Between 2005 and 2009, the total world-wide sales of clinical equipment and materials are over USD 2 trillion, and more than 50% of the sales are related to bio-materials.

China’s Market for PA Devices

China’s market for PA devices depends on 3 major conditions:

- patients

- advanced technology level

- performance and price of the materials.

In the first 50 years of the 21st century, China will have a growing aging population, while the total population in China will continually increase. New and improved medical technologies will be rapidly developed and utilized throughout hospitals in China, and material optimization and product pricing is expected to directly stimulate increased sales.

Competitive Analysis

Our Company is the only patent holder of PA technologies in China, as well as the only company carrying out Clinical Trials on PA products in China. At this time there are no similar products in this market (bio-degradable internal fixation devices that degrade without acids or other non-naturally occurring substances). Moreover, due to the nature of the regulatory environment, and the requirements and logistics of mounting a clinical trial, we esitimate that it would take any new competitor a minimum of three years to catch up to our lead in this area alone. Factoring in our established relationships with key customers, distributors, and regulators, as well as our ready-to-run production facilities, and our actual advantage is considerable longer than the 3 year regulatory advantage. This represents an invaluable window in which to firmly entrench our company as the preferred purveyor of self-reinforced, absorbable biodegradable PA components in the Chinese health care environment.

To reiterate, our company and product line offer several critical competitive advantages, specifically:

●	There are no similar patent registrations in China.

●	Our initial product, the PA Screw, has completed 100% of the required clinical trials, with a 100% success rate, and now await the formality of CFDA approval.

●	We are the only company qualified and permitted to conduct clinical trials of other PA products by China’s CFDA.

●	We have a timing advantage over other companies in China, which would have to go through the preclinical testing before they could even apply for a permit to conduct actual clinical trials.

●	Under existing regulation structure, it will take at least 3 years for any competitor’s clinical trials to be completed, and total of 7 or more years to reach the point where we are now.

Specific Competition

Competition in the medical implant device industry is intense both in China and in global markets. In orthopedics, ABMT’s principal competitors are the numerous companies that sell metal implants. ABMT competes with the manufacturers and marketers of metal implants by emphasizing the ease of implantation of the Company’s Self-Reinforced, Bio-absorbable, Brady-degradable implants, the cost effectiveness of such products, and the elimination of risks associated with the necessity of performing removal surgeries frequently required with less modern products.

Within the resorbable implant market, ABMT is competing with other manufacturers of resorbable internal fixation devices primarily on the basis of the physiological strength of ABMT’s polymers and the length of the strength retention time demonstrated by ABMT’s formulations. In order to replace the widely-used metal components, the new materials must meet numerous bioconsistency and mechanical-consistency requirements. Furthermore, they must also exhibit specific properties with respect to bio-activities, degradability, and controllable degradation speed. Although many macromolecule materials are degradable inside human body, relatively few provide the physical characters required for fracture fixation.

Our primary competition will be the generation-one and generation-two counterparts, which, despite their functional inferiority, enjoy the benefit of familiarity and an established manufacturing and marketing base. This competition comes from a number of entrenched players worldwide, including Acumed, Biomet, Inc., Conmed Corp., Encore Orthopedics, Exactech, Inc., Johnson & Johnson, DePuy, Inc., Medtronic Sofamor Danek, Inc., Orthofix International N.V., Smith and Nephew Plc, Stryker Corp., Synthes, Inion, Ltd. and others. Although many of these competitors have substantially greater resources upon which to draw, we are confident that the technological superiority of the more forward-looking product will ultimately equalize the playing field by orthopaedic innovation.

For the past 20 years, titanium has been the most widely used, and the most expensive material for fixing fractures (in both elective and emergency surgery). Although metal exhibits the desired strength and rigidity to allow the healing process to begin, there are a number of issues associated with using permanent titanium systems. Biodegradable plating systems deliver many of the benefits of their metal counterparts, without the disadvantages.

There are a number of marketers and manufacturers of PLA and PLLA--the first generation of Self-degradable, absorbable, orthopedic internal fixation devices in China. (Note: Titanium screws cost as much as $2200.)

~~Competing products and prices in China (screw)~~
~~Producer~~	~~Origin~~	~~Brand~~	~~Price (USD/PC)~~
~~Arthrex~~	~~Germany/USA~~	~~Arthrex~~	~~$554.74~~
~~Conmed~~	~~USA~~	~~Linvatec~~	~~$554.74~~
~~Bionx~~	~~Finland~~	~~Biofix~~	~~$554.74~~
~~Gunze~~	~~Japan~~	~~Grandfix~~	~~$416.06~~
~~Takiron~~	~~Japan~~	~~Fixsorb~~	~~$408.76~~
~~Dikang~~	~~China~~	~~PDLLA~~	~~$321.17~~
~~ABMT~~	~~China~~	~~ABMT~~	~~$300.00~~

Competing products and prices in China (screw)
Producer	Origin	Brand	Price (USD/PC)
Arthrex	Germany/USA	Arthrex	$	554.74
Conmed	USA	Linvatec	$	554.74
Bionx	Finland	Biofix	$	554.74
Gunze	Japan	Grandfix	$	416.06
Takiron	Japan	Fixsorb	$	408.76
Dikang	China	PDLLA	$	321.17
ABMT	China	ABMT	$	300.00

Other foreign companies that produce PLA, PLLA or titanium, stainless products, but have less marketing in China are:

● DePuy (Johnson & Johnson)

● Medtronic

● Stryker

● Zimmer

● Smith & Nephew

● Biomet

● Conmed

● Inion

Product advantage and Market Opportunity:

-

There are no similar patent registrations in China.

-

We are the only company qualified and permitted to take clinical trials by China CFDA.

-

We have a timing advantage over other companies in China which would have to go through the preclinical testing for the CFDA permit on Clinical Trials.

-

Under existing regulation by CFDA, it will take at least 3-5 years to complete clinical trials for a new product similar to the Company’s PA Screw, which has

finished all required clinical trials.

Product Comparisons

Among many other advantages, a main advantage of ABMT’s proprietary PA technology is the elimination of the need for secondary surgery to remove an implantation device. Implant removal belongs to the most common elective orthopaedic procedures in industrial countries. In children, implant removal may be necessary to remove implants early to avoid disturbances to the growing skeleton, to prevent their bony immuring making later removal technically difficult or impossible, and to allow for planned reconstructive surgery after skeletal maturation (e.g., in case of hip dysplasia). In adults, pain, soft tissue irritation, the resumption of strenuous activities or contact sports after fracture healing, and the patient's demand are typical indications for implant removal in clinical practice. However, implant removal requires a second surgical procedure in scarred tissue, and poses a risk for nerve damage and re-fractures. (cite: Hanson et al. BMC Musculoskeletal Disorders 2008)

1 Titanium and aluminum has been traced in serum and hair of 16 of 46 patients after receiving titanium implants. (cite: Kasai Y, Iida R, Uchida A: Metal concentrations in the serum and hair of patients with titanium alloy spinal implants.)

2Implant removal belongs to the most common elective orthopaedic procedures in the industrial countries. In a frequently cited Finnish study, implant removal contributed to almost 30% of all planned orthopaedic operations, and 15% of all operations. (cite: Bostman O, Pihlajamaki H: Routine implant removal after fracture surgery: a potentially reducible consumer of hospital resources in trauma units.)

