Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |||
Oct. 31, 2016 | Feb. 14, 2017 | Apr. 29, 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, 2016 | |||
Amendment Flag | false | |||
Current Fiscal Year End Date | --10-31 | |||
Entity a Well-known Seasoned Issuer | No | |||
Entity a Voluntary Filer | No | |||
Entity's Reporting Status Current | Yes | |||
Entity Filer Category | Smaller Reporting Company | |||
Entity Public Float | $ 4,337,537 | |||
Entity Common Stock, Shares Outstanding | 67,124,850 | |||
Share price | $ 0.2293 | |||
Document Fiscal Period Focus | FY | |||
Document Fiscal Year Focus | 2,016 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Oct. 31, 2016 | Oct. 31, 2015 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 6,559 | $ 38,304 |
Inventories | 2,791 | |
Other receivables and prepaid expenses | 20,465 | 18,118 |
Total Current Assets | 27,024 | 59,213 |
Property and equipment, cost | 473,240 | 504,721 |
Less: Accumulated depreciation | (400,772) | (398,102) |
PROPERTY AND EQUIPMENT, NET | 72,468 | 106,619 |
DEPOSIT FOR PURCHASE OF PROPERTY AND EQUIPMENT | 1,218 | |
TOTAL ASSETS | 100,710 | 165,832 |
CURRENT LIABILITIES | ||
Other payables and accrued expenses | 337,660 | 97,041 |
Due to directors | 363,765 | 439,863 |
Due to a stockholder | 546,953 | 562,187 |
Due to a third party | 130,914 | 27,229 |
Due to related parties | 3,083,714 | 3,500,999 |
Total Current Liabilities | 4,463,005 | 4,627,319 |
COMMITMENTS AND CONTINGENCIES | 1,218 | |
STOCKHOLDERS' DEFICIT | ||
Common stock, $0.00001 par value, 100,000,000 shares authorized, 67,124,850 and 56,874,850 shares issued and outstanding as of October 31, 2016 and October 31, 2015 respectively | 671 | 569 |
Additional paid-in capital | 2,520,520 | 1,949,132 |
Accumulated deficit | (6,987,698) | (6,262,961) |
Accumulated other comprehensive income/(loss) | 104,212 | (148,227) |
Total Deficit | (4,362,295) | (4,461,487) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 100,710 | $ 165,832 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Oct. 31, 2016 | Oct. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.00001 | $ 0.00001 |
Common stock, authorized | 100,000,000 | 100,000,000 |
Common stock, issued | 67,124,850 | 56,874,850 |
Common stock, outstanding | 67,124,850 | 56,874,850 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) | 12 Months Ended | |
Oct. 31, 2016 | Oct. 31, 2015 | |
OPERATING EXPENSES | ||
General and administrative expenses | $ 374,441 | $ 514,540 |
Depreciation | 29,588 | 30,451 |
Research and development | 57,300 | 60,202 |
Total Operating Expenses | 461,329 | 605,193 |
LOSS FROM OPERATIONS | (461,329) | (605,193) |
OTHER (EXPENSES) INCOME | ||
Interest income | 59 | 119 |
Interest paid to a stockholder and related parties | (230,284) | (220,291) |
Imputed interest | (18,990) | (21,164) |
Other, net | (14,193) | (16,325) |
Total Other (Expenses) Income, net | (263,408) | (257,661) |
LOSS BEFORE TAXES | (724,737) | (862,854) |
NET LOSS | (724,737) | (862,854) |
NET LOSS ATTRIBUTABLE TO ABMT COMMON STOCKHOLDERS | (724,737) | (862,854) |
OTHER COMPREHENSIVE INCOME | ||
Foreign currency translation income | 252,439 | 118,739 |
Total other comprehensive loss | 252,439 | 118,739 |
COMPREHENSIVE LOSS ATTRIBUTABLE TO ABMT COMMON STOCKHOLDERS | $ (472,298) | $ (744,115) |
Net loss per share-basic and diluted (in dollars per share) | $ (0.01) | $ (0.02) |
Weighted average number of shares outstanding during the year - basic and diluted (in shares) | 66,693,839 | 56,874,850 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT - USD ($) | Common stock [Member] | Additional paid-in capital [Member] | Accumulated deficit [Member] | Accumulated other comprehensive loss [Member] | Total |
Beginning balance at Oct. 31, 2014 | $ 569 | $ 1,927,968 | $ (5,400,107) | $ (266,966) | $ (3,738,536) |
Beginning balance, shares at Oct. 31, 2014 | 56,874,850 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Imputed interest on advances from directors | 21,164 | 21,164 | |||
Net loss | (862,854) | (862,854) | |||
Foreign currency translation gain | 118,739 | 118,739 | |||
Ending balance at Oct. 31, 2015 | $ 569 | 1,949,132 | (6,262,961) | (148,227) | $ (4,461,487) |
Ending balance, shares at Oct. 31, 2015 | 56,874,850 | 56,874,850 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock issued for debt conversion | $ 100 | 499,900 | $ 500,000 | ||
Stock issued for debt conversion (in shares) | 10,000,000 | ||||
Stock issued for services ($1 per share) | $ 2 | 52,498 | 52,500 | ||
