Cover
Cover - USD ($) | 12 Months Ended | ||
Oct. 31, 2023 | Feb. 13, 2024 | Apr. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Oct. 31, 2023 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
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 | ||
Title of 12(g) Security | Common Stock, $.0001 par value per share | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | No | ||
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 Public Float | $ 6,706,230 | ||
Entity Common Stock, Shares Outstanding | 37,924,003 | ||
Document Financial Statement Error Correction [Flag] | false | ||
Auditor Name | RW Group, LLC | ||
Auditor Location | Kennett Square, PA | ||
Auditor Firm ID | 5020 |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Oct. 31, 2023 | Oct. 31, 2022 |
CURRENT ASSETS: | ||
Cash | $ 238,677 | $ 263,293 |
Accounts receivable, net | 31,050 | 11,203 |
Inventory, net | 549,277 | 494,580 |
Total current assets | 819,004 | 769,076 |
PROPERTY AND EQUIPMENT, net | 23,479 | 5,960 |
OTHER ASSETS: | ||
Inventory on consignment | 0 | 1,625 |
Deposits on inventory | 0 | 80,000 |
Advance to employees | 8,200 | 13,200 |
Deposits on equipment | 652,944 | 607,370 |
Total other assets | 661,144 | 702,195 |
TOTAL | 1,503,627 | 1,477,231 |
CURRENT LIABILITIES: | ||
Accounts payable | 216,626 | 162,063 |
Current portion of note payable | 20,397 | 20,128 |
Accrued interest on stockholder loans | 42,873 | 46,345 |
Current portion of stockholder loans | 70,668 | 110,631 |
Accrued expenses | 0 | 3,778 |
Total current liabilities | 350,564 | 342,945 |
LONG-TERM LIABILITIES: | ||
Long-term portion of note payable | 44,429 | 64,547 |
Long-term portion of stockholder loans | 0 | 66,667 |
Total long-term liabilities | 44,429 | 131,214 |
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 36,532,560 and 34,650,560 issued and outstanding | 3,656 | 3,467 |
Additional paid-in capital | 11,741,935 | 11,335,184 |
Accumulated deficit | (10,636,957) | (10,335,579) |
Total stockholders' equity | 1,108,634 | 1,003,072 |
TOTAL | $ 1,503,627 | $ 1,477,231 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Oct. 31, 2023 | Oct. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred stock par value | $ 0.0001 | $ 0.0001 |
Preferred stock authorized | 25,000,000 | 25,000,000 |
Common stock par value | $ 0.0001 | $ 0.0001 |
Common stock authorized | 100,800,000 | 100,800,000 |
Common stock issued | 36,532,560 | 34,650,560 |
Common stock outstanding | 36,532,560 | 34,650,560 |
STATEMENTS OF OPERATIONS
STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Income Statement [Abstract] | ||
REVENUES, net | $ 347,763 | $ 258,734 |
OPERATING EXPENSES: | ||
Cost of sales | 167,788 | 146,912 |
Selling, general and administrative expenses | 464,065 | 666,239 |
Total operating expenses | 631,853 | 813,151 |
Income (loss) from operations | (284,090) | (554,417) |
OTHER INCOME (EXPENSE): | ||
Miscellaneous income (expense) | 0 | 371,000 |
Gain (loss) on sale of property and equipment | 7,519 | 0 |
Interest expense | (24,807) | (42,072) |
Total other income (expense) | (17,288) | 328,928 |
Net income (loss) | $ (301,378) | $ (225,489) |
PER SHARE INFORMATION - UNDILUTED: | ||
Net income (loss) per common share | $ (0.01) | $ (0.01) |
Weighted average number of common shares outstanding | 35,487,572 | 34,650,560 |
PER SHARE INFORMATION - DILUTED: | ||
Net income (loss) per common share | $ (0.01) | $ (0.01) |
Weighted average number of common shares outstanding | 36,529,252 | 35,330,560 |
STATEMENTS OF CHANGES IN STOCKH
STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - 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, 2021 | $ 3,333 | $ 11,039,118 | $ (10,110,090) | $ 932,361 | |
Beginning balance, shares at Oct. 31, 2021 | 33,315,560 | ||||
Sale of stock | $ 46 | 86,154 | 86,200 | ||
Sale of stock, shares | 460,000 | ||||
Exercise of warrants | |||||
Shares issued for services | $ 88 | 209,912 | 210,000 | ||
Shares issued for services, shares | 875,000 | ||||
Net income (loss) | (225,489) | (225,489) | |||
Ending balance, value at Oct. 31, 2022 | $ 3,467 | 11,335,184 | (10,335,579) | 1,003,072 | |
Ending balance, shares at Oct. 31, 2022 | 34,650,560 | ||||
Sale of stock | $ 164 | 354,836 | 355,000 | ||
Sale of stock, shares | 1,635,000 | ||||
Exercise of warrants | $ 4 | 9,996 | 10,000 | ||
Exercise of warrants, shares | 40,000 | ||||
Shares issued for services | $ 21 | 41,919 | 41,940 | ||
Shares issued for services, shares | 207,000 | ||||
Net income (loss) | (301,378) | (301,378) | |||
Ending balance, value at Oct. 31, 2023 | $ 3,656 | $ 11,741,935 | $ (10,636,957) | $ 1,108,634 | |
Ending balance, shares at Oct. 31, 2023 | 36,532,560 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) | $ (301,378) | $ (225,489) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Write off of accounts payable | 0 | (111,000) |
Common stock issued for services | 41,940 | 210,000 |
Depreciation | 3,074 | 1,490 |
Amortization of right of use asset | 0 | 40,962 |
Gain on sale of asset | (7,519) | 0 |
(Increase) decrease from changes in: | ||
Accounts receivable | (19,847) | (10,002) |
Inventory | (53,072) | 48,008 |
Deposits on inventory | 80,000 | (80,000) |
Increase (decrease) from changes in: | ||
Accounts payable and accrued expenses | 50,785 | 23,137 |
Accrued interest expense | (3,472) | 3,209 |
Net cash provided by (used in) operating activities | (209,489) | (99,685) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of equipment | (20,593) | 0 |
Deposits on equipment | (45,574) | (7,370) |
Proceeds from sale of equipment | 7,519 | 0 |
