Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Oct. 31, 2019 | Mar. 20, 2020 | Apr. 30, 2019 | |
Document And Entity Information | |||
Entity Registrant Name | Advanced Biomedical Technologies Inc. | ||
Entity Central Index Key | 0001385799 | ||
Document Type | 10-K | ||
Document Period End Date | Oct. 31, 2019 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --10-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business Flag | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 2,636,342 | ||
Entity Common Stock, Shares Outstanding | 69,974,850 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2019 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Oct. 31, 2019 | Oct. 31, 2018 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 5,592 | $ 6,860 |
Other receivables and prepaid expenses | 49,767 | 32,649 |
Inventory | 64,107 | |
Total Current Assets | 119,466 | 39,509 |
Property and equipment, cost | 534,666 | 521,120 |
Less: Accumulated depreciation | (435,632) | (418,225) |
PROPERTY AND EQUIPMENT, NET | 99,034 | 102,895 |
TOTAL ASSETS | 218,500 | 142,404 |
CURRENT LIABILITIES | ||
Other payables and accrued expenses | 674,882 | 443,163 |
Due to directors | 280,514 | 273,874 |
Due to a stockholder | 824,705 | 718,808 |
Due to related parties | 4,916,638 | 4,325,571 |
Total Current Liabilities | 6,696,739 | 5,761,416 |
STOCKHOLDERS' DEFICIT | ||
Common stock, $0.00001 par value, 100,000,000 shares authorized, 69,874,850 and 69,624,850 issued and outstanding as of October 31, 2019 and October 31, 2018 respectively | 698 | 696 |
Additional paid-in capital | 2,768,138 | 2,740,183 |
Accumulated deficit | (9,581,438) | (8,632,618) |
Accumulated other comprehensive income | 334,363 | 272,727 |
Total Deficit | (6,478,239) | (5,619,012) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 218,500 | $ 142,404 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Oct. 31, 2019 | Oct. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 69,874,850 | 69,624,850 |
Common stock, shares outstanding | 69,874,850 | 69,624,850 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Income Statement [Abstract] | ||
NET SALES | $ 11,657 | |
Cost of sales | (7,596) | |
Gross margin | 4,061 | |
OPERATING EXPENSES | ||
General and administrative expenses | 324,010 | 561,210 |
Depreciation | 21,150 | 16,295 |
Research and development | 263,639 | 56,512 |
Total Operating Expenses | 608,799 | 634,017 |
LOSS FROM OPERATIONS | (604,738) | (634,017) |
OTHER (EXPENSES) INCOME | ||
Interest income | 24 | 36 |
Interest paid to a stockholder and related parties | (313,703) | (286,756) |
Imputed interest | (12,707) | (13,815) |
Other, net | (17,696) | (18,768) |
Total Other (Expenses) Income, net | (344,082) | (319,303) |
LOSS BEFORE TAXES | (948,820) | (953,320) |
Income tax expense | ||
NET LOSS | (948,820) | (953,320) |
Net loss attributable to non-controlling interests | ||
NET LOSS ATTRIBUTABLE TO ABMT COMMON STOCKHOLDERS | (948,820) | (953,320) |
OTHER COMPREHENSIVE INCOME | ||
Foreign currency translation income | 61,636 | 262,770 |
Total other comprehensive gain | 61,636 | 262,770 |
COMPREHENSIVE GAIN/(LOSS) ATTRIBUTABLE TO ABMT COMMON STOCKHOLDERS | $ (887,184) | $ (690,550) |
Net loss per share - basic and diluted | $ (0.01) | $ (0.01) |
Weighted average number of shares outstanding during the period - basic and diluted | 69,626,220 | 69,381,015 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Deficit - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Loss [Member] | Total |
Balance at Oct. 31, 2016 | $ 671 | $ 2,520,520 | $ (6,987,698) | $ 104,212 | $ (4,362,295) |
Balance, shares at Oct. 31, 2016 | 67,124,850 | ||||
Stock issued for debt conversion at 0.05 per share | $ 20 | 99,980 | 100,000 | ||
Stock issued for debt conversion at 0.05 per share, shares | 2,000,000 | ||||
Stock issued for services | $ 3 | 37,497 | 37,500 | ||
Stock issued for services, shares | 250,000 | ||||
Imputed interest on advances from directors | 15,623 | 15,623 | |||
Net loss for the year | (691,600) | (691,600) | |||
Foreign currency translation gain (loss) | (94,255) | (94,255) | |||
Balance at Oct. 31, 2017 | $ 694 | 2,673,620 | (7,679,298) | 9,957 | (4,995,027) |
Balance, shares at Oct. 31, 2017 | 69,374,850 | ||||
Stock issued for services | $ 2 | 52,748 | 52,750 | ||
Stock issued for services, shares | 250,000 | ||||
Net loss for the year | 13,815 | (953,320) | (939,505) | ||
Foreign currency translation gain (loss) | 262,770 | 262,770 | |||
Balance at Oct. 31, 2018 | $ 696 | 2,740,183 | (8,632,618) | 272,727 | (5,619,012) |
Balance, shares at Oct. 31, 2018 | 69,624,850 | ||||
