Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Oct. 31, 2015 | Feb. 16, 2016 | Apr. 30, 2015 | |
StockIssuedForServices | |||
Entity Registrant Name | Advanced Biomedical Technologies Inc. | ||
Entity Central Index Key | 1,385,799 | ||
Document Type | 10-K | ||
Document Period End Date | Oct. 31, 2015 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --10-31 | ||
Is Entity a Well-known Seasoned Issuer? | No | ||
Is Entity a Voluntary Filer? | No | ||
Is Entity's Reporting Status Current? | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $ 2,648,300 | ||
Entity Common Stock, Shares Outstanding | 66,874,850 | ||
Share price | $ .14 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,015 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Oct. 31, 2015 | Oct. 31, 2014 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 38,304 | $ 74,354 |
Inventories | 2,791 | |
Other receivables and prepaid expenses | 18,118 | 18,768 |
Total Current Assets | 59,213 | 93,122 |
Property and equipment, cost | 504,721 | 488,298 |
Less: Accumulated depreciation | (398,102) | (380,044) |
PROPERTY AND EQUIPMENT, NET | 106,619 | 108,254 |
DEPOSIT FOR PURCHASE OF PROPERTY AND EQUIPMENT | 16,238 | |
TOTAL ASSETS | 165,832 | 217,614 |
CURRENT LIABILITIES | ||
Other payables and accrued expenses | 97,041 | 105,771 |
Due to directors | 439,863 | 402,510 |
Due to a stockholder | 562,187 | 459,131 |
Due to related parties | 3,528,228 | 2,988,738 |
Total Current Liabilities | $ 4,627,319 | $ 3,956,150 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' DEFICIT | ||
Common stock, $0.00001 par value, 100,000,000 shares authorized, 56,874,850 shares issued and outstanding as of October 31, 2015 and October 31, 2014 | $ 569 | $ 569 |
Additional paid-in capital | 1,949,132 | 1,927,968 |
Accumulated deficit | (6,262,961) | (5,400,107) |
Accumulated other comprehensive loss | (148,227) | (266,966) |
Total Deficit | (4,461,487) | (3,738,536) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 165,832 | $ 217,614 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Oct. 31, 2015 | Oct. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Common Stock Shares Par Value | $ 0.00001 | $ 0.00001 |
Common Stock Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock Shares Issued | 56,874,850 | 56,874,850 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) | 12 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2014 | |
OPERATING EXPENSES | ||
General and administrative expenses | $ 514,540 | $ 543,414 |
Depreciation | 30,451 | 26,640 |
Research and development | 60,202 | 47,700 |
Total Operating Expenses | 605,193 | 617,754 |
LOSS FROM OPERATIONS | (605,193) | (617,754) |
OTHER (EXPENSES) INCOME | ||
Interest income | 119 | 137 |
Interest paid to a stockholder and related parties | (220,291) | (181,393) |
Imputed interest | (21,164) | (20,079) |
Other, net | (16,325) | (8,667) |
Total Other (Expenses) Income, net | (257,661) | (210,002) |
LOSS BEFORE TAXES | (862,854) | (827,756) |
NET LOSS | (862,854) | (827,756) |
NET LOSS ATTRIBUTABLE TO ABMT COMMON STOCKHOLDERS | (862,854) | (827,756) |
OTHER COMPREHENSIVE INCOME | ||
Foreign currency translation income | 118,739 | 3,586 |
Total other comprehensive loss | 118,739 | 3,586 |
COMPREHENSIVE LOSS ATTRIBUTABLE TO ABMT COMMON STOCKHOLDERS | $ (744,115) | $ (824,170) |
Net loss per share-basic and diluted | $ (0.02) | $ (0.01) |
Weighted average number of shares outstanding during the year - basic and diluted | 56,874,850 | 56,874,850 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIENCY - USD ($) | 12 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2014 | |
Common stock | ||
Beginning balance | $ 569 | $ 569 |
Beginning balance, shares | 56,874,850 | 56,874,850 |
Ending balance | $ 569 | $ 569 |
Ending balance, shares | 56,874,850 | 56,874,850 |
Additional paid-in capital | ||
Beginning balance | $ 1,927,968 | $ 1,907,889 |
Imputed interest on advances from directors | 21,164 | 20,079 |
Ending balance | 1,949,132 | 1,927,968 |
Accumulated deficit during the development stage | ||
Beginning balance | (5,400,107) | (4,572,351) |
Net loss | (862,854) | (827,756) |
Ending balance | (6,262,961) | (5,400,107) |
Accumulated other comprehensive loss | ||
Beginning balance | (266,966) | (270,552) |
Foreign currency translation gain | 118,739 | 3,586 |
Ending balance | (148,227) | (266,966) |
Beginning balance | (3,738,536) | (2,934,445) |
Imputed interest on advances from directors | 21,164 | 20,079 |
Net loss | (862,854) | (827,756) |
Foreign currency translation gain | 118,739 | 3,586 |
Ending balance | $ (4,461,487) | $ (3,738,536) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss attributable to ABMT common stockholders | $ (862,854) | $ (827,756) |
Adjustments to reconcile net loss to cash used in operating activities: | ||
Depreciation | 30,451 | 26,640 |
Imputed interest | 21,164 | $ 20,079 |
Decrease (increase) in: | ||
Inventories | (2,825) | |
Other receivables and prepaid expenses | 89 | $ 2,270 |
(Decrease) increase in: | ||
Other payables and accrued expenses | (6,418) | 46,346 |
Net cash used in operating activities | (820,393) | (732,421) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of property and equipment | (32,311) | (8,793) |
(Increase) decrease in deposit for purchase of property and equipment | 15,899 | (15,009) |
Net cash used in investing activities | (16,412) | (23,802) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Due to a stockholder | 102,959 | 109,253 |
Due to directors | 50,376 | (51,460) |
Due to related parties | 648,640 | 724,435 |
Net cash provided by financing activities | 801,975 | 782,228 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | (1,220) | (31) |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (36,050) | 25,974 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 74,354 | 48,380 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | $ 38,304 | $ 74,354 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION | 12 Months Ended |
