Cover
Cover - shares | 9 Months Ended | |
Jul. 31, 2022 | Sep. 14, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jul. 31, 2022 | |
Document Fiscal Period Focus | Q3 | |
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 | 34,475,560 |
CONDENSED BALANCE SHEETS (Unaud
CONDENSED BALANCE SHEETS (Unaudited) - USD ($) | Jul. 31, 2022 | Oct. 31, 2021 |
CURRENT ASSETS | ||
Cash | $ 159,510 | $ 480,451 |
Accounts receivable - net of allowance for doubtful accounts of $5,860 | 9,613 | 1,201 |
Inventory - net of obsolete inventory reserve of $75,468 | 531,484 | 542,588 |
Current portion of right of use asset | 10,452 | 40,962 |
Receivable due | 260,000 | 0 |
Total current assets | 971,059 | 1,065,202 |
PROPERTY AND EQUIPMENT - NET | 6,332 | 7,450 |
OTHER ASSETS | ||
Inventory on consignment | 1,625 | 1,625 |
Deposits on inventory | 40,000 | 0 |
Advance to employees | 8,200 | 8,200 |
Deposits on equipment | 607,370 | 600,000 |
Total other assets | 657,195 | 609,825 |
TOTAL ASSETS | 1,634,586 | 1,682,477 |
CURRENT LIABILITIES | ||
Accounts payable | 294,306 | 228,667 |
Current portion of notes payable | 18,628 | 18,628 |
Current portion of lease liability | 10,452 | 40,962 |
Accrued interest expense | 40,496 | 43,136 |
Due to stockholders | 119,630 | 188,632 |
Accrued expenses | 5,223 | 25,037 |
Total current liabilities | 488,735 | 545,062 |
LONG-TERM LIABILITIES | ||
Long-term portion of due to stockholders | 66,667 | 133,332 |
Long-term portion of notes payable | 71,122 | 71,722 |
Total long-term liabilities | 137,789 | 205,054 |
TOTAL LIABILITIES | 626,524 | 750,116 |
STOCKHOLDERS' EQUITY | ||
Preferred stock, $0.0001 par value, 25,000,000 shares authorized | 0 | |
Common stock, $0.0001 par value, 100,800,000 shares authorized, and 34,375,560 and 33,315,560 issued and outstanding | 3,454 | 3,333 |
Additional paid-in capital | 11,310,197 | 11,039,118 |
Accumulated deficit | (10,305,589) | (10,110,090) |
Total stockholders' equity | 1,008,062 | 932,361 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 1,634,586 | $ 1,682,477 |
CONDENSED BALANCE SHEETS (Una_2
CONDENSED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) | Jul. 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 | 34,375,560 | 33,315,560 |
Common stock, outstanding | 34,375,560 | 33,315,560 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2022 | Jul. 31, 2021 | Jul. 31, 2022 | Jul. 31, 2021 | |
Income Statement [Abstract] | ||||
REVENUES - NET | $ 135,048 | $ 110,475 | $ 235,164 | $ 176,388 |
OPERATING EXPENSES: | ||||
Cost of sales | 56,224 | 50,712 | 109,884 | 78,352 |
Selling, general and administrative expenses | 115,757 | 66,845 | 546,330 | 275,998 |
Total Operating Expenses | 171,981 | 117,557 | 656,214 | 354,350 |
LOSS FROM OPERATIONS | (36,933) | (7,082) | (421,050) | (177,962) |
OTHER INCOME (EXPENSE) | ||||
Miscellaneous income (expense) | 260,000 | 33,652 | 260,000 | 62,475 |
Interest expense | (10,710) | (13,417) | (34,450) | (30,810) |
Total other income (expense) | 249,290 | 20,235 | 225,550 | 31,665 |
NET (LOSS) INCOME | $ 212,357 | $ 13,153 | $ (195,500) | $ (146,297) |
PER SHARE INFORMATION - UNDILUTED | ||||
Net Loss Per Common Share | $ 0.006 | $ 0 | $ (0.006) | $ (0.005) |
Weighted Average Number of Common Shares Outstanding | 33,845,560 | 32,216,560 | 33,845,560 | 31,776,560 |
PER SHARE INFORMATION - DILUTED | ||||
Net Loss Per Common Share | $ 0.006 | $ 0 | $ (0.006) | $ (0.005) |
Weighted Average Number of Common Shares Outstanding | 34,902,893 | 32,229,060 | 34,902,893 | 31,789,060 |
CONDENSED STATEMENTS OF CHANGES
CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS' 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 | |||||
Shares issued for services | $ 10 | 24,990 | 25,000 | ||