Stock issued for services ($1 per share) (in shares) | 250,000 | ||||
Imputed interest on advances from directors | 18,990 | 18,990 | |||
Net loss | (724,737) | (724,737) | |||
Foreign currency translation gain | 252,439 | 252,439 | |||
Ending balance at Oct. 31, 2016 | $ 671 | $ 2,520,520 | $ (6,987,698) | $ 104,212 | $ (4,362,295) |
Ending balance, shares at Oct. 31, 2016 | 67,124,850 | 67,124,850 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT (Parenthetical) | Oct. 31, 2016$ / shares |
Common stock [Member] | |
Debt conversion at 0.05 per share (in dollars per share) | $ 0.05 |
Issued share price (in dollars per share) | $ 1 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Oct. 31, 2016 | Oct. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss attributable to ABMT common stockholders | $ (724,737) | $ (862,854) |
Adjustments to reconcile net loss to cash used in operating activities: | ||
Depreciation | 29,588 | 30,451 |
Stock issued for services | 52,500 | |
Imputed interest | 18,990 | 21,164 |
Decrease (increase) in: | ||
Inventories | 2,687 | (2,825) |
Other receivables and prepaid expenses | (3,526) | 89 |
(Decrease) increase in: | ||
Other payables and accrued expenses | 252,845 | (6,418) |
Net cash used in operating activities | (371,653) | (820,393) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of property and equipment | (1,699) | (32,311) |
(Increase) decrease in deposit for purchase of property and equipment | (1,257) | 15,899 |
Net cash used in investing activities | (2,956) | (16,412) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Due to a stockholder | 91,317 | 102,959 |
Due to directors | (49,538) | 50,376 |
Due to related parties | 302,047 | 648,640 |
Net cash provided by financing activities | (343,826) | (801,975) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | (962) | (1,220) |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (31,745) | (36,050) |
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF YEAR | 38,304 | 74,354 |
CASH AND CASH EQUIVALENTS AT THE END OF YEAR | $ 6,559 | $ 38,304 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION | 12 Months Ended |
Oct. 31, 2016 | |
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 People’s 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 Changhua’s 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 ABMT’s 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 an 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, 2016 and 2015, 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 asset’s 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, 2016 and 2015, 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, 2016 and 2015 were $57,300 and $60,202 respectively. (K) Foreign currency translation The reporting currency of the Company is the US dollar. ABMT, Masterise and Shenzhen Changhua maintain their accounting records in their functional currencies of US$, 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, 2016 October 31, 2015 Balance sheet items, except for share capital, additional paid-in capital and accumulated deficits, as of year end US$1=HK$7.7549=RMB6.7735 US$1=HK$7.7496=RMB6.3180 Amounts included in the statements of operations and cash flows for the year US$1=HK$7.7609=RMB6.5630 US$1=HK$7.7530=RMB6.2425 The translation gain recorded for the years ended October 31, 2016 and 2015 were $252,439 and $118,739 respectively. No presentation is made that RMB amounts have been, or would be, converted into US$ 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 China’s political and economic conditions. Any significant revaluation of RMB may materially affect the Company’s 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, 2016 and 2015 were $252,439 and $118,739 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, 2016 and October 31, 2015. (N) Segments The Company operates in only one operating segment and one geographic region, thereafter segment disclosure is not presented. (O) Economic and political risks The Company’s operations are mainly conducted in China and a large number of suppliers are located in China. Accordingly, the Company’s business, financial condition and results of operations may be influenced by the political, economic and legal environment in China, and by the general state of the economy in China. The Company’s operations and customers in China are subject to special considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environments, and foreign currency exchange. The Company’s results may be adversely affected by changes