Advances to employees | 5,000 | (5,000) |
Net cash provided by (used in) investing activities | (53,648) | (12,370) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from sale of stock | 355,000 | 86,200 |
Proceeds received from the exercise of warrants | 10,000 | 0 |
Payments on stockholder loans | (106,630) | (144,666) |
Payments on lease liability | 0 | (40,962) |
Proceeds on notes payable | 0 | 1,818 |
Payments on notes payable | (19,849) | (7,493) |
Net cash provided by (used in) financing activities | 238,521 | (105,103) |
NET INCREASE (DECREASE) IN CASH | (24,616) | (217,158) |
CASH, BEGINNING OF YEAR | 263,293 | 480,451 |
CASH, END OF YEAR | 238,677 | 263,293 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Cash paid for interest | 28,279 | 38,863 |
Non-cash financing activities - common stock issued for services | $ 41,940 | $ 210,000 |
NATURE OF OPERATIONS AND SUMMAR
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES NATURE OF OPERATIONS | 12 Months Ended |
Oct. 31, 2023 | |
Accounting Policies [Abstract] | |
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES NATURE OF OPERATIONS | 1. NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES NATURE OF OPERATIONS Innovative Designs, Inc. (the “Company”), which was incorporated in the State of Delaware on June 25, 2002, markets cold weather recreational and industrial clothing products, as well as house wrap, which are made from INSULTEX, a low density foamed polyethylene, a material with buoyancy, scent block, and thermal resistant properties. The Company’s clothing and house wrap is offered and sold by retailers, distributors, and companies throughout the United States and Canada. The Company operates two reportable segments: apparel and house wrap. The apparel segment offers a wide variety of extreme cold weather apparel and related items. The house wrap segment offers the INSULTEX house wrap which has an R-value of 3 and an R-value of 6, as well as the Company’s seam tape. BASIS OF ACCOUNTING The financial statements of the Company have been prepared on the accrual basis of accounting and, accordingly, report all significant receivables, payables, and other liabilities as prescribed by accounting principles generally accepted in the United States of America (“U.S. GAAP”). FISCAL YEAR END The Company’s fiscal year ends on October 31 st USE OF ESTIMATES The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. CASH AND CASH EQUIVALENTS The Company defines cash and cash equivalents as those highly liquid investments purchased with a maturity of three months or less. REVENUE RECOGNITION Revenues are measured based on the amount of consideration specified in a contract with a customer. The Company recognizes revenue when and as performance obligations (i.e., obligations to transfer goods and/or services) are satisfied, which generally occurs with the transfer of control of the goods or services to the customer. To determine proper revenue recognition, the Company evaluates whether two or more contracts should be combined and accounted for as a single contract and whether a combined or single contract should be accounted for as more than one performance obligation. This evaluation requires significant judgment, and the decision to combine contracts or separate a combined or single contract into multiple performance obligations could change the amount of revenue and profit recorded in a given period. Contracts are considered to contain a single performance obligation if the promise to transfer individual goods or services is not separately identifiable from other promises in the contracts. For contracts with multiple performance obligations, the Company allocates the transaction price to each performance obligation using the best estimate of the standalone selling price of each distinct good or service in the contract. FAIR VALUE OF FINANCIAL INSTRUMENTS The carrying value of cash and net accounts receivable approximates fair value. The fair value of the Company’s debt instruments approximates their fair values as the interest is tied to or approximates market rates. ESTIMATED UNCOLLECTIBLE ACCOUNTS Management evaluates its receivables on a quarterly basis to assess the validity of remaining receivables. Management has determined that there is not a significant doubt regarding the receivable balance as of October 31, 2023. Management has determined that there is significant doubt regarding the receivable balance over 90 days and applied an allowance of $ 5,860 OPENING AND CLOSING BALANCE OF RECEIVABLES The opening balance of accounts receivables was $ 1,201 5,860 31,050 INVENTORY Inventory consists primarily of finished goods. Inventory is stated at the lower of cost or net realizable value and is valued based on first-in first-out. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. During the fiscal year ended October 31, 2010, the Company discontinued its hunting and swimming lines of apparel. Therefore, a reserve of $ 65,600 75,468 DEPOSITS ON INVENTORY The Company has one manufacturer located in Indonesia that produces the apparel on behalf of the Company. The Company sends deposits to the manufacturer for future production of the apparel based on approved purchase orders between the Company and the manufacturer. Once finished, purchase orders are received by the Company and the deposits associated with the purchase orders are transferred into inventory. The Company did not have deposits on inventory as of October 31, 2023. Deposits on inventory amounted to $ 80,000 PROPERTY AND EQUIPMENT Property and equipment are stated at cost. Expenditures for maintenance and