Stock to be issued ($0.061 per share) | $ 2 | 15,248 | 15,250 | ||
Stock to be issued ($0.061 per share), shares | 250,000 | ||||
Imputed interest on advances from directors | 12,707 | 12,707 | |||
Net loss for the year | (948,820) | (948,820) | |||
Foreign currency translation gain (loss) | 61,636 | 61,636 | |||
Balance at Oct. 31, 2019 | $ 698 | $ 2,768,138 | $ (9,581,438) | $ 334,363 | $ (6,478,239) |
Balance, shares at Oct. 31, 2019 | 69,874,850 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Stockholders' Deficit (Parenthetical) - $ / shares | Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | Nov. 13, 2015 |
Statement of Stockholders' Equity [Abstract] | ||||
Debt conversion price, per share | $ 0.05 | $ 0.05 | ||
Shares issued price, per share | $ 0.061 | $ 0.211 | $ 0.15 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss attributable to ABMT common stockholders | $ (948,820) | $ (953,320) |
Adjustments to reconcile net loss to cash used in operating activities: | ||
Depreciation | 21,150 | 16,295 |
Imputed interest | 12,707 | 13,815 |
Stock issued for services | 15,250 | 52,750 |
Decrease (increase) in: | ||
Inventory | (65,473) | |
Other receivables and prepaid expenses | (17,745) | (16,861) |
Depreciation allocated to inventory | 404 | |
Increase in: | ||
Other payables and accrued expenses | 239,997 | 54,900 |
Net cash used in operating activities | (742,530) | (832,421) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of property and equipment | (18,565) | (64,405) |
Net cash used in investing activities | (18,565) | (64,405) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Due to a stockholder | 105,877 | 136,441 |
Due to directors | 9,078 | (34,932) |
Due to related parties | 644,887 | 794,771 |
Net cash provided by financing activities | 759,842 | 896,280 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | (15) | (57) |
DECREASE IN CASH AND CASH EQUIVALENTS | (1,268) | (603) |
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF YEAR | 6,860 | 7,463 |
CASH AND CASH EQUIVALENTS AT THE END OF YEAR | 5,592 | 6,860 |
Supplemental of cash flow information | ||
Interest income | 24 | 36 |
Income tax | ||
Other non cash items | ||
Interest expenses | $ 313,703 | $ 286,756 |
Summary of Significant Accounti
Summary of Significant Accounting Policies and Organization | 12 Months Ended |
Oct. 31, 2019 | |
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 has been involved in the development of polymer screws, rods and binding wires for fixation on human fractured bones. The Company is currently involved in researching, manufacturing and conducting clinical trials on its products and intends to raise additional capital to produce and market its products commercially. The Company holds one Class III permit and one Class II permit from the National Medical Products Administration of the PRC (“NMPA”), formerly the China Food and Drug Administration (“CFDA”) the PRC. The Company holds two patents issued by the State Intellectual Property Office of the P.R.C. (“SIPO”). The Company only started to generate at the end of the fiscal year ended October 31, 2019 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, 2019 and 2018, 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) 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. (F) 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, 2019 and 2018, the Company has not recognized any allowances for impairment. (G) 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. (H) Revenue recognition Revenue from contract with customers is recognized when control of goods is transferred to a customer, at an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods. Control is considered to be transferred when the customer has the ability to direct the use of and obtain substantially all of the remaining benefits of that good, generally on delivery of the goods. Revenues are generated from manufacturing and supply of biomaterial internal fixation devices, which are sold through its network of distributors/agents and direct sales channels. Our performance obligations are satisfied at a point in time. Our contracts have an anticipated duration of less than a year. Actual returns and claims in any future period are inherently uncertain and thus may differ from our estimates. If actual or expected future returns and claims are significantly greater or lower than the reserves that we have established, we will record a reduction or increase to net revenue in the period in which we make such a determination. (I) Contract liabilities Timing of revenue recognition may differ from the timing of invoicing to customers. The Company records a contract liability