in the political and social conditions in China, and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation, among other things. (P) Stock-based compensation Stock-based compensation concerning stock options and common stock awards granted to employees and directors for services and are accounted for in accordance with FASB ASC 718 “Compensation - Stock Compensation” and share-based compensation including warrants and common stock awards granted to consultants and nonemployees are accounted for in accordance with FASB ASC 505-50 “Equity-Based Payment to Non-employees”. All grants of common stock awards and stock options/warrants to employees and directors are recognized in the financial statements based on their grant date fair values. Awards to consultants and nonemployees are recognized based upon their fair value as of the earlier of a commitment date or completion of services. The Company estimates fair value of common stock awards based the quoted price of the Company’s common stock on the date of grant. The fair value of stock options and warrants is determined using the Black-Scholes option pricing model (Q) 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 Entity’s 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 entity’s 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 entity’s liquidation becomes imminent, financial statements should be prepared under the liquidation basis of accounting in accordance with Subtopic 205-30, Presentation of Financial Statements—Liquidation Basis of Accounting. Even when an entity’s liquidation is not imminent, there may be conditions or events that raise substantial doubt about the entity’s 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. The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoptions of any such pronouncements may be expected to cause a material impact on the financial condition or the results of operations. |
INVENTORIES
INVENTORIES | 12 Months Ended |
Oct. 31, 2016 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | Inventories as at October 31, 2016 and 2015 consisted of the followings: October 31, 2016 2015 Testing reagents $ — $ 2,633 Packing materials — 158 $ — $ 2,791 |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 12 Months Ended |
Oct. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | 3. PROPERTY AND EQUIPMENT The following is a summary of property and equipment at October 31, 2016 and 2015: October 31, 2016 2015 Plant and machinery $ 274,582 $ 294,378 Motor vehicles 40,703 43,637 Office equipment 34,328 34,527 Computer software 5,017 5,017 Office improvements 118,610 127,162 473,240 504,721 Less: accumulated depreciation 400,772 398,102 Property and equipment, net $ 72,468 $ 106,619 Depreciation expense for the year ended October 31, 2016 and 2015 was $29,588 and $30,451 respectively. |
OTHER PAYABLES AND ACCRUED EXPE
OTHER PAYABLES AND ACCRUED EXPENSES | 12 Months Ended |
Oct. 31, 2016 | |
Payables and Accruals [Abstract] | |
OTHER PAYABLES AND ACCRUED EXPENSES | 4. OTHER PAYABLES AND ACCRUED EXPENSES Other payables and accrued expenses at October 31, 2016 and 2015 consisted of the following: October 31, 2016 2015 Other payables $ 221,560 $ 40 Accrued expenses 116,100 97,001 $ 337,660 $ 97,041 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Oct. 31, 2016 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 5. RELATED PARTY TRANSACTIONS As of October 31, 2016 and 2015, the Company owed $546,953 and $562,187 respectively to Titan Technology Development Limited, a stockholder. As of October 31, 2016 and 2015, advances from related parties were as follows: October 31, 2016 2015 Yu Chi Fung $ 1,578,843 $ 1,807,103 Que Feng 32,972 33,133 Chen Tie Jun 1,471,898 1,660,763 Amount due to related parties $ 3,083,713 $ 3,500,999 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, 2016 and 2015 were as follows: October 31, 2016 2015 Titan Technology Development Limited, a stockholder $ 33,665 $ 31,615 Related parties: Que Feng 2,133 1,495 Yu Chi Fung 96,828 99,978 Chen Tie Jun 92,369 87,089 Interest expenses to a stockholder and related parties $ 224,995 $ 220,177 As of October 31, 2016 and 2015, advances from directors were as follows: October 31, 2016 2015 Wang Hui $ 341,626 $ 417,966 Yu Chi Ming 22,139 21,897 Amount due to directors $ 363,765 $ 439,863 Advances from directors were unsecured, repayable on demand and interest free. Imputed interests on the amounts owed to Wang Hui, a director, were $18,990 and $21,164 for the years ended October 31, 2016, and 2015 respectively. Common