Cover
Cover - shares | 3 Months Ended | |
Jan. 31, 2022 | Mar. 07, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jan. 31, 2022 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --10-31 | |
Entity File Number | 000-51791 | |
Entity Registrant Name | INNOVATIVE DESIGNS, INC. | |
Entity Central Index Key | 0001190370 | |
Entity Tax Identification Number | 03-0465528 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 124 Cherry Street | |
Entity Address, City or Town | Pittsburgh | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 15223 | |
City Area Code | 412 | |
Local Phone Number | 799-0350 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 34,215,560 |
CONDENSED BALANCE SHEETS (UNAUD
CONDENSED BALANCE SHEETS (UNAUDITED) - USD ($) | Jan. 31, 2022 | Oct. 31, 2021 |
CURRENT ASSETS | ||
Cash | $ 289,925 | $ 480,451 |
Accounts receivable - net of allowance for doubtful accounts of $5,860 | 9,483 | 1,201 |
Inventory - net of obsolete inventory reserve of $75,468 | 548,274 | 542,588 |
Right of use asset - operating lease | 30,931 | 40,962 |
Total current assets | 878,613 | 1,065,202 |
PROPERTY AND EQUIPMENT - NET | 7,077 | 7,450 |
OTHER ASSETS | ||
Inventory on consignment | 1,625 | 1,625 |
Deposits on inventory | 30,000 | |
Advance to employees | 8,200 | 8,200 |
Deposits on equipment | 600,000 | 600,000 |
Total other assets | 639,825 | 609,825 |
TOTAL ASSETS | 1,525,515 | 1,682,477 |
CURRENT LIABILITIES | ||
Accounts payable | 238,339 | 228,667 |
Current portion of notes payable | 18,628 | 18,628 |
Accrued interest expense | 39,747 | 43,136 |
Due to stockholders | 178,631 | 188,632 |
Operating lease liability | 30,931 | 40,962 |
Accrued expenses | 9,529 | 25,037 |
Total current liabilities | 515,805 | 545,062 |
LONG-TERM LIABILITIES | ||
Long-term portion of due to stockholders | 66,667 | 133,332 |
Long-term portion of notes payable | 71,722 | 71,722 |
Total long-term liabilities | 138,389 | 205,054 |
TOTAL LIABILITIES | 654,194 | 750,116 |
STOCKHOLDERS' EQUITY | ||
Preferred stock, $0.0001 par value, 25,000,000 shares authorized | 0 | 0 |
Common stock, $0.0001 par value, 100,800,000 shares authorized, and 33,705,560 and 33,315,560 issued and outstanding | 3,372 | 3,333 |
Additional paid-in capital | 11,110,079 | 11,039,118 |
Accumulated deficit | (10,242,130) | (10,110,090) |
Total stockholders' equity | 871,321 | 932,361 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 1,525,515 | $ 1,682,477 |
CONDENSED BALANCE SHEETS (UNA_2
CONDENSED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) | Jan. 31, 2022 | Oct. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 5,860 | $ 5,860 |
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 | 33,705,560 | 33,315,560 |
Common stock, outstanding | 33,705,560 | 33,315,560 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) | 3 Months Ended | |
Jan. 31, 2022 | Jan. 31, 2021 | |
Income Statement [Abstract] | ||
REVENUES - NET | $ 62,400 | $ 40,017 |
OPERATING EXPENSES: | ||
Cost of sales | 32,346 | 18,635 |
Selling, general and administrative expenses | 150,618 | 81,210 |
Total Operating Expenses | 182,964 | 99,845 |
LOSS FROM OPERATIONS | (120,564) | (59,828) |
OTHER INCOME (EXPENSE) | ||
Miscellaneous income (expense) | 0 | 28,823 |
Interest expense | (11,476) | (4,960) |
Total other income (expense) | (11,476) | 23,863 |
NET LOSS | $ (132,040) | $ (35,965) |
PER SHARE INFORMATION - BASIC | ||
Net Loss Per Common Share | $ (0.004) | $ (0.001) |
Weighted Average Number of Common Shares Outstanding | 33,510,560 | 31,261,560 |
PER SHARE INFORMATION - DILUTED | ||
Net Loss Per Common Share | $ (0.004) | $ (0.001) |
Weighted Average Number of Common Shares Outstanding | 34,884,560 | 31,381,560 |
CONDENSED STATEMENTS OF CHANGES
CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDER'S EQUITY (UNAUDITED) - USD ($) | Common Stock [Member] | Common Stock To Be Issued [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Oct. 31, 2020 | $ 3,123 | $ 10,574,828 | $ (9,730,028) | $ 847,923 | |
Beginning Balance, Shares at Oct. 31, 2020 | 31,211,560 | ||||
Sale of stock | $ 10 | 24,990 | 25,000 | ||
Sale of stock, shares | 100,000 | ||||