	METAL	ABMT’s PA devices
Cranial Growth	●• Growth restriction • Intracranial implant migration	●• Stimulation of growth leading to better bone healing
	● ~~Intracranial implant migration~~
Accumulation of Metal in tissues	Yes	No
Adverse Effect	●• Many necessitate removal operation either for mechanical strength of the overall structure	~~None~~
	● • majority of implant failures occur at the bone-screw interface with screw pullout being the most common mechanistic cause of construct failure
	● • should the bone fail to heal, these micromotions will persist and cause the metallic screw to oscillate within the far softer surrounding bone interface	None
Stiffness for optimal healing	●• Too stiff • Stress shielding can result in bone atrophy and degradation	●• Optimal stiffness/flexibility characteristics to achieve surgical fixation, while conforming to the softer, more pliable bone of the patient
	● ~~Stress shielding can result in~~ ~~bone atrophy and degradation~~
Other Effects	●• Implant palpability	● ~~No long-term palpability~~
	●• Temperature sensitivity	● ~~No temperature sensitivity~~
	● • Occasionally visibility	● ~~Predictable degradation~~
	● • Could cause trauma in the event of mechanical failure • Imaging and radiotherapy interference • Potential for cross contamination	● • No long-term palpability • No temperature sensitivity • Predictable degradation • Reduced patient trauma
	● ~~Imaging and radiotherapy~~ ~~interference~~	● • No imaging and radiotherapy interference
	● ~~Potential for cross~~ ~~contamination~~	● • No second surgery required
Cost of product	Cost to hospital: $400-$2200	Cost to hospital: $300

Intellectual Property

The Company has been granted one patent for its material by the State Intellectual Property Office of the P.R.C. Patent no. ZL971190739, PRC. This patent also protects the use and manufacturing process of the material.

Chinese Patent

Title: High molecular human body embedding article and its preparing process product and use
Application Number: 97119073 Application Date: 1997.10.22
Publication Number: 1214939 Publication Date: 1999.04.28
Approval Pub. Date: Granted Pub. Date: 2002.08.14
International Classification: A61F2/02,A61L27/00,C08L33/00
Applicant(s) Name: Liu Jianyu
Address: 518111
Inventor(s) Name:
Attorney & Agent: Li Zhi Ning

Title: High molecular human body embedding article and its preparing process product and use

~~Abstract~~

Application Number:	971190739	Application Date:	1997.10.22
Publication Number:	1214939	Publication Date:	1999.04.28
Approval Pub. Date:		Granted Pub. Date:	2002.08.14
International Classification:	A61F2/02,A61L27/00,C08L33/00
Applicant(s) Name:	Liu Jianyu
Address:	518111
Inventor(s) Name:
Attorney & Agent:	Li Zhi Ning
Abstract
The present invention discloses a macromolecular implant for human body and its preparation process, and relates to the products made up by using said macromolecular implant and their application. Said invented product is made up by using resin fibre through hot-pressing treatment according to the formula provided by said invention, and its strength is high, tenacity is good and its shape can be processed according to the requirement in the period of bone union after implantation, and said implant can be made into the fixation block, eurymeric block, fastening piece and suture for reduction of fracture, and can be started to be degraded from twenty-fourth week after implantation, and can be completely absorbed by human body after 1.5-2 years, and its cost is low.

The present invention discloses a macromolecular implant for human body and its preparation process, and relates to the products made up by using said macromolecular implant and their application. Said invented product is made up by using resin fibre through hot-pressing treatment according to the formula provided by said invention, and its strength is high, tenacity is good and its shape can be processed according to the requirement in the period of bone union after implantation, and said implant can be made into the fixation block, eurymeric block, fastening piece and suture for reduction of fracture, and can be started to be degraded from twenty-fourth week after implantation, and can be completely absorbed by human body after 1.5-2 years, and its cost is low.

10

Employees

As of October 31, ~~2013,~~2014, we had 2624 employees, with 1311 employees in Research &and Development ("R&D"), Clinical and Regulatory, 5 employees in Manufacturing, 3 employees in Sales & Marketing, 4 employees in General and Administration, and 1 employee in Accounting. The Company intends to offer more engineer positions in ~~the~~ future.

We believe that our future success will depend in part on our continued ability to attract, hire and retain qualified personnel. None of our employees are represented by a labor union, and our employee relations have been good.

The ~~Company’s~~company’s facilities are located at Block A, Longcheng Tefa Industrial park, Longgang, Shenzhen, China.

Availability of new qualified employees

Shenzhen is located in the southern part of the Guangdong Province, on the eastern shore of the Pearl River Delta. Neighboring the Pearl River Delta and Hong Kong, Shenzhen's location gives it a geographical advantage for economic development.

Shenzhen’s well-built market economy and diversified culture of migration have helped to create the best-developed and most dynamic market economy in China. Shenzhen is China’s first special economic zone. After more than 30 years of development, Shenzhen has grown into a powerful city boasting the highest per capita GDP in China’s mainland. Its comprehensive economic capacity ranks among the top of the country’s big cities. The combined value of imports and exports has remained No.1 for 20 years in China’s foreign trade.

Since 1997, China has accelerated the development of higher education and increased enrollment in regular universities and colleges. In 2003, 2.12M students completed their undergraduate courses or graduate courses in China. In ~~2011,~~2014, this number is more than tripled to ~~6.6M.~~7.27M.

Guangdong has entered a transition period from an elite education to a popularized higher education. ~~The total number of registered students has experienced an annual growth rate of 25%.~~ There are 120 universities and colleges offering higher education in Guangdong province with over ~~423,000~~472,000 students graduated in ~~2012.~~2014. Combined with graduates from other parts of China, there are over ~~650,000~~750,000 job-seeking graduates in total in Guangdong in ~~2012. 94.65%~~2014. 94.61% of the graduates from Guangdong have successfully found their first employment, and 50% of these employments are based in Guangzhou and Shenzhen.

Insurance

While we are carrying out the Clinical Trials, we do not have any Product Liability Insurance coverage for the use of our proposed products. We intend to obtain Product Liability Insurance coverage for commercial sale of our products in due course.

Government Regulations

Our primary target market is the medical community of the People’s Republic of China (PRC). Medical devices manufactured by the Company in China are subject to regulation by the China Food and Drug Administration (“CFDA”), formally the State Food and Drug Administration (“SFDA”) of the PRC. The manufacturing facilities are also required to meet China’s Good Manufacturing Practices (“GMP”) standards.

The Company’s production facilities are fully compliant with GMP requirements. The Company’s CFDA Application for its PA Screw is still under the CFDA Review Process.

ITEM 1A. RISK FACTORS

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

ITEM 1B. UNRESOLVED STAFF COMMENTS

There are no unresolved comments from the SEC.

ITEM 2. PROPERTIES

None.

ITEM 3. LEGAL PROCEEDINGS

~~Please refer to Note 6 – Commitments and Contingencies of the Notes to Financial Statement (Part II, Item 8 of this Form 10-K) for the information regarding~~We are not involved in any pending or imminent litigations or current legal ~~proceedings in which we are involved.~~

proceedings.

11

ITEM 4. MINE SAFETY DISCLOSURE

Not applicable.

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Only a limited market exists for our securities. There is no assurance that a regular trading market will develop, or if developed, that it will be sustained. Therefore, a shareholder in all likelihood will be unable to resell his securities in our company. Furthermore, it is unlikely that a lending institution will accept our securities as pledged collateral for loans unless a regular trading market develops.

Our company's securities are traded on the world's largest electronic interdealer quotation system “OTCQB” operated by the OTC Markets Group under the symbol “ABMT”.

Fiscal Quarter High Bid Low Bid
2013
Fourth Quarter 08-01-13 to 10-31-13

$
0.70

$
0.71

Third Quarter 05-01-13 to 07-31-13

$
1.00

$
0.70

Second Quarter 02-01-13 to 04-30-13

$
1.62

$
1.00

First Quarter 11-01-12 to 01-31-13

$
3.89

$
1.02

Fiscal Quarter	High Bid		Low Bid
2014
Fourth Quarter 08-01-14 to 10-31-14	$	0.51	$	0.43
Third Quarter 05-01-14 to 07-31-14	$	1.00	$	0.51
Second Quarter 02-01-14 to 04-30-14	$	0.71	$	0.60
First Quarter 11-01-13 to 01-31-14	$	0.95	$	0.65

Fiscal Quarter High Bid Low Bid
2012
Fourth Quarter 08-01-12 to 10-31-12

$
4.00

$
0.28

Third Quarter 05-01-12 to 07-31-12

$
8.00

$
1.50

Second Quarter 02-01-12 to 04-30-12

$
3.50

$
0.20

First Quarter 11-01-11 to 01-31-12

$
1.25

$
0.20

Fiscal Quarter	High Bid		Low Bid
2013
Fourth Quarter 08-01-13 to 10-31-13	$	0.71	$	0.70
Third Quarter 05-01-13 to 07-31-13	$	1.00	$	0.70
Second Quarter 02-01-13 to 04-30-13	$	1.62	$	1.00
First Quarter 11-01-12 to 01-31-13	$	3.89	$	1.02

Shareholders

At October 31, ~~2013,~~2014, we had 3840 shareholders of record of our common stock, including shares held by brokerage clearing houses, depositories or otherwise in unregistered form. We have no outstanding options or warrants, or other securities convertible into, common equity.

