Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Jan. 31, 2020 | Apr. 30, 2020 | |
Document And Entity Information | ||
Entity Registrant Name | INNOVATIVE DESIGNS INC | |
Entity Central Index Key | 0001190370 | |
Document Type | 10-Q | |
Document Period End Date | Jan. 31, 2020 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --10-31 | |
Entity's Reporting Status Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Interactive Data Current | Yes | |
Entity Incorporation, State or Country Code | DE | |
Entity File Number | 000-51791 | |
Entity Common Stock, Shares Outstanding | 30,716,560 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2020 |
CONDENSED BALANCE SHEETS (Unaud
CONDENSED BALANCE SHEETS (Unaudited) - USD ($) | Jan. 31, 2020 | Oct. 31, 2019 |
CURRENT ASSETS | ||
Cash | $ 71,824 | $ 34,525 |
Accounts receivable - net of allowance for doubtful accounts of $6,407 and $10,409 as of January 31, 2020 and October 31, 2019, respectively | 815 | 5,948 |
Inventory - net of obsolete inventory reserve of $75,468 as of January 31, 2020 and October 31, 2019, respectively | 616,330 | 636,459 |
Inventory on consignment | 1,625 | 1,625 |
Deposits on inventory | 57,330 | 57,330 |
Current portion of right of use asset | 37,042 | 36,537 |
Prepaid expenses | 10,018 | 10,018 |
Total current assets | 794,984 | 782,442 |
PROPERTY AND EQUIPMENT - NET | 90,168 | 98,495 |
OTHER ASSETS | ||
Advance to employees | 8,200 | 8,200 |
Right of use asset, net of current portion | 69,921 | 79,373 |
Assets held for sale | 600,000 | 600,000 |
Total other assets | 678,121 | 687,573 |
TOTAL ASSETS | 1,563,273 | 1,568,510 |
CURRENT LIABILITIES | ||
Accounts payable | 389,998 | 387,538 |
Current portion of notes payable | 18,628 | 19,168 |
Accrued interest expense | 15,747 | 19,237 |
Due to shareholders | 125,200 | 96,100 |
Current portion of right of use lease liability | 37,042 | 36,537 |
Accrued expenses | 10,916 | 10,916 |
Total current liabilities | 597,531 | 569,496 |
LONG-TERM LIABILITIES | ||
Long-term portion of notes payable | 76,966 | 80,896 |
Right of use lease liability, net of current portion | 69,921 | 79,373 |
Total long-term liabilities | 146,887 | 160,269 |
TOTAL LIABILITIES | 744,418 | 729,765 |
STOCKHOLDERS' EQUITY | ||
Preferred stock, $0.0001 par value, 25,000,000 shares authorized | ||
Common stock, $0.0001 par value, 100,800,000 shares authorized, and 30,416,560 and 30,116,560 issued and outstanding as of January 31, 2020 and October 31, 2019 | 3,043 | 3,013 |
Additional paid-in capital | 10,453,408 | 10,404,438 |
Accumulated deficit | (9,637,596) | (9,568,706) |
Total stockholders' equity | 818,855 | 838,745 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 1,563,273 | $ 1,568,510 |
CONDENSED BALANCE SHEETS (Una_2
CONDENSED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) | Jan. 31, 2020 | Oct. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 6,407 | $ 10,409 |
Inventory obsolete reserve | $ 75,468 | $ 75,468 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, authorized | 25,000,000 | 25,000,000 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, authorized | 100,800,000 | 100,800,000 |
Common stock, issued | 30,416,560 | 30,116,560 |
Common stock, outstanding | 30,416,560 | 30,116,560 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2019 | |
Income Statement [Abstract] | ||
REVENUES - NET | $ 47,426 | $ 109,344 |
OPERATING EXPENSES: | ||
Cost of sales | 20,388 | 66,204 |
Selling, general and administrative expenses | 91,545 | 270,904 |
Total Operating Expenses | 111,933 | 337,108 |
LOSS FROM OPERATIONS | (64,507) | (227,764) |
OTHER INCOME (EXPENSE) | ||
Miscellaneous income (expense) | 833 | (686) |
Impairment loss on assets held for sale | 0 | (17,000) |
Interest expense | (5,216) | (4,918) |
Total other income (expense) | (4,383) | (22,604) |
NET LOSS | $ (68,890) | $ (250,368) |
PER SHARE INFORMATION | ||
Net Loss Per Common Share (in dollars per share) | $ (0.002) | $ (0.009) |
Weighted Average Number of Common Shares Outstanding (in shares) | 30,260,473 | 27,228,038 |
CONDENSED STATEMENTS OF CHANGES
CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - 3 months ended Jan. 31, 2020 - USD ($) | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total |
Balance at beginning at Oct. 31, 2019 | $ 3,013 | $ 10,404,438 | $ (9,568,706) | $ 838,745 |
Balance at beginning (in shares) at Oct. 31, 2019 | 30,116,560 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Sale of stock | $ 30 | 48,970 | 49,000 | |
Sale of stock (in shares) | 300,000 | |||
Net loss | (68,890) | (68,890) | ||
Balance at end at Jan. 31, 2020 | $ 3,043 | $ 10,453,408 | $ (9,637,596) | $ 818,855 |
Balance at end (in shares) at Jan. 31, 2020 | 30,416,560 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 3 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (68,890) | $ (250,368) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Allowance for doubtful accounts | (4,163) | 1,034 |
Allowance for obsolete inventory | ||
Common stock issued for services | ||
Impairment loss on assets held for sale | 0 | 17,000 |
Depreciation | 8,327 | 8,327 |
Amortization of right of use asset | 8,947 | |
(Increase) decrease from changes in: | ||
Accounts receivable | 9,296 | (33,238) |
Other receivable | ||
Inventory | 20,129 | 47,118 |
Inventory on consignment | ||
Deposits on inventory | ||
Prepaid expenses | 1,651 | |
Advance to employees | ||
Increase (decrease) from changes in: | ||
Accounts payable | 2,460 | 128,440 |
Right of use lease liability | (8,947) | |
Accrued interest expense | (3,490) | 363 |
Accrued expenses | 141 | |
Net cash used in operating activities | (36,331) | (79,532) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Deposits on equipment | ||
Capital expenditures | ||
Impairment of assets held for sale | ||
Net cash used in investing activities | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from sale of stock | 49,000 | 61,200 |
Proceeds from shareholder advances | 39,500 | |
Payments on shareholder advances | (10,400) | (11,000) |
Payments on right of use lease liability | ||
Payments on notes payable | (4,470) | (5,090) |
Net cash provided by financing activities | 73,630 | 45,110 |
Net decrease in cash | 37,299 | (34,422) |
CASH, BEGINNING OF YEAR | 34,525 | 112,203 |
CASH, END OF THE PERIOD | 71,824 | 77,781 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | $ 8,706 | $ 4,555 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Jan. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | NOTE 1. BASIS OF PRESENTATION In the opinion of management, the accompanying unaudited financial statements contain all adjustments necessary to present fairly Innovative Designs, Inc.’s financial position as of January 31, 2020, the changes therein for the three month periods then ended and the results of operations for the three month periods ended January 31, 2020 and 2019. The financial statements included in the Form 10-Q are presented in accordance with the requirements of the Form and do not include all of the disclosures required by accounting principles generally accepted in the United States of America. For additional information, reference is made to the Innovative Designs, Inc.’s annual report on Form 10-K for the fiscal year ended October 31, 2019. The results of operations for the three month periods ended January 31, 2020 and 2019 are not necessarily indicative of operating results for the full year. |
RIGHT OF USE ASSETS AND LEASE L
RIGHT OF USE ASSETS AND LEASE LIABILITIES | 3 Months Ended |
Jan. 31, 2020 | |
Notes to Financial Statements | |
RIGHT OF USE ASSETS AND LEASE LIABILITIES | NOTE 2. RIGHT OF USE ASSETS AND LEASE LIABILITIES During the quarter ended April 30, 2019, the Company implemented Accounting Standards Update 2016-02, Leases. Under the new guidance, a lessee must be recorded a liability for lease payments (referred to as the lease liability) and an asset for the right to use the leased asset during the lease term (referred to at the right of use asset) for all leases, regardless of whether they are designated as finance or operating leases. This election requires the lessee to recognize lease expense on a straight-line basis over the lease term. The right of use assets and corresponding right of use liabilities have been recorded using the present value of the leases. See Notes 11 and 12 within the financial statement for additional disclosure on leases |
