Cover
Cover - shares | 9 Months Ended | |
Jul. 31, 2021 | Sep. 13, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jul. 31, 2021 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --10-31 | |
Entity File Number | 000-53051 | |
Entity Registrant Name | Advanced BioMedical Technologies, Inc. | |
Entity Central Index Key | 0001385799 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 200 Park Avenue | |
Entity Address, Address Line Two | Suite 1700 | |
Entity Address, City or Town | New York City | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10166 | |
City Area Code | (718) | |
Local Phone Number | 766-7898 | |
Title of 12(b) Security | Class A Common Stock | |
Trading Symbol | ABMT | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 70,224,850 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jul. 31, 2021 | Oct. 31, 2020 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 6,983 | $ 201,664 |
Other receivables and prepaid expenses | 46,808 | 29,260 |
Inventory | 188,780 | 100,026 |
Total current assets | 242,571 | 330,950 |
NON-CURRENT ASSETS | ||
Property and equipment, cost | 623,144 | 552,423 |
Less: Accumulated depreciation | (479,232) | (446,949) |
Property and equipment, net | 143,912 | 105,474 |
Operating lease right-of-use assets | 10,025 | 32,802 |
Total non-current assets | 153,937 | 138,276 |
TOTAL ASSETS | 396,508 | 469,226 |
CURRENT LIABILITIES | ||
Trade payables and contract liabilities | 1,160,001 | 1,343,515 |
Other payables and accrued expenses | 710,948 | 598,801 |
Operating lease liabilities, current portion | 10,826 | 28,028 |
Due to directors | 347,889 | 308,031 |
Due to a stockholder | 915,627 | 880,108 |
Advances from related parties | 5,433,540 | 4,705,512 |
Total current liabilities | 8,578,831 | 7,863,995 |
NON-CURRENT LIABILITIES | ||
Operating lease liabilities, less current portion | 7,029 | |
STOCKHOLDERS’ DEFICIT | ||
Common stock, $0.00001 par value, 100,000,000 shares authorized, 70,224,850 issued and outstanding as of July 31, 2021 and October 31, 2020 | 702 | 702 |
Additional paid-in capital | 2,835,707 | 2,824,279 |
Stock-based compensation reserves | 8,953 | 8,160 |
Accumulated deficit | (10,816,210) | (10,256,364) |
Accumulated other comprehensive income/(loss) | (211,475) | 21,425 |
Total stockholders’ deficit | (8,182,323) | (7,401,798) |
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | $ 396,508 | $ 469,226 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jul. 31, 2021 | Oct. 31, 2020 |
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 | 70,224,850 | 70,224,850 |
Common stock, shares outstanding | 70,224,850 | 70,224,850 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | |
Income Statement [Abstract] | ||||
SALES | $ 180 | $ 961 | $ 47,508 | $ 61,251 |
Cost of sales | (38) | (820) | (10,217) | (33,831) |
Gross margin | 142 | 141 | 37,291 | 27,420 |
OPERATING EXPENSES | ||||
General and administrative expenses | 54,433 | 54,772 | 137,255 | 166,833 |
Research and development | 54,633 | 42,773 | 178,086 | 140,858 |
Depreciation on property and equipment | 3,175 | 3,938 | 10,885 | 13,014 |
Depreciation on operating lease right-of-use assets | 3,404 | 10,699 | 23,836 | 32,268 |
Stock-based compensation expenses | (3,731) | 4,400 | 793 | 10,867 |
Total Operating Expenses | 111,914 | 116,582 | 350,855 | 363,840 |
LOSS FROM OPERATIONS | (111,772) | (116,441) | (313,564) | (336,420) |
OTHER (EXPENSES) INCOME | ||||
Government grants | (329) | 125,237 | ||
Interest income | 5 | 8 | 94 | 18 |
Interest paid to a stockholder and related parties | (76,885) | (79,615) | (225,581) | (239,946) |
Interest on car loan | (592) | (906) | ||
Interest on operating lease liabilities | (232) | (903) | (1,132) | (3,300) |
Imputed interest | (4,049) | (3,409) | (11,428) | (10,205) |
Other, net | (5,188) | (4,536) | (7,329) | (14,050) |
Total Other Expenses, net | (86,941) | (88,784) | (246,282) | (142,246) |
LOSS BEFORE TAXES | (198,713) | (205,225) | (559,846) | (478,666) |