stock On December 8, 2011, the Company issued 100,000 shares of restricted common stock at $0.2 to Dr. John Lynch, the Company’s 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. On 13 November 2015, $106,506 of the interest payable to a Company’s stockholder and $393,494 of the interest payable to two related parties, totaled $500,000, were converted into 10,000,000 shares of common stock at a conversion price of $0.05 per share and which were issued to the said stockholder. On 31 March 2016, the Company issued 100,000 and 150,000 shares of restricted common stock as directors’ compensation for past services to Mr. Chi Ming Yu and Mr. Kai Gui, directors of the Company respectively. The shares were valued at the closing price of $0.21 per share on the date of grant, yielding an aggregate fair value of $52,500. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Oct. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 6. 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 employ ee benefits was $30,771 and $75,813 for the years ended October 31, 2016 and 2015 respectively. The medical care and define contribution plan being operate by the Chinese government is responsible for the distribution of medical benefits and the pension liability to participated employees. (B) Lease commitments As of October 31, 2016, the Company had outstanding commitments with respect to operating leases, which are due as follows: 2017 $ 21,141 2018 14,173 2019 7,086 Total $ 42,401 The Company leased from a third party office space at monthly rent prevailing at October 31, 2016 of $1,922(2015: $2,060). This operating lease expired on July 20, 2015. The Company continues to lease this premises at same monthly rent pending a formal renewal of the lease. (C) Capital commitments The Company has $1,218 of outstanding commitments contracted for, net of deposit paid, in respect of acquisitions of plant and machineries as of October 31, 2016(2015: Nil). |
INCOME TAX
INCOME TAX | 12 Months Ended |
Oct. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
INCOME TAX | 7. INCOME TAX ABMT was incorporated in the United States and has incurred net operating loss for income tax purposes for 2016 and 2015. ABMT has net operating loss carry forwards for income taxes amounting to approximately $1,771,223 and $1,612,970 as of October 31, 2016 and 2015 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, 2016 and 2015 was $602,216 and $548,410 respectively. The net change in the valuation allowance for 2016 was an increase of $53,806 Masterise was incorporated in the BVI and under current law of the BVI, is not subject to corporation tax on income not derived from BVI. 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, 2016 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATIONS AND RISKS | 8. CONCENTRATIONS AND RISKS As at October 31, 2016, 95% and 5%of the Company’s assets were located in the P.R.C. and the United States respectively. As at October 31, 2015, 94% and 6%of the Company’s assets were located in the P.R.C. and the United States respectively. |
GOING CONCERN
GOING CONCERN | 12 Months Ended |
Oct. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | 9. GOING CONCERN As reflected in the accompanying consolidated financial statements, the Company has an accumulated deficit of $6,987,698 as of October 31, 2016 that includes a net loss of $724,737 for the year ended October 31, 2016. The Company’s total current liabilities exceed its total current assets by $4,435,981 and the Company used cash in operations of $371,653. 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 Company’s 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, continuous financial support from the shareholders and related parties are required. Moreover, 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, 2016 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENT | 10. 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. |
SUMMARY OF SIGNIFICANT ACCOUN18
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (Policies) | 12 Months Ended |
Oct. 31, 2016 | |
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, 2016 and 2015, 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 asset’s 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, 2016 and 2015, 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, 2016 and 2015 were $57,300 and $60,202 respectively. |