GOING CONCERN
GOING CONCERN | 3 Months Ended |
Jan. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | NOTE 3. GOING CONCERN The Company had a net loss of $68,890 and a negative cash flow from operations of $36,331 for the three month period ended January 31, 2020. In addition, the Company has an accumulated deficit of $9,637,596. Management of the Company has represented that they will be able to continue to support the Company’s cash needs through sales, sales of Company stock, and borrowings from private parties. |
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE | 3 Months Ended |
Jan. 31, 2020 | |
Accounts Receivable, after Allowance for Credit Loss [Abstract] | |
ACCOUNTS RECEIVABLE | NOTE 4. ACCOUNTS RECEIVABLE Management evaluates its receivables on a quarterly basis to assess the validity of remaining receivables. Management has determined that there is significant doubt regarding the receivable balance over 90 days of $6,407 and $10,409 as of the quarter ended January 31, 2020 and as of the fiscal year ended October 31, 2019, respectively. Management has applied an allowance on all balances in excess of 90 days. |
INVENTORY
INVENTORY | 3 Months Ended |
Jan. 31, 2020 | |
Inventory Disclosure [Abstract] | |
INVENTORY | NOTE 5. INVENTORY Inventory consists principally of purchased apparel inventory and House Wrap which is manufactured by the Company. Inventory is stated at the lower of cost or net realizable value on a first-in, first-out basis. Innovative Designs, Inc. (the “Company”) has decided to discontinue the selling of its hunting and swimming line of apparel. The Company has booked a reserve against apparel inventory at January 31, 2020 and October 31, 2019 of $75,468. Management has determined that no allowance is currently necessary on their House Wrap Inventory. Management will continue to evaluate its obsolete inventory reserve throughout the year and make adjustments as needed. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 3 Months Ended |
Jan. 31, 2020 | |
PER SHARE INFORMATION | |
EARNINGS PER SHARE | NOTE 6. EARNINGS PER SHARE The Company calculates net income (loss) per share in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 260 “Earnings per Share” |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Jan. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 7. INCOME TAXES The Company accounts for income taxes in accordance with ASC Topic 740 "Income Taxes" Deferred income taxes are provided for differences between the tax bases of assets and liabilities and the financial reporting amounts at the end of the period, and for net operating loss and tax credit carryforwards available to offset future taxable income. Changes in enacted tax rates or laws result in adjustments to recorded deferred tax assets and liabilities in the periods in which the tax laws are enacted or tax rates are changed. The Company will continue to evaluate its income tax obligation throughout the year and will record a tax provision when it is necessary. |
SHIPPING AND HANDLING COSTS
SHIPPING AND HANDLING COSTS | 3 Months Ended |
Jan. 31, 2020 | |
Shipping, site improvements and installation of the equipment expenses | |
SHIPPING AND HANDLING COSTS | NOTE 8. SHIPPING AND HANDLING COSTS The Company pays shipping and handling costs on behalf of customers for purchased apparel merchandise. These costs are billed back to the customer through the billing invoice. The shipping and handling costs associated with merchandise ordered by the Company are included as part of inventory as these costs are allocated across the merchandise received. With House Wrap orders, the customer pays the shipping cost. The shipping and handling costs associated with customer orders was approximately $2,800 and $4,400 for the three month periods ended January 31, 2020 and 2019, respectively. |
COMMON STOCK
COMMON STOCK | 3 Months Ended |
Jan. 31, 2020 | |
Equity [Abstract] | |