Oct. 31, 2015 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (A) Organization Advanced Biomedical Technologies, Inc. (fka Geostar Mineral Corporation or Geostar) (ABMT) was incorporated in Nevada on September 12, 2006. Shenzhen Changhua Biomedical Engineering Co., Ltd. (Shenzhen Changhua) was incorporated in the Peoples Republic of China (PRC) on September 25, 2002 as a limited liability company with a registered capital of $724,017. Shenzhen Changhua is owned by two stockholders in the proportion of 70% and 30% respectively. Shenzhen Changhua plans to develop, manufacture and market self-reinforced, re-absorbable degradable PA screws, robs and binding ties for fixation on human fractured bones. The Company is currently conducting clinical trials on its products and intends to raise additional capital to produce and market its products commercially pending the approval from the China Food and Drug Administration (CFDA, formerly known as SFDA) of the PRC on its products. The Company has no revenue since its inception and, in accordance with Accounting Standards Codification (ASC) Topic 915, Development Stage Entities, is considered a Development Stage Company. Masterise Holdings Limited (Masterise) was incorporated in the British Virgin Islands on 31 May, 2007 as an investment holding company. Masterise is owned as to 63% by the spouse of Shenzhen Changhuas 70% majority stockholder and 37% by a third party corporation. On January 29, 2008, Masterise entered into a Share Purchase Agreement (the Agreement) with a stockholder of Shenzhen Changhua whereupon Masterise acquired 70% of Shenzhen Changhua for US$64,100 in cash. The acquisition was completed on February 25, 2008. As both Masterise and Shenzhen Changhua are under common control and management, the acquisition was accounted for as a reorganization of entities under common control. Accordingly, the operations of Shenzhen Changhua were included in the consolidated financial statements as if the transactions had occurred retroactively. On December 31, 2008, ABMT consummated a Share Exchange Agreement (the Exchange Agreement) with the stockholders of Masterise pursuant to which Geostar issued 50,000 shares of Common Stock to the stockholders of Masterise for 100% equity interest in Masterise. Concurrently, on December 31, 2008, a major stockholder of ABMT also consummated an Affiliate Stock Purchase Agreement (the Affiliate Agreement) with thirteen individuals including all the stockholders of Masterise, pursuant to which the major stockholder sold a total of 5,001,000 shares of ABMTs common stock for a total aggregate consideration of $5,000, including 4,438,250 shares to the stockholders of Masterise. On consummation of the Exchange Agreement and the Affiliate Agreement, the 70% majority stockholder of Masterise became a 80.7% stockholder of ABMT. On March 13, 2009, the name of the Company was changed from Geostar Mineral Corporation to Advanced Biomedical Technologies, Inc. The merger of ABMT and Masterise was treated for accounting purposes as a capital transaction and recapitalization by Masterise (the accounting acquirer) and a re-organization by ABMT (the accounting acquiree). The financial statements have been prepared as if the re-organization had occurred retroactively. Accordingly, these financial statements include the following: (1) The balance sheet consisting of the net assets of the acquirer at historical cost and the net assets of the acquiree at historical cost. (2) The statement of operations including the operations of the acquirer for the periods presented and the operations of the acquiree from the date of the transaction. ABMT, Masterise and Shenzhen Changhua are hereinafter referred to as (the Company). (B) Principles of consolidation The accompanying consolidated financial statements include the financial statements of ABMT and its wholly owned subsidiaries, Masterise and its 70% owned subsidiary, Shenzhen Changhua. The noncontrolling interests represent the noncontrolling stockholders 30% proportionate share of the results of Shenzhen Changhua. All significant inter-company balances and transactions have been eliminated in consolidation. (C) Use of estimates The preparation of the financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent 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. (D) Cash and cash equivalents For purpose of the statements of cash flows, cash and cash equivalents include cash on hand and demand deposits with a bank with a maturity of less than three months. As of October 31, 2015 and 2014, all the cash and cash equivalents were denominated in United States Dollars (US$), Hong Kong Dollars (HK$) and Renminbi (RMB) and were placed with banks in the United States of America, Hong Kong and PRC. Balances at financial institutions or state-owned banks within the PRC are not freely convertible into foreign currencies and the remittance of these funds out of the PRC is subject to exchange control restrictions imposed by the PRC government. (E) Inventories Inventories are stated at the lower of cost, computed using the first-in, first-out method, or market, which represents selling price less cost to sell. If the cost of the inventories exceeds their market value, provisions are made currently for the difference between the cost and the market value. (F) Property and equipment Property and equipment are stated at cost, less accumulated depreciation. Expenditures for additions, major renewals and betterments are capitalized and expenditures for maintenance and repairs are charged to expense as incurred. Depreciation is provided on a straight-line basis, less estimated residual value over the assets estimated useful lives. The estimated useful lives of the assets are 5 years. (G) Long-lived assets The Company accounts for long-lived assets under the FASB Codification Topic 360 (ASC 360) Accounting for Impairment or Disposal of Long-Lived Assets. In accordance with ASC Topic 360, long-lived assets held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. For purposes of evaluating the recoverability of long-lived assets, when undiscounted future cash flows will not be sufficient to recover an assets carrying amount, the asset is written down to its fair value. The long-lived assets of the Company, which are subject to evaluation, consist primarily of property and equipment. For the years ended October 31, 2015 and 2014, the Company has not recognized any allowances for impairment. (H) Fair value of financial instruments FASB Codification Topic 