when revenue is recognised subsequent to invoicing. (J) 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 would record 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. (K) 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, 2019 and 2018 were $263,639 and $56,512 respectively. (L) Foreign currency translation The reporting currency of the Company is the US dollar. ABMT, Masterise and Shenzhen Changhua maintain their accounting records in their functional currencies of US$, 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, 2019 October 31, 2018 Balance sheet items, except for share capital, additional paid-in capital and accumulated deficits, as of year end US$1=HK$7.8376=RMB7.0379 US$1=HK$7.8393=RMB6.9737 Amounts included in the statements of operations and cash flows for the year US$1=HK$7.8366=RMB6.8911 US$1=HK$7.8351=RMB6.5629 The translation gain and loss recorded for the years ended October 31, 2019 and 2018 were $61,636 and $262,770 respectively. No representation is made that RMB amounts have been, or would be, converted into US$ 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. (M) 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 and loss for the years ended October 31, 2019 and 2018 were $61,636 and $262,770 respectively. (N) 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, 2019 and October 31, 2018. (O) Segments The Company operates in only one segment, thereafter segment disclosure is not presented. (P) Recent Accounting Pronouncements Leases In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”), which modifies lease accounting for lessees to increase transparency and comparability by recording lease assets and liabilities for operating leases and disclosing key information about leasing arrangements. The new standard, as amended by ASU 2018-01 and ASU 2018-11, is effective for annual periods beginning after December 15, 2018 on a modified retrospective basis. The Company will adopt ASU 2016-02 in its first quarter of the year ending October 31 2020. The Company expects its leases designated as operating leases in Note 6, “Commitments and Contingencies,” will be reported on the consolidated balance sheets upon adoption. However, the ultimate impact of adopting ASU 2016-02 will depend on the lease terms as of the adoption date. The FASB has further issued Accounting Standards Update (ASU) No. 2019-01, Leases (Topic 842): Codification Improvements. The new ASU aligns the guidance for fair value of the underlying asset by lessors that are not manufacturers or dealers in Topic 842 with that of existing guidance. As a result, the fair value of the underlying asset at lease commencement is its cost, reflecting any volume or trade discounts that may apply. However, if there has been a significant lapse of time between when the underlying asset is acquired and when the lease commences, the definition of fair value (in Topic 820, Fair Value Measurement) should be applied. The ASU also requires lessors within the scope of Topic 942, Financial Services—Depository and Lending, to present all “principal payments received under leases” within investing activities. Finally, the ASU exempts both lessees and lessors from having to provide certain interim disclosures in the fiscal year in which a company adopts the new leases standard. The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does 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. The Company will carefully analyze these recently accounting pronouncement and take action to adopt them as required. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Oct. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 2. PROPERTY AND EQUIPMENT The following is a summary of property and equipment at October 31, 2019 and 2018: October 31, 2019 2018 Plant and machinery $ 309,626 $ 296,517 Motor vehicles 39,174 39,534 Office equipment 36,696 34,572 Computer software 5,017 5,017 Office improvements 144,153 145,480 534,666 521,120 Less: accumulated depreciation 435,632 418,225 Property and equipment, net $ 99,034 $ 102,895 Depreciation expense for the year ended October 31, 2019 and 2018 was $21,150 and $16,295 respectively. |
Other Payables and Accrued Expe
Other Payables and Accrued Expenses | 12 Months Ended |
Oct. 31, 2019 | |
Payables and Accruals [Abstract] | |