Income tax expense | ||||
NET LOSS | (198,713) | (205,225) | (559,846) | (478,666) |
Net loss attributable to non-controlling interests | ||||
NET LOSS ATTRIBUTABLE TO ABMT COMMON STOCKHOLDERS | (198,713) | (205,225) | (559,846) | (478,666) |
OTHER COMPREHENSIVE LOSS | ||||
Foreign currency translation loss | (14,788) | (75,542) | (232,900) | (54,248) |
Total other comprehensive loss | (14,788) | (75,542) | (232,900) | (54,248) |
COMPREHENSIVE LOSS ATTRIBUTABLE TO ABMT COMMON STOCKHOLDERS | $ (213,501) | $ (280,767) | $ (792,746) | $ (532,914) |
Net loss per share-basic and diluted - basic and diluted | $ 0 | $ 0 | $ (0.01) | $ (0.01) |
Weighted average number of shares outstanding during the period - in issue | 70,224,850 | 69,974,850 | 70,224,850 | 69,929,959 |
Weighted average number of shares outstanding during the period - vested, but not yet issued | 80,000 | 44,835 | ||
Weighted average number of shares outstanding during the period - basic | 70,304,850 | 69,974,850 | 70,269,685 | 69,929,959 |
Weighted average number of shares outstanding during the period - diluted | 70,464,850 | 70,214,850 | 70,464,850 | 70,062,222 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Deficit (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Stock-based Compensation Reserve [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Beginning balance, value at Oct. 31, 2019 | $ 698 | $ 2,768,138 | $ (9,581,438) | $ 334,363 | $ (6,478,239) | |
Beginning balance, shares at Oct. 31, 2019 | 69,874,850 | |||||
Effect of adoption of ASU 2016-02 | (2,926) | (2,926) | ||||
Imputed interest on advances from directors | 3,389 | 3,389 | ||||
Net loss | (63,789) | (63,789) | ||||
Foreign currency translation gain (loss) | (100,290) | (100,290) | ||||
Ending balance, value at Jan. 31, 2020 | $ 698 | 2,771,527 | (9,648,153) | 234,073 | (6,641,855) | |
Ending balance, shares at Jan. 31, 2020 | 69,874,850 | |||||
Beginning balance, value at Oct. 31, 2019 | $ 698 | 2,768,138 | (9,581,438) | 334,363 | (6,478,239) | |
Beginning balance, shares at Oct. 31, 2019 | 69,874,850 | |||||
Net loss | (478,666) | |||||
Foreign currency translation gain (loss) | (54,248) | |||||
Ending balance, value at Jul. 31, 2020 | $ 700 | 2,782,541 | 6,667 | (10,063,030) | 280,115 | (6,993,007) |
Ending balance, shares at Jul. 31, 2020 | 69,974,850 | |||||
Beginning balance, value at Jan. 31, 2020 | $ 698 | 2,771,527 | (9,648,153) | 234,073 | (6,641,855) | |
Beginning balance, shares at Jan. 31, 2020 | 69,874,850 | |||||
Shares issued for services | $ 2 | 4,198 | 4,200 | |||
Shares issued for services, shares | 100,000 | |||||
Imputed interest on advances from directors | 3,407 | 3,407 | ||||
Stock-based compensation expenses | 2,267 | 2,267 | ||||
Net loss | (209,652) | (209,652) | ||||
Foreign currency translation gain (loss) | 121,584 | 121,584 | ||||
Ending balance, value at Apr. 30, 2020 | $ 2 | 7,605 | 2,267 | (209,652) | 121,584 | (6,720,049) |
Ending balance, shares at Apr. 30, 2020 | 100,000 | |||||
Imputed interest on advances from directors | 3,409 | 3,409 | ||||
Stock-based compensation expenses | 4,400 | 4,400 | ||||
Net loss | (205,225) | (205,225) | ||||
Foreign currency translation gain (loss) | (75,542) | (75,542) | ||||
Ending balance, value at Jul. 31, 2020 | $ 700 | 2,782,541 | 6,667 | (10,063,030) | 280,115 | (6,993,007) |
Ending balance, shares at Jul. 31, 2020 | 69,974,850 | |||||
Beginning balance, value at Oct. 31, 2020 | $ 702 | 2,824,279 | 8,160 | (10,256,364) | 21,425 | (7,401,798) |
Beginning balance, shares at Oct. 31, 2020 | 70,224,850 | |||||
Imputed interest on advances from directors | 3,553 | 3,553 | ||||
Stock-based compensation expenses | 4,542 | 4,542 | ||||
Net loss | (172,044) | (172,044) | ||||
Foreign currency translation gain (loss) | (266,966) | (266,966) | ||||
Ending balance, value at Jan. 31, 2021 | $ 702 | 2,827,832 | 12,702 | (10,428,408) | (245,541) | (7,832,713) |
Ending balance, shares at Jan. 31, 2021 | 70,224,850 | |||||