Net loss | (35,965) | (35,965) | |||
Ending balance, value at Jan. 31, 2021 | $ 3,133 | 10,599,818 | (9,765,993) | 836,958 | |
Ending Balance, Shares at Jan. 31, 2021 | 31,311,560 | ||||
Beginning balance, value at Oct. 31, 2021 | $ 3,333 | 11,039,118 | (10,110,090) | 932,361 | |
Beginning Balance, Shares at Oct. 31, 2021 | 33,315,560 | ||||
Sale of stock | $ 34 | 60,966 | 61,000 | ||
Sale of stock, shares | 340,000 | ||||
Shares issued for services | $ 5 | 9,995 | 10,000 | ||
Shares issued for services, shares | 50,000 | ||||
Net loss | (132,040) | (132,040) | |||
Ending balance, value at Jan. 31, 2022 | $ 3,372 | $ 11,110,079 | $ (10,242,130) | $ 871,321 | |
Ending Balance, Shares at Jan. 31, 2022 | 33,705,560 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) | 3 Months Ended | |
Jan. 31, 2022 | Jan. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (132,040) | $ (35,965) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Common stock issued for services | 10,000 | 25,000 |
Depreciation | 373 | 8,327 |
Amortization of right of use asset | 10,031 | 9,495 |
Increase (decrease) from changes in: | ||
Accounts receivable | (8,282) | (8,698) |
Inventory | (5,686) | 14,777 |
Deposits on inventory | (30,000) | 0 |
Accounts payable | 9,672 | (36,500) |
Lease liability | (10,031) | (9,495) |
Accrued interest expense | (3,389) | (3,840) |
Accrued expenses | (15,508) | 0 |
Net cash used in operating activities | (174,860) | (36,899) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Net cash used in investing activities | 0 | 0 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from sale of stock | 61,000 | 0 |
Proceeds from stockholder advances | 0 | 200,000 |
Payments on stockholder advances | (76,666) | 0 |
Payments on notes payable | 0 | (1,819) |
Net cash provided by financing activities | (15,666) | 198,181 |
Net change in cash | (190,526) | 161,282 |
CASH, BEGINNING OF PERIOD | 480,451 | 48,009 |
CASH, END OF THE PERIOD | 289,925 | 209,291 |
Supplemental disclosure of cash flow information: | ||
Cash paid during period for interest | 14,865 | 9,800 |
Cash paid during period for taxes | $ 0 | $ 0 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Jan. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | NOTE 1. BASIS OF PRESENTATION In the opinion of management, the accompanying unaudited condensed financial statements contain all adjustments necessary to present fairly Innovative Designs, Inc.’s financial position as of January 31, 2022, the changes therein for the three periods then ended and the results of operations for the three periods ended January, 2022 and 2021. The condensed 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, 2021. The results of operations for the three periods ended January, 2022 and 2021 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, 2022 | |
Right Of Use Assets And Lease Liabilities | |
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 condensed financial statements for additional disclosure on leases. |
GOING CONCERN
GOING CONCERN | 3 Months Ended |
Jan. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | NOTE 3. GOING CONCERN These condensed financial statements have been prepared on a going concern basis, which implies that the Company will continue to realize its assets and discharge its liabilities in the normal course of business. The Company had a net loss of ($ 132,040 174,860 10,242,130 |
ACCOUNTS RECEIVABLE AND ALLOWAN
ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS | 3 Months Ended |
Jan. 31, 2022 | |
Receivables [Abstract] | |
ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS | NOTE 4. ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS 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 $ 5,860 |
INVENTORY
INVENTORY | 3 Months Ended |
Jan. 31, 2022 | |
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. The Company has discontinued the manufacturing of its hunting and swimming line of apparel. The Company has booked a reserve against apparel inventory at January 31, 2022 and October 31, 2021 of $ 75,468 |
EARNINGS PER SHARE
EARNINGS PER SHARE | 3 Months Ended |
