Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Jul. 31, 2016 | Sep. 19, 2016 | |
Document And Entity Information | ||
Entity Registrant Name | INNOVATIVE DESIGNS INC | |
Entity Central Index Key | 1,190,370 | |
Document Type | 10-Q | |
Trading Symbol | IVDN | |
Document Period End Date | Jul. 31, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --10-31 | |
Entity a Well-known Seasoned Issuer | No | |
Entity a Voluntary Filer | No | |
Entity's Reporting Status Current | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 25,370,310 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,016 |
CONDENSED BALANCE SHEETS (Unaud
CONDENSED BALANCE SHEETS (Unaudited) - USD ($) | Jul. 31, 2016 | Oct. 31, 2015 |
CURRENT ASSETS | ||
Cash | $ 798,368 | $ 1,151,904 |
Accounts receivable | 57,814 | 85,827 |
Inventory - net of obsolete inventory reserve of $40,000 | 977,767 | 924,054 |
Inventory on consignment | 1,625 | |
Deposits on inventory | 78,320 | |
Prepaid expenses | 12,644 | 7,619 |
Total current assets | 1,848,218 | 2,247,724 |
PROPERTY AND EQUIPMENT - NET | 149,115 | 51,200 |
OTHER ASSETS | ||
Advance to employee | 4,000 | |
Deposits on equipment | 607,000 | 420,000 |
TOTAL ASSETS | 2,608,333 | 2,718,924 |
CURRENT LIABILITIES | ||
Accounts payable | 93,850 | 119,360 |
Current portion of notes payable | 15,467 | 14,657 |
Accrued interest expense | 58,233 | 78,251 |
Due to shareholders | 174,500 | 354,130 |
Accrued expenses | 97,155 | 92,533 |
Total current liabilities | 439,205 | 658,931 |
Long-term portion of notes payable | 201,454 | 235,146 |
TOTAL LIABILITIES | 640,659 | 894,077 |
STOCKHOLDERS' EQUITY | ||
Preferred stock, $0.0001 par value, 25,000,000 shares authorized | ||
Common stock, $0.0001 par value, 100,000,000 shares authorized, and 25,340,310 and 24,371,310 issued and outstanding as of July 31, 2016 and October 31, 2015 | 2,534 | 2,437 |
Additional paid-in capital | 9,440,677 | 8,902,744 |
Accumulated deficit | (7,475,537) | (7,080,334) |
Total stockholders' equity | 1,967,674 | 1,824,847 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 2,608,333 | $ 2,718,924 |
CONDENSED BALANCE SHEETS (Unau3
CONDENSED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) | Jul. 31, 2016 | Oct. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Inventory obsolete reserve | $ 40,000 | $ 40,000 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, authorized | 25,000,000 | 25,000,000 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, authorized | 100,000,000 | 100,000,000 |
Common stock, issued | 25,340,310 | 24,371,310 |
Common stock, outstanding | 25,340,310 | 24,371,310 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2016 | Jul. 31, 2015 | Jul. 31, 2016 | Jul. 31, 2015 | |
Income Statement [Abstract] | ||||
REVENUES - NET | $ 159,643 | $ 46,593 | $ 497,807 | $ 549,374 |
OPERATING EXPENSES: | ||||
Cost of sales | 75,944 | 24,903 | 258,895 | 277,817 |
Selling, general and administrative expenses | 184,999 | 224,426 | 580,953 | 541,207 |
Total operating expense | 260,943 | 249,329 | 839,848 | 819,024 |
LOSS FROM OPERATIONS | (101,300) | (202,736) | (342,041) | (269,650) |
OTHER INCOME/(EXPENSE) | ||||
Miscellaneous income | 390 | |||
Interest expense | (15,156) | (31,227) | (53,162) | (70,736) |
Total other expense | (15,156) | (31,227) | (53,162) | (70,346) |
NET LOSS | $ (116,456) | $ (233,963) | $ (395,203) | $ (339,996) |
PER SHARE INFORMATION | ||||
Net Loss Per Common Share (in dollars per share) | $ (0.005) | $ (0.010) | $ (0.016) | $ (0.015) |
Weighted Average Number of Common Shares Outstanding (in shares) | 25,340,310 | 23,708,444 | 25,045,664 | 23,153,055 |
CONDENSED STATEMENTS OF CHANGES
CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Total |
Balance at beginning at Oct. 31, 2014 | $ 2,244 | $ 7,522,487 | $ (6,568,734) | $ 955,997 |
Balance at beginning (in shares) at Oct. 31, 2014 | 22,438,043 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Shares issued for services | $ 10 | 98,990 | 99,000 | |
Shares issued for services (in shares) | 107,000 | |||
Shares issued for debt conversion | $ 12 | 91,988 | 92,000 | |
Shares issued for debt conversion (in shares) | 122,667 | |||
Sale of stock | $ 171 | 1,189,279 | 1,189,450 | |