Beginning balance, value at Oct. 31, 2020 | $ 702 | 2,824,279 | 8,160 | (10,256,364) | 21,425 | (7,401,798) |
Beginning balance, shares at Oct. 31, 2020 | 70,224,850 | |||||
Net loss | (559,846) | |||||
Foreign currency translation gain (loss) | (232,900) | |||||
Ending balance, value at Jul. 31, 2021 | $ 702 | 2,835,707 | 8,953 | (10,816,210) | (211,475) | (8,182,323) |
Ending balance, shares at Jul. 31, 2021 | 70,224,850 | |||||
Beginning balance, value at Jan. 31, 2021 | $ 702 | 2,827,832 | 12,702 | (10,428,408) | (245,541) | (7,832,713) |
Beginning balance, shares at Jan. 31, 2021 | 70,224,850 | |||||
Imputed interest on advances from directors | 3,826 | 3,826 | ||||
Stock-based compensation expenses | (18) | (18) | ||||
Net loss | (189,089) | (189,089) | ||||
Foreign currency translation gain (loss) | 48,854 | 48,854 | ||||
Ending balance, value at Apr. 30, 2021 | $ 702 | 2,831,658 | 12,684 | (10,617,497) | (196,687) | (7,969,140) |
Ending balance, shares at Apr. 30, 2021 | 70,224,850 | |||||
Imputed interest on advances from directors | 4,049 | 4,049 | ||||
Stock-based compensation expenses | (3,731) | (3,731) | ||||
Net loss | (198,713) | (198,713) | ||||
Foreign currency translation gain (loss) | (14,788) | (14,788) | ||||
Ending balance, value at Jul. 31, 2021 | $ 702 | $ 2,835,707 | $ 8,953 | $ (10,816,210) | $ (211,475) | $ (8,182,323) |
Ending balance, shares at Jul. 31, 2021 | 70,224,850 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss attributable to ABMT common stockholders | $ (559,846) | $ (478,666) |
Adjustments to reconcile net loss to cash used in operating activities | ||
Depreciation on property & equipment | 10,885 | |
Depreciation on operating lease right-of-use assets | 23,836 | 13,014 |
Imputed interest | 11,428 | 32,268 |
Interest on operating lease liabilities | 1,132 | 10,205 |
Interest on car loans | 906 | 3,300 |
Stock-based compensation expenses | 793 | 10,867 |
Loss on disposal of property and equipment | 24 | |
Net exchange difference | 2 | (3) |
Changes in operating assets and liabilities (Increase)/Decrease in: | ||
Inventory | (84,772) | (15,557) |
Other receivables and prepaid expenses | (18,421) | 15,329 |
Depreciation allocated to inventory | 6,018 | 6,901 |
Increase/(Decrease) in: | ||
Trade payables and contract liabilities | (230,449) | 305,359 |
Other payables and accrued expenses | 95,426 | (8,529) |
Net cash used in operating activities | (743,038) | (105,512) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of property and equipment | (51,449) | (29,692) |
Net cash used in investing activities | (51,449) | (29,692) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Due to a stockholder | 35,774 | 41,753 |
Due to directors | 29,576 | 16,226 |
Due to related parties | 555,811 | 121,864 |
Principal element of operating lease payments | (25,363) | (32,568) |
Interest element of operating lease payments | (1,132) | (3,300) |
Interest on car loan | (906) | |
Net cash provided by financing activities | 593,760 | 143,975 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 6,046 | 111 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (194,681) | 8,882 |
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF PERIOD | 201,664 | 5,592 |
CASH AND CASH EQUIVALENTS AT THE END OF PERIOD | 6,983 | 14,474 |
Supplemental of cash flow information | ||
Interest income | 94 | 18 |
Other non cash items | ||
Interest expenses | $ 226,713 | $ 243,246 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Jul. 31, 2021 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION | NOTE 1 BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of the management, the unaudited condensed consolidated financial statements contain adjustments considered necessary to present fairly the Company’s financial position as of July 31, 2021, the consolidated results of operations for the three and nine months ended July 31, 2021 and 2020 and consolidated statements of cash flows for the nine months ended July 31, 2021 and 2020 on an accrual basis and in accordance with accounting principles generally accepted in the United States of America for interim financial information and rules and regulations of the SEC. The consolidated results for the three and nine months ended July 31, 2021 are not necessarily indicative of the results to be expected for the entire fiscal year ending October 31, 2021. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes for the year ended October 31, 2020 appearing in the Company’s annual report on Form 10-K as filed with the Securities and Exchange Commission on Jan 29, 2021 The reporting currency of the Company is US dollar. |
ORGANIZATION
ORGANIZATION | 9 Months Ended |
Jul. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION | NOTE 2 ORGANIZATION Advanced BioMedical Technologies, Inc. (fka “Geostar Mineral Corporation” or “Geostar”) (“ABMT”) was incorporated in Nevada on September 12, 2006. Shenzhen Changhua Biomedical Engineering Company Limited (“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 70 30 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, one Class II permit and one Class I permit from the National Medical Products Administration of the PRC (“NMPA”), formally the China Food and Drug Administration (“CFDA”) and the State Food and Drug Administration (“SFDA”) of the PRC. The Company holds four patents issued by the State Intellectual Property Office of the P.R.C. (“SIPO”). Masterise Holdings Limited (“Masterise”) was incorporated in the British Virgin Islands on May 31, 2007 as an investment holding company and was then owned as to 63 70 37 On January 29, 2008, Masterise entered into a Share Purchase Agreement (“the Agreement”) with a stockholder of Shenzhen Changhua whereupon Masterise acquired 70 64,100 On December 31, 2008, ABMT consummated a Share Exchange Agreement (“the Exchange Agreement”) with the stockholders of Masterise pursuant to which ABMT issued 50,000 100 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 5,000 4,438,250 On consummation of the Exchange Agreement and the Affiliate Agreement, the 70 80.7 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
PRINCIPLES OF CONSOLIDATION | 9 Months Ended |
Jul. 31, 2021 | |
Principles Of Consolidation | |
PRINCIPLES OF CONSOLIDATION | NOTE 3 PRINCIPLES OF CONSOLIDATION The accompanying condensed consolidated financial statements include the financial statements of ABMT and its wholly owned subsidiaries, Masterise and its 70 30 All significant inter-company balances and transactions have been eliminated in consolidation. |
USE OF ESTIMATES
USE OF ESTIMATES | 9 Months Ended |
Jul. 31, 2021 | |
Use Of Estimates | |
USE OF ESTIMATES | NOTE 4 USE OF ESTIMATES The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America 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. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Jul. 31, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 5 RELATED PARTY TRANSACTIONS As of July 31, 2021 and October 31, 2020, the Company owed a stockholder $ 915,627 880,108 7 As of July 31, 2021 and October 31, 2020, the Company owed four related parties a total of $ 5,433,540 4,705,512 7 Total interest expenses on advances from a stockholder and the related parties accrued for the three and nine months ended July 31, 2021 and 2020 were $ 76,885 79,615 225,581 239,946 As of July 31, 2021 and October 31, 2020, the Company owed $ 347,889 and $ 308,031 respectively, to three directors for advances made on an unsecured basis, repayable on demand and interest free. Imputed interest charged at 5 4,049 3,409 11,428 10,205 Sales for the three and nine months ended 31 July 2021 and 2020 of US$ 180 , US$ 961 , US$ 47,508 and US$ 48,491 and nil respectively were made to a company in which Mr. Chen Tie Jun has a significant equity interest. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Jul. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 6 COMMITMENTS AND CONTINGENCIES Leases Pursuant to ASC 842, the Company measures right-of-use assets and recognizes lease liabilities for all leases, with exemptions for low-value assets and short-term leases of 12 months or less. The Company recognises lease liabilities and the underlying right-of-use assets in respect of two operating leases with unrelated parties for factory space and director’s quarter in the P.R.C., which are non-cancelable and expiring on dates between 28 March 2021 and 30 April 2022, and do not include options to renew. The depreciable life of right-of use assets are limited by the term of leases. As of July 31, 2021, the Company has future lease payments as follows: SCHEDULE OF FUTURE MINIMUM LEASE OBLIGATIONS OF OPERATING LEASES For the year ending October 31, 2021 $ 27,860 2022 10,370 Total lease payment payables 38,230 Short-term lease not recognized as a liability (26,003 ) Lease of low-value assets not capitalized (1,083 ) Less: Interest element (318 ) Total lease liabilities 10,826 Lease liabilities, current portion (10,826 ) Lease liabilities, non-current portion $ - Capital commitments As of July 31, 2021, the Company has no |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 9 Months Ended |
Jul. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | NOTE 7 FAIR VALUE OF FINANCIAL INSTRUMENTS The Financial Accounting Standards Board (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 a stockholder, directors 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. |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 9 Months Ended |
Jul. 31, 2021 | |
Recent Accounting Pronouncements | |
RECENT ACCOUNTING PRONOUNCEMENTS | NOTE 8 RECENT ACCOUNTING PRONOUNCEMENTS There has been no newly effective accounting pronouncement that has significance, or potential significance, to our consolidated financial statements. 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 pronouncements and take action to adopt them as required. |
GOING CONCERN
GOING CONCERN | 9 Months Ended |
Jul. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | NOTE 9 GOING CONCERN As reflected in the accompanying unaudited condensed consolidated financial statements, the Company has an accumulated deficit of $ 10,816,210 559,846 8,336,260 743,038 Management has taken the following steps to revise its operating and financial requirements, which it believes are sufficient to provide the Company with the ability to continue as a going concern. The Company is actively pursuing additional funding and strategic partners, which will enable the Company to implement its business plan. Management believes that these actions as successful will allow the Company to continue its operations through the next fiscal year. |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 9 Months Ended |
Jul. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
SCHEDULE OF FUTURE MINIMUM LEASE OBLIGATIONS OF OPERATING LEASES | As of July 31, 2021, the Company has future lease payments as follows: SCHEDULE OF FUTURE MINIMUM LEASE OBLIGATIONS OF OPERATING LEASES For the year ending October 31, 2021 $ 27,860 2022 10,370 Total lease payment payables 38,230 Short-term lease not recognized as a liability (26,003 ) Lease of low-value assets not capitalized (1,083 ) Less: Interest element (318 ) Total lease liabilities 10,826 Lease liabilities, current portion (10,826 ) Lease liabilities, non-current portion $ - |
ORGANIZATION (Details Narrative
ORGANIZATION (Details Narrative) - USD ($) | Dec. 31, 2008 | Jan. 29, 2008 | May 31, 2007 | Sep. 25, 2002 | Jul. 31, 2021 |
Share Exchange Agreement [Member] | Parent Company [Member] | |||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||
Ownership acquired | 100.00% | ||||
Stock issued in acquisition, shares | 50,000 | ||||
Majority Shareholder [Member] | Masterise [Member] | |||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||
Ownership acquired | 70.00% | ||||
Stock sold per affiliate agreement, shares | 4,438,250 | ||||
Majority Shareholder [Member] | Parent Company [Member] | |||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||