Dividend Policy

We have not declared any cash dividends. We do not intend to pay dividends in the foreseeable future, but rather to reinvest earnings, if any, in our business operations.

Section 15(g) of the Securities Exchange Act of 1934

Our shares are covered by section 15(g) of the Securities Exchange Act of 1934, as amended that imposes additional sales practice requirements on broker/dealers who sell such securities to persons other than established customers and accredited investors (generally institutions with assets in excess of $5,000,000 or individuals with net worth in excess of $1,000,000 or annual income exceeding $200,000 or $300,000 jointly with their spouses). For transactions covered by the Rule, the broker/dealer must make a special suitability determination for the purchase and have received the purchaser's written agreement to the transaction prior to the sale. Consequently, the Rule may affect the ability of broker/dealers to sell our securities and also may affect your ability to sell your shares in the secondary market.

Section 15(g) also imposes additional sales practice requirements on broker/dealers who sell penny securities. These rules require a one-page summary of certain essential items. The items include the risk of investing in penny stocks in both public offerings and secondary marketing; terms important to in understanding of the function of the penny stock market, such as “bid” and “offer” quotes, a dealers “spread” and broker/dealer compensation; the broker/dealer compensation, the broker/dealers duties to its customers, including the disclosures required by any other penny stock disclosure rules; the customers rights and remedies in causes of fraud in penny stock transactions; and, the FINRA's toll free telephone number and the central number of the North American Administrators Association, for information on the disciplinary history of broker/dealers and their associated persons.

Securities authorized for issuance under equity compensation plans

We have no equity compensation plans and accordingly we have no shares authorized for issuance under an equity compensation plan.

12

~~Status of our public offering~~

On February 2, 2007, the Securities and Exchange Commission declared our Form SB-2 Registration Statement effective, file number 333-139986, permitting us to offer up to 2,000,000 shares of common stock at $0.10 per share. There was no underwriter involved in our public offering.

~~On April 30, 2007, we completed our public offering by raising $51,140. We sold 511,400 shares of our common stock at an offering price of $0.10 per share to 51 persons.~~

ITEM 6. SELECTED FINANCIAL DATA

We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information under this item.

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This section of the report includes a number of forward-looking statements that reflect our current views with respect to future events and financial performance. Forward-looking statements are often identified by words like: believe, expect, estimate, anticipate, intend, project and similar expressions, or words which, by their nature, refer to future events. You should not place undue certainty on these forward-looking statements, which apply only as of the date of this annual report. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or our predictions.

Overview

The following discussion is an overview of the important factors that management focuses on in evaluating our businesses, financial condition and operating performance and should be read in conjunction with the financial statements included in this Annual Report on Form 10-K. This discussion contains forward-looking statements that involve risks and uncertainties. Actual results could differ materially from those anticipated in these forward looking statements as a result of any number of factors, including those set forth in this Annual Report on Form 10-K, and elsewhere in our other public filings. Factors that may cause actual results, our performance or achievements, or industry results to differ materially from those contemplated by such forward-looking statements include without limitation:

1.	The ~~Company's~~company's lack of funds in new R&D, especially in clinical testing;

2.	The ~~Company's~~company's lack of funds in new equipment and the utilization of the production process after CFDA approval;

3.	The ~~Company~~company may need to seek funding through such vehicles as convertible notes and warrants, private placements, and/or convertible debentures;

4.	The ~~Company~~company needs funding for marketing and network build-up;

5.	The ~~Company~~company plans to seek approval for clinical testing and marketing on a worldwide basis, including US FDA approval for testing and marketing in the United States of America, and there is no ~~guarantee~~guaranty that we will obtain any such approval;

6.

While the ~~Company~~company currently holds a patent originating in China, the patent does not protect our intellectual property in the United States, and the company is unsure of the validity of the patent in other countries. However, specific trade secrets are involved in the manufacturing of our product to help protect our technologies, and reverse engineering is unlikely for our types of products and technologies. Additionally, all machinery used to manufacture our products is protected by Chinese patents.

The Company is subject to a number of risks similar to other companies in the medical device industry. These risks include rapid technological change, uncertainty of market acceptance of our products, uncertainty of regulatory approval, competition from substitute products from larger companies, the need to obtain additional financing, compliance with government regulations, protection of proprietary technology, product liability, and the dependence on key individuals.

All written and oral forward-looking statements made in connection with this Form 10-K that are attributable to us or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. Given the uncertainties that surround such statements, you are cautioned not to place undue reliance on such forward-looking statements.

13

Our Business

We are engaged in the business of designing, developing, manufacturing and the planned future marketing of self-reinforced, re-absorbable biodegradable internal fixation devices. Our polyamide materials are protected by Patent no. ZL971190739, PRC, issued by the State Intellectual Property Office of the P.R.C., is used in producing screws, binding wires, rods and related products. These products are used in a variety of applications, which include orthopedic trauma, sports related medical treatment, or cartilage injuries, and reconstructive dental procedures. Our products are biodegradable internal fixation devices which are made of a very unique material called Polyamide ("PA"). Our PA products, such as screws, rods, and binding wires consist of enhanced fibers and high molecular polymers, which are designed to facilitate quick healing of complex fractures in many areas of the human skeletal system. Our products offer a number of significant advantages over existing metal implants and the first generation of degradable implants (i.e. PLLA) for patients, surgeons and other customers including:

1.	1. A notably reduced need for a secondary surgery to remove implant due to post-operative complications, therefore avoiding unnecessary risk and expense on all patient care;

2.	2. Enhancing the performance of the materials by manufacturing them to be easily fitted to each patient, forming an exact fit;

3.	3. Improving the biological activity of materials. Clinical trial results have shown that as PA implants degrade, they promote a progressive shift of load to the new bone creating micro-motion and thereby avoiding bone atrophy due to 'stress shielding';

4.	4. Reducing the chance of post-operative infection;

5.	5. Effectively controlling the degeneration speed, so that there will be no complications in treating repeat injuries;

6.	6. Ease of post-operative care i.e. no distortion during x-ray imaging;

7.	7. Simple and cost-effective to manufacture.

Our products are designed to replace the traditional internal fixation device made of stainless steel and titanium and overcome the limitations of previous generations of products such as PLA and PLLA. Our laboratory statistics show that our PA products have a higher mechanical strength, last longer in degradation ratio and are more evenly absorbed form outer layer inwards as compared with similar materials such as PLA and PLLA. Thus PA allows increased restoration time for bone healing and re-growth. The Company's PA Degradable and Absorbable Screw ("PA Screw") and Degradable and Absorbable Binding Wire ("PA Binding Wire) are currently being tested in human trials under permit from the China Food and Drug Administration ("CFDA"). As of October 31, ~~2013,~~2014, the Company completed 83 successful PA Screw trial cases, and 57 successful PA Binding Wire. Upon the completion of these trials the Company has already exceeded China CFDA’s requirement on PA Screw trial. The Company’s CFDA Application for its PA Screw is still in the CFDA Review Process.

CFDA Application Process for PA Screws

The Company first submitted its application for PA Screws to the CFDA, formally SFDA, in 2008. The application has been withheld by the CFDA pending additional clinical trial cases. This is due to the amended CFDA regulations, which unlike previous regulations require the applicant to specify the position on the body where the clinical trial is carried out. Our amended CFDA application has specified the ankle fracture as the body part of our clinical trial. This is because bones around this part carry most of the body weight. As of October 31, 2011, we have completed all additional clinical trials required by the CFDA with 100 percent success rate. As of October 31, ~~2013,~~2014, the company’s CFDA Application is still under the CFDA Review Process.