COMMON STOCK | NOTE 9. COMMON STOCK During the three month period ended January 31, 2020, the Company sold 300,000 shares of common stock to nine investors for total proceeds of $49,000. The stock was issued between $0.15 and $0.17 per share. We believe that Section 4(2) of the Securities Act of 1933, as amended, was available because these transactions did not involve a public offering and there was no general solicitation or general advertising involved in these transactions. We placed legends on the stock certificates stating that the securities were not registered under the Securities Act and set forth the restrictions on their transferability and sale. During the three month period ended January 31, 2019, the Company sold 360,000 shares of common stock to seven investors for total proceeds of $61,200. The stock was issued for $0.17 per share. We believe that Section 4(2) of the Securities Act of 1933, as amended, was available because these transactions did not involve a public offering and there was no general solicitation or general advertising involved in these transactions. We placed legends on the stock certificates stating that the securities were not registered under the Securities Act and set forth the restrictions on their transferability and sale. |
DEPOSITS ON EQUIPMENT
DEPOSITS ON EQUIPMENT | 3 Months Ended |
Jan. 31, 2020 | |
Deposit Assets [Abstract] | |
DEPOSITS ON EQUIPMENT | NOTE 10. DEPOSITS ON EQUIPMENT On July 12, 2015 the Company reached an agreement with Ketut Jaya to purchase the machinery and equipment utilized to produce the INSULTEX material. The purchase price is $700,000 which was to be paid in four installments. The first installment of $300,000 was to be paid at the execution of the agreement. The second installment of $200,000 was to be paid when the machinery and equipment is ready to be shipped to the United States. The third installment of $100,000 is to be paid once the machinery and equipment is producing INSULTEX, and the fourth and final installment of $100,000 is to be made after the first commercial production run of INSULTEX is completed. As of January 31, 2020, the Company has made payments of $500,000 in accordance with the agreement and made a $100,000 pre-payment as the machine is not yet producing INSULTEX. Additionally, the Company has incurred $17,000 of additional expenses related to shipping, site improvements and installation of the equipment. Due to various environmental regulations regarding propane emitted from the machine into the air and other costs to assemble the machine the Company expects to incur costs in excess of the current deposit agreement. Management of the Company currently cannot reasonably estimate the costs. During the three month period ended January 31, 2019 Management decided to sell the machine. The shipping and other purchase costs associated with the purchase of the machine that were originally capitalized as part of the machine cost that were written off. The total loss on impairment for the three month period ended January 31, 2019 was $17,000. |
RIGHT OF USE ASSETS
RIGHT OF USE ASSETS | 3 Months Ended |
Jan. 31, 2020 | |
Notes to Financial Statements | |
RIGHT OF USE ASSETS | NOTE 11. RIGHT OF USE ASSETS The Company entered into a month to month verbal lease at the time the Company was formed that is classified as right of use asset and lease liability. The lease for the Company’s office space is estimated to be through June 2022. In accordance with ASU 2016-02, the Company calculated the present value of the leases using the average commercial real estate interest rate of 5.50% at the commencement of the office lease. Applying the commercial rate, the Company calculated the present value of $150,496 for the office lease as of January 31, 2020. As of January 31, 2020, the right of use assets associated with future operating lease is as follows: Total present value of right of use asset under lease agreement $ 150,496 Amortization of right of use asset (43,533 ) Total right of use asset as of January 31, 2020 $ 106,963 Less current portion due within one year 37,042 Long-term right of use asset $ 69,921 Total amortization expense related to the right of use assets under the verbal lease agreement was $8,825 and $0 for the three month periods ended January 31, 2020 and 2019, respectively. Future amortization of the right of use asset as of January 31, 2020 is as follows: 2021 $ 37,042 2022 39,131 2023 30,790 $ 106,963 |