Shares issued for services, shares | 100,000 | ||||
Net Income | (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, 2020 | $ 3,123 | 10,574,828 | (9,730,028) | 847,923 | |
Beginning Balance, Shares at Oct. 31, 2020 | 31,211,560 | ||||
Ending balance, value at Jul. 31, 2021 | $ 3,236 | 10,795,715 | (9,876,325) | 922,626 | |
Ending Balance, Shares at Jul. 31, 2021 | 32,341,560 | ||||
Beginning balance, value at Jan. 31, 2021 | $ 3,133 | 10,599,818 | (9,765,993) | 836,958 | |
Beginning Balance, Shares at Jan. 31, 2021 | 31,311,560 | ||||
Sale of stock | $ 28 | 69,972 | 70,000 | ||
Sale of stock, shares | 280,000 | ||||
Shares issued for services | $ 50 | 63,950 | 64,000 | ||
Shares issued for services, shares | 500,000 | ||||
Net Income | (123,485) | (123,485) | |||
Ending balance, value at Apr. 30, 2021 | $ 3,211 | 10,733,740 | (9,889,478) | 847,473 | |
Ending Balance, Shares at Apr. 30, 2021 | 32,091,560 | ||||
Sale of stock | $ 24 | 59,976 | 60,000 | ||
Sale of stock, shares | 240,000 | ||||
Shares issued for services | $ 1 | 1,999 | 2,000 | ||
Shares issued for services, shares | 10,000 | ||||
Net Income | 13,153 | 13,153 | |||
Ending balance, value at Jul. 31, 2021 | $ 3,236 | 10,795,715 | (9,876,325) | 922,626 | |
Ending Balance, Shares at Jul. 31, 2021 | 32,341,560 | ||||
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 Income | (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 | ||||
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 | ||||
Ending balance, value at Jul. 31, 2022 | $ 3,454 | 11,310,197 | (10,305,589) | 1,008,062 | |
Ending Balance, Shares at Jul. 31, 2022 | 34,525,560 | ||||
Beginning balance, value at Jan. 31, 2022 | $ 3,372 | 11,110,079 | (10,242,130) | 871,321 | |
Beginning Balance, Shares at Jan. 31, 2022 | 33,705,560 | ||||
Sale of stock | $ 12 | 25,188 | 25,200 | ||
Sale of stock, shares | 120,000 | ||||
Shares issued for services | $ 70 | 174,930 | 175,000 | ||
Shares issued for services, shares | 700,000 | ||||
Net Income | (275,816) | (275,816) | |||
Ending balance, value at Apr. 30, 2022 | $ 3,454 | 11,310,197 | (10,517,946) | 795,705 | |
Ending Balance, Shares at Apr. 30, 2022 | 34,525,560 | ||||
Sale of stock | |||||
Shares issued for services | |||||
Net Income | 212,357 | 212,357 | |||
Ending balance, value at Jul. 31, 2022 | $ 3,454 | $ 11,310,197 | $ (10,305,589) | $ 1,008,062 | |
Ending Balance, Shares at Jul. 31, 2022 | 34,525,560 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 9 Months Ended | |
Jul. 31, 2022 | Jul. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (195,500) | $ (146,297) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Allowance for doubtful accounts | 0 | 0 |
Common stock issued for services | 185,000 | 66,000 |
Depreciation | 1,118 | 24,981 |
Amortization of right of use asset | 30,510 | 28,881 |
Increase (decrease) from changes in: | ||
Accounts receivable | (8,412) | 16,844 |
Inventory | 11,104 | 25,821 |
Deposits on inventory | (40,000) | 0 |
Receivable due | (260,000) | |
Accounts payable and accrued expenses | 45,826 | (66,534) |
Accrued interest expense | (2,640) | (11,420) |
Net cash used in operating activities | (232,994) | (61,724) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Increase in deposit on Equipment | (7,370) | 0 |
Net cash used in investing activities | (7,370) | 0 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from sale of stock | 86,200 | 155,000 |
Forgivness from loans | 0 | (33,652) |
Proceeds from shareholder advances | 0 | 250,000 |
Payments on shareholder advances | (135,667) | 0 |
Payments on lease liability | (30,510) | (28,881) |
Proceeds on notes payable | 1,818 | 0 |
Payments on notes payable | (2,418) | (1,820) |