Sale of stock (in shares) | 1,703,600 | |||
Net loss | (511,600) | (511,600) | ||
Balance at end at Oct. 31, 2015 | $ 2,437 | 8,902,744 | (7,080,334) | 1,824,847 |
Balance at end (in shares) at Oct. 31, 2015 | 24,371,310 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net loss | (278,747) | |||
Balance at end at Apr. 30, 2016 | 2,084,130 | |||
Balance at beginning at Oct. 31, 2015 | $ 2,437 | 8,902,744 | (7,080,334) | 1,824,847 |
Balance at beginning (in shares) at Oct. 31, 2015 | 24,371,310 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Shares issued for services related to fixed asset additions | $ 3 | 23,997 | 24,000 | |
Shares issued for services related to fixed asset additions (in shares) | 30,000 | |||
Shares issued for services | $ 9 | 52,191 | 52,200 | |
Shares issued for services (in shares) | 90,000 | |||
Sale of stock | $ 85 | 461,745 | 461,830 | |
Sale of stock (in shares) | 849,000 | |||
Net loss | (395,203) | (395,203) | ||
Balance at end at Jul. 31, 2016 | $ 2,534 | 9,440,677 | (7,475,537) | 1,967,674 |
Balance at end (in shares) at Jul. 31, 2016 | 25,340,310 | |||
Balance at beginning at Apr. 30, 2016 | 2,084,130 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Shares issued for services | $ 24,000 | |||
Shares issued for services (in shares) | 30,000 | |||
Net loss | $ (116,456) | |||
Balance at end at Jul. 31, 2016 | $ 2,534 | $ 9,440,677 | $ (7,475,537) | $ 1,967,674 |
Balance at end (in shares) at Jul. 31, 2016 | 25,340,310 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 9 Months Ended | |
Jul. 31, 2016 | Jul. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (395,203) | $ (339,996) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Common stock issued for services | 52,200 | 57,000 |
Amortization | 999 | |
Depreciation | 14,384 | 7,226 |
Increase (decrease) from changes in: | ||
Accounts receivable | 28,013 | 29,116 |
Other receivable | 30,000 | |
Inventory | (53,713) | (39,992) |
Inventory on consignment | (1,625) | |
Deposits on inventory | 78,320 | |
Prepaid expenses | (5,025) | (4,922) |
Advance to employee | (4,000) | |
Accounts payable | (25,510) | (32,308) |
Accrued interest expense | (20,018) | 43,664 |
Accrued expenses | 4,622 | 9,088 |
Net cash used in operating activities | (327,555) | (240,125) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Deposits on equipment | (187,000) | (200,000) |
Capital expenditures | (88,299) | |
Net cash used in investing activities | (275,299) | (200,000) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from sale of stock | 461,830 | 1,086,950 |
Payments on shareholder advances | (179,630) | (70,000) |
Proceeds from shareholder advances | 69,130 | |
Payments on notes payable | (32,882) | (128,135) |
Net cash provided by financing activities | 249,318 | 957,945 |
Net (decrease) increase in cash | (353,536) | 517,820 |
CASH, BEGINNING OF YEAR | 1,151,904 | 988,681 |
CASH, END OF THE PERIOD | 798,368 | 1,506,501 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 73,180 | 27,072 |
Supplemental schedule of noncash financing activies: | ||
Stock issued for services related to fixed asset additions | 24,000 | |
Stock issuance for conversion of accrued interest | $ 92,000 |
Accounting Changes and Error Co
Accounting Changes and Error Corrections | 9 Months Ended |
Jul. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Accounting Changes and Error Corrections | NOTE 1. In the opinion of management, the accompanying unaudited financial statements contain all adjustments necessary to present fairly Innovative Designs, Inc.s financial position as of July 31, 2016, the changes therein for the three and nine month periods then ended and the results of operations for the three and nine month periods ended July 31, 2016 and 2015. |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Jul. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | NOTE 2. The financial statements included in the Form 10-Q are presented in accordance with the requirements of the Form and do not include all of the disclosures required by accounting principles generally accepted in the United States of America. For additional information, reference is made to the Companys annual report on Form 10-K for the fiscal year ended October 31, 2015. The results of operations for the three and nine month periods ended July 31, 2016 and 2015 are not necessarily indicative of operating results for the full year. |