Other Payables and Accrued Expenses | 3. OTHER PAYABLES AND ACCRUED EXPENSES Other payables and accrued expenses at October 31, 2019 and 2018 consisted of the followings: October 31, 2019 2018 Trade payables $ 2,493 $ - Other payables 213,132 215,095 Contract liabilities 135,942 - Accrued expenses 323,315 228,068 $ 674,882 $ 443,163 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Oct. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 4. RELATED PARTY TRANSACTIONS As of October 31, 2019 and 2018, the Company owed $824,705 and $718,808 respectively to Titan Technology Development Limited, a stockholder. As of October 31, 2019 and 2018, advances from related parties were as follows: October 31, 2019 2018 Yu Chi Fung $ 1,802,625 $ 1,715,840 Que Feng 37,701 36,040 Chen Tie Jun 2,835,785 2,344,849 Shenzhen Hygeian Medical Device Co., Ltd. 240,527 228,842 Amount due to related parties $ 4,916,638 $ 4,325,571 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, 2019 and 2018 were as follows: October 31, 2019 2018 Titan Technology Development Limited, a stockholder $ 48,418 $ 42,884 Related parties: Yu Chi Feng 93,742 98,431 Que Feng 2,032 2,133 Chen Tie Jun 155,444 128,680 Shenzhen Hygeian Medical Device Co., Ltd. 14,067 14,628 Interest expenses to a stockholder and related parties $ 313,703 $ 286,756 As of October 31, 2019 and 2018, advances from directors were as follows: October 31, 2019 2018 Hui Wang $ 256,469 $ 252,377 Kai Gui 567 567 Chi Ming Yu 23,478 20,930 Amount due to directors $ 280,514 $ 273,874 Advances from directors were unsecured, repayable on demand and interest free. Imputed interests on the amounts owed to Wang Wei, a director, were $12,707 and $13,815 for the years ended October 31, 2019, and 2018 respectively. Sales for the year ended 31 October 2019 amounted to US$11,657 (2018: Nil) were made to Guangzhou Ding Hua Biomedical Technology Ltd. (“GZDH”), a company in which Mr. Chen Tie Jun has a significant equity interest. |
Stockholders' Deficiency
Stockholders' Deficiency | 12 Months Ended |
Oct. 31, 2019 | |
Equity [Abstract] | |
Stockholder's Deficiency | 5. 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 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. On 28 April 2017, 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 $0.15 per share on the date of grant, yielding an aggregate fair value of $37,500. On 23 October 2018, 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 $0.211 per share on the date of grant, yielding an aggregate fair value of $52,750. On 30 October 2019, 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 $0.061 per share on the date of grant, yielding an aggregate fair value of $15,250. On 3 March 2020, the Company issued 100,000 shares of restricted common stock at $0.042 to Prof. Puyi Sheng, the Company’s chief medical officer, as a signup bonus. The shares were valued at the closing price on the date of grant yielding an aggregate fair value of $4,200. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Oct. 31, 2019 | |
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 employee benefits was $71,247 and $58,469 for the years ended October 31, 2019 and 2018 respectively. The Chinese government is responsible for the medical benefits and the pension liability to be paid to these employees. (B) Lease commitments As of October 31, 2019, the Company had outstanding commitments with respect to operating leases, which are due as follows: 2020 $ 47,742 2021 27,849 2022 6,820 Total $ 82,411 The Company leased from a third party office space at monthly rent prevailing at October 31, 2019 of $1,850 (2018: $1,867). 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 outstanding commitments contracted for, net of deposit paid of US$23,768, in respect of acquisitions of plant and machineries as of October 31, 2019 amounted to US$7,235 (2018: Nil). |
Income Tax
Income Tax | 12 Months Ended |
Oct. 31, 2019 | |
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 2019 and 2018. ABMT has net operating loss carry forwards for income taxes amounting to approximately $2,224,307 and $2,082,118 as of October 31, 2019 and 2018 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, 2019 and 2018 was $756,265 and $707,920 respectively. The net change in the valuation allowance for 2019 was an increase of $48,345. 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, 2019 | |
Risks and Uncertainties [Abstract] | |
Concentrations and Risks | 8. CONCENTRATIONS AND RISKS As at October 31, 2019 and 2018, 96% and 4% 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, 2019 | |
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 $9,581,438 as of October 31, 2019 that includes a net loss of $948,820 for the year ended October 31, 2019. The Company’s total current liabilities exceed its total current assets by $6,577,273 and the Company used cash in operations of $742,530. 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, 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, 2019 | |