825(ASC Topic 825), Disclosure About Fair Value of Financial Instruments, requires certain disclosures regarding the fair value of financial instruments. The carrying amounts of other receivables and prepaid expenses other payables and accrued liabilities and due to directors, a stockholder and related parties approximate their fair values because of the short-term nature of the instruments. The management of the Company is of the opinion that the Company is not exposed to significant interest or credit risks arising from these financial statements. (I) Income taxes The Company accounts for income taxes under the FASB Codification Topic 740-10-25 (ASC 740-10-25). Under ASC 740-10-25, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under ASC 740-10-25, the effect on deferred tax assets and liabilities of a change in tax rates is recognized as income in the period included the enactment date. We assess our income tax positions and record tax benefits for all years subject to examination based upon our evaluation of the facts, circumstances and information available at the reporting date. For those tax positions where there is greater than 50% likelihood that a tax benefit will be sustained, we have recorded the largest amount of tax benefit that may potentially be realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where there is a 50% or less likelihood that a tax benefit will be sustained, no tax benefit has been recognized in the financial statements. (J) Research and development Research and development costs related to both present and future products are expensed as incurred. Total expenditure on research and development charged to general and administrative expenses for the years ended October 31, 2015 and 2014 were $60,202 and $47,700 respectively. (K) Foreign currency translation The reporting currency of the Company is the US dollar. ABMT, Masterise and Shenzhen Changhua maintain their accounting records in their functional currencies of US$, HK$ and RMB respectively. Foreign currency transactions during the year are translated to the functional currency at the approximate rates of exchange on the dates of transactions. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the approximate rates of exchange at that date. Non-monetary assets and liabilities are translated at the rates of exchange prevailing at the time the asset or liability was acquired. Exchange gains or losses are recorded in the statement of operations. The financial statements of Masterise and Shenzhen Changhua (whose functional currency is HK$ and RMB respectively) are translated into US$ using the closing rate method. The balance sheet items are translated into US$ using the exchange rates at the respective balance sheet dates. The capital and various reserves are translated at historical exchange rates prevailing at the time of the transactions while income and expenses items are translated at the average exchange rate for the year. All exchange differences are recorded within equity. The exchange rates used to translate amounts in HK$ and RMB into US$ for the purposes of preparing the financial statements were as follows: October 31, 2015 October 31, 2014 Balance sheet items, except for share capital, additional paid-in capital and accumulated deficits, as of year end US$1=HK$7.7496=RMB6.3180 US$1=HK$7.7551=RMB6.1124 Amounts included in the statements of operations and cash flows for the year US$1=HK$7.7530=RMB6.2425 US$1=HK$7.7543=RMB6.1498 The translation gain recorded for the years ended October 31, 2015 and 2014 were $118,739 and $3,586 respectively. No presentation is made that RMB amounts have been, or would be, converted into US$ at the above rates. Although the Chinese government regulations now allow convertibility of RMB for current account transactions, significant restrictions still remain. Hence, such translations should not be construed as representations that RMB could be converted into US$ at that rate or any other rate. The value of RMB against US$ and other currencies may fluctuate and is affected by, among other things, changes in Chinas political and economic conditions. Any significant revaluation of RMB may materially affect the Companys financial condition in terms of US$ reporting. (L) Other comprehensive loss The foreign currency translation gain or loss resulting from translation of the financial statements expressed in RMB and HK$ to US$ is reported as other comprehensive gain or loss in the statements of operations and stockholders deficit. Other comprehensive gain for the years ended October 31, 2015 and 2014 were $118,739 and $3,586 respectively. (M) Loss per share Basic loss per share are computed by dividing income available to stockholders by the weighted average number of shares outstanding during the year. Diluted loss per share is computed similar to basic loss per share except that the denominator is increased to include the number of additional shares that would have been outstanding if the potential shares had been issued and if the additional shares were diluted. There are no potentially dilutive securities as at October 31, 2015 and October 31, 2014. (N) Segments The Company operates in only one segment, thereafter segment disclosure is not presented. (O) Recent Accounting Pronouncements In August 2014, FASB issued Accounting Standards Update (ASU) No. 2014-15 Preparation of Financial Statements Going Concern (Subtopic 205-40), Disclosure of Uncertainties about an Entitys Ability to Continue as a Going Concern. Under generally accepted accounting principles (GAAP), continuation of a reporting entity as a going concern is presumed as the basis for preparing financial statements unless and until the entitys liquidation becomes imminent. Preparation of financial statements under this presumption is commonly referred to as the going concern basis of accounting. If and when an entitys liquidation becomes imminent, financial statements should be prepared under the liquidation basis of accounting in accordance with Subtopic 205-30, Presentation of Financial StatementsLiquidation Basis of Accounting. Even when an entitys liquidation is not imminent, there may be conditions or events that raise substantial doubt about the entitys ability to continue as a going concern. In those situations, financial statements should continue to be prepared under the going concern basis of accounting, but the amendments in this Update should be followed to determine whether to disclose information about the relevant conditions and events. The amendments in this Accounting Standards Update are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The Company will evaluate the going concern considerations in this ASU, however, at the current period, management does not believe that it has met conditions which would subject these financial statements for additional disclosure. |