RIGHT OF USE LEASE LIABILITIES
RIGHT OF USE LEASE LIABILITIES | 3 Months Ended |
Jan. 31, 2020 | |
Notes to Financial Statements | |
RIGHT OF USE LEASE LIABILITIES | NOTE 12. RIGHT OF USE LEASE LIABILITY As disclosed in Note 11, the Company entered into a verbal lease for office space prior to the quarter ended January 31, 2020 that is classified as a right of use asset and lease liability. As of January 31, 2020, the lease liability associated with future payments due under the verbal lease is as follows: Total future minimum lease payments $ 115,500 Less present value discount 8,537 Total right of use lease liability as of January 31, 2020 106,963 Less current portion due within one year 37,042 Long-term right of use liability $ 69,921 Total maturities of lease liability as of January 31, 2020 are as follows: Total future minimum lease payments Present value discount Right of use lease liability 2021 $ 42,000 $ 4,958 $ 37,042 2022 42,000 2,869 39,131 2023 31,500 710 30,790 $ 115,500 $ 8,537 $ 106,963 |
SEGMENT INFORMATION
SEGMENT INFORMATION | 3 Months Ended |
Jan. 31, 2020 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | NOTE 13. SEGMENT INFORMATION We have organized our operations into two segments. We rely on an internal management reporting process that provides segment information for purposes of making financial decisions and allocating resources. The following tables present our business segment information for the three month periods ended January 31, 2020 and 2019: 2020 2019 Revenues: Apparel $ 43,661 $ 94,219 House Wrap 3,765 15,125 Total Revenues $ 47,426 $ 109,344 Assets: Apparel $ 459,131 $ 434,289 House Wrap 1,104,142 1,163,673 Total $ 1,563,273 $ 1,597,962 Depreciation: Apparel $ 2,372 $ 2,372 House Wrap 5,955 5,955 Total $ 8,327 $ 8,327 |
LEGAL PROCEEDINGS
LEGAL PROCEEDINGS | 3 Months Ended |
Jan. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
LEGAL PROCEEDINGS | NOTE 14. LEGAL PROCEEDINGS On November 4, 2016, the FTC filed a complaint against the Company in the U.S. District Court Western District of Pennsylvania, number 16-1669. In the complaint, the FTC alleges that, among other matters, the Company does not have substantiation of claims made by the Company regarding the R value and energy efficiency of its INSULTEX House Wrap products. The complaint asks as to redress a rescission of revenue the Company received from the sale of House Wrap and a permanent injunction. On February 24, 2020, the District Court released an opinion granting the Company’s motion to have the expert testimony of the FTC’s expert witness struck. The Company has filed a Rule 529 (c) motion. The Company continues to strongly denies the allegation and intends to vigorously defend itself. It is the Company’s belief that the complaint is based on improper testing of the INSULTEX products using the wrong type of testing equipment. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Jan. 31, 2020 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 15. SUBSEQUENT EVENTS The Company has evaluated subsequent events in accordance with ASC Topic 855, “ Subsequent Events Subsequent to January 31, 2020, the Company sold 450,000 shares of common stock for a total proceed of $72,500. The common stock was issued for between $0.12 and $0.20 per share. We believe that Section 4(2) of the Securities Act of 1933, as amended, was available because these transactions did not involve a public offering and there was no general solicitation or general advertising involved in these transactions. We placed legends on the stock certificates stating that the securities were not registered under the Securities Act and set forth the restrictions on their transferability and sale. |
RIGHT OF USE ASSETS (Tables)
RIGHT OF USE ASSETS (Tables) | 3 Months Ended |
Jan. 31, 2020 | |