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 except new share issuance as stated in Note 5. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies and Organization (Policies) | 12 Months Ended |
Oct. 31, 2019 | |
Accounting Policies [Abstract] | |
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 has been involved in the development of polymer screws, rods and binding wires for fixation on human fractured bones. The Company is currently involved in researching, manufacturing and conducting clinical trials on its products and intends to raise additional capital to produce and market its products commercially. The Company holds one Class III permit and one Class II permit from the National Medical Products Administration of the PRC (“NMPA”), formerly the China Food and Drug Administration (“CFDA”) the PRC. The Company holds two patents issued by the State Intellectual Property Office of the P.R.C. (“SIPO”). The Company only started to generate at the end of the fiscal year ended October 31, 2019 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”). |
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, 2019 and 2018, 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. |
Property and Equipment | (E) 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 | (F) 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, 2019 and 2018, the Company has not recognized any allowances for impairment. |
Fair Value of Financial Instruments | (G) 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. |
Revenue Recognition | (H) Revenue recognition Revenue from contract with customers is recognized when control of goods is transferred to a customer, at an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods. Control is considered to be transferred when the customer has the ability to direct the use of and obtain substantially all of the remaining benefits of that good, generally on delivery of the goods. Revenues are generated from manufacturing and supply of biomaterial internal fixation devices, which are sold through its network of distributors/agents and direct sales channels. Our performance obligations are satisfied at a point in time. Our contracts have an anticipated duration of less than a year. Actual returns and claims in any future period are inherently uncertain and thus may differ from our estimates. If actual or expected future returns and claims are significantly greater or lower than the reserves that we have established, we will record a reduction or increase to net revenue in the period in which we make such a determination. |
Contract Liabilities | (I) Contract liabilities Timing of revenue recognition may differ from the timing of invoicing to customers. The Company records a contract liability when revenue is recognised subsequent to invoicing. |
Income Taxes | (J) 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 would record 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 | (K) 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, 2019 and 2018 were $263,639 and $56,512 respectively. |
Foreign Currency Translation | (L) Foreign currency translation The reporting currency of the Company is the US dollar. ABMT, Masterise and Shenzhen Changhua maintain their accounting records in their functional currencies of US$, 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, 2019 October 31, 2018 Balance sheet items, except for share capital, additional paid-in capital and accumulated deficits, as of year end US$1=HK$7.8376=RMB7.0379 US$1=HK$7.8393=RMB6.9737 Amounts included in the statements of operations and cash flows for the year US$1=HK$7.8366=RMB6.8911 US$1=HK$7.8351=RMB6.5629 The translation gain and loss recorded for the years ended October 31, 2019 and 2018 were $61,636 and $262,770 respectively. No representation is made that RMB amounts have been, or would be, converted into US$ 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 | (M) 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 and loss for the years ended October 31, 2019 and 2018 were $61,636 and $262,770 respectively. |
Loss Per Share | (N) 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, 2019 and October 31, 2018. |
Segments | (O) Segments The Company operates in only one segment, thereafter segment disclosure is not presented. |