INVENTORY
INVENTORY | 9 Months Ended |
Jul. 31, 2016 | |
Inventory Disclosure [Abstract] | |
INVENTORY | NOTE 3. INVENTORY Inventory consists principally of purchased apparel inventory and House Wrap which is manufactured by the Company. Inventory is stated at the lower of cost or net realizable value on a first-in, first-out basis. Innovative Designs, Inc. (the Company) has decided to discontinue the manufacturing of its hunting and swimming line of apparel. The Company has booked a reserve against this inventory at July 31, 2016 and October 31, 2015 of $40,000. Management will continue to evaluate its obsolete inventory reserve throughout the year and make adjustments as needed. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 9 Months Ended |
Jul. 31, 2016 | |
PER SHARE INFORMATION | |
EARNINGS PER SHARE | NOTE 4. EARNINGS PER SHARE The Company calculates net income (loss) per share in accordance with Financial Accounting Standards Board (FASB) Accounting Standard Codification (ASC) Topic 260 Earnings per Share |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Jul. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 5. INCOME TAXES The Company accounts for income taxes in accordance with ASC Topic 740 "Income Taxes" Deferred income taxes are provided for differences between the tax bases of assets and liabilities and the financial reporting amounts at the end of the period, and for net operating loss and tax credit carryforwards available to offset future taxable income. Changes in enacted tax rates or laws result in adjustments to recorded deferred tax assets and liabilities in the periods in which the tax laws are enacted or tax rates are changed. The Company will continue to evaluate its income tax obligation throughout the year and will record a tax provision when it is necessary. |
SHIPPING AND HANDLING COSTS
SHIPPING AND HANDLING COSTS | 9 Months Ended |
Jul. 31, 2016 | |
Shipping And Handling Costs | |
SHIPPING AND HANDLING COSTS | NOTE 6. SHIPPING AND HANDLING COSTS The Company pays shipping and handling costs on behalf of customers for purchased apparel merchandise. These costs are billed back to the customer through the billing invoice. The shipping and handling costs associated with merchandise ordered by the Company are included as part of inventory as these costs are allocated across the merchandise received. With House Wrap orders, the customer pays the shipping cost. The shipping and handling costs associated with customer orders was approximately $25,000 and $29,000 for the nine month periods ended July 31, 2016 and 2015, respectively. |
COMMON STOCK
COMMON STOCK | 9 Months Ended |
Jul. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
COMMON STOCK | NOTE 7. COMMON STOCK During the three month period ended January 31, 2016, the Company sold its stock to seven investors. The stock was issued for prices from $0.54 - $0.60 per share. A total of 579,000 shares of common stock were sold, resulting in proceeds of $314,830. In addition, the Company issued 90,000 shares to three individuals for services performed during the period. The shares issued were valued at $0.50 - $0.73 per share or an aggregate price of $52,200. We believe that Section 4(2) of the Securities Act of 1933, as amended, was available because these transactions did not involve a public offering and there was no general solicitation or general advertising involved in these transactions. We placed legends on the stock certificates stating that the securities were not registered under the Securities Act and set forth the restrictions on their transferability and sale. During the three month period ended April 30, 2016, the Company sold its stock to three investors. The stock was issued for prices from $0.52-$0.55 per share. A total of 270,000 shares of common stock were sold, resulting in proceeds of $147,000. In addition, the Company issued 30,000 shares for services performed related to fixed asset additions during March 2016. The shares were issued at $0.80 per share or an aggregate price of $24,000. We believe that Section 4(2) of the Securities Act of 1933, as amended, was available because these transactions did not involve a public offering and there was no general solicitation or general advertising involved in these transactions. We placed legends on the stock certificates stating that the securities were not registered under the Securities Act and set forth the restrictions on their transferability and sale. During the three month period ended July 31, 2016, there was no stock sold or issued. |