In March 2013, The State Food and Drug Administration of the PRC (“SFDA”), China’s medical device market regulatory agency, underwent a reorganization that saw much of China's food and drug regulatory powers consolidated into the agency, elevating it back to a ministerial-level agency directly under the State Council. The new name for the agency is China State Food and Drug Administration (“CFDA”). The name change meant the CFDA reports directly to China’s State Council and has broader authority to oversee medical device as well as food and drug sectors. This reorganization leads to a more streamlined and efficient registration process for medical devices in China. Since the reorganization, the CFDA has issued series of circulars and guidelines to help applicants. Following the CFDA guidelines, the Company has improved its GMP facilities, updated its Technical Documentation System to cover key areas such as Clinical Trial, Manufacturing Process, R&D, ~~and~~ Monitoring and Quality Control. Due to the uniqueness of our material, there are no established CFDA Product Standards that we can follow during our application process for our PA Screws. To establish our own Product Standards, the Company has been carrying out extra ~~testing.~~tests. The Company ~~intends to finalize~~has submitted its Product Standards and supplementary reports to the CFDA ~~reports~~ in 2014.

~~Furthermore, we anticipate that following~~The Company’s production lines are fully operational. We have been producing products for further researches, testing and product quality control improvements. Following the CFDA final approval, the company ~~should~~will be earning revenues in the same quarter ~~that~~upon when its application is approved. However, we are not able to anticipate the timeline for completion of the CFDA Review Process the CFDA Review Process.

Clinical Trials on Other Products

Currently, we have been conducting clinical trials for PA Binding Wires at the 6 state level hospitals authorized by the CFDA in cities throughout China, including Nanchang, Changsha, Luoyang, Nanning and Tianjin. We have successfully completed all 60 clinical human trial cases required by the CFDA, and we have completed 42 comparison cases. CFDA regulations require each successful clinical trial case to be accompanied by a trial case that uses a different product for comparison reasons. We intended to start CFDA Application Process for our PA Binding Wires when we complete the remaining 18 comparison cases.

The Company has signed a cooperative agreement with The First Affiliated Hospital of Guangdong Pharmaceutical University in Guangzhou, China. Under this cooperative agreement, both parties will join efforts in conducting research and animal tests on Cranio-Maxillofacial Fracture (CMF) Treatment utilizing the Company’s bio-absorbable miniscrews and plates. CMF surgery encompasses the treatment of the face, jaws and skull, including trauma and the correction of facial skeletal deformity. Since the 1980s, titanium plates and screws have been the most commonly used fixation devices in CMF surgery. However concerns of using titanium include bone growth restriction and implant migration through the cranium in children. Additionally adult patients complain about feeling the metal implants, particularly in cold weather or through thin skin. We believe that utilizing our bio-absorbable mini-screws and plates in CMF surgery will eliminate the problems associated with other treatment types. As of October 31, 2013, this project has been put on hold due to lack of funding.

Estimate current production lines in full capacity

	Output Quantity (Max.)		Price at ex-factory (US$)		Total Turnover (US$)
PA Screw	100,000	(piece)		180		18,000,000
PA Binding Wire	240,000	(pack)		50		12,000,000
			Total:			30,000,000

The Company will market its products through a hybrid sales force comprised of a managed network of independent regional distributors/sales agents (80%) and direct sales representatives (20%) in China.

There are two ways the ~~Company~~company will generate revenue, 1) through our nationwide and regional distributors and 2) through our direct sales channels.

Funding Needs

The Company estimates that it will need to raise minimum ~~$500,000~~$750,000 over the next 12 months to bring its current products to market, and begin earning revenues. This amount may increase if we decide to start clinical trials on new products. Once we receive the CFDA permit for our PA Screw, our revenue will cover our expenditures. Otherwise, we will continue to rely on external investments and shareholder's loans to meet our cash needs. While the Company has no outside sources of funding, the Company’s shareholders have committed to advance the Company funds as needed.

There is a Letter of Continuing Financial Support signed between the Company and two of its major shareholders ~~(Titan~~and related party, Titan Technology Development Ltd, Ms. Hui WANG and ~~Ms. Wang Hui) and a related party (Mr.~~Mr. Chi Fung ~~Yu).~~Yu.

China's Marketing Analysis and Sales Strategy

We have established long term relationships with many hospitals and national distributors in China. Ms. Hui WANG, ~~Hui,~~ the Company's CEO, has over 20 years sales experience in medical distribution. She will be in charge of our sales programs. Professor LIU, Shangli, our chief medical advisor for Greater China, is one of the highest ranked orthopedic doctors in China as well as being highly renowned in the rest of the world. He will assist the Company in nationwide product promotion and joint projects with associated academic institutions and medical schools.

During product development and clinical trial stages we developed close relationships with many major national hospitals. We expect these relationships to boost our revenue generation following CFDA final approval. In order to better serve our customers, including hospitals, distributors, patients and the general public, the Company will set up Regional Service Offices to provide technical support, product information, and customer aid service.

China's market for PA devices depends on 3 major conditions:

- Patients

- Advanced technology level

- Performance and price of the materials

The demand for internal fixation medical devices has rapidly increased during the last decade. ~~Total~~According to China Health Care Year Book 2013, the total revenue of Chinese orthopaedic hospitals in 2013 was US$1.28 billion with over 11.5 million patients. From 2009 to 2013, the market ~~sales have increased more than 15% each year. There are over 1~~size of China’s orthopaedic devices has grown from US$1.1 billion to US$1.92 billion, and it is estimated to reach US$2.17 billion in 2014. The market size for trauma treatment implant devices such as our PA Screw and PA Wire was US$626.3 million ~~bone fractures~~or 32.6% of the total market value in ~~patients~~2013, and it is estimated to grow to US$1.164 billion in ~~China requiring about 4 million bone bolts/screws each year. Research shows that in the next 10 years, China will have a booming aging population and the population in China will continue to increase.~~2019. New and improved medical technology will continue to rapidly grow throughout hospitals in China, and material optimization and product pricing is expected to directly stimulate increased sales.

The Company has advantages and more opportunities over others competitors due to:

- No other similar patent registrations in China.

- We are the only company qualified and permitted to perform PA clinical trials by the ~~CFDA.~~CFDA

- We have a timing advantage over other companies in China, which would have to go through the preclinical testing for the CFDA permit on clinical trials.

- Under ~~existing~~new regulations by the CFDA, it will take at least ~~3-5~~5-10 years for clinical trials.

- Our patented material will enable us to rapidly diversify our product line according to market trend and demand.

Number of Hospitals in China in year ~~2013~~2014 Statistic and Census report by the National Health and Family Planning Commission of the People's Republic of China.

~~Statistic and Census report by National Health and Family Planning Commission of the People's Republic of China~~

~~(October 2013)~~

Statistic and Census report by National Health and Family Planning Commission of the People's Republic of China							Statistic and Census report by National Health and Family Planning Commission of the People's Republic of China
(November 2014)							(November 2014)

	October 2013		October 2012		Increase / (Decrease)			November 2014		November 2013		Increase / (Decrease)
Total No. of Hospitals		24,317		22,662		1,655			25,509		24,470		1,039
Public Hospital		13,440		13,348		92			13,343		13,441		(98	)
Private Hospital		10,877		9,314		1,563			12,166		11,029		1,137
Hospital Rating
AAA		1,728		1,471		257			1,898		1,738		160
AA		6,667		6,550		117			6,807		6,692		115
A		6,344		5,882		462			6,853		6,385		468

On ~~December 23, 2013,~~November 28, 2014, the Company received cash advance from a related party, Chi Fung Yu, amounted to RMB250,000 (equivalent to approximately $41,000).

On December 12, 2014, the Company received cash advance from a related party, Tie Jun Chen, amounted to RMB300,000 (equivalent to approximately $49,000).

On January ~~16, 2014,~~20, 2015, the Company received cash advance from ~~Tie Jun Chen~~a related party, Chi Fung Yu, amounted to ~~RMB300,000~~RMB250,000 (equivalent to approximately ~~$49,000)~~$41,000).