Jan. 31, 2022 | |
PER SHARE INFORMATION - DILUTED | |
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” 1,254,000 240,000 |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Jan. 31, 2022 | |
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, 2022 | |
Shipping And Handling Costs | |
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 $ 8,647 3,007 |
COMMON STOCK
COMMON STOCK | 3 Months Ended |
Jan. 31, 2022 | |
Equity [Abstract] | |
COMMON STOCK | NOTE 9. COMMON STOCK During the three month period ended January 31, 2022, the Company sold 340,000 61,000 50,000 0.17 0.25 During the three month period ended January 31, 2021, the Company sold 100,000 25,000 .25 |
DEPOSITS ON EQUIPMENT
DEPOSITS ON EQUIPMENT | 3 Months Ended |
Jan. 31, 2022 | |
Deposits On Equipment | |
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. 500,000 100,000 17,000 17,000 |
RIGHT OF USE ASSETS _ OPERATING
RIGHT OF USE ASSETS – OPERATING LEASE | 3 Months Ended |
Jan. 31, 2022 | |
Right Of Use Assets Operating Lease | |
RIGHT OF USE ASSETS – OPERATING LEASE | NOTE 11. RIGHT OF USE ASSETS – OPERATING LEASE 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 5.50 150,496 As of January 31, 2022, the right of use assets associated with future operating lease is as follows: Right of use assets associated with future operating leases Total present value of right of use asset under lease agreement $ 150,496 Amortization of right of use asset – operating lease (119,565 ) Total right of use asset – operating lease as of January 31, 2022 $ 30,931 Less current portion due within one year 30,931 Long-term right of use asset – operating lease $ - 0 Total amortization expense related to the right of use assets under the verbal lease agreement was $ 10,031 9,495 Future amortization of the right of use asset as of January 31, 2022 is as follows: Future amortization of right of use assets 2022 $ 30,931 |
OPERATING LEASE LIABILITY
OPERATING LEASE LIABILITY | 3 Months Ended |
Jan. 31, 2022 | |
Operating Lease Liability | |
OPERATING LEASE LIABILITY | NOTE 12. OPERATING 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, 2022, the lease liability associated with future payments due under the verbal lease is as follows: Schedule of future minimum lease payments Total future minimum lease payments $ 150,496 Principal payments made as of the period ended January 31, 2022 (119,565 ) Total operating lease liability as of January 31, 2022 30,931 Less current portion due within one year 30,931 Long-term operating lease liability $ - 0 Total maturities of lease liability as of January 31, 2022 are as follows: Schedule of maturities of lease liabilities Total future minimum lease payments Present value discount Operating lease liability 2022 $ 31,500 $ 569 $ 30,931 |
SEGMENT INFORMATION
SEGMENT INFORMATION | 3 Months Ended |
Jan. 31, 2022 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | NOTE 13. SEGMENT INFORMATION We have organized our operations into 2 The following tables present our business segment information for the three month periods ended January 31, 2022 and 2021: Schedule of business segment information 2022 2021 Revenues: Apparel $ 45,272 $ 33,937 House Wrap 17,128 6,080 Total Revenues $ 62,400 $ 40,017 Assets:tc Apparel $ 134,245 $ 140,857 House Wrap 1,391,270 1,453,297 Total $ 1,525,515 $ 1,594,154 Depreciation: Apparel $ - 0 2,372 House Wrap 373 5,955 Total $ 373 $ 8,327 |
LEGAL PROCEEDINGS
LEGAL PROCEEDINGS | 3 Months Ended |
Jan. 31, 2022 | |
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, Case number 16-1669. In the complaint, the FTC alleges that, among other matters, the Company did 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 September 24, 2020, a judgment was entered in favor of the Company as to all claims set forth in the FTC complaint. It was further ordered that as there were no remaining claims in the action the case shall be marked as closed. On November 23, 2020, the Company was informed that the FTC had filed a notice of appeal in regard to the case. The appeal is from the District Court’s September 24, 2020, Order granting the Company’s Motion for Judgment on