Foreign currency translation | (K) Foreign currency translation The reporting currency of the Company is the US dollar. ABMT, Masterise and Shenzhen Changhua maintain their accounting records in their functional currencies of US$, 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, 2016 October 31, 2015 Balance sheet items, except for share capital, additional paid-in capital and accumulated deficits, as of year end US$1=HK$7.7549=RMB6.7735 US$1=HK$7.7496=RMB6.3180 Amounts included in the statements of operations and cash flows for the year US$1=HK$7.7609=RMB6.5630 US$1=HK$7.7530=RMB6.2425 The translation gain recorded for the years ended October 31, 2016 and 2015 were $252,439 and $118,739 respectively. No presentation is made that RMB amounts have been, or would be, converted into US$ 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 China’s political and economic conditions. Any significant revaluation of RMB may materially affect the Company’s 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, 2016 and 2015 were $252,439 and $118,739 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, 2016 and October 31, 2015. |
Segments | (N) Segments The Company operates in only one operating segment and one geographic region, thereafter segment disclosure is not presented. |
Economic and political risks | (O) Economic and political risks The Company’s operations are mainly conducted in China and a large number of suppliers are located in China. Accordingly, the Company’s business, financial condition and results of operations may be influenced by the political, economic and legal environment in China, and by the general state of the economy in China. The Company’s operations and customers in China are subject to special considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environments, and foreign currency exchange. The Company’s results may be adversely affected by changes in the political and social conditions in China, and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation, among other things. |
Stock-based compensation | (P) Stock-based compensation Stock-based compensation concerning stock options and common stock awards granted to employees and directors for services and are accounted for in accordance with FASB ASC 718 “Compensation - Stock Compensation” and share-based compensation including warrants and common stock awards granted to consultants and nonemployees are accounted for in accordance with FASB ASC 505-50 “Equity-Based Payment to Non-employees”. All grants of common stock awards and stock options/warrants to employees and directors are recognized in the financial statements based on their grant date fair values. Awards to consultants and nonemployees are recognized based upon their fair value as of the earlier of a commitment date or completion of services. The Company estimates fair value of common stock awards based the quoted price of the Company’s common stock on the date of grant. The fair value of stock options and warrants is determined using the Black-Scholes option pricing model |
Recent Accounting Pronouncements | (Q) 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 Entity’s 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 entity’s 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 entity’s liquidation becomes imminent, financial statements should be prepared under the liquidation basis of accounting in accordance with Subtopic 205-30, Presentation of Financial Statements—Liquidation Basis of Accounting. Even when an entity’s liquidation is not imminent, there may be conditions or events that raise substantial doubt about the entity’s 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. The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoptions of any such pronouncements may be expected to cause a material impact on the financial condition or the results of operations. |
SUMMARY OF SIGNIFICANT ACCOUN19
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (Tables) | 12 Months Ended |
Oct. 31, 2016 | |
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, 2016 October 31, 2015 Balance sheet items, except for share capital, additional paid-in capital and accumulated deficits, as of year end US$1=HK$7.7549=RMB6.7735 US$1=HK$7.7496=RMB6.3180 Amounts included in the statements of operations and cash flows for the year US$1=HK$7.7609=RMB6.5630 US$1=HK$7.7530=RMB6.2425 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Oct. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories as at October 31, 2016 and 2015 consisted of the followings: October 31, 2016 2015 Testing reagents $ — $ 2,633 Packing materials — 158 $ — $ 2,791 |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended |
Oct. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property and equipment | The following is a summary of property and equipment at October 31, 2016 and 2015: October 31, 2016 2015 Plant and machinery $ 274,582 $ 294,378 Motor vehicles 40,703 43,637 Office equipment 34,328 34,527 Computer software 5,017 5,017 Office improvements 118,610 127,162 473,240 504,721 Less: accumulated depreciation 400,772 398,102 Property and equipment, net $ 72,468 $ 106,619 |
OTHER PAYABLES AND ACCRUED EX22
OTHER PAYABLES AND ACCRUED EXPENSES (Tables) | 12 Months Ended |
Oct. 31, 2016 | |
Payables and Accruals [Abstract] | |
Schedule of other payables and accrued expenses | Other payables and accrued expenses at October 31, 2016 and 2015 consisted of the following: October 31, 2016 2015 Other payables $ 221,560 $ 40 Accrued expenses 116,100 97,001 $ 337,660 $ 97,041 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Oct. 31, 2016 | |
Related Party Transactions [Abstract] | |
Schedules of advances from related parties | As of October 31, 2016 and 2015, advances from related parties were as follows: October 31, 2016 2015 Yu Chi Fung $ 1,578,843 $ 1,807,103 Que Feng 32,972 33,133 Chen Tie Jun 1,471,898 1,660,763 Amount due to related parties $ 3,083,713 $ 3,500,999 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, 2016 and 2015 were as follows: October 31, 2016 2015 Titan Technology Development Limited, a stockholder $ 33,665 $ 31,615 Related parties: Que Feng 2,133 1,495 Yu Chi Fung 96,828 99,978 Chen Tie Jun 92,369 87,089 Interest expenses to a stockholder and related parties $ 224,995 $ 220,177 As of October 31, 2016 and 2015, advances from directors were as follows: October 31, 2016 2015 Wang Hui $ 341,626 $ 417,966 Yu Chi Ming 22,139 21,897 Amount due to directors $ 363,765 $ 439,863 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Oct. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of future minimum lease obligations of operating leases | As of October 31, 2016, the Company had outstanding commitments with respect to operating leases, which are due as follows: 2017 $ 21,141 2018 14,173 2019 7,086 Total $ 42,401 |
SUMMARY OF SIGNIFICANT ACCOUN25
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (Details Narrative) - USD ($) | Dec. 31, 2008 | Jan. 29, 2008 | May 31, 2007 | Sep. 25, 2002 | Oct. 31, 2016 | 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% | |||||
Foreign currency translation income | $ 252,439 | $ 118,739 | ||||
Research and development | 57,300 | 60,202 | ||||
Total other comprehensive loss | $ 252,439 | $ 118,739 | ||||
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] | ||||||
Ownership acquired | 70.00% | |||||
Shenzhen Changhua [Member] | ||||||
Registered capital | $ 724,017 | |||||
Ownership interest - majority stockholder | 70.00% | |||||
Ownership interest - minority stockholder | 30.00% | |||||
Shenzhen Changhua [Member] | Masterise [Member] | ||||||
Payment for acquisition | $ 64,100 | |||||
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, 2016 | Oct. 31, 2015 |
China, Yuan Renminbi [Member] | Balance Sheet Items [Member] | ||
Exchange rate | 6.7735 | 6.3180 |
China, Yuan Renminbi [Member] | Statement of Operations and Cash Flows [Member] | ||
Exchange rate | 6.5630 | 6.2425 |
Hong Kong, Dollars [Member] | Balance Sheet Items [Member] | ||
Exchange rate | 7.7549 | 7.7496 |
Hong Kong, Dollars [Member] | Statement of Operations and Cash Flows [Member] | ||
Exchange rate | 7.7609 | 7.7530 |
INVENTORIES (Details)
INVENTORIES (Details) | Oct. 31, 2015USD ($) |
Inventory Disclosure [Abstract] | |
Testing reagents | $ 2,633 |
Packing materials | 158 |
Total of inventories | $ 2,791 |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details Narrative) - USD ($) | 12 Months Ended | |
Oct. 31, 2016 | Oct. 31, 2015 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 29,588 | $ 30,451 |
PROPERTY AND EQUIPMENT (Detai29
PROPERTY AND EQUIPMENT (Details) - USD ($) | Oct. 31, 2016 | Oct. 31, 2015 |
Property and equipment | $ 473,240 | $ 504,721 |
Less: accumulated depreciation | 400,772 | 398,102 |
Property and equipment, net | 72,468 | 106,619 |
Plant and Machinery [Member] | ||
Property and equipment | 274,582 | 294,378 |
Motor Vehicles [Member] | ||
Property and equipment | 40,703 | 43,637 |
Office Equipment [Member] | ||
Property and equipment | 34,328 | 34,527 |
Computer Software [Member] | ||
Property and equipment | 5,017 | 5,017 |
Office Improvements [Member] | ||
Property and equipment | $ 118,610 | $ 127,162 |
OTHER PAYABLES AND ACCRUED EX30