Recent Accounting Pronouncements | (P) Recent Accounting Pronouncements Leases In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”), which modifies lease accounting for lessees to increase transparency and comparability by recording lease assets and liabilities for operating leases and disclosing key information about leasing arrangements. The new standard, as amended by ASU 2018-01 and ASU 2018-11, is effective for annual periods beginning after December 15, 2018 on a modified retrospective basis. The Company will adopt ASU 2016-02 in its first quarter of the year ending October 31 2020. The Company expects its leases designated as operating leases in Note 6, “Commitments and Contingencies,” will be reported on the consolidated balance sheets upon adoption. However, the ultimate impact of adopting ASU 2016-02 will depend on the lease terms as of the adoption date. The FASB has further issued Accounting Standards Update (ASU) No. 2019-01, Leases (Topic 842): Codification Improvements. The new ASU aligns the guidance for fair value of the underlying asset by lessors that are not manufacturers or dealers in Topic 842 with that of existing guidance. As a result, the fair value of the underlying asset at lease commencement is its cost, reflecting any volume or trade discounts that may apply. However, if there has been a significant lapse of time between when the underlying asset is acquired and when the lease commences, the definition of fair value (in Topic 820, Fair Value Measurement) should be applied. The ASU also requires lessors within the scope of Topic 942, Financial Services—Depository and Lending, to present all “principal payments received under leases” within investing activities. Finally, the ASU exempts both lessees and lessors from having to provide certain interim disclosures in the fiscal year in which a company adopts the new leases standard. The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does 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. The Company will carefully analyze these recently accounting pronouncement and take action to adopt them as required. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies and Organization (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
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, 2019 October 31, 2018 Balance sheet items, except for share capital, additional paid-in capital and accumulated deficits, as of year end US$1=HK$7.8376=RMB7.0379 US$1=HK$7.8393=RMB6.9737 Amounts included in the statements of operations and cash flows for the year US$1=HK$7.8366=RMB6.8911 US$1=HK$7.8351=RMB6.5629 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | The following is a summary of property and equipment at October 31, 2019 and 2018: October 31, 2019 2018 Plant and machinery $ 309,626 $ 296,517 Motor vehicles 39,174 39,534 Office equipment 36,696 34,572 Computer software 5,017 5,017 Office improvements 144,153 145,480 534,666 521,120 Less: accumulated depreciation 435,632 418,225 Property and equipment, net $ 99,034 $ 102,895 |
Other Payables and Accrued Ex_2
Other Payables and Accrued Expenses (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Payables and Accruals [Abstract] | |
Schedule of Other Payables and Accrued Expenses | Other payables and accrued expenses at October 31, 2019 and 2018 consisted of the followings: October 31, 2019 2018 Trade payables $ 2,493 $ - Other payables 213,132 215,095 Contract liabilities 135,942 - Accrued expenses 323,315 228,068 $ 674,882 $ 443,163 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Related Party Transactions [Abstract] | |
Schedule of Advances from Related Parties | As of October 31, 2019 and 2018, advances from related parties were as follows: October 31, 2019 2018 Yu Chi Fung $ 1,802,625 $ 1,715,840 Que Feng 37,701 36,040 Chen Tie Jun 2,835,785 2,344,849 Shenzhen Hygeian Medical Device Co., Ltd. 240,527 228,842 Amount due to related parties $ 4,916,638 $ 4,325,571 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, 2019 and 2018 were as follows: October 31, 2019 2018 Titan Technology Development Limited, a stockholder $ 48,418 $ 42,884 Related parties: Yu Chi Feng 93,742 98,431 Que Feng 2,032 2,133 Chen Tie Jun 155,444 128,680 Shenzhen Hygeian Medical Device Co., Ltd. 14,067 14,628 Interest expenses to a stockholder and related parties $ 313,703 $ 286,756 As of October 31, 2019 and 2018, advances from directors were as follows: October 31, 2019 2018 Hui Wang $ 256,469 $ 252,377 Kai Gui 567 567 Chi Ming Yu 23,478 20,930 Amount due to directors $ 280,514 $ 273,874 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Lease Obligations of Operating Leases | As of October 31, 2019, the Company had outstanding commitments with respect to operating leases, which are due as follows: 2020 $ 47,742 2021 27,849 2022 6,820 Total $ 82,411 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies and Organization (Details Narrative) | Dec. 31, 2008USD ($)shares | Jan. 29, 2008USD ($) | May 31, 2007 | Sep. 25, 2002USD ($) | Oct. 31, 2019USD ($)Integershares | Oct. 31, 2018USD ($)shares | Oct. 31, 2017USD ($) |