18

Going Concern

As reflected in the accompanying consolidated financial statements, the Company has an accumulated deficit of ~~$4,572,351~~$5,400,107 as of October 31, ~~2013~~2014 that includes a net loss of ~~$890,343~~$827,756 for the year ended October 31, ~~2013.~~2014. The Company’s total current liabilities exceed its total current assets by ~~$3,062,153~~$3,863,028 and the Company used cash in operations of ~~$604,969.~~$732,421.

These factors raise substantial doubt about our ability to continue as a going concern. In view of the matters described above, recoverability of a major portion of the recorded asset amounts shown in the accompanying balance sheet is dependent upon continued operations of the Company, which in turn is dependent up the Company's ability to raise additional capital, obtain financing and succeed in its future operations. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

Management has taken steps to revise its operating and financial requirements, which it believes are sufficient to provide the Company with the ability to continue as a going concern. The Company is now pursuing additional funding and potential merger or acquisition candidates, which would enhance stockholders' investment. Management believes that the above actions will allow the Company to continue operations through the next fiscal year.

As of October 31, ~~2013,~~2014, loans from the Company's stockholder, two directors, a related company and two related parties totaling ~~$3,072,401~~$3,850,379 were provided to us for use as working capital. Management believes that such financing will allow us to continue operations through the next fiscal year. The Company is also actively pursuing a number of private placements funding which would ensure continued operations.

OFF-BALANCE SHEET ARRANGEMENTS

We do not have any 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 are material to our investors.

CRITICAL ACCOUNTING POLICIES

The preparation of our financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, we evaluate our estimates, including but not limited to those related to income taxes and impairment of long-lived assets. We base our estimates on historical experience and on various other assumptions and factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Based on our ongoing review, we plan to adjust to our judgments and estimates where facts and circumstances dictate. Actual results could differ from our estimates.

We believe the following critical accounting policies are important to the portrayal of our financial condition and results and require our management's most difficult, subjective or complex judgments, often because of the need to make estimates about the effect of matters that are inherently uncertain.

1.1. Property and equipment

Property and equipment are stated at cost, less accumulated depreciation. Expenditures for additions, major renewals and betterments are capitalized and expenditures for maintenance and repairs are charged to expense as incurred.

Depreciation is provided on a straight-line basis, less estimated residual value over the assets estimated useful lives. The estimated useful lives of the assets are 5 years.

2. Long-lived assets

In accordance with FASB Codification Topic 360 (ASC Topic 360), “Accounting for the impairment or disposal of Long-Lived Assets", long-lived assets and certain identifiable intangible assets held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. For purposes of evaluating the recoverability of long-lived assets, the recoverability test is performed using undiscounted net cash flows related to the long-lived assets. The Company reviews long-lived assets to determine that carrying values are not impaired.

Long-lived assets, such as property, plant and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the book value of the asset may not be recoverable. Impairment of the carrying value of long-lived assets would be indicated if the best estimate of future undiscounted cash flows expected to be generated by the asset grouping is less than its carrying value. If an impairment is indicated, any loss is measured as the difference between estimated fair value and carrying value and is recognized in operating income. For the ~~years~~year ended October 31, ~~2013~~2014 and ~~2012,~~2013, the company has not recognized any impairment charges.

3. Fair value of financial instruments

FASB Codification Topic 825 (ASC Topic 825), "Disclosure About Fair Value of Financial Instruments," requires certain disclosures regarding the fair value of financial instruments. The carrying amounts of other receivables and prepaid expenses, other payables and accrued expenses, due to a stockholder, directors and related parties approximate their fair values because of the short-term nature of the instruments. The management of the Company is of the opinion that the Company is not exposed to significant interest or credit risks arising from these financial statements.

4. ~~Government grant~~

~~Government grants are recognized when there is reasonable assurance that the Company complies with any conditions attached to them and the grants will be received.~~

5. Income taxes

The Company accounts for income taxes under the FASB Codification Topic 740-10-25 (“ASC 740-10-25”). Under ASC 740-10-25, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under ASC 740-10-25, the effect on deferred tax assets and liabilities of a change in tax rates is recognized as income in the period included the enactment date.

6.5. Research and Development

Research and development costs related to both present and future products are expensed as incurred.

7.6. Foreign currency translation

The financial statements of the Company’s subsidiary denominated in currencies other than US $ are translated into US $ using the closing rate method. The balance sheet items are translated into US $ using the exchange rates at the respective balance sheet dates. The capital and various reserves are translated at historical exchange rates prevailing at the time of the transactions while income and expenses items are translated at the average exchange rate for the year. All exchange differences are recorded within equity.

Recent Accounting Pronouncements

~~There have been no~~On June 10, 2014, FASB issued a new accounting ~~pronouncements during~~standard that reduces disclosure and reporting requirements for development stage entities. Among other things, development stage entities will no longer be required to report inception-to-date information. The change will be effective for interim and annual reporting periods beginning after December 15, 2014, with early adoption permitted. The Company has elected to early adopt these amendments.

In August 2014, FASB issued Accounting Standards Update (ASU) No. 2014-15 Preparation of Financial Statements – Going Concern (Subtopic 205-40), Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. Under generally accepted accounting principles (GAAP), continuation of a reporting entity as a going concern is presumed as the ~~year ended October 31, 2013,~~basis for preparing financial statements unless and until the entity’s liquidation becomes imminent. Preparation of financial statements under this presumption is commonly referred to as the going concern basis of accounting. If and when an entity’s liquidation becomes imminent, financial statements should be prepared under the liquidation basis of accounting in accordance with Subtopic 205-30, Presentation of Financial Statements—Liquidation Basis of Accounting. Even when an entity’s liquidation is not imminent, there may be conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern. In those situations, financial statements should continue to be prepared under the going concern basis of accounting, but the amendments in this Update should be followed to determine whether to disclose information about the relevant conditions and events. The amendments in this Accounting Standards Update are ~~of significance or potentially significance, to us.~~effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The Company will evaluate the going concern considerations in this ASU, however, at the current period, management does not believe that it has met conditions which would subject these financial statements for additional disclosure.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information under this item.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ADVANCED BIOMEDICAL TECHNOLOGIES, INC.~~(“ABMT”)~~

AND SUBSIDIARIES

~~(A DEVELOPMENT STAGE COMPANY)~~

CONSOLIDATED FINANCIAL STATEMENTS

AS OF OCTOBER 31, ~~2013~~2014

ADVANCED BIOMEDICAL TECHNOLOGIES, INC.

AND SUBSIDIARIES

~~(A DEVELOPMENT STAGE COMPANY)~~

CONTENTS

		Pages

Reports of Independent Registered Public Accounting Firm		~~F-1~~ F-2

Consolidated Balance Sheets		~~F-2~~ F-3

Consolidated Statements of Operations and Comprehensive Loss		~~F-3~~ F-4

Consolidated Statements of Stockholders’ Deficit		~~F-4~~ F-5

Consolidated Statements of Cash Flows		~~F-5~~ F-6

Notes to Consolidated Financial Statements		~~F6 - F12~~ F-7–F-12

F-1

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors of:

Advanced Biomedical Technologies, Inc.

We have audited the accompanying consolidated balance sheets of Advanced Biomedical Technologies, Inc. and subsidiaries, ~~(a development stage company),~~ as of October 31, ~~2013~~2014 and ~~2012,~~2013, and the related consolidated statements of operations and comprehensive loss, stockholders’ ~~deficit~~deficiency and cash flows for the years ended October 31, ~~2013~~2014 and ~~2012, and the period from September 25, 2002 (Inception) through October 31,~~ 2013. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the ~~purpose~~purposes of expressing an opinion on the effectiveness of the ~~Company~~’sCompany’s internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits of the financial statements provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Advanced Biomedical Technologies, Inc. and subsidiaries, ~~(a development stage company),~~ as of October 31, ~~2013~~2014 and ~~2012, and~~2013, the results of its operations and its cash flows for the years ended October 31, ~~2013~~2014 and ~~2012~~, ~~and the period from September 25, 2002 (Inception) through October 31,~~ 2013 in conformity with accounting principles generally accepted in the United States of America.