repairs are charged to expense as incurred. Additions, improvements, and major replacements are capitalized. The cost and accumulated depreciation related to assets sold or retired are removed from the accounts and any gain or loss is recorded on the statements of operations. For financial reporting purposes, depreciation is primarily computed using the straight-line method over the estimated useful lives of depreciable assets, which range from 5 7 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 The first installment of $300,000 is to be made at the execution of the agreement. The second installment of $200,000 is to be made when the machinery and equipment is ready to be shipped to the United States. The third installment of $100,000 is to be made 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 10,000 6,000 During the fiscal year ended October 31, 2022, the Company made deposits on a separate piece of equipment of $ 7,370 29,574 36,944 Total deposits made were $ 652,944 607,370 IMPAIRMENT OF LONG-LIVED ASSETS Management considers the valuation and depreciation of property and equipment. Management considers both the current and future levels of undiscounted cash flow generated by the Company and the continuing value of property and equipment to determine when and if an impairment has occurred. Any write-downs due to impairment are charged to operations at the time the impairment is identified. No such write-downs due to impairment have been recorded for the fiscal years ended October 31, 2023 and 2022. INCOME TAXES The Company accounts for income taxes in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“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. In addition, FASB ASC Topic 740 clarifies the accounting for uncertainty in tax positions and requires that a company recognize the impact of a tax position in its financial statements only if it is more likely than not of being sustained upon examination, based on the technical merits of the position. The Company did not recognize any material adjustments to the liability for unrecognized income tax benefits. The Company is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. CONCENTRATION OF CREDIT RISK The Company maintains its cash balances with a financial institution which management believes to be of high credit quality. The accounts are insured by the Federal Deposit Insurance Company (“FDIC”) up to $ 250,000 SHIPPING AND HANDLING 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 $ 32,962 24,791 WARRANTIES The Company provides a ten-year limited warranty covering defects in workmanship. These warranties are included in the contract and do not provide customers with a service in addition to assurance of compliance with agreed-upon specifications. The Company does not consider these assurance-type warranties to be separate performance obligations. Management has determined that no warranty reserve is currently necessary on the Company’s products. Management will continue to evaluate the need for a warranty reserve throughout the year and make adjustments as needed. EARNINGS PER SHARE The Company calculates net loss per share in accordance with FASB ASC Topic 260 “Earnings Per Share” 954,000 994,000 STOCK-BASED COMPENSATION The Company accounts for stock-based compensation in accordance with FASB ASC Topic 718 “Compensation – Stock Compensation” |
GOING CONCERN
GOING CONCERN | 12 Months Ended |
Oct. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | 2. 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 net losses of ($ 301,378 225,489 209,489 99,685 10,636,957 |
LEASE
LEASE | 12 Months Ended |
Oct. 31, 2023 | |
Lease | |
LEASE | 3. LEASE FASB ASC Topic 842, “Leases” 5.50 The Company entered into a lease for office space at the time the Company was formed through June 2022. Effective July 2022, the Company is leasing the office space on a month to month basis. |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 12 Months Ended |
Oct. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | 4. PROPERTY AND EQUIPMENT Property and equipment are summarized by major classifications as follows: Schedule of property and equipment 2023 2022 Equipment $ 1,500 $ 1,500 Containers 24,400 14,900 Automobile 11,093 8,111 Total 36,993 24,511 Less accumulated depreciation 13,514 18,551 Property and equipment, net $ 23,479 $ 5,960 Depreciation expense for the fiscal years ended October 31, 2023 and 2022 was $ 3,074 1,490 |
NOTE PAYABLE
NOTE PAYABLE | 12 Months Ended |
Oct. 31, 2023 | |
Debt Disclosure [Abstract] | |
NOTE PAYABLE | 5. NOTE PAYABLE In July 2 005, the Company was approved for a low interest promissory note from the U.S. Small Business Administration in the amount of $ 280,100 430,500 1,820 2.9 40,672 As of October 31, 2023 and 2022, the note payable had the following balances: Schedule of note payable 2023 2022 U.S. Small Business Administration $ 64,826 $ 84,675 64,826 84,675 Less current portion 20,397 20,128 Long-term portion of note payable $ 44,429 $ 64,547 Schedule of long term debt maturity Year Ending October 31, Amount 2024 $ 20,397 2025 20,934 2026 21,485 2027 2,010 Total $ 64,826 |
STOCKHOLDER LOANS
STOCKHOLDER LOANS | 12 Months Ended |
Oct. 31, 2023 | |
Stockholder Loans | |