OTHER PAYABLES AND ACCRUED EXPENSES (Details) - USD ($) | Oct. 31, 2016 | Oct. 31, 2015 |
Payables and Accruals [Abstract] | ||
Other payables | $ 221,560 | $ 40 |
Accrued expenses | 116,100 | 97,001 |
Other payables and accrued expenses | $ 337,660 | $ 97,041 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | Mar. 31, 2016 | Nov. 13, 2015 | Oct. 28, 2013 | Dec. 08, 2011 | Oct. 31, 2016 | Oct. 31, 2015 |
Due to stockholder | $ 546,953 | $ 562,187 | ||||
Interest rate | 7.00% | 7.00% | ||||
Amount of restricted common stock for services | $ 52,500 | $ 213,000 | $ 52,500 | |||
Number of common stock issue | 10,000,000 | |||||
Amount of common stock converted | $ 500,000 | |||||
Conversion price (in dollars per share) | $ 0.05 | |||||
Titan Technology Development Ltd - Stockholder | ||||||
Due to stockholder | 546,953 | $ 562,187 | ||||
Wang Hui [Member] | ||||||
Amounts of imputed interests | $ 18,990 | $ 21,164 | ||||
Dr. John Lynch [Member] | ||||||
Number of restricted common stock services, shares | 100,000 | |||||
Amount of restricted common stock for services | $ 20,000 | |||||
Common stock price | $ 0.20 | |||||
Mr. Kai Gui [Member] | ||||||
Number of restricted common stock services, shares | 150,000 | 150,000 | ||||
Common stock price | $ 0.21 | $ 0.71 | ||||
Mr. Chi Ming Yu [Member] | ||||||
Number of restricted common stock services, shares | 100,000 | 150,000 | ||||
Common stock price | $ 0.21 | $ 0.71 | ||||
Company's Stockholder [Member] | ||||||
Amount of common stock converted | $ 106,506 | |||||
Two Related Parties [Member] | ||||||
Amount of common stock converted | $ 393,494 |
RELATED PARTY TRANSACTIONS (D32
RELATED PARTY TRANSACTIONS (Details) - USD ($) | Oct. 31, 2016 | Oct. 31, 2015 |
Due to related parties | $ 3,083,714 | $ 3,500,999 |
Yu Chi Fung [Member] | ||
Due to related parties | 1,578,843 | 1,807,103 |
Que Feng [Member] | ||
Due to related parties | 32,972 | 33,133 |
Chen Tie Jun [Member] | ||
Due to related parties | $ 1,471,898 | $ 1,660,763 |
RELATED PARTY TRANSACTIONS (D33
RELATED PARTY TRANSACTIONS (Details 1) - USD ($) | 12 Months Ended | |
Oct. 31, 2016 | Oct. 31, 2015 | |
Interest expenses to a stockholder and related parties | $ 224,995 | $ 220,177 |
Titan Technology Development Ltd - Stockholder | ||
Interest expenses to a stockholder and related parties | 33,665 | 31,615 |
Que Feng [Member] | ||
Interest expenses to a stockholder and related parties | 2,133 | 1,495 |
Yu Chi Fung [Member] | ||
Interest expenses to a stockholder and related parties | 96,828 | 99,978 |
Chen Tie Jun [Member] | ||
Interest expenses to a stockholder and related parties | $ 92,369 | $ 87,089 |
RELATED PARTY TRANSACTIONS (D34
RELATED PARTY TRANSACTIONS (Details 2) - USD ($) | Oct. 31, 2016 | Oct. 31, 2015 |
Due to directors | $ 363,765 | $ 439,863 |
Wang Hui [Member] | ||
Due to directors | 341,626 | 417,966 |
Yu Chi Ming [Member] | ||
Due to directors | $ 22,139 | $ 21,897 |
COMMITMENTS AND CONTINGENCIES35
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2016 | Oct. 31, 2015 | |
Contributions under defined contribution plan | $ 30,771 | $ 75,813 | ||
Commitments and contingencies | $ 1,218 | $ 1,218 | ||
Office Space [Member] | ||||
Rent expense | $ 1,922 | $ 2,060 | ||
Lease expiration date | Jul. 20, 2015 |
COMMITMENTS AND CONTINGENCIES36
COMMITMENTS AND CONTINGENCIES (Details) | Oct. 31, 2016USD ($) |
Operating lease committments for the fiscal year endind October 31, | |
2,017 | $ 21,141 |
2,018 | 14,173 |
2,019 | 7,086 |
Total | $ 42,401 |
INCOME TAX (Details Narrative)
INCOME TAX (Details Narrative) - USD ($) | 12 Months Ended | |
Oct. 31, 2016 | Oct. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Net operating loss carry forwards | $ 1,771,223 | $ 1,612,970 |
Deferred tax asset valuation allowance | 602,216 | $ 548,410 |
Net change in the valuation allowance | $ 53,806 | |
PRC income tax rate | 25.00% |
CONCENTRATIONS AND RISKS (Detai
CONCENTRATIONS AND RISKS (Details Narrative) - Assets [Member] | 12 Months Ended | |
Oct. 31, 2016 | Oct. 31, 2015 | |
P.R.C. [Member] | ||
Percent of assets located in country | 95.00% | 94.00% |
United States [Member] | ||
Percent of assets located in country | 5.00% | 6.00% |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 12 Months Ended | |
Oct. 31, 2016 | Oct. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accumulated deficit | $ 6,987,698 | $ 6,262,961 |
Net loss | 724,737 | 862,854 |
Working capital deficit | 4,435,981 | |
Net cash used in operating activities | $ (371,653) | $ (820,393) |