INVENTORIES
INVENTORIES | 12 Months Ended |
Oct. 31, 2015 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | Inventories as at October 31, 2015 and 2014 consisted of the followings: October 31, 2015 2014 Testing reagents $ 2,633 $ Packing materials 158 $ 2,791 $ |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 12 Months Ended |
Oct. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | 3. PROPERTY AND EQUIPMENT The following is a summary of property and equipment at October 31, 2015 and 2014: October 31, 2015 2014 Plant and machinery $ 294,378 $ 272,214 Motor vehicles 43,637 45,105 Office equipment 34,527 34,523 Computer software 5,017 5,017 Office improvements 127,162 131,439 Construction in progress 504,721 488,298 Less: accumulated depreciation 398,102 380,044 Property and equipment, net $ 106,619 $ 108,254 Depreciation expense for the year ended October 31, 2015 and 2014 was $30,451 and $26,640 respectively. |
OTHER PAYABLES AND ACCRUED EXPE
OTHER PAYABLES AND ACCRUED EXPENSES | 12 Months Ended |
Oct. 31, 2015 | |
Payables and Accruals [Abstract] | |
OTHER PAYABLES AND ACCRUED EXPENSES | 4. OTHER PAYABLES AND ACCRUED EXPENSES Other payables and accrued expenses at October 31, 2015 and 2014 consisted of the following: October 31, 2015 2014 Other payables $ 40 $ 929 Accrued expenses 97,001 104,842 $ 97,041 $ 105,771 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Oct. 31, 2015 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 5. RELATED PARTY TRANSACTIONS As of October 31, 2015 and 2014, the Company owed $562,187 and $459,131 respectively to Titan Technology Development Limited, a stockholder. As of October 31, 2015 and 2014, advances from related parties were as follows: October 31, 2015 2014 Chi Fung Yu $ 1,807,103 $ 1,618,333 Que Feng 33,133 Chen Tie Jun 1,660,763 1,370,405 Shenzhen Hygeian Medical Device Co., Ltd. 27,229 Amount due to related parties $ 3,528,228 $ 2,988,738 Advances from a stockholder and related parties are unsecured, repayable on demand and bearing interest at 7% per annum. Interest expenses on advances from a stockholder and the related parties accrued for the years ended October 31, 2015 and 2014 were as follows: October 31, 2015 2014 Titan Technology Development Limited, a stockholder $ 31,615 $ 26,081 Related parties: Que Feng 1,495 Chi Fung Yu 99,978 87,351 Chen Tie Jun 87,089 67,961 Shenzhen Hygeian Medical Device Co., Ltd. 114 Interest expenses to a stockholder and related parties $ 220,291 $ 181,393 As of October 31, 2015 and 2014, advances from directors were as follows: October 31, 2015 2014 Hui Wang $ 417,966 $ 382,280 Chiming Yu 21,897 20,230 Amount due to directors $ 439,863 $ 402,510 Advances from directors were unsecured, repayable on demand and interest free. Imputed interests on the amounts owed to Hui Wang, a director, were $21,164 and $20,079 for the years ended October 31, 2015, and 2014 respectively. |
STOCKHOLDERS DEFICIENCY
STOCKHOLDERS DEFICIENCY | 12 Months Ended |
Oct. 31, 2015 | |
Equity [Abstract] | |
STOCKHOLDERS DEFICIENCY | 6. STOCKHOLDERS DEFICIENCY Common stock On December 8, 2011, the Company issued 100,000 shares of restricted common stock at $0.2 to Dr. John Lynch, the Companys chief officer of dental technologies, for services for a term of twelve months. The shares were valued at the closing price on the date of grant yielding an aggregate fair value of $20,000, fully recognised in prior years as consultancy fees included in general and administrative expenses. On 28 October 2013, the Company issued 150,000 shares of restricted common stock as directors services compensation for past services to each of Mr. Chi Ming Yu and Kai Gui, directors of the Company. The shares were valued at the closing price of $0.71 per share on the date of grant, yielding an aggregate fair value of $213,000. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Oct. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 7. COMMITMENTS AND CONTINGENCIES (A) Employee benefits The full time employees of the Company are entitled to employee benefits including medical care, welfare subsidies, unemployment insurance and pension benefits through a Chinese government mandated multi-employer defined contribution plan. The Company is required to accrue for these benefits based on certain percentages of the employees salaries and make contributions to the plans out of the amounts accrued for medical and pension benefits. The total provisions and contributions made for such employee benefits was $75,813 and $74,189 for the years ended October 31, 2015 and 2014 respectively. The Chinese government is responsible for the medical benefits and the pension liability to be paid to these employees. (B) Lease commitments The Company leased from third parties office space, a staff canteen and an apartment for a director at monthly rent prevailing at October 31, 2015 of $2,060, $135 and $1,266 (2014: $2,348, Nil and $1,309) respectively. All of these operating leases expired on July 20, 2015, Jul 1, 2015 and June 30, 2014 respectively. The Company continues to lease these premises at same monthly rent pending a formal renewal of these leases. The Company also leases five apartments (2014: eight apartments and a staff canteen) for staff under two operating leases (2014: three leases) from third parties at monthly rental totaling $475 (2014: $965), both of which will expire in July 2015. As of October 31, 2015, the Company had outstanding commitments with respect to the above operating leases, which are due as follows: 2016 4,856 2017 Total $ 4,856 (C) Capital commitments The Company has no outstanding commitments contracted for, net of deposit paid, in respect of acquisitions of plant and machineries as of October 31, 2015 (2014: $16,237). |