STOCKHOLDER LOANS | 6. STOCKHOLDER LOANS ROBERTA RICCELLI In February 2012, the Company entered into a loan agreement with Robert Riccelli for $ 8,000 10 CORINTHIAN DEVELOPMENT In January 2013, the Company entered into a loan agreement with Corinthian Development for $ 20,000 10 RICCELLI PROPERTIES During August 2017, the Company entered into a loan agreement with Riccelli Properties, which is wholly owned and operated by the Company’s CEO, Joseph Riccelli, Sr., in the amount of $ 40,672 10 JOSEPH RICCELLI, SR. In December 2019, the Company entered into a loan agreement with its CEO, Joseph Riccelli, Sr., for $ 38,000 10 LAWRENCE FRASER In December 2020, the Company entered into a loan agreement with Lawrence Fraser for $ 200,000 66,666 12 As of October 31, 2023 Schedule of stockholder loans 2023 2022 Roberta Riccelli $ 2,000 $ 3,000 Corinthian Development 10,000 10,000 Riccelli Properties — 12,464 Joseph Riccelli, Sr. — 18,500 Lawrence Fraser 58,668 133,334 Total stockholder loans $ 70,668 $ 177,298 Maturity of the stockholder loans is as follows: Schedule of maturity of stockholder loans Year Ending October 31, Amount 2024 $ 70,668 Total $ 70,668 |
OTHER INCOME
OTHER INCOME | 12 Months Ended |
Oct. 31, 2023 | |
Other Income and Expenses [Abstract] | |
OTHER INCOME | 7. OTHER INCOME Management, during fiscal year ended October 31, 2022, reevaluated certain disputed accounts payable amounts and have determined that accrued professional fees of $ 111,000 260,000 371,000 |
EXCLUSIVE LICENSING AND MANUFAC
EXCLUSIVE LICENSING AND MANUFACTURING AGREEMENT | 12 Months Ended |
Oct. 31, 2023 | |
Exclusive Licensing And Manufacturing Agreement | |
EXCLUSIVE LICENSING AND MANUFACTURING AGREEMENT | 8. EXCLUSIVE LICENSING AND MANUFACTURING AGREEMENT On April 16, 2006, the Company entered into an exclusive licensing and manufacturing agreement with the Ketut Group, with an effective date of April 1, 2006, whereby the Company acquired an exclusive license to develop, use, sell, manufacture, and market products related to or utilizing the INSULTEX brand, Korean patent number 0426429, or any INSULTEX technology an option to renew the license for up to three successive ten year terms |
CONCENTRATIONS
CONCENTRATIONS | 12 Months Ended |
Oct. 31, 2023 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATIONS | 9. CONCENTRATIONS Revenues from two customers were approximately 45 35 The Company only has one supplier of INSULTEX, the special material which is manufactured for the Company. Additionally, the Company only has one manufacturer in Massachusetts that produces house wrap on behalf of the Company. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Oct. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 10. INCOME TAXES In prior years, the Company incurred net operating losses and, accordingly, no provision for income taxes has been recorded. In addition, no benefit for income taxes has been recorded due to the uncertainty of the realization of any tax assets. For the 2022 tax year, fiscal year ended October 31, 2023, the Company had net operating loss carryforwards of approximately $ 8,001,000 October 31, 2039 Deferred income taxes reflect the net tax effect of temporary differences between carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, as well as tax benefits of net operating loss carryforwards. The significant components of the Company’s deferred tax assets and liabilities relate to the following: Schedule of deferred tax assets and liabilities 2023 2022 Net operating loss carryforward $ 2,479,510 $ 2,364,537 Depreciation — — Net deferred tax assets before valuation allowance 2,479,510 2,364,537 Less valuation allowance 2,479,510 2,364,537 Net deferred tax assets $ — $ — For financial reporting purposes, the Company has incurred losses in previous years. Based on the available objective evidence, including the Company’s previous losses, management believes it is more likely than not that the net deferred tax assets will not be fully realizable. Accordingly, the Company provided for a full valuation allowance against its net deferred tax assets as of October 31, 2023 and 2022, respectively. The effective income tax rate varied from the statutory Federal tax rate as follows: Schedule of effective income tax rate varied from statutory federal tax rate 2023 2022 Federal statutory rate 21 % 21 % Effect of net operating losses -21 % -21 % Effective income tax rate 0 % 0 % The Company’s effective income tax rate is lower than what would be expected if the Federal statutory rate were applied to income (loss) before taxes, primarily due to net operating loss carryforwards. |
COMMITMENTS
COMMITMENTS | 12 Months Ended |
Oct. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS | 11. COMMITMENTS The Company leases its executive offices/warehouse space from Frank Riccelli, a stockholder and brother of Joseph Riccelli, Sr., the Company’s CEO, for $ 3,500 The lease is based on a verbal agreement with month-to-month terms 35,000 42,000 |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Oct. 31, 2023 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | 12. SEGMENT INFORMATION The Company has organized operations into two segments as discussed in Note 1 to the financial statements, based on an internal management reporting process that provides segment information for purposes of making financial decisions and allocating resources. The following tables present the Company’s business segment information for the fiscal years ended October 31, 2023 and 2023: Schedule of business segment information Revenues: 2023 2022 Apparel $ 34,780 $ 65,432 House wrap 312,983 193,302 Total revenues $ 347,763 $ 258,734 Capital expenditures: Apparel $ — $ — House wrap 20,593 — Total assets $ 20,593 — Depreciation: Apparel $ — $ — House wrap 3,074 1,490 Total depreciation $ 3,074 $ 1,490 |
COMMON STOCK
COMMON STOCK | 12 Months Ended |
Oct. 31, 2023 | |
Equity [Abstract] | |