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 9 to the financial statements, the Company ~~has not yet commenced revenue producing operations,~~ had a net loss of ~~$890,343~~,$827,756, an accumulated deficit of ~~$4,572,351~~$5,400,107 and a working capital deficiency of ~~$3,062,153~~$3,863,028 and used cash in operations of ~~$604~~,~~969.~~$732,421. These factors raise substantial doubt about its ability to continue as a going concern. Management’s plans concerning this matter are also described in Note 9. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty.

/s/ Baker Tilly Hong Kong Limited

BAKER TILLY HONG KONG LIMITED

Certified Public Accountants

Hong Kong

~~February 13, 2014~~

January 29, 2015

ADVANCED BIOMEDICAL TECHNOLOGIES, INC. AND SUBSIDIARIES

~~(A DEVELOPMENT STAGE COMPANY)~~

The accompanying notes are an integral part of these consolidated financial statements

Common stock

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

	For the fiscal year ended October 31, ~~2013~~2014

	OR

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

Large accelerated filer	¨	Accelerated filer	¨

Non-accelerated filer	¨	Smaller reporting company	þ

PHYSICAL COMPARISON
	Metal	PLLA	ABMT’s PA devices
Strength	Excellent	Weak	Superior to PLLA
Unit Cost	High	Low	Lowest
Processability	Good	Good	Good
Modulus of Elasticity	Low: may cause infection, may cause second fracture	Moderate to Quite Fragile	Excellent
Self-Reinforced	No	Yes, but degradation starts too quickly	Yes
Self-Resorbable	No1	Yes, but initial degradation too fast in first few weeks. Initial strength down to 10~20Mpa in 4 weeks (close to osteoporosis)	Yes: unchanged during first 12 weeks, hardness remains 70% min through week 20.
Stretchability	Strong	50~60 Mpa	170 Mpa (min)
Bone Healing	Bone mineral density decrease averages 18%	Bone mineral density decrease averages 7-10%	Bone mineral density decrease less than 5%
Implant Failure Rate	High to Medium	Medium to Low	Very Low
Need for Repeat Surgery	As Required2	Only if failure (second fracture)	No

							October 31,			October 31,
	October 31,			October 31,			2014			2013
	2013			2012
ASSETS

CURRENT ASSETS
Cash and cash equivalents	$	48,380		$	49,092		$	74,354		$	48,380
Other receivables and prepaid expenses		21,105			21,637			18,768			21,105

Total Current Assets		69,485			70,729			93,122			69,485

PROPERTY AND EQUIPMENT, NET		126,568			141,613			108,254			126,568

DEPOSIT FOR PURCHASE OF PROPERTY AND EQUIPMENT		1,140			1,670			16,238			1,140

TOTAL ASSETS	$	197,193		$	214,012		$	217,614		$	197,193

LIABILITIES AND STOCKHOLDERS' DEFICIT

CURRENT LIABILITIES
Other payables and accrued expenses	$	59,237		$	38,208		$	105,771		$	59,237
Due to directors		455,574			507,395			402,510			455,574
Due to a stockholder		349,911			267,819			459,131			349,911
Due to related parties		2,266,916			1,626,785			2,988,738			2,266,916

Total Current Liabilities		3,131,638			2,440,207			3,956,150			3,131,638

COMMITMENTS AND CONTINGENCIES		-			-			-			-

STOCKHOLDERS' DEFICIT
Common stock, $0.00001 par value, 100,000,000 shares
authorized, 56,874,850 and 56,574,850 shares issued and
outstanding as of October 31, 2013 and October 31, 2012		569			566
Common stock, $0.00001 par value, 100,000,000 shares authorized, 56,874,850 shares issued and outstanding as of October 31, 2014 and October 31, 2013								569			569
Additional paid-in capital		1,907,889			1,671,956			1,927,968			1,907,889
Deferred stock compensation		-			(1,667	)
Accumulated deficit during development stage		(4,572,351	)		(3,682,008	)
Accumulated deficit								(5,400,107	)		(4,572,351	)
Accumulated other comprehensive loss		(270,552	)		(215,042	)		(266,966	)		(270,552	)
Total Stockholders' Deficit		(2,934,445	)		(2,226,195	)
Total Deficit								(3,738,536	)		(2,934,445	)

TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$	197,193		$	214,012		$	217,614		$	197,193


	Year ended October 31,						September 25, 2002 (inception) through October 31,
	2013			2012			2013
OPERATING EXPENSES
General and administrative expenses	$	661,794		$	496,530		$	3,749,499
Depreciation		26,201			23,324			316,835
Research and development		30,749			117,916			287,432
Total Operating Expenses		718,744			637,770			4,353,766

LOSS FROM OPERATIONS		(718,744	)		(637,770	)		(4,353,766	)

OTHER EXPENSES
Government grants		-			-			244,479
Interest income		70			118			1,883
Interest paid to a stockholder and related parties		(137,502	)		(95,588	)		(394,538	)
Imputed interest		(22,936	)		(25,347	)		(252,427	)
Other, net		(11,231	)		62			(35,187	)
Total Other Expenses, net		(171,599	)		(120,755	)		(435,790	)

LOSS FROM OPERATIONS BEFORE TAXES		(890,343	)		(758,525	)		(4,789,556	)
Income tax expense		-			-			-
NET LOSS		(890,343	)		(758,525	)		(4,789,556	)
Net loss attributable to non-controlling interests		-			-			217,205
NET LOSS ATTRIBUTABLE TO ABMT COMMON STOCKHOLDERS		(890,343	)		(758,525	)		(4,572,351	)

OTHER COMPREHENSIVE LOSS
Foreign currency translation loss		(55,510	)		(36,081	)		(270,552	)
COMPREHENSIVE LOSS ATTRIBUTABLE TO ABMT COMMON STOCKHOLDERS	$	(945,853	)	$	(794,606	)	$	(4,842,903	)


Net loss per share
- basic and diluted	$	(0.02	)	$	(0.01	)

Weighted average number of shares outstanding during the year
- basic and diluted		56,578,138			56,564,741

Title: High molecular human body embedding article and its preparing process product and use
Application Number:	97119073	Application Date:	1997.10.22
Publication Number:	1214939	Publication Date:	1999.04.28
Approval Pub. Date:		Granted Pub. Date:	2002.08.14
International Classification:	A61F2/02,A61L27/00,C08L33/00
Applicant(s) Name:	Liu Jianyu
Address:	518111
Inventor(s) Name:
Attorney & Agent:	Li Zhi Ning


	Common stock				Shares to be issued						Stock			Additional			Deferred			Accumulated deficit during			Accumulated other			Non-
	Number				Number						subscriptions			paid-in			stock			development			comprehensive			controlling
	of shares		Amount		of shares			Amount			receivable			capital			compensation			stage			loss			interests			Total

Stock issued to founders for cash		50,510,000	$	505		-		$	-		$	-		$	275,002		$	-		$	-		$	-		$	217,205		$	492,712

Net loss for the period		-		-		-			-			-			-			-			(40,343	)		-			(17,290	)		(57,633	)

Foreign currency translation loss		-		-		-			-			-			-			-			-			(225	)		10			(215	)

Balance at December 31, 2003		50,510,000	$	505		-		$	-		$	-		$	275,002		$	-		$	(40,343	)	$	(225	)	$	199,925		$	434,864

Net loss for the year		-		-		-			-			-			-			-			(65,960	)		-			(28,269	)		(94,229	)

Foreign currency translation loss		-		-		-			-			-			-			-			-			(357	)		2			(355	)

Balance at December 31, 2004		50,510,000	$	505		-		$	-		$	-		$	275,002		$	-		$	(106,303	)	$	(582	)	$	171,658		$	340,280

Imputed Interest on advances from a stockholder and related company		-		-		-			-			-			23,103			-			-			-			-			23,103

Net loss for the year		-		-		-			-			-			-			-			(357,863	)		-			(153,370	)		(511,233	)

Foreign currency translation loss		-		-		-			-			-			-			-			-			(12,290	)		2,064			(10,226	)

Balance at December 31, 2005		50,510,000	$	505		-		$	-		$	-		$	298,105		$	-		$	(464,166	)	$	(12,872	)	$	20,352		$	(158,076	)