INCOME TAX
INCOME TAX | 12 Months Ended |
Oct. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
INCOME TAX | 8. INCOME TAX ABMT was incorporated in the United States and has incurred net operating loss for income tax purposes for 2015 and 2014. ABMT has net operating loss carry forwards for income taxes amounting to approximately $1,612,970 and $1,512,723 as of October 31, 2015 and 2014 respectively which may be available to reduce future years’ taxable income. These carry forwards, will expire, if not utilized, commencing in 2029. Management believes that the realization of the benefits from these losses appears uncertain due to the Company’s limited operating history and continuing losses. Accordingly, a full, deferred tax asset valuation allowance has been provided and no deferred tax asset valuation allowance has been provided and no deferred tax asset benefit has been recorded. The valuation allowance at October 31, 2015 and 2014 was $548,410 and $514,326 respectively. The net change in the valuation allowance for 2015 was an increase of $34,084. Masterise was incorporated in the BVI and under current law of the BVI, is not subject to tax on income. Shenzhen Changhua was incorporated in the PRC and is subject to PRC income tax which is computed according to the relevant laws and regulations in the PRC. The income tax rate has been 25%. No income tax expense has been provided by Shenzhen Changhua as it has incurred losses. The losses cannot be carried forward as Shenzhen Changhua has not yet commenced operation. |
CONCENTRATIONS AND RISKS
CONCENTRATIONS AND RISKS | 12 Months Ended |
Oct. 31, 2015 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATIONS AND RISKS | 9. CONCENTRATIONS AND RISKS As at October 31, 2015, 94% and 6% of the Companys assets were located in the P.R.C. and the United States respectively. As at October 31, 2014, 91% and 9% of the Companys assets were located in the P.R.C. and the United States respectively. |
GOING CONCERN
GOING CONCERN | 12 Months Ended |
Oct. 31, 2015 | |
Going Concern | |
GOING CONCERN | 10. GOING CONCERN As reflected in the accompanying consolidated financial statements, the Company has an accumulated deficit of $6,262,961 as of October 31, 2015 that includes a net loss of $862,854 for the year ended October 31, 2015. The Companys total current liabilities exceed its total current assets by $4,568,106 and the Company used cash in operations of $820,393. These factors raise substantial doubt about its ability to continue as a going concern. In view of the matters described above, recoverability of a major portion of the recorded asset amounts shown in the accompanying balance sheet is dependent upon continued operations of the Company, which in turn is dependent upon the Companys ability to raise additional capital, obtain financing and succeed in its future operations. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. To continue as a going concern, the Company is actively pursuing additional funding and strategic partners to enable it to implement its business plan. Management believes that these actions, if successful, will allow the Company to continue its operations through the next fiscal year. |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 12 Months Ended |
Oct. 31, 2015 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENT | 11. SUBSEQUENT EVENT The Company has evaluated the existence of significant events subsequent to the balance sheet date through the date the financial statements were issued and has determined that there were no subsequent events or transactions which would require recognition or disclosure in the financial statements other than stated below: On [13 November 2015], the Company has entered into a Debt Conversion Agreement with a stockholder to convert $500,000 of the accrued interest, payable to the Companys the stockholder and its shareholders, into 10,000,000 shares (The Conversion Shares) of common stock at a conversion price of $0.05 per share. Should the Conversion Shares have been issued as at October 31, 2015, the loss per share for the year ended October 31, 2015 would be US$0.01. |
SUMMARY OF SIGNIFICANT ACCOUN18
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (Policies) | 12 Months Ended |
Oct. 31, 2015 | |
Accounting Policies [Abstract] | |
Principles of consolidation | (B) Principles of consolidation The accompanying consolidated financial statements include the financial statements of ABMT and its wholly owned subsidiaries, Masterise and its 70% owned subsidiary, Shenzhen Changhua. The noncontrolling interests represent the noncontrolling stockholders 30% proportionate share of the results of Shenzhen Changhua. All significant inter-company balances and transactions have been eliminated in consolidation. |
Use of estimates | (C) Use of estimates The preparation of the financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Cash and cash equivalents | (D) Cash and cash equivalents For purpose of the statements of cash flows, cash and cash equivalents include cash on hand and demand deposits with a bank with a maturity of less than three months. As of October 31, 2015 and 2014, all the cash and cash equivalents were denominated in United States Dollars (US$), Hong Kong Dollars (HK$) and Renminbi (RMB) and were placed with banks in the United States of America, Hong Kong and PRC. Balances at financial institutions or state-owned banks within the PRC are not freely convertible into foreign currencies and the remittance of these funds out of the PRC is subject to exchange control restrictions imposed by the PRC government. |
Inventories | (E) Inventories Inventories are stated at the lower of cost, computed using the first-in, first-out method, or market, which represents selling price less cost to sell. If the cost of the inventories exceeds their market value, provisions are made currently for the difference between the cost and the market value. |
Property and equipment | (F) Property and equipment Property and equipment are stated at cost, less accumulated depreciation. Expenditures for additions, major renewals and betterments are capitalized and expenditures for maintenance and repairs are charged to expense as incurred. Depreciation is provided on a straight-line basis, less estimated residual value over the assets estimated useful lives. The estimated useful lives of the assets are 5 years. |