Net cash provided by financing activities | (80,577) | 340,647 |
Net change in cash | (320,941) | 278,923 |
CASH, BEGINNING OF YEAR | 480,451 | 48,009 |
CASH, END OF THE PERIOD | 159,510 | 326,932 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 37,090 | 39,100 |
Cash paid for taxes | $ 0 | $ 0 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Jul. 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 financial statements contain all adjustments necessary to present fairly Innovative Designs, Inc.’s financial position as of July 31, 2022, the changes therein for the three and nine month periods then ended and the results of operations for the three and nine month periods ended July 31, 2022 and 2021. 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, 2021. The results of operations for the three and nine month periods ended July 31, 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 | 9 Months Ended |
Jul. 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 financial statement for additional disclosure on leases |
GOING CONCERN
GOING CONCERN | 9 Months Ended |
Jul. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | NOTE 3. GOING CONCERN These 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 ($ 195,500 232,994 10,305,589 |
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE | 9 Months Ended |
Jul. 31, 2022 | |
Accounts Receivable | |
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 $ 5,860 |
INVENTORY
INVENTORY | 9 Months Ended |
Jul. 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 decided to discontinue the manufacturing of its hunting and swimming line of apparel. The Company has booked a reserve against apparel inventory at July 31, 2022 and October 31, 2021 of $ 75,468 |
EARNINGS PER SHARE
EARNINGS PER SHARE | 9 Months Ended |
Jul. 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” 994,000 860,000 |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Jul. 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 | 9 Months Ended |
Jul. 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 $ 21,199 6,400 |
COMMON STOCK
COMMON STOCK | 9 Months Ended |
Jul. 31, 2022 | |
Equity [Abstract] | |
COMMON STOCK | NOTE 9. COMMON STOCK During the nine month period ended July 31, 2022, the Company sold 460,000 86,200 750,000 0.17 0.25 During the nine month period ended July 31, 2021, the Company sold 520,000 130,000 610,000 0.12 0.25 |
DEPOSITS ON EQUIPMENT
DEPOSITS ON EQUIPMENT | 9 Months Ended |
Jul. 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 In May of 2022, the Company made an additional deposit of $ 7,320 |
RIGHT OF USE ASSETS
RIGHT OF USE ASSETS | 9 Months Ended |
Jul. 31, 2022 | |
Right Of Use Assets | |
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 October 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 July 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 (140,044 ) Total right of use asset – operating lease as of July 31, 2022 $ 10,452 Less current portion due within one year 10,452 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 $ 30,510 28,881 Future amortization of the right of use asset as of July 31, 2022 is as follows: Future amortization of right of use assets 2022 $ 10,452 |
RIGHT OF USE LEASE LIABILITY
RIGHT OF USE LEASE LIABILITY | 9 Months Ended |
Jul. 31, 2022 | |
Right Of Use Lease Liability | |
RIGHT OF USE LEASE LIABILITY | 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 July 31, 2022 that is classified as a right of use asset and lease liability. As of July 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 (140,044 ) Total operating lease liability as of July 31, 2022 10,452 Less current portion due within one year 10,452 Long-term operating lease liability $ - 0 Total maturities of lease liability as of July 31, 2022 are as follows: Schedule of maturities of lease liabilities Total future minimum lease payments Present value discount Operating lease liability 2022 $ 10,500 $ 48 $ 10,452 |