Partial Findings Pursuant to Fed. R. Civ. P. 52(c) and subsequent Judgment in favor of the Company and from the District Court’s February 14, 2020, striking Dr. David Yarbrough’s expert testimony made on behalf of the FTC. The FTC filed its appeal and on March 24, 2021, the Company filed its answer. On July 22, 2021, the Registrant was informed that the United States Court of Appeals for the Third District affirmed the District Court’s ruling in favor of the Registrant. The ruling was in connection with the Federal Trade Commission complaint filed against the Registrant in November 2016, alleging, among other matters, that the Registrant did not have substantiation for claims made by the Registrant regarding the R-value and energy efficiency of its INSULTIX House Wrap products. In November 2021, in connection with the FTC litigation, the Company filed an application for attorney fees, expenses and cost in the U.S. District Court for the Western District of Pennsylvania, Case No.2:16-cv-01669-NBF. The Company is seeking from the FTC all attorney’s fees, expenses and costs the Company incurred and/or will incur in connection with the litigation. The matter is proceeding to mediation. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Jan. 31, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 15. SUBSEQUENT EVENTS The Company has evaluated subsequent events in accordance with ASC Topic 855, “ Subsequent Events On February 11, 2022, the Company issued 60,000 |
RIGHT OF USE ASSETS _ OPERATI_2
RIGHT OF USE ASSETS – OPERATING LEASE (Tables) | 3 Months Ended |
Jan. 31, 2022 | |
Right Of Use Assets Operating Lease | |
Right of use assets associated with future operating leases | Right of use assets associated with future operating leases Total present value of right of use asset under lease agreement $ 150,496 Amortization of right of use asset – operating lease (119,565 ) Total right of use asset – operating lease as of January 31, 2022 $ 30,931 Less current portion due within one year 30,931 Long-term right of use asset – operating lease $ - 0 |
Future amortization of right of use assets | Future amortization of right of use assets 2022 $ 30,931 |
OPERATING LEASE LIABILITY (Tabl
OPERATING LEASE LIABILITY (Tables) | 3 Months Ended |
Jan. 31, 2022 | |
Operating Lease Liability | |
Schedule of future minimum lease payments | Schedule of future minimum lease payments Total future minimum lease payments $ 150,496 Principal payments made as of the period ended January 31, 2022 (119,565 ) Total operating lease liability as of January 31, 2022 30,931 Less current portion due within one year 30,931 Long-term operating lease liability $ - 0 |
Schedule of maturities of lease liabilities | Schedule of maturities of lease liabilities Total future minimum lease payments Present value discount Operating lease liability 2022 $ 31,500 $ 569 $ 30,931 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 3 Months Ended |
Jan. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of business segment information | Schedule of business segment information 2022 2021 Revenues: Apparel $ 45,272 $ 33,937 House Wrap 17,128 6,080 Total Revenues $ 62,400 $ 40,017 Assets:tc Apparel $ 134,245 $ 140,857 House Wrap 1,391,270 1,453,297 Total $ 1,525,515 $ 1,594,154 Depreciation: Apparel $ - 0 2,372 House Wrap 373 5,955 Total $ 373 $ 8,327 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 3 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Oct. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Net loss | $ 132,040 | $ 35,965 | |
Net Cash Provided by (Used in) Operating Activities | 174,860 | $ 36,899 | |
Accumulated deficit | $ 10,242,130 | $ 10,110,090 |
ACCOUNTS RECEIVABLE AND ALLOW_2
ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS (Details Narrative) - USD ($) | Jan. 31, 2022 | Oct. 31, 2021 |
Receivables [Abstract] | ||
Allowance for doubtful accounts | $ 5,860 | $ 5,860 |
INVENTORY (Details Narrative)
INVENTORY (Details Narrative) - USD ($) | Jan. 31, 2022 | Oct. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Inventory Valuation Reserves | $ 75,468 | $ 75,468 |
EARNINGS PER SHARE (Details Nar