COMMON STOCK | 13. COMMON STOCK During the fiscal year ended October 31, 2023, the Company sold 1,635,000 355,000 40,000 10,000 230,000 41,940 0.20 0.25 During the fiscal year ended October 31, 2022, the Company sold 460,000 86,200 875,000 210,000 0.17 0.25 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Oct. 31, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 14. RELATED PARTY TRANSACTIONS The Company has entered into various loan agreements with related parties. These agreements are classified as stockholder loans as described in Note 6 to the financial statements. The Company has also entered into a verbal lease agreement as described in Notes 3 and 11 to the financial statements. |
LEGAL PROCEEDINGS
LEGAL PROCEEDINGS | 12 Months Ended |
Oct. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
LEGAL PROCEEDINGS | 15. LEGAL PROCEEDINGS On November 4, 2016, the Federal Trade Commission (“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 to redress a rescission of revenue the Company received from the sale of the 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 U.S. 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 FTC 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 INSULTEX 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 paid the Company $ 260,000 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Oct. 31, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 16. SUBSEQUENT EVENTS The Company has evaluated subsequent events in accordance with ASC Topic 855, “Subsequent Events During December 2023, the Company entered into a convertible promissory note in the amount of $ 50,000 6.0 0.20 |
NATURE OF OPERATIONS AND SUMM_2
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES NATURE OF OPERATIONS (Policies) | 12 Months Ended |
Oct. 31, 2023 | |
Accounting Policies [Abstract] | |
BASIS OF ACCOUNTING | BASIS OF ACCOUNTING The financial statements of the Company have been prepared on the accrual basis of accounting and, accordingly, report all significant receivables, payables, and other liabilities as prescribed by accounting principles generally accepted in the United States of America (“U.S. GAAP”). |
FISCAL YEAR END | FISCAL YEAR END The Company’s fiscal year ends on October 31 st |
USE OF ESTIMATES | USE OF ESTIMATES The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
CASH AND CASH EQUIVALENTS | CASH AND CASH EQUIVALENTS The Company defines cash and cash equivalents as those highly liquid investments purchased with a maturity of three months or less. |
REVENUE RECOGNITION | REVENUE RECOGNITION Revenues are measured based on the amount of consideration specified in a contract with a customer. The Company recognizes revenue when and as performance obligations (i.e., obligations to transfer goods and/or services) are satisfied, which generally occurs with the transfer of control of the goods or services to the customer. To determine proper revenue recognition, the Company evaluates whether two or more contracts should be combined and accounted for as a single contract and whether a combined or single contract should be accounted for as more than one performance obligation. This evaluation requires significant judgment, and the decision to combine contracts or separate a combined or single contract into multiple performance obligations could change the amount of revenue and profit recorded in a given period. Contracts are considered to contain a single performance obligation if the promise to transfer individual goods or services is not separately identifiable from other promises in the contracts. For contracts with multiple performance obligations, the Company allocates the transaction price to each performance obligation using the best estimate of the standalone selling price of each distinct good or service in the contract. |
FAIR VALUE OF FINANCIAL INSTRUMENTS | FAIR VALUE OF FINANCIAL INSTRUMENTS The carrying value of cash and net accounts receivable approximates fair value. The fair value of the Company’s debt instruments approximates their fair values as the interest is tied to or approximates market rates. |
ESTIMATED UNCOLLECTIBLE ACCOUNTS | ESTIMATED UNCOLLECTIBLE ACCOUNTS Management evaluates its receivables on a quarterly basis to assess the validity of remaining receivables. Management has determined that there is not a significant doubt regarding the receivable balance as of October 31, 2023. Management has determined that there is significant doubt regarding the receivable balance over 90 days and applied an allowance of $ 5,860 |
OPENING AND CLOSING BALANCE OF RECEIVABLES | OPENING AND CLOSING BALANCE OF RECEIVABLES The opening balance of accounts receivables was $ 1,201 5,860 31,050 |
INVENTORY | INVENTORY Inventory consists primarily of finished goods. Inventory is stated at the lower of cost or net realizable value and is valued based on first-in first-out. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. During the fiscal year ended October 31, 2010, the Company discontinued its hunting and swimming lines of apparel. Therefore, a reserve of $ 65,600 75,468 |
DEPOSITS ON INVENTORY | DEPOSITS ON INVENTORY The Company has one manufacturer located in Indonesia that produces the apparel on behalf of the Company. The Company sends deposits to the manufacturer for future production of the apparel based on approved purchase orders between the Company and the manufacturer. Once finished, purchase orders are received by the Company and the deposits associated with the purchase orders are transferred into inventory. The Company did not have deposits on inventory as of October 31, 2023. Deposits on inventory amounted to $ 80,000 |