Estimated useful life of assets | 5 years | ||||||
Long-lived assets, allowances for impairment | |||||||
Research and development costs | 263,639 | 56,512 | |||||
Foreign currency translation gain (loss) | 61,636 | 262,770 | $ (94,255) | ||||
Other comprehensive gain (loss) | $ 61,636 | $ 262,770 | |||||
Potentially dilutive securities | shares | |||||||
Number of operating segments | Integer | 1 | ||||||
Majority Shareholders [Member] | Masterise [Member] | |||||||
Ownership acquired | 70.00% | ||||||
Stock sold per affiliate agreement, shares | shares | 4,438,250 | ||||||
ABMT [Member] | |||||||
Stock issued in acquisition, shares | shares | 50,000 | ||||||
Equity method investment ownership percentage | 100.00% | ||||||
ABMT [Member] | Majority Shareholders [Member] | |||||||
Ownership acquired | 80.70% | ||||||
Stock sold per affiliate agreement, shares | shares | 5,001,000 | ||||||
Stock sold per affiliate agreement | $ 5,000 | ||||||
Shenzhen Changhua [Member] | |||||||
Registered capital | $ 724,017 | ||||||
Ownership interest - majority stockholder | 70.00% | ||||||
Ownership interest - minority stockholder | 30.00% | ||||||
Shenzhen Changhua [Member] | ABMT [Member] | |||||||
Ownership by non-controlling stockholders | 30.00% | ||||||
Masterise [Member] | |||||||
Ownership interest - majority stockholder | 63.00% | ||||||
Ownership interest - minority stockholder | 37.00% | ||||||
Ownership acquired | 70.00% | ||||||
Payment for acquisition | $ 64,100 | ||||||
Masterise [Member] | ABMT [Member] | |||||||
Equity method investment ownership percentage | 70.00% | ||||||
Masterise [Member] | Shenzhen Changhua [Member] | |||||||
Ownership acquired | 70.00% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies and Organization - Schedule of Exchange Rates Used in Translation (Details) | Oct. 31, 2019 | Oct. 31, 2018 |
USD [Member] | Statement of Operations and Cash Flows [Member] | ||
Exchange rate | 1 | 1 |
HKD [Member] | Statement of Operations and Cash Flows [Member] | ||
Exchange rate | 7.8366 | 7.8351 |
RMB [Member] | Statement of Operations and Cash Flows [Member] | ||
Exchange rate | 6.8911 | 6.5629 |
Balance Sheet Items Except for Share Capital, Additional Paid-In Capital and Accumulated Deficits, as of Year End [Member] | USD [Member] | ||
Exchange rate | 1 | 1 |
Balance Sheet Items Except for Share Capital, Additional Paid-In Capital and Accumulated Deficits, as of Year End [Member] | HKD [Member] | ||
Exchange rate | 7.8376 | 7.8393 |
Balance Sheet Items Except for Share Capital, Additional Paid-In Capital and Accumulated Deficits, as of Year End [Member] | RMB [Member] | ||
Exchange rate | 7.0379 | 6.9737 |
Property and Equipment (Details
Property and Equipment (Details Narrative) - USD ($) | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expenses | $ 21,150 | $ 16,295 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) | Oct. 31, 2019 | Oct. 31, 2018 |
Property and equipment, gross | $ 534,666 | $ 521,120 |
Less: accumulated depreciation | 435,632 | 418,225 |
Property and equipment, net | 99,034 | 102,895 |
Plant and Machinery [Member] | ||
Property and equipment, gross | 309,626 | 296,517 |
Motor Vehicles [Member] | ||
Property and equipment, gross | 39,174 | 39,534 |
Office Equipment [Member] | ||
Property and equipment, gross | 36,696 | 34,572 |
Computer Software [Member] | ||
Property and equipment, gross | 5,017 | 5,017 |
Office Improvements [Member] | ||
Property and equipment, gross | $ 144,153 | $ 145,480 |
Other Payables and Accrued Ex_3
Other Payables and Accrued Expenses - Schedule of Other Payables and Accrued Expenses (Details) - USD ($) | Oct. 31, 2019 | Oct. 31, 2018 |
Payables and Accruals [Abstract] | ||
Trade payables | $ 2,493 | |
Other payables | 213,132 | 215,095 |
Contract liabilities | 135,942 | |
Accrued expenses | 323,315 | 228,068 |
Other Payables and Accrued Expenses | $ 674,882 | $ 443,163 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Due to stockholder | $ 824,705 | $ 718,808 |
Interest rate | 7.00% | 7.00% |
Imputed interests | $ 12,707 | $ 13,815 |
Net sales | 11,657 | |
Wang Wei [Member] | ||
Imputed interests | 12,707 | 13,815 |
Titan Technology Development Limited [Member] | ||
Due to stockholder | $ 824,705 | $ 718,808 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Advances from Related Parties (Details) - USD ($) | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Due to related parties | $ 4,916,638 | $ 4,325,571 |
Interest expenses to a stockholder and related parties | 313,703 | 286,756 |