SEGMENT INFORMATION
SEGMENT INFORMATION | 9 Months Ended |
Jul. 31, 2022 | |
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 nine month periods ended July 31, 2022 and 2021: Schedule of business segment information 2022 2021 Revenues: Apparel $ 59,126 $ 49,675 House Wrap 176,038 126,713 Total Revenues $ 235,164 $ 176,388 Assets: Apparel $ 81,045 $ 135,542 House Wrap 1,546,171 1,503,627 Total $ 1,627,216 $ 1,639,169 Depreciation: Apparel $ - 0 $ 7,116 House Wrap 1,118 17,865 Total $ 1,118 $ 24,981 |
LEGAL PROCEEDINGS
LEGAL PROCEEDINGS | 9 Months Ended |
Jul. 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. On June 29, 2022, a settlement order was signed by the Court. Pursuant to the Order, the FTC shall pay the Company $ 260,000 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Jul. 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 August 30, 2022, the Company received a partial payment of $ 200,000 |
RIGHT OF USE ASSETS (Tables)
RIGHT OF USE ASSETS (Tables) | 9 Months Ended |
Jul. 31, 2022 | |
Right Of Use Assets | |
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 (140,044 ) Total right of use asset – operating lease as of July 31, 2022 $ 10,452 Less current portion due within one year 10,452 Long-term right of use asset – operating lease $ - 0 |
Future amortization of right of use assets | Future amortization of right of use assets 2022 $ 10,452 |
RIGHT OF USE LEASE LIABILITY (T
RIGHT OF USE LEASE LIABILITY (Tables) | 9 Months Ended |
Jul. 31, 2022 | |
Right Of Use 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 (140,044 ) Total operating lease liability as of July 31, 2022 10,452 Less current portion due within one year 10,452 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 $ 10,500 $ 48 $ 10,452 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 9 Months Ended |
Jul. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of business segment information | Schedule of business segment information 2022 2021 Revenues: Apparel $ 59,126 $ 49,675 House Wrap 176,038 126,713 Total Revenues $ 235,164 $ 176,388 Assets: Apparel $ 81,045 $ 135,542 House Wrap 1,546,171 1,503,627 Total $ 1,627,216 $ 1,639,169 Depreciation: Apparel $ - 0 $ 7,116 House Wrap 1,118 17,865 Total $ 1,118 $ 24,981 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Jul. 31, 2022 | Jul. 31, 2021 | Jul. 31, 2022 | Jul. 31, 2021 | Oct. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Net loss | $ (212,357) | $ (13,153) | $ 195,500 | $ 146,297 | |
Net Cash Provided by (Used in) Operating Activities | 232,994 | $ 61,724 | |||
Accumulated deficit | $ 10,305,589 | $ 10,305,589 | $ 10,110,090 |
ACCOUNTS RECEIVABLE (Details Na
ACCOUNTS RECEIVABLE (Details Narrative) - USD ($) | Jul. 31, 2022 | Oct. 31, 2021 |
Accounts Receivable | ||
Allowance for doubtful accounts | $ 5,860 | $ 5,860 |
INVENTORY (Details Narrative)
INVENTORY (Details Narrative) - USD ($) | Jul. 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 ($) | 9 Months Ended | |
Jul. 31, 2022 | Jul. 31, 2021 | |
PER SHARE INFORMATION - DILUTED | ||
Stock of warrants | $ 994,000 | $ 860,000 |
SHIPPING AND HANDLING COSTS (De
SHIPPING AND HANDLING COSTS (Details Narrative) - USD ($) | 9 Months Ended | |
Jul. 31, 2022 | Jul. 31, 2021 | |
Shipping And Handling Costs | ||
Shipping and handling costs | $ 21,199 | $ 6,400 |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) - USD ($) | 9 Months Ended | |
Jul. 31, 2022 | Jul. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Proceeds from Issuance of Common Stock | $ 86,200 | $ 130,000 |