Imputed Interest on advances from a stockholder and related company		-		-		-			-			-			27,184			-			-			-			-			27,184

Net loss for the year		-		-		-			-			-			-			-			(172,738	)		-			(18,276	)		(191,014	)

Foreign currency translation loss		-		-		-			-			-			-			-			-			(6,084	)		(2,076	)		(8,160	)

Balance at December 31, 2006		50,510,000	$	505		-		$	-		$	-		$	325,289		$	-		$	(636,904	)	$	(18,956	)	$	-		$	(330,066	)

Imputed Interest on advances from a stockholder and related party		-		-		-			-			-			39,021			-			-			-			-			39,021

Net loss for the year		-		-		-			-			-			-			-			(196,871	)		-			-			(196,871	)

Foreign currency translation loss		-		-		-			-			-			-			-			-			(27,401	)		-			(27,401	)

Balance at December 31, 2007		50,510,000	$	505		-		$	-		$	-		$	364,310		$	-		$	(833,775	)	$	(46,357	)	$	-		$	(515,317	)

Imputed Interest on advances from a stockholder and related company		-		-		-			-			-			27,764			-			-			-			-			27,764

Net loss for the year		-		-		-			-			-			-			-			(227,038	)		-			-			(227,038	)

Foreign currency translation loss		-		-		-			-			-			-			-			-			(35,833	)		-			(35,833	)

Balance at October 31,2008		50,510,000	$	505		-		$	-		$	-		$	392,074		$	-		$	(1,060,813	)	$	(82,190	)	$	-		$	(750,424	)

Recapitalization		5,104,000		51		-			-			-			(51	)		-			-			-			-			-

Stock issued for services ($3.05 per share)		100,000		1		-			-			-			304,999			(292,292	)		-			-			-			12,708

Stock issued for cash in private placement
($1.15 per share)		5,000		-		-			-			-			5,750			-			-			-			-			5,750

Stock issued for cash in private placement
($1.15 per share)		2,000		-		-			-			-			2,300			-			-			-			-			2,300

Contributed capital		-		-		-			-			-			26,950			-			-			-			-			26,950

Distributed to the stockholders		-		-		-			-						(31,409	)		-			-			-			-			(31,409	)

Imputed Interest on advances from a stockholder and related company		-		-		-			-			-			31,656			-			-			-			-			31,656

Net loss for the year		-		-		-			-			-			-			-			(558,432	)		-			-			(558,432	)

Foreign currency translation loss		-		-		-			-			-			-			-			-			(1,856	)		-			(1,856	)

Balance at October 31, 2009		55,721,000	$	557		-		$	-		$	-		$	732,269		$	(292,292	)	$	(1,619,245	)	$	(84,046	)	$	-		$	(1,262,757	)

Stock issued for cash in private placement
($1.5 per share)		6,667		-		-			-			-			10,000			-			-			-			-			10,000

Stock issued for cash in private placement
($1.5 per share)		16,667		-		-			-			-			25,000			-			-			-			-			25,000

Stock issued for cash in private placement
($1.5 per share)		136,833		2		-			-			-			205,248			-			-			-			-			205,250

Stock issued for cash in private placement
($1.0 per share)		-		-		230,000			2			(230,000	)		229,998			-			-			-			-			-

Stock issued for services ($1 per share)		100,000		1		-			-			-			99,999			(100,000	)		-			-			-			-

Stock issued for services ($1 per share)		13,683		-		-			-			-			13,683			(13,683	)		-			-			-			-

Stock issued for services ($1 per share)		150,000		2		-			-			-			149,998			(150,000	)		-			-			-			-

Amortisation for stock issued for services		-		-		-			-			-			-			349,516			-			-			-			349,516

Imputed interest on advances from a stockholder and related company		-		-		-			-			-			28,356			-			-			-			-			28,356

Net loss for the year		-		-		-			-			-			-			-			(816,799	)		-			-			(816,799	)

Foreign currency translation loss		-		-		-			-			-			-			-			-			(29,063	)		-			(29,063	)

Balance at October 31, 2010		56,144,850	$	562		230,000		$	2		$	(230,000	)	$	1,494,551		$	(206,459	)	$	(2,436,044	)	$	(113,109	)	$	-		$	(1,490,497	)


Stock issued for cash in private placement
($1 per share)		230,000		2		(230,000	)		(2	)		230,000			-			-			-			-			-			230,000

Stock issued for cash in private placement
($1.05 per share)		100,000		1					-			-			104,999			(105,000	)		-			-			-			-


Imputed interest on advances from a stockholder and related company		-		-		-			-			-			27,060			-			-			-			-			27,060

Amortisation for stock issued for services		-		-		-			-			-			-			223,958			-			-			-			223,958

Net loss for the year		-		-		-			-			-			-			-			(487,439	)		-			-			(487,439	)

Foreign currency translation loss		-		-		-			-			-			-			-			-			(65,852	)		-			(65,852	)

Balance at October 31, 2011		56,474,850	$	565		-		$	-		$	-		$	1,626,610		$	(87,501	)	$	(2,923,483	)	$	(178,961	)	$	-		$	(1,562,770	)

Stock issued for services ($0.2 per share)		100,000		1		-			-			-			19,999			(20,000	)		-			-			-			-

Imputed interest on advances from director		-		-		-			-			-			25,347			-			-			-			-			25,347

Amortisation for stock issued for services		-		-		-			-			-			-			105,834			-			-			-			105,834

Net loss for the year		-		-		-			-			-			-			-			(758,525	)		-			-			(758,525	)

Foreign currency translation loss		-		-		-			-			-			-			-			-			(36,081	)		-			(36,081	)

Balance at October 31, 2012		56,574,850	$	566		-		$	-		$	-		$	1,671,956		$	(1,667	)	$	(3,682,008	)	$	(215,042	)	$	-		$	(2,226,195	)

Stock issued for services ($0.71 per share)		300,000		3		-			-			-			212,997						-			-			-			213,000

Imputed interest on advances from directors		-		-		-			-			-			22,936			-			-			-			-			22,936

Amortisation for stock issued for services		-		-		-			-			-			-			1,667			-			-			-			1,667

Net loss for the year		-		-		-			-			-			-			-			(890,343	)		-			-			(890,343	)

Foreign currency translation loss		-		-		-			-			-			-			-			-			(55,510	)		-			(55,510	)

Balance at October 31, 2013		56,874,850	$	569		-		$	-		$	-		$	1,907,889		$	-		$	(4,572,351	)	$	(270,552	)	$	-		$	(2,934,445	)

	Year ended October 31,
	2014			2013
OPERATING EXPENSES
General and administrative expenses	$	543,414		$	661,794
Depreciation		26,640			26,201
Research and development		47,700			30,749
Total Operating Expenses		617,754			718,744

LOSS FROM OPERATIONS		(617,754	)		(718,744	)

OTHER EXPENSES
Interest income		137			70
Interest paid to a stockholder and related parties		(181,393	)		(137,502	)
Imputed interest		(20,079	)		(22,936	)
Other, net		(8,667	)		(11,231	)
Total Other Expenses, net		(210,002	)		(171,599	)

LOSS FROM OPERATIONS BEFORE TAXES		(827,756	)		(890,343	)
Income tax expense		-			-

NET LOSS ATTRIBUTABLE TO ABMT COMMON STOCKHOLDERS		(827,756	)		(890,343	)

OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation income/(loss)		3,586			(55,510	)

COMPREHENSIVE LOSS ATTRIBUTABLE TO ABMT COMMON STOCKHOLDERS	$	(824,170	)	$	(945,853	)
Net loss per share
- basic and diluted	$	(0.01	)	$	(0.02	)

Weighted average number of shares outstanding during the year
- basic and diluted		56,874,850			56,578,138