Ownership acquired | 80.70% | ||||
Stock sold per affiliate agreement, shares | 5,001,000 | ||||
Stock sold per affiliate agreement | $ 5,000 | ||||
Shenzhen Changhua [Member] | |||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||
Registered capital | $ 724,017 | ||||
Ownership interest - majority stockholder | 70.00% | ||||
Ownership interest - minority stockholder | 30.00% | ||||
Shenzhen Changhua [Member] | Majority Shareholder [Member] | |||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||
Ownership acquired | 70.00% | ||||
Masterise [Member] | |||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||
Ownership interest - majority stockholder | 63.00% | ||||
Ownership interest - minority stockholder | 37.00% | ||||
Masterise [Member] | Parent Company [Member] | |||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||
Ownership acquired | 70.00% | ||||
Masterise [Member] | Share Purchase Agreement [Member] | Shenzhen Changhua [Member] | |||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||
Ownership acquired | 70.00% | ||||
Payment for acquisition | $ 64,100 |
PRINCIPLES OF CONSOLIDATION (De
PRINCIPLES OF CONSOLIDATION (Details Narrative) - Parent Company [Member] | Jul. 31, 2021 |
Masterise [Member] | |
Condensed Cash Flow Statements, Captions [Line Items] | |
Equity method investment ownership percentage | 70.00% |
Shenzhen Changhua [Member] | |
Condensed Cash Flow Statements, Captions [Line Items] | |
Ownership by non-controlling stockholders | 30.00% |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | Oct. 31, 2020 | |
Related Party Transaction [Line Items] | |||||
Due to stockholder | $ 915,627 | $ 915,627 | $ 880,108 | ||
Interest rate | 7.00% | ||||
Due to related parties | 5,433,540 | $ 5,433,540 | 4,705,512 | ||
Interest expenses on advances from stockholder and related parties | 76,885 | $ 79,615 | 225,581 | $ 239,946 | |
Due to directors | $ 347,889 | $ 347,889 | 308,031 | ||
Imputed interest rate | 5.00% | 5.00% | 5.00% | 5.00% | |
Imputed interests | $ 4,049 | $ 3,409 | $ 11,428 | $ 10,205 | |
Net sales | 180 | 961 | 47,508 | 61,251 | |
Mr Chen Tie Jun [Member] | |||||
Related Party Transaction [Line Items] | |||||
Net sales | 180 | $ 961 | $ 47,508 | $ 48,491 | |
Four Related Parties [Member] | |||||
Related Party Transaction [Line Items] | |||||
Interest rate | 7.00% | ||||
Due to related parties | $ 5,433,540 | $ 5,433,540 | $ 4,705,512 |
SCHEDULE OF FUTURE MINIMUM LEAS
SCHEDULE OF FUTURE MINIMUM LEASE OBLIGATIONS OF OPERATING LEASES (Details) - USD ($) | Jul. 31, 2021 | Oct. 31, 2020 |
Commitments and Contingencies Disclosure [Abstract] | ||
2021 | $ 27,860 | |
2022 | 10,370 | |
Total lease payment payables | 38,230 | |
Short-term lease not recognized as a liability | (26,003) | |
Lease of low-value assets not capitalized | (1,083) | |
Less: Interest element | (318) | |
Total lease liabilities | 10,826 | |
Lease liabilities, current portion | (10,826) | $ (28,028) |
Lease liabilities, non-current portion | $ 7,029 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details Narrative) | 9 Months Ended |
Jul. 31, 2021USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Operating lease, description | The Company recognises lease liabilities and the underlying right-of-use assets in respect of two operating leases with unrelated parties for factory space and director’s quarter in the P.R.C., which are non-cancelable and expiring on dates between 28 March 2021 and 30 April 2022, and do not include options to renew. The depreciable life of right-of use assets are limited by the term of leases. |
Outstanding commitment | $ 0 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | Oct. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Accumulated deficit | $ 10,816,210 | $ 10,816,210 | $ 10,256,364 | ||
Net loss | 198,713 | $ 205,225 | 559,846 | $ 478,666 | |
Working capital deficit | $ 8,336,260 | 8,336,260 | |||
Net cash generated used in in operating activities | $ 743,038 | $ 105,512 |