Long-lived assets | (G) Long-lived assets The Company accounts for long-lived assets under the FASB Codification Topic 360 (ASC 360) Accounting for Impairment or Disposal of Long-Lived Assets. In accordance with ASC Topic 360, long-lived assets held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. For purposes of evaluating the recoverability of long-lived assets, when undiscounted future cash flows will not be sufficient to recover an assets carrying amount, the asset is written down to its fair value. The long-lived assets of the Company, which are subject to evaluation, consist primarily of property and equipment. For the years ended October 31, 2015 and 2014, the Company has not recognized any allowances for impairment. |
Fair value of financial instruments | (H) Fair value of financial instruments FASB Codification Topic 825(ASC Topic 825), Disclosure About Fair Value of Financial Instruments, requires certain disclosures regarding the fair value of financial instruments. The carrying amounts of other receivables and prepaid expenses other payables and accrued liabilities and due to directors, a stockholder and related parties approximate their fair values because of the short-term nature of the instruments. The management of the Company is of the opinion that the Company is not exposed to significant interest or credit risks arising from these financial statements. |
Income taxes | (I) Income taxes The Company accounts for income taxes under the FASB Codification Topic 740-10-25 (ASC 740-10-25). Under ASC 740-10-25, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under ASC 740-10-25, the effect on deferred tax assets and liabilities of a change in tax rates is recognized as income in the period included the enactment date. We assess our income tax positions and record tax benefits for all years subject to examination based upon our evaluation of the facts, circumstances and information available at the reporting date. For those tax positions where there is greater than 50% likelihood that a tax benefit will be sustained, we have recorded the largest amount of tax benefit that may potentially be realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where there is a 50% or less likelihood that a tax benefit will be sustained, no tax benefit has been recognized in the financial statements. |
Research and development | (J) Research and development Research and development costs related to both present and future products are expensed as incurred. Total expenditure on research and development charged to general and administrative expenses for the years ended October 31, 2015 and 2014 were $60,202 and $47,700 respectively. |
Foreign currency translation | (K) Foreign currency translation The reporting currency of the Company is the US dollar. ABMT, Masterise and Shenzhen Changhua maintain their accounting records in their functional currencies of US$, HK$ and RMB respectively. Foreign currency transactions during the year are translated to the functional currency at the approximate rates of exchange on the dates of transactions. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the approximate rates of exchange at that date. Non-monetary assets and liabilities are translated at the rates of exchange prevailing at the time the asset or liability was acquired. Exchange gains or losses are recorded in the statement of operations. The financial statements of Masterise and Shenzhen Changhua (whose functional currency is HK$ and RMB respectively) are translated into US$ using the closing rate method. The balance sheet items are translated into US$ using the exchange rates at the respective balance sheet dates. The capital and various reserves are translated at historical exchange rates prevailing at the time of the transactions while income and expenses items are translated at the average exchange rate for the year. All exchange differences are recorded within equity. The exchange rates used to translate amounts in HK$ and RMB into US$ for the purposes of preparing the financial statements were as follows: October 31, 2015 October 31, 2014 Balance sheet items, except for share capital, additional paid-in capital and accumulated deficits, as of year end US$1=HK$7.7496=RMB6.3180 US$1=HK$7.7551=RMB6.1124 Amounts included in the statements of operations and cash flows for the year US$1=HK$7.7530=RMB6.2425 US$1=HK$7.7543=RMB6.1498 The translation gain recorded for the years ended October 31, 2015 and 2014 were $118,739 and $3,586 respectively. No presentation is made that RMB amounts have been, or would be, converted into US$ at the above rates. Although the Chinese government regulations now allow convertibility of RMB for current account transactions, significant restrictions still remain. Hence, such translations should not be construed as representations that RMB could be converted into US$ at that rate or any other rate. The value of RMB against US$ and other currencies may fluctuate and is affected by, among other things, changes in Chinas political and economic conditions. Any significant revaluation of RMB may materially affect the Companys financial condition in terms of US$ reporting. |
Other comprehensive loss | (L) Other comprehensive loss The foreign currency translation gain or loss resulting from translation of the financial statements expressed in RMB and HK$ to US$ is reported as other comprehensive gain or loss in the statements of operations and stockholders deficit. Other comprehensive gain for the years ended October 31, 2015 and 2014 were $118,739 and $3,586 respectively. |
Loss per share | (M) Loss per share Basic loss per share are computed by dividing income available to stockholders by the weighted average number of shares outstanding during the year. Diluted loss per share is computed similar to basic loss per share except that the denominator is increased to include the number of additional shares that would have been outstanding if the potential shares had been issued and if the additional shares were diluted. There are no potentially dilutive securities as at October 31, 2015 and October 31, 2014. |