PROPERTY AND EQUIPMENT | PROPERTY AND EQUIPMENT Property and equipment are stated at cost. Expenditures for maintenance and repairs are charged to expense as incurred. Additions, improvements, and major replacements are capitalized. The cost and accumulated depreciation related to assets sold or retired are removed from the accounts and any gain or loss is recorded on the statements of operations. For financial reporting purposes, depreciation is primarily computed using the straight-line method over the estimated useful lives of depreciable assets, which range from 5 7 |
DEPOSITS ON EQUIPMENT | 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 The first installment of $300,000 is to be made at the execution of the agreement. The second installment of $200,000 is to be made when the machinery and equipment is ready to be shipped to the United States. The third installment of $100,000 is to be made 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 10,000 6,000 During the fiscal year ended October 31, 2022, the Company made deposits on a separate piece of equipment of $ 7,370 29,574 36,944 Total deposits made were $ 652,944 607,370 |
IMPAIRMENT OF LONG-LIVED ASSETS | IMPAIRMENT OF LONG-LIVED ASSETS Management considers the valuation and depreciation of property and equipment. Management considers both the current and future levels of undiscounted cash flow generated by the Company and the continuing value of property and equipment to determine when and if an impairment has occurred. Any write-downs due to impairment are charged to operations at the time the impairment is identified. No such write-downs due to impairment have been recorded for the fiscal years ended October 31, 2023 and 2022. |
INCOME TAXES | INCOME TAXES The Company accounts for income taxes in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“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. In addition, FASB ASC Topic 740 clarifies the accounting for uncertainty in tax positions and requires that a company recognize the impact of a tax position in its financial statements only if it is more likely than not of being sustained upon examination, based on the technical merits of the position. The Company did not recognize any material adjustments to the liability for unrecognized income tax benefits. The Company is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. |
CONCENTRATION OF CREDIT RISK | CONCENTRATION OF CREDIT RISK The Company maintains its cash balances with a financial institution which management believes to be of high credit quality. The accounts are insured by the Federal Deposit Insurance Company (“FDIC”) up to $ 250,000 |
SHIPPING AND HANDLING | SHIPPING AND HANDLING 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 $ 32,962 24,791 |
WARRANTIES | WARRANTIES The Company provides a ten-year limited warranty covering defects in workmanship. These warranties are included in the contract and do not provide customers with a service in addition to assurance of compliance with agreed-upon specifications. The Company does not consider these assurance-type warranties to be separate performance obligations. Management has determined that no warranty reserve is currently necessary on the Company’s products. Management will continue to evaluate the need for a warranty reserve throughout the year and make adjustments as needed. |
EARNINGS PER SHARE | EARNINGS PER SHARE The Company calculates net loss per share in accordance with FASB ASC Topic 260 “Earnings Per Share” 954,000 994,000 |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION The Company accounts for stock-based compensation in accordance with FASB ASC Topic 718 “Compensation – Stock Compensation” |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property and equipment | Schedule of property and equipment 2023 2022 Equipment $ 1,500 $ 1,500 Containers 24,400 14,900 Automobile 11,093 8,111 Total 36,993 24,511 Less accumulated depreciation 13,514 18,551 Property and equipment, net $ 23,479 $ 5,960 |
NOTE PAYABLE (Tables)
NOTE PAYABLE (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of note payable | Schedule of note payable 2023 2022 U.S. Small Business Administration $ 64,826 $ 84,675 64,826 84,675 Less current portion 20,397 20,128 Long-term portion of note payable $ 44,429 $ 64,547 |
Schedule of long term debt maturity | Schedule of long term debt maturity Year Ending October 31, Amount 2024 $ 20,397 2025 20,934 2026 21,485 2027 2,010 Total $ 64,826 |
STOCKHOLDER LOANS (Tables)
STOCKHOLDER LOANS (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Stockholder Loans | |
Schedule of stockholder loans | Schedule of stockholder loans 2023 2022 Roberta Riccelli $ 2,000 $ 3,000 Corinthian Development 10,000 10,000 Riccelli Properties — 12,464 Joseph Riccelli, Sr. — 18,500 Lawrence Fraser 58,668 133,334 Total stockholder loans $ 70,668 $ 177,298 |
Schedule of maturity of stockholder loans | Schedule of maturity of stockholder loans Year Ending October 31, Amount 2024 $ 70,668 Total $ 70,668 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of deferred tax assets and liabilities | Schedule of deferred tax assets and liabilities 2023 2022 Net operating loss carryforward $ 2,479,510 $ 2,364,537 Depreciation — — Net deferred tax assets before valuation allowance 2,479,510 2,364,537 Less valuation allowance 2,479,510 2,364,537 Net deferred tax assets $ — $ — |