Notes to Financial Statements | |
Right of use assets associated with future operating leases | As of January 31, 2020, the right of use assets associated with future operating lease is as follows: Total present value of right of use asset under lease agreement $ 150,496 Amortization of right of use asset (43,533 ) Total right of use asset as of January 31, 2020 $ 106,963 Less current portion due within one year 37,042 Long-term right of use asset $ 69,921 |
Future amortization of right of use assets | Future amortization of the right of use asset as of January 31, 2020 is as follows: 2021 $ 37,042 2022 39,131 2023 30,790 $ 106,963 |
RIGHT OF USE LEASE LIABILITIES
RIGHT OF USE LEASE LIABILITIES (Tables) | 3 Months Ended |
Jan. 31, 2020 | |
Notes to Financial Statements | |
Schedule of future minimum lease payments | As of January 31, 2020, the lease liability associated with future payments due under the verbal lease is as follows: Total future minimum lease payments $ 115,500 Less present value discount 8,537 Total right of use lease liability as of January 31, 2020 106,963 Less current portion due within one year 37,042 Long-term right of use liability $ 69,921 |
Schedule of maturities of lease liabilities | Total maturities of lease liability as of January 31, 2020 are as follows: Total future minimum lease payments Present value discount Right of use lease liability 2021 $ 42,000 $ 4,958 $ 37,042 2022 42,000 2,869 39,131 2023 31,500 710 30,790 $ 115,500 $ 8,537 $ 106,963 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 3 Months Ended |
Jan. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of business segment information | The following tables present our business segment information for the three month periods ended January 31, 2020 and 2019: 2020 2019 Revenues: Apparel $ 43,661 $ 94,219 House Wrap 3,765 15,125 Total Revenues $ 47,426 $ 109,344 Assets: Apparel $ 459,131 $ 434,289 House Wrap 1,104,142 1,163,673 Total $ 1,563,273 $ 1,597,962 Depreciation: Apparel $ 2,372 $ 2,372 House Wrap 5,955 5,955 Total $ 8,327 $ 8,327 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 3 Months Ended | ||
Jan. 31, 2020 | Jan. 31, 2019 | Oct. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Net loss | $ (68,890) | $ (250,368) | |
Cash flow from operations | (36,331) | $ (79,532) | |
Accumulated deficit | $ (9,637,596) | $ (9,568,706) |
ACCOUNTS RECEIVABLE (Details Na
ACCOUNTS RECEIVABLE (Details Narrative) - USD ($) | Jan. 31, 2020 | Oct. 31, 2019 |
Accounts Receivable, after Allowance for Credit Loss [Abstract] | ||
Bad debts | $ 6,407 | $ 10,409 |
INVENTORY (Details Narrative)
INVENTORY (Details Narrative) - USD ($) | Jan. 31, 2020 | Oct. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Inventory valuation reserves | $ 75,468 | $ 75,468 |
SHIPPING AND HANDLING COSTS (De
SHIPPING AND HANDLING COSTS (Details Narrative) - USD ($) | 3 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2019 | |
Shipping, site improvements and installation of the equipment expenses | ||
Shipping and handling costs | $ 2,800 | $ 4,400 |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) - USD ($) | 3 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2019 | |
Related Party Transaction [Line Items] | ||
Value of shares issued during the period | $ 49,000 | |
Nine Investors [Member] | ||
Related Party Transaction [Line Items] | ||
Number of shares issued during the period | 300,000 | |
Value of shares issued during the period | $ 49,000 | |
Nine Investors [Member] | Minimum [Member] | ||
Related Party Transaction [Line Items] | ||
Share price (in dollars per share) | $ 0.15 | |
Nine Investors [Member] | Maximum [Member] | ||
Related Party Transaction [Line Items] | ||
Share price (in dollars per share) | $ 0.17 | |
Seven Investors [Member] | ||
Related Party Transaction [Line Items] | ||
Number of shares issued during the period | 360,000 | |
Value of shares issued during the period | $ 61,200 | |
Share price (in dollars per share) | $ 0.17 |
DEPOSITS ON EQUIPMENT (Details
DEPOSITS ON EQUIPMENT (Details Narrative) - USD ($) | Jul. 12, 2015 | Jan. 31, 2020 | Jan. 31, 2019 |