Segments | (N) Segments The Company operates in only one segment, thereafter segment disclosure is not presented. |
Recent Accounting Pronouncements | (O) Recent Accounting Pronouncements In August 2014, FASB issued Accounting Standards Update (ASU) No. 2014-15 Preparation of Financial Statements Going Concern (Subtopic 205-40), Disclosure of Uncertainties about an Entitys Ability to Continue as a Going Concern. Under generally accepted accounting principles (GAAP), continuation of a reporting entity as a going concern is presumed as the basis for preparing financial statements unless and until the entitys liquidation becomes imminent. Preparation of financial statements under this presumption is commonly referred to as the going concern basis of accounting. If and when an entitys liquidation becomes imminent, financial statements should be prepared under the liquidation basis of accounting in accordance with Subtopic 205-30, Presentation of Financial StatementsLiquidation Basis of Accounting. Even when an entitys liquidation is not imminent, there may be conditions or events that raise substantial doubt about the entitys ability to continue as a going concern. In those situations, financial statements should continue to be prepared under the going concern basis of accounting, but the amendments in this Update should be followed to determine whether to disclose information about the relevant conditions and events. The amendments in this Accounting Standards Update are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The Company will evaluate the going concern considerations in this ASU, however, at the current period, management does not believe that it has met conditions which would subject these financial statements for additional disclosure. |
SUMMARY OF SIGNIFICANT ACCOUN19
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (Tables) | 12 Months Ended |
Oct. 31, 2015 | |
Accounting Policies [Abstract] | |
Schedule of exchange rates used in translation | The exchange rates used to translate amounts in HK$ and RMB into US$ for the purposes of preparing the financial statements were as follows: October 31, 2015 October 31, 2014 Balance sheet items, except for share capital, additional paid-in capital and accumulated deficits, as of year end US$1=HK$7.7496=RMB6.3180 US$1=HK$7.7551=RMB6.1124 Amounts included in the statements of operations and cash flows for the year US$1=HK$7.7530=RMB6.2425 US$1=HK$7.7543=RMB6.1498 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Oct. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories as at October 31, 2015 and 2014 consisted of the followings: October 31, 2015 2014 Testing reagents $ 2,633 $ Packing materials 158 $ 2,791 $ |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended |
Oct. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property and equipment | The following is a summary of property and equipment at October 31, 2015 and 2014: October 31, 2015 2014 Plant and machinery $ 294,378 $ 272,214 Motor vehicles 43,637 45,105 Office equipment 34,527 34,523 Computer software 5,017 5,017 Office improvements 127,162 131,439 Construction in progress 504,721 488,298 Less: accumulated depreciation 398,102 380,044 Property and equipment, net $ 106,619 $ 108,254 |
OTHER PAYABLES AND ACCRUED EX22
OTHER PAYABLES AND ACCRUED EXPENSES (Tables) | 12 Months Ended |
Oct. 31, 2015 | |
Payables and Accruals [Abstract] | |
Schedule of other payables and accrued expenses | Other payables and accrued expenses at October 31, 2015 and 2014 consisted of the following: October 31, 2015 2014 Other payables $ 40 $ 929 Accrued expenses 97,001 104,842 $ 97,041 $ 105,771 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Oct. 31, 2015 | |
Related Party Transactions [Abstract] | |
Schedules of related parties amounts | As of October 31, 2015 and 2014, advances from related parties were as follows: October 31, 2015 2014 Chi Fung Yu $ 1,807,103 $ 1,618,333 Que Feng 33,133 Chen Tie Jun 1,660,763 1,370,405 Shenzhen Hygeian Medical Device Co., Ltd. 27,229 Amount due to related parties $ 3,528,228 $ 2,988,738 Advances from a stockholder and related parties are unsecured, repayable on demand and bearing interest at 7% per annum. Interest expenses on advances from a stockholder and the related parties accrued for the years ended October 31, 2015 and 2014 were as follows: October 31, 2015 2014 Titan Technology Development Limited, a stockholder $ 31,615 $ 26,081 Related parties: Que Feng 1,495 Chi Fung Yu 99,978 87,351 Chen Tie Jun 87,089 67,961 Shenzhen Hygeian Medical Device Co., Ltd. 114 Interest expenses to a stockholder and related parties $ 220,291 $ 181,393 As of October 31, 2015 and 2014, advances from directors were as follows: October 31, 2015 2014 Hui Wang $ 417,966 $ 382,280 Chiming Yu 21,897 20,230 Amount due to directors $ 439,863 $ 402,510 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Oct. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of operating lease commitments | As of October 31, 2015, the Company had outstanding commitments with respect to the above operating leases, which are due as follows: 2016 4,856 2017 Total $ 4,856 |
SUMMARY OF SIGNIFICANT ACCOUN25
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (Details Narrative) - USD ($) | Dec. 31, 2008 | Jan. 28, 2008 | May. 31, 2007 | Sep. 25, 2002 | Oct. 31, 2015 |
Ownership of subsidiaries | 70.00% | ||||
Ownership by noncontrolling stockholders | 30.00% | ||||
Estimated useful lives of property and equipment | 5 years | ||||
Likelyhood that tax benefit sustained | 50.00% | ||||
Masterise [Member] | |||||
Ownership interest - majority stockholder | 63.00% | ||||
Ownership interest - minority stockholder | 37.00% | ||||
Masterise [Member] | ABMT [Member] | |||||
Ownership acquired | 100.00% | ||||
Stock issued in acquisition, shares | 50,000 | ||||
Masterise [Member] | Shenzhen Changhua [Member] | |||||
Payment for acquisition | $ 64,100 | ||||
Ownership acquired | 70.00% | ||||
Shenzhen Changhua [Member] | |||||
Registered capital | $ 724,017 | ||||
Ownership interest - majority stockholder | 70.00% | ||||
Ownership interest - minority stockholder | 30.00% | ||||
Majority Shareholders [Member] | ABMT [Member] | |||||