Schedule of effective income tax rate varied from statutory federal tax rate | Schedule of effective income tax rate varied from statutory federal tax rate 2023 2022 Federal statutory rate 21 % 21 % Effect of net operating losses -21 % -21 % Effective income tax rate 0 % 0 % |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of business segment information | Schedule of business segment information Revenues: 2023 2022 Apparel $ 34,780 $ 65,432 House wrap 312,983 193,302 Total revenues $ 347,763 $ 258,734 Capital expenditures: Apparel $ — $ — House wrap 20,593 — Total assets $ 20,593 — |
NATURE OF OPERATIONS AND SUMM_3
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES NATURE OF OPERATIONS (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | |||||
Jul. 12, 2015 | Aug. 31, 2023 | Feb. 28, 2023 | Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2019 | Oct. 31, 2018 | |
Property, Plant and Equipment [Line Items] | |||||||
Allowance receivables | $ 5,860 | ||||||
Accounts receivable | $ 31,050 | 1,201 | |||||
Allowance for doubtful accounts | 5,860 | ||||||
Inventory reserves | 65,600 | 75,468 | |||||
Deposits on inventory | 0 | 80,000 | |||||
Shipping and handling costs | 32,962 | 24,791 | |||||
Deposits on equipment | 652,944 | $ 607,370 | |||||
Federal deposit insurance company | $ 250,000 | ||||||
Stock of warrants | 954,000 | 994,000 | |||||
Separate Piece Of Equipments [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Deposits on equipment | $ 36,944 | $ 7,370 | |||||
Additional deposits on equipment | $ 29,574 | ||||||
Ketut Jaya [Member] | I N S U L T E X Material [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Purchase price machinery and equipment | $ 700,000 | $ 500,000 | |||||
Description of purchase price payment terms | The first installment of $300,000 is to be made at the execution of the agreement. The second installment of $200,000 is to be made when the machinery and equipment is ready to be shipped to the United States. The third installment of $100,000 is to be made 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. | ||||||
Prepayment for machinery and equipment | 100,000 | ||||||
Additional expenses related to equipment | $ 17,000 | ||||||
Shipping and handling costs | $ 17,000 | ||||||
Additional Preprepayment for machinery and equipment | $ 6,000 | $ 10,000 | |||||
Minimum [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Estimated useful lives | 5 years | ||||||
Maximum [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Estimated useful lives | 7 years |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Net loss | $ 301,378 | $ 225,489 |
Net cash used in operating activities | 209,489 | 99,685 |
Accumulated deficit | $ 10,636,957 | $ 10,335,579 |
LEASE (Details Narrative)
LEASE (Details Narrative) | 12 Months Ended |
Oct. 31, 2023 | |
Lease | |
Average commercial real estate interest rate | 5.50% |
Lease ROU description | The Company entered into a lease for office space at the time the Company was formed through June 2022. Effective July 2022, the Company is leasing the office space on a month to month basis. |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details) - USD ($) | Oct. 31, 2023 | Oct. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment - gross | $ 36,993 | $ 24,511 |
Less accumulated depreciation | 13,514 | 18,551 |
Property and equipment - net | 23,479 | 5,960 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment - gross | 1,500 | 1,500 |
Containers [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment - gross | 24,400 | 14,900 |
Automobiles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment - gross | $ 11,093 | $ 8,111 |
PROPERTY AND EQUIPMENT (Detai_2
PROPERTY AND EQUIPMENT (Details Narrative) - USD ($) | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 3,074 | $ 1,490 |
NOTE PAYABLE (Details)
NOTE PAYABLE (Details) - USD ($) | Oct. 31, 2023 | Oct. 31, 2022 |
Total | $ 64,826 | $ 84,675 |
Less current portion | 20,397 | 20,128 |
Long-term portion of note payable | 44,429 | 64,547 |
U S Small Business Administration [Member] | ||
Total | $ 64,826 | $ 84,675 |
NOTE PAYABLE (Details 1)
NOTE PAYABLE (Details 1) | Oct. 31, 2023 USD ($) |
Debt Disclosure [Abstract] | |
2024 | $ 20,397 |
2025 | 20,934 |
2026 | 21,485 |
2027 | 2,010 |
Total | $ 64,826 |
NOTE PAYABLE (Details Narrative
NOTE PAYABLE (Details Narrative) - USD ($) | 12 Months Ended | |||
Oct. 31, 2023 | Oct. 31, 2017 | Jan. 31, 2006 | Jul. 31, 2005 | |
Riccelli Properties [Member] | ||||
Short-Term Debt [Line Items] | ||||
Payment of notes payable | $ 40,672 | |||
U S Small Business Administration [Member] | Notes Payable [Member] | ||||
Short-Term Debt [Line Items] | ||||
Notes payable | $ 430,500 | $ 280,100 | ||
Periodic payment | $ 1,820 | |||
Interest rate | 2.90% |
STOCKHOLDER LOANS (Details)
STOCKHOLDER LOANS (Details) - USD ($) | Oct. 31, 2023 | Oct. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
Total stockholder loans | $ 70,668 | $ 177,298 |
Robert Riccelli [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total stockholder loans | 2,000 | 3,000 |
Corinthian Development [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total stockholder loans | 10,000 | 10,000 |
Riccelli Properties [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total stockholder loans | 0 | 12,464 |
Joseph Riccelli Sr [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total stockholder loans | 0 | 18,500 |
Lawrence Fraser [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total stockholder loans | $ 58,668 | $ 133,334 |
STOCKHOLDER LOANS (Details 1)
STOCKHOLDER LOANS (Details 1) - USD ($) | Oct. 31, 2023 | Oct. 31, 2022 |
Stockholder Loans | ||
2024 | $ 70,668 | |
Total | $ 70,668 | $ 177,298 |
STOCKHOLDER LOANS (Details Narr