Seven Investors [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Number of shares issued during the period | 460,000 | |
Seven Investors [Member] | Minimum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Share price | $ 0.17 | |
Seven Investors [Member] | Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Share price | $ 0.25 | |
Eight Investors [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Number of shares issued for services | 750,000 | |
Twelve Investor [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Number of shares issued during the period | 520,000 | |
Twelve Investor [Member] | Minimum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Share price | $ 0.12 | |
Twelve Investor [Member] | Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Share price | $ 0.25 | |
Nine Investors [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Number of shares issued for services | 610,000 |
DEPOSITS ON EQUIPMENT (Details
DEPOSITS ON EQUIPMENT (Details Narrative) - USD ($) | 6 Months Ended | 9 Months Ended | |||
Jul. 12, 2015 | Apr. 30, 2019 | Jul. 31, 2022 | May 31, 2022 | Apr. 30, 2020 | |
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 | ||||
Additional deposit on equipment | $ 7,320 |
RIGHT OF USE ASSETS (Details)
RIGHT OF USE ASSETS (Details) | 9 Months Ended |
Jul. 31, 2022 USD ($) | |
Right Of Use Assets | |
Total present value of right of use assets under lease agreements | $ 150,496 |
Amortization of right of use assets | (140,044) |
Total right of use assets | 10,452 |
Less current portion due within one year | 10,452 |
Long-term right of use asset | $ 0 |
RIGHT OF USE ASSETS (Details 1)
RIGHT OF USE ASSETS (Details 1) | Jul. 31, 2022 USD ($) |
Right Of Use Assets | |
2022 | $ 10,452 |
RIGHT OF USE ASSETS (Details Na
RIGHT OF USE ASSETS (Details Narrative) - USD ($) | 9 Months Ended | ||
Jul. 31, 2022 | Jul. 31, 2021 | Apr. 30, 2020 | |
Right Of Use Assets | |||
Average commercial real estate interest rate | 5.50% | ||
Total present value of right of use assets under lease agreements | $ 150,496 | ||
Amortization Expense | $ 30,510 | $ 28,881 |
RIGHT OF USE LEASE LIABILITY (D
RIGHT OF USE LEASE LIABILITY (Details) | Jul. 31, 2022 USD ($) |
Right Of Use Lease Liability | |
Total future minimum lease payments | $ 150,496 |
Principal payments made as of the period | (140,044) |
Total right of use lease liability as of April 30, 2021 | 10,452 |
Less current portion due within one year | 10,452 |
Long-term operating lease liability | $ 0 |
RIGHT OF USE LEASE LIABILITY _2
RIGHT OF USE LEASE LIABILITY (Details 1) | Jul. 31, 2022 USD ($) |
Right Of Use Lease Liability | |
Total future minimum lease payments | $ 10,500 |
Present value discount | 48 |
Operating lease liability | $ 10,452 |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) - USD ($) | 9 Months Ended | |
Jul. 31, 2022 | Jul. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Total Revenues | $ 235,164 | $ 176,388 |
Total Assets | 1,627,216 | 1,639,169 |
Total Depreciation | 1,118 | 24,981 |
Apparel [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Revenues | 59,126 | 49,675 |
Total Assets | 81,045 | 135,542 |
Total Depreciation | 0 | 7,116 |
Housewrap [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Revenues | 176,038 | 126,713 |
Total Assets | 1,546,171 | 1,503,627 |
Total Depreciation | $ 1,118 | $ 17,865 |
LEGAL PROCEEDINGS (Details Narr
LEGAL PROCEEDINGS (Details Narrative) | 1 Months Ended |
Jun. 29, 2022 USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Payment for settlement | $ 260,000 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) | 1 Months Ended |
Aug. 31, 2022 USD ($) | |
Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Proceed from settlement | $ 200,000 |