EARNINGS PER SHARE (Details Narrative) - USD ($) | 3 Months Ended | |
Jan. 31, 2022 | Jan. 31, 2021 | |
PER SHARE INFORMATION - DILUTED | ||
Stock of warrants | $ 1,254,000 | $ 240,000 |
SHIPPING AND HANDLING COSTS (De
SHIPPING AND HANDLING COSTS (Details Narrative) - USD ($) | 3 Months Ended | |
Jan. 31, 2022 | Jan. 31, 2021 | |
Shipping And Handling Costs | ||
Shipping and handling costs | $ 8,647 | $ 3,007 |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) - USD ($) | 3 Months Ended | |
Jan. 31, 2022 | Jan. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Proceeds from Issuance of Common Stock | $ 61,000 | $ 25,000 |
Five Investors [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Number of shares issued during the period | 340,000 | |
Five Investors [Member] | Minimum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Share price (in dollars per share) | $ 0.17 | |
Five Investors [Member] | Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Share price (in dollars per share) | $ 0.25 | |
One Investors [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Proceeds from Issuance of Common Stock | $ 50,000 | |
Share price (in dollars per share) | $ 0.25 | |
One Investor [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Number of shares issued during the period | 100,000 |
DEPOSITS ON EQUIPMENT (Details
DEPOSITS ON EQUIPMENT (Details Narrative) - USD ($) | Jul. 12, 2015 | Jan. 31, 2022 | Apr. 30, 2019 |
Deposits On Equipment | |||
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. | ||
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 | $ 17,000 |
RIGHT OF USE ASSETS (Details)
RIGHT OF USE ASSETS (Details) - USD ($) | 3 Months Ended | |
Jan. 31, 2022 | Oct. 31, 2021 | |
Right Of Use Assets Operating Lease | ||
Total present value of right of use assets under lease agreements | $ 150,496 | |
Amortization of right of use assets | (119,565) | |
Total right of use assets | 30,931 | $ 40,962 |
Less current portion due within one year | 30,931 | |
Long-term right of use asset | $ 0 |
RIGHT OF USE ASSETS (Details 1)
RIGHT OF USE ASSETS (Details 1) | Jan. 31, 2022USD ($) |
Right Of Use Assets Operating Lease | |
2022 | $ 30,931 |
RIGHT OF USE ASSETS _ OPERATI_3
RIGHT OF USE ASSETS – OPERATING LEASE (Details Narrative) - USD ($) | 3 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Apr. 30, 2020 | |
Right Of Use Assets Operating Lease | |||
Average commercial real estate interest rate | 5.50% | ||
Total present value of right of use assets under lease agreements | $ 150,496 | ||
Amortization Expense | $ 10,031 | $ 9,495 |
OPERATING LEASE LIABILITY (Deta
OPERATING LEASE LIABILITY (Details) | Jan. 31, 2022USD ($) |
Operating Lease Liability | |
Total future minimum lease payments | $ 150,496 |
Principal payments made as of the period | (119,565) |
Total right of use lease liability as of April 30, 2021 | 30,931 |
Less current portion due within one year | 30,931 |
Long-term operating lease liability | $ 0 |
OPERATING LEASE LIABILITY (De_2
OPERATING LEASE LIABILITY (Details 1) - USD ($) | Jan. 31, 2022 | Oct. 31, 2021 |
Operating Lease Liability | ||
Total future minimum lease payments | $ 31,500 | |
Present value discount | 569 | |
Operating lease liability | $ 30,931 | $ 40,962 |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) - USD ($) | 3 Months Ended | |
Jan. 31, 2022 | Jan. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Total Revenues | $ 62,400 | $ 40,017 |
Total Assets | 1,525,515 | 1,594,154 |
Total Depreciation | 373 | 8,327 |
Apparel Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Revenues | 45,272 | 33,937 |
Total Assets | 134,245 | 140,857 |
Total Depreciation | 0 | 2,372 |
Housewrap Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Revenues | 17,128 | 6,080 |
Total Assets | 1,391,270 | 1,453,297 |
Total Depreciation | $ 373 | $ 5,955 |
SEGMENT INFORMATION (Details Na
SEGMENT INFORMATION (Details Narrative) | 3 Months Ended |
Jan. 31, 2022Integer | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) | Feb. 11, 2022USD ($) |
Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Issuance of investor shares | $ 60,000 |