STOCKHOLDER LOANS (Details Narrative) - Loan Agreement [Member] - USD ($) | 1 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Aug. 31, 2017 | Jan. 31, 2013 | Feb. 29, 2012 | |
Robert Riccelli [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Face amount | $ 8,000 | ||||
Interest rate | 10% | ||||
Corinthian Development [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Face amount | $ 20,000 | ||||
Interest rate | 10% | ||||
Riccelli Properties [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Face amount | $ 40,672 | ||||
Interest rate | 10% | ||||
Joseph Riccelli Sr [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Face amount | $ 38,000 | ||||
Interest rate | 10% | ||||
Lawrence Fraser [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Face amount | $ 200,000 | ||||
Interest rate | 12% | ||||
Loan payable | $ 66,666 |
OTHER INCOME (Details Narrative
OTHER INCOME (Details Narrative) - USD ($) | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Other Income and Expenses [Abstract] | ||
Professional fees no longer payable | $ 111,000 | |
Cost recovered | $ 260,000 | |
Other income | $ 371,000 |
EXCLUSIVE LICENSING AND MANUF_2
EXCLUSIVE LICENSING AND MANUFACTURING AGREEMENT (Details Narrative) - Exclusive Licensing And Manufacturing Agreement [Member] - Ketut Jaya [Member] | 12 Months Ended |
Oct. 31, 2023 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Description of agreement | exclusive license to develop, use, sell, manufacture, and market products related to or utilizing the INSULTEX brand, Korean patent number 0426429, or any INSULTEX technology |
Description of license renewal option | an option to renew the license for up to three successive ten year terms |
CONCENTRATIONS (Details Narrati
CONCENTRATIONS (Details Narrative) | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Revenue [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 45% | 35% |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | Oct. 31, 2023 | Oct. 31, 2022 |
Income Tax Disclosure [Abstract] | ||
Net operating loss carryforward | $ 2,479,510 | $ 2,364,537 |
Depreciation | 0 | 0 |
Net deferred tax assets before valuation allowance | 2,479,510 | 2,364,537 |
Less: Valuation allowance | 2,479,510 | 2,364,537 |
Net deferred tax assets | $ 0 | $ 0 |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Federal statutory rate | 21% | 21% |
Effect of net operating losses | (21.00%) | (21.00%) |
Effective income tax rate | 0% | 0% |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) | 12 Months Ended |
Oct. 31, 2023 USD ($) | |
Income Tax Disclosure [Abstract] | |
Net operating loss carryforwards | $ 8,001,000 |
Expiration date | Oct. 31, 2039 |
COMMITMENTS (Details Narrative)
COMMITMENTS (Details Narrative) - USD ($) | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Related Party Transaction [Line Items] | ||
Rent expense, per month | $ 35,000 | $ 42,000 |
Immediate Family Member Of Management Or Principal Owner 1 [Member] | ||
Related Party Transaction [Line Items] | ||
Rent expense, per month | $ 3,500 | |
Description of lease agreement | The lease is based on a verbal agreement with month-to-month terms |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) - USD ($) | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Segment Reporting Information [Line Items] | ||
Total Revenues | $ 347,763 | $ 258,734 |
Total Assets | 20,593 | 0 |
Total Depreciation | 3,074 | 1,490 |
Apparel [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Revenues | 34,780 | 65,432 |
Total Assets | 0 | 0 |
Total Depreciation | 0 | 0 |
Housewrap [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Revenues | 312,983 | 193,302 |
Total Assets | 20,593 | 0 |
Total Depreciation | $ 3,074 | $ 1,490 |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) - USD ($) | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Proceeds from sale of stock | $ 355,000 | $ 86,200 |
Value of shares issued for services | $ 41,940 | $ 210,000 |
Sixteen Investors [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Number of shares issued | 1,635,000 | |
Proceeds from sale of stock | $ 355,000 | |
One Investors [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Number of warrants exercised | 40,000 | |
Proceeds from sale of stock for services | $ 10,000 | |
Two Investors [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Shares issued for services | 230,000 | |
Value of shares issued for services | $ 41,940 | |
Two Investors [Member] | Minimum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Share price | $ 0.20 | |
Two Investors [Member] | Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Share price | $ 0.25 | |
Seven Investors [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Number of shares issued | 460,000 | |
Value of shares issued for services | $ 86,200 | |
Eight Individuals [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Shares issued for services | 875,000 | |
Value of shares issued for services | $ 210,000 | |
Eight Individuals [Member] | Minimum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Share price | $ 0.17 | |
Eight Individuals [Member] | Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Share price | $ 0.25 |
LEGAL PROCEEDINGS (Details Narr
LEGAL PROCEEDINGS (Details Narrative) | Jun. 29, 2022 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Payment for settlement | $ 260,000 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - Subsequent Event [Member] | 1 Months Ended |
Dec. 31, 2023 USD ($) $ / shares | |
Subsequent Event [Line Items] | |
Convertible promissory note | $ | $ 50,000 |
Interest rate | 6% |
Conversion price | $ / shares | $ 0.20 |