							September 25, 2002
	Year ended						(inception) through
	October 31,						October 31,
	2013			2012			2013
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$	(890,343	)	$	(758,525	)	$	(4,572,351	)
Adjustments to reconcile net loss to cash used in operating activities
Depreciation		26,201			23,324			316,835
Loss on disposal of property and equipment		-			-			11,704
Stock issued for services		214,667			105,834			906,683
Non-controlling interests		-			-			(217,205	)
Imputed interest		22,936			25,347			252,427
Changes in operating assets and liabilities
Decrease (increase) in:
Other receivables and prepaid expenses		978			662			(21,105	)
(Decrease) increase in:
Other payables and accrued expenses		20,592			(6,477	)		59,237
Net cash used in operating activities		(604,969	)		(609,835	)		(3,263,775	)

CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment		(8,166	)		(59,410	)		(455,107	)
Decrease (increase) in deposit for purchase of property and equipment		562			8,023			(1,140	)
Net cash used in investing activities		(7,604	)		(51,387	)		(456,247	)

CASH FLOWS FROM FINANCING ACTIVITIES
Stock issued to founders		-			-			505
Proceeds from issuance of shares		-			-			478,300
Contribution by stockholders		-			-			519,157
Distributed to stockholders		-			-			(31,409	)
Due to a stockholder		82,142			120,472			349,911
Due to directors		(62,450	)		(60,314	)		455,574
Due to related parties		591,492			570,868			2,266,916
Net cash provided by financing activities		611,184			631,026			4,038,954

EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS		677			507			(270,552	)

NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS		(712	)		(29,689	)		48,380

CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR		49,092			78,781			-

CASH AND CASH EQUIVALENTS AT END OF YEAR	$	48,380		$	49,092		$	48,380

													Accumulated
	Common stock				Additional		Deferred						other
	Number of				paid-in		stock			Accumulated			comprehensive
	shares		Amount		capital		compensation			deficit			loss			Total

Balance at October 31, 2012		56,574,850	$	566	$	1,671,956	$	(1,667	)	$	(3,682,008	)	$	(215,042	)	$	(2,226,195	)

Stock issued for services ($0.71 per share)		300,000		3		212,997		-			-			-			213,000

Imputed interest on advances from directors		-		-		22,936		-			-			-			22,936

Amortisation for stock issued for services		-		-		-		1,667			-			-			1,667

Net loss for the year		-		-		-		-			(890,343	)		-			(890,343	)

Foreign currency translation loss		-		-		-		-			-			(55,510	)		(55,510	)

Balance at October 31, 2013		56,874,850	$	569	$	1,907,889	$	-		$	(4,572,351	)	$	(270,552	)	$	(2,934,445	)

Imputed interest on advances from directors		-		-		20,079		-			-			-			20,079

Net loss for the year		-		-		-		-			(827,756	)		-			(827,756	)

Foreign currency translation loss		-		-		-		-			-			3,586			3,586

Balance at October 31, 2014		56,874,850	$	569	$	1,927,968	$	-		$	(5,400,107	)	$	(266,966	)	$	(3,738,536	)

		October ~~31,2013~~31, 2014		October 31, ~~2012~~2013
Balance sheet items, except for share capital, additional paid-in capital and accumulated deficits, as of year end	~~US$1=HK$7.7530=RMB6.0943~~		US$1=HK$~~7.7494=RMB6.2372~~7.7551=RMB6.1124		US$1=HK$7.7530=RMB6.0943
Amounts included in the statements of operations and cash flows for the year		US$1=HK$~~7.7561=RMB6.1717~~7.7543=RMB6.1498		US$1=HK$~~7.7615=RMB6.3283~~7.7561=RMB6.1717

Name and Address	Age	Position(s)
Chi Ming YU	40 41	President, Director
Hui WANG ~~Hui~~	44 45	Chief Executive Officer, Director
Kai GUI	44 45	Director, Secretary, Chief Financial Officer


	2.	Conviction in a criminal proceeding, or being a named subject of a pending criminal proceeding (excluding traffic violations and other minor offenses);


	3.	Being the subject of any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining him from, or otherwise limiting, the following activities:
		i. Acting as a futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator, floor broker, leverage transaction merchant, any other person regulated by the Commodity Futures Trading Commission, or an associated person of any of the foregoing, or as an investment adviser, underwriter, broker or dealer in securities, or as an affiliated person, director or employee of any investment company, bank, savings and loan association or insurance company, or engaging in or continuing any conduct or practice in connection with such activity;
		ii. Engaging in any type of business practice; or
		iii. Engaging in any activity in connection with the purchase or sale of any security or commodity or in connection with any violation of Federal or State securities laws or Federal commodities laws;

	4.	Being the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any Federal or State authority barring, suspending or otherwise limiting for more than 60 days the right of such person to engage in any activity described in paragraph (3)(i) of this section, or to be associated with persons engaged in any such activity;
	5.	Being found by a court of competent jurisdiction in a civil action or by the Securities and Exchange Commission to have violated any Federal or State securities law, and the judgment in such civil action or finding by the Commission has not been subsequently reversed, suspended, or vacated;
	6.	Being found by a court of competent jurisdiction in a civil action or by the Commodity Futures Trading Commission to have violated any Federal commodities law, and the judgment in such civil action or finding by the Commodity Futures Trading Commission has not been subsequently reversed, suspended or vacated;
	7.	Being the subject of, or a party to, any Federal or State judicial or administrative order, judgment, decree, or finding, not subsequently reversed, suspended or vacated, relating to an alleged violation of:
		i. Any Federal or State securities or commodities law or regulation; or
		ii. Any law or regulation respecting financial institutions or insurance companies including, but not limited to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty or temporary or permanent cease-and-desist order, or removal or prohibition order; or
		iii. Any law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity; or
	8.	Being the subject of, or a party to, any sanction or order, not subsequently reversed, suspended or vacated, of any self-regulatory organization (as defined in Section 3(a)(26) of the Exchange Act (15 U.S.C. 78c(a)(26))), any registered entity (as defined in Section 1(a)(29) of the Commodity Exchange Act (7 U.S.C. 1(a)(29))), or any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons associated with a member.

(1) Title of Class	(2) Name and address of beneficial owner	(3) Amount and nature of beneficial ownership		(4) Percent of class
(1) Title of Class							(2) Name and address of beneficial owner	(3) Amount and nature of beneficial ownership		(4) Percent of class
Common Stock	WANG Hui, CEO & Director		22,153,540		38.951	%	Hui WANG, CEO & Director		22,153,540		38.951	%
Common Stock	Chi Ming YU, President & Director		150,000		0.264	%	Chi Ming YU, President & Director		150,000		0.264	%
Common Stock	Kai GUI, Secretary & Director		300,000		0.527	%	Kai GUI, Secretary & Director		300,000		0.527	%
Common Stock	Titan Technology Development, LTD., Room 1903 Hing Yip, Commercial Centre, 272 Des Voeux Road Central, Hong Kong, 718332		20,210,960		35.536	%	Titan Technology Development, LTD., Room 1903 Hing Yip, Commercial Centre, 272 Des Voeux Road Central, Hong Kong, 718332		19,497,130		34.281	%
Common Stock	WU Ai Ping, Room 802, 35 Weicheng Street, Hongyun Garden, Zhongtangshi Lane, Huangpu Road, Tianhe, Guangzhou, 510655		5,000,000		8.791	%	WU Ai Ping, Room 802, 35 Weicheng Street, Hongyun Garden, Zhongtangshi Lane, Huangpu Road, Tianhe, Guangzhou, 510655		5,000,000		8.791	%
All Officers & Directors			22,603,540		39.742	%			22,603,540		39.742	%

2014				$	32,650	Baker Tilly Hong Kong Limited
2013	$	33,400	Baker Tilly Hong Kong Limited	$	33,400	Baker Tilly Hong Kong Limited
2012	$	33,400	Baker Tilly Hong Kong Limited

Signature	Title	Date

/s/Chi Ming YU	President and Director	~~February 13, 2014~~ January 29, 2015
Chi Ming YU	(Principal Executive Officer)

/s/Kai GUI	Director, Secretary and Chief Financial Officer	~~February 13, 2014~~ January 29, 2015
Kai GUI	(Principal Financial Officer)

/s/Hui WANG ~~Hui~~	Director and Chief Executive Officer	~~February 13, 2014~~ January 29, 2015
Hui WANG ~~Hui~~	(Controller)