Deposit Assets [Abstract] | |||
Description of assets contract | The purchase price is $700,000 which was to be paid in four installments. The first installment of $300,000 was to be paid at the execution of the agreement. The second installment of $200,000 was to be paid when the machinery and equipment is ready to be shipped to the United States. The third installment of $100,000 is to be paid once the machinery and equipment is producing INSULTEX, and the fourth and final installment of $100,000 is to be made after the first commercial production run of INSULTEX is completed. | ||
Purchase price of equipment | $ 700,000 | ||
First installment for equipment | 300,000 | ||
Second installment for equipment | 200,000 | ||
Third installment for equipment | 100,000 | ||
Fourth installment for equipment | $ 100,000 | ||
Deposits on equipment | $ 500,000 | ||
Advanced payment on machine | 100,000 | ||
Shipping, site improvements and installation of the equipment expenses | 17,000 | ||
Loss on impairment | $ 0 | $ 17,000 |
RIGHT OF USE ASSETS (Details)
RIGHT OF USE ASSETS (Details) - USD ($) | 3 Months Ended | |
Jan. 31, 2020 | Oct. 31, 2019 | |
Notes to Financial Statements | ||
Total present value of right of use assets under lease agreements | $ 150,496 | |
Amortization of right of use assets | (43,533) | |
Total right of use assets | 106,963 | |
Less current portion due within one year | 37,042 | $ 36,537 |
Long-term right of use asset | $ 69,921 | $ 79,373 |
RIGHT OF USE ASSETS (Details 1)
RIGHT OF USE ASSETS (Details 1) | Jan. 31, 2020USD ($) |
Notes to Financial Statements | |
2021 | $ 37,042 |
2022 | 39,131 |
2023 | 30,790 |
Right of use asset | $ 106,963 |
RIGHT OF USE ASSETS (Details Na
RIGHT OF USE ASSETS (Details Narrative) - USD ($) | 3 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2019 | |
Notes to Financial Statements | ||
Lease expiration date | Jun. 30, 2022 | |
Average commercial real estate interest rate | 5.50% | |
Amortization expense related to right of use assets | $ 8,825 | $ 0 |
Present value of lease | $ 150,496 |
RIGHT OF USE LEASE LIABILITIE_2
RIGHT OF USE LEASE LIABILITIES (Details) - USD ($) | Jan. 31, 2020 | Oct. 31, 2019 |
Notes to Financial Statements | ||
Total future minimum lease payments | $ 115,500 | |
Less present value discount | (8,537) | |
Total right of use lease liabilities | 106,963 | |
Less current portion due within one year | 37,042 | $ 36,537 |
Long-term right of use liabilities | $ 69,921 | $ 79,373 |
RIGHT OF USE LEASE LIABILITIE_3
RIGHT OF USE LEASE LIABILITIES (Details 1) | Jan. 31, 2020USD ($) |
Future minimum lease payments | |
2021 | $ 42,000 |
2022 | 42,000 |
2023 | 31,500 |
Total future minimum lease payments | 115,500 |
Present value discount | |
2021 | 4,958 |
2022 | 2,869 |
2023 | 710 |
Present value discount | (8,537) |
Right of use lease liabilities | |
2021 | 37,042 |
2022 | 39,131 |
2023 | 30,790 |
Right of use lease liablilties | $ 106,963 |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) - USD ($) | 3 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2019 | |
Segment Reporting Information [Line Items] | ||
Total Revenues | $ 47,426 | $ 109,344 |
Assets | 1,563,273 | 1,597,962 |
Capital Expenditures | ||
Depreciation | 8,327 | 8,327 |
Apparel Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Revenues | 43,661 | 94,219 |
Assets | 459,131 | 434,289 |
Capital Expenditures | ||
Depreciation | 2,372 | 2,372 |
House Wrap Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Revenues | 3,765 | 15,125 |
Assets | 1,104,142 | 1,163,673 |
Capital Expenditures | ||
Depreciation | $ 5,955 | $ 5,955 |
SEGMENT INFORMATION (Details Na
SEGMENT INFORMATION (Details Narrative) | 3 Months Ended |
Jan. 31, 2020Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended |
Apr. 30, 2020 | Jan. 31, 2020 | |
Sale of stock | $ 49,000 | |
Subsequent Event [Member] | ||
Sale of stock | $ 72,500 | |
Number stock sold (in shares) | 450,000 | |
Subsequent Event [Member] | Minimum [Member] | ||
Share price (in dollars per share) | $ .12 | |
Subsequent Event [Member] | Maximum [Member] | ||
Share price (in dollars per share) | $ 0.20 |