Stock sold per Affiliate Agreement | $ 5,000 | ||||
Stock sold per Affiliate Agreement, shares | 5,001,000 | ||||
Ownership after Affiliate Agreement | 80.70% | ||||
Majority Shareholders [Member] | Masterise [Member] | |||||
Stock sold per Affiliate Agreement, shares | 4,438,250 |
SUMMARY OF SIGNIFICANT ACCOUN26
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (Details) | Oct. 31, 2015 | Oct. 31, 2014 |
Hong Kong, Dollars | Statement of Operations and Cash FLows [Member] | ||
Exchange rate | 7.753 | 7.7543 |
Hong Kong, Dollars | Balance Sheet Items [Member] | ||
Exchange rate | 7.7496 | 7.77551 |
China, Yuan Renminbi | Statement of Operations and Cash FLows [Member] | ||
Exchange rate | 6.2425 | 6.1498 |
China, Yuan Renminbi | Balance Sheet Items [Member] | ||
Exchange rate | 6.318 | 6.1124 |
INVENTORIES (Details)
INVENTORIES (Details) | Oct. 31, 2015USD ($) |
Inventory Disclosure [Abstract] | |
Testing reagents | $ 2,633 |
Packing materials | 158 |
[us-gaap:InventoryNet] | $ 2,791 |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details) - USD ($) | Oct. 31, 2015 | Oct. 31, 2014 |
Property and equipment | $ 504,721 | $ 488,298 |
Less: accumulated depreciation | 398,102 | 380,044 |
Property and equipment, net | 106,619 | 108,254 |
Plant and Machinery [Member] | ||
Property and equipment | 294,378 | 272,214 |
Motor Vehicles [Member] | ||
Property and equipment | 43,637 | 45,105 |
Office Equipment [Member] | ||
Property and equipment | 34,527 | 34,523 |
Computer Software [Member] | ||
Property and equipment | 5,017 | 5,017 |
Office Improvements [Member] | ||
Property and equipment | $ 127,162 | $ 131,439 |
OTHER PAYABLES AND ACCRUED EX29
OTHER PAYABLES AND ACCRUED EXPENSES (Details) - USD ($) | Oct. 31, 2015 | Oct. 31, 2014 |
Payables and Accruals [Abstract] | ||
Other payables | $ 40 | $ 929 |
Accrued expenses | 97,001 | 104,842 |
Other payables and accrued expenses | $ 97,041 | $ 105,771 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 12 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2014 | |
Due to stockholder | $ 562,187 | $ 459,131 |
Interest rate | 7.00% | 7.00% |
Titan Technology Development Ltd - Stockholder | ||
Due to stockholder | $ 562,187 | $ 459,131 |
RELATED PARTY TRANSACTIONS (D31
RELATED PARTY TRANSACTIONS (Details) - USD ($) | Oct. 31, 2015 | Oct. 31, 2014 |
Due to related parties | $ 3,528,228 | $ 2,988,738 |
Chi Fung Yu [Member] | ||
Due to related parties | 1,807,103 | 1,618,333 |
Que Feng [Member] | ||
Due to related parties | 33,133 | |
Chen Tie Jun [Member] | ||
Due to related parties | 1,660,763 | $ 1,370,405 |
Shenshen Hygeian Medical Device Co.Ltd [Member] | ||
Due to related parties | $ 27,229 |
RELATED PARTY TRANSACTIONS (D32
RELATED PARTY TRANSACTIONS (Details 1) - USD ($) | 12 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2014 | |
Interest expenses to a stockholder and related parties | $ 220,291 | $ 181,393 |
Titan Technology Development Ltd - Stockholder | ||
Interest expenses to a stockholder and related parties | 31,615 | 26,081 |
Que Feng [Member] | ||
Interest expenses to a stockholder and related parties | 1,495 | |
Chi Fung Yu [Member] | ||
Interest expenses to a stockholder and related parties | 99,978 | 87,351 |
Chen Tie Jun [Member] | ||
Interest expenses to a stockholder and related parties | 87,089 | $ 67,691 |
Shenshen Hygeian Medical Device Co.Ltd [Member] | ||
Interest expenses to a stockholder and related parties | $ 114 |
RELATED PARTY TRANSACTIONS (D33
RELATED PARTY TRANSACTIONS (Details 2) - USD ($) | Oct. 31, 2015 | Oct. 31, 2014 |
Due to directors | $ 439,863 | $ 402,510 |
Hui Wang [Member] | ||
Due to directors | 417,966 | 382,280 |
Chiming Yu [Member] | ||
Due to directors | $ 21,897 | $ 20,230 |
STOCKHOLDERS DEFICIENCY (Detail
STOCKHOLDERS DEFICIENCY (Details Narrative) - USD ($) | Oct. 28, 2013 | Dec. 08, 2011 |
Common stock price | $ .20 | |
Dr. John Lynch | ||
Issuance of restricted common stock for services | $ 20,000 | |
Issuance of restricted common stock services, shares | 100,000 | |
Chi Ming Yu and Kai Gui [Member] | ||
Issuance of restricted common stock for services | $ 213,000 | |
Issuance of restricted common stock services, shares | 150,000 | |
Common stock price | $ .71 |
COMMITMENTS AND CONTINGENCIES35
COMMITMENTS AND CONTINGENCIES (Details Narrative) | 1 Months Ended | 12 Months Ended | ||
Oct. 31, 2015USD ($) | Oct. 31, 2014USD ($) | Oct. 31, 2015USD ($) | Oct. 31, 2014USD ($) | |
Contributions under defined contribution plan | $ 75,813 | $ 74,189 | ||
Number of leases | 2 | 3 | 2 | 3 |
Number of apartments | 5 | 8 | 5 | 8 |
Plant and machineries commitments | $ 16,237 | $ 16,237 | ||
Office Space [Member] | ||||
Rent expense | $ 2,060 | 2,348 | ||
Staff Canteen [Member] | ||||
Rent expense | 135 | 0 | ||
Staff Apartment [Member] | ||||
Rent expense | 1,266 | 1,390 | ||
Staff Apartments and Canteen [Member] | ||||
Rent expense | $ 475 | $ 965 |
COMMITMENTS AND CONTINGENCIES36
COMMITMENTS AND CONTINGENCIES (Details) | Oct. 31, 2015USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,016 | $ 4,856 |
Total | $ 4,856 |
INCOME TAX (Details Narrative)
INCOME TAX (Details Narrative) - USD ($) | 12 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||
Net operating loss carry forwards | $ 1,612,970 | $ 1,512,723 |
Deferred tax asset valuation allowance | 548,410 | $ 514,326 |
Net change in the valuation allowance | $ 34,084 | |
PRC income tax rate | 25.00% |
CONCENTRATIONS AND RISKS (Detai
CONCENTRATIONS AND RISKS (Details Narrative) - Assets [Member] | 12 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2014 | |
P.R.C. [Member] | ||
Percent of assets located in country | 94.00% | 91.00% |
United States [Member] | ||
Percent of assets located in country | 6.00% | 9.00% |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) | Oct. 31, 2015USD ($) |
Going Concern Details Narrative | |
Current liabilities exceeding current assets | $ 4,568,106 |
SUBSEQUENT EVENT (Details Narra
SUBSEQUENT EVENT (Details Narrative) - Debt Conversion Agreement [Member] | Nov. 13, 2015USD ($)$ / sharesshares |
Amount of accrued interest payable converted | $ | $ 500,000 |
Number of shares issued in conversion | shares | 10,000,000 |
Conversion price (per share) | $ .05 |
Loss per share (effected by debt conversion) | $ (.01) |