Due to directors | 280,514 | 273,874 |
Yu Chi Fung [Member] | ||
Due to related parties | 1,802,625 | 1,715,840 |
Que Feng [Member] | ||
Due to related parties | 37,701 | 36,040 |
Interest expenses to a stockholder and related parties | 2,032 | 2,133 |
Chen Tie Jun [Member] | ||
Due to related parties | 2,835,785 | 2,344,849 |
Interest expenses to a stockholder and related parties | 155,444 | 128,680 |
Shenzhen Hygeian Medical Device Co., Ltd. [Member] | ||
Due to related parties | 240,527 | 228,842 |
Interest expenses to a stockholder and related parties | 14,067 | 14,628 |
Titan Technology Development Limited, a Stockholder [Member] | ||
Interest expenses to a stockholder and related parties | 48,418 | 42,884 |
Yu Chi Feng [Member] | ||
Interest expenses to a stockholder and related parties | 93,742 | 98,431 |
Hui Wang [Member] | ||
Due to directors | 256,469 | 252,377 |
Kai Gui [Member] | ||
Due to directors | 567 | 567 |
Chi Ming Yu [Member] | ||
Due to directors | $ 23,478 | $ 20,930 |
Stockholders' Deficiency (Detai
Stockholders' Deficiency (Details Narrative) - USD ($) | Mar. 03, 2020 | Oct. 30, 2019 | Oct. 23, 2018 | Apr. 28, 2017 | Mar. 31, 2016 | Nov. 13, 2015 | Oct. 28, 2013 | Dec. 08, 2011 | Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2019 |
Common stock price per share | $ 0.211 | $ 0.15 | $ 0.061 | ||||||||
Number of restricted common stock for services | $ 52,750 | $ 37,500 | |||||||||
Debt conversion of common stock | $ 500,000 | ||||||||||
Debt conversion of common stock shares | 10,000,000 | ||||||||||
Debt conversion price per share | $ 0.05 | $ 0.05 | |||||||||
Company's Stockholder [Member] | |||||||||||
Debt conversion of common stock | $ 106,506 | ||||||||||
Two Related Parties [Member] | |||||||||||
Debt conversion of common stock | $ 393,494 | ||||||||||
Restricted Stock [Member] | Dr. John Lynch [Member] | |||||||||||
Number of restricted common stock services, shares | 100,000 | ||||||||||
Common stock price per share | $ 0.2 | ||||||||||
Number of restricted common stock for services | $ 20,000 | ||||||||||
Restricted Stock [Member] | Mr. Chi Ming Yu [Member] | |||||||||||
Number of restricted common stock services, shares | 100,000 | 100,000 | 100,000 | 100,000 | 150,000 | ||||||
Common stock price per share | $ 0.061 | $ 0.211 | $ 0.15 | $ 0.21 | $ 0.71 | ||||||
Restricted Stock [Member] | Mr. Kai Gui [Member] | |||||||||||
Number of restricted common stock services, shares | 150,000 | 150,000 | 150,000 | 150,000 | 150,000 | ||||||
Common stock price per share | $ 0.061 | $ 0.211 | $ 0.15 | $ 0.21 | $ 0.71 | ||||||
Restricted Stock [Member] | Mr. Chi Ming Yu and Kai Gui [Member] | |||||||||||
Number of restricted common stock for services | $ 15,250 | $ 52,750 | $ 37,500 | $ 52,500 | $ 213,000 | ||||||
Restricted Stock [Member] | Prof. Puyi Sheng [Member] | Subsequent Event [Member] | |||||||||||
Number of restricted common stock services, shares | 100,000 | ||||||||||
Common stock price per share | $ 0.042 | ||||||||||
Number of restricted common stock for services | $ 4,200 |
Commitments and Contingencies_2
Commitments and Contingencies (Details Narrative) - USD ($) | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Contributions under defined contribution plan | $ 71,247 | $ 58,469 |
Lease expiration date | Jul. 20, 2015 | |
USD [Member] | ||
Deposit for commitments | $ 23,768 | |
Plant and machineries commitments | 7,235 | |
Office Space [Member] | ||
Rent expense | $ 1,850 | $ 1,867 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Future Minimum Lease Obligations of Operating Leases (Details) | Oct. 31, 2019USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2020 | $ 47,742 |
2021 | 27,849 |
2022 | 6,820 |
Total | $ 82,411 |
Income Tax (Details Narrative)
Income Tax (Details Narrative) - USD ($) | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Net operating loss carry forwards | $ 2,224,307 | $ 2,082,118 |
Deferred tax asset valuation allowance | 756,265 | $ 707,920 |
Net change in the valuation allowance | $ 48,345 | |
P.R.C [Member] | ||
Income tax rate | 25.00% |
Concentrations and Risks (Detai
Concentrations and Risks (Details Narrative) - Assets [Member] - Geographic Concentration Risk [Member] | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
P.R.C [Member] | ||
Concentration risk, percentage | 96.00% | 96.00% |
United States [Member] | ||
Concentration risk, percentage | 4.00% | 4.00% |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accumulated deficit | $ (9,581,438) | $ (8,632,618) |
Net loss | (948,820) | (953,320) |
Working capital deficit | 6,577,273 | |
Net cash used in operating activities | $ (742,530) | $ (832,421) |