DEPOSITS ON EQUIPMENT
DEPOSITS ON EQUIPMENT | 9 Months Ended |
Jul. 31, 2016 | |
Deposit Assets [Abstract] | |
DEPOSITS ON EQUIPMENT | NOTE 8. DEPOSITS ON EQUIPMENT On July 12, 2015 the Company reached an agreement with Ketut Jaya to purchase the machinery and equipment utilized to produce the INSULTEX material. The purchase price is $700,000 which was to be paid in four installments. The first installment of $300,000 was to be paid at the execution of the agreement. The second installment of $200,000 was to be paid when the machinery and equipment is ready to be shipped to the United States. The third installment of $100,000 is to be paid once the machinery and equipment is producing INSULTEX, and the fourth and final installment of $100,000 is to made after the first commercial production run of INSULTEX is completed. As of July 31, 2016, the Company has made payments of $590,000. Additionally, the Company has incurred $17,000 of additional expenses related to shipping, site improvements and installation of the equipment. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 9 Months Ended |
Jul. 31, 2016 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | NOTE 9. SEGMENT INFORMATION We have organized our operations into two segments. We rely on an internal management reporting process that provides segment information for purposes of making financial decisions and allocating resources. The following tables present our business segment information for the Nine month periods ended July 31, 2016 and 2015: 2016 2015 Revenues: Apparel $ 195,949 $ 328,820 Housewrap 301,858 220,554 Total Revenues $ 497,807 $ 549,374 Assets: Apparel $ 1,316,622 $ 1,985,066 Housewrap 1,291,711 742,946 Total $ 2,608,333 $ 2,728,012 Capital Expenditures: Housewrap $ 88,299 $ - Total $ 88,299 $ - Depreciation: Apparel $ 1,388 $ 1,395 Housewrap 12,996 5,831 Total $ 14,384 $ 7,226 |
CORRECTION OF AN ERROR
CORRECTION OF AN ERROR | 9 Months Ended |
Jul. 31, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
CORRECTION OF AN ERROR | NOTE 10. CORRECTION OF AN ERROR While preparing the interim financial statements, management became aware of an error in inventory related to the cost calculation for House Wrap that was produced during the 2016. This error has been adjusted for in the financial statements for the period ended July 31, 2016, but resulted in an overstatement of cost of goods sold by $13,972, an overstatement of inventory by $8,841, and an overstatement of accrued expenses of $22,813 during the period ended April 30, 2016. The following tables summarize the corrections of previously reported amounts: Three Month Periods Ended April 30, Six Month Periods Ended April 30, 2016 2016 as report as adjusted as report as adjusted Statement of Operations Cost of sales $ 84,197 $ 70,225 $ 182,951 $ 168,979 Loss from operations (126,009 ) (112,037 ) (240,741 ) (226,769 ) Net loss $ (145,535 ) $ (131,563 ) $ (278,747 ) $ (264,775 ) Net Loss Per Common Share $ (0.006 ) $ (0.005 ) $ (0.011 ) $ (0.011 ) Six Month Periods Ended April 30, 2016 as report as adjusted Balance Sheet Inventory - net of obsolete inventory reserve of $40,000 $ 1,008,165 $ 999,324 Total Asset 2,841,660 2,832,819 Accrued expenses 150,828 128,015 Total Liabilities 757,530 734,717 Stockholders Equity 2,084,130 2,098,102 Total Liabilities And Stockholders Equity $ 2,841,660 $ 2,832,819 Six Month Periods Ended April 30, 2016 as report as adjusted Statement of Stockholders Equity Net loss $ (278,747 ) $ (264,775 ) Stockholders deficit (7,359,081 ) (7,345,109 ) Total stockholders equity $ 2,084,130 $ 2,098,102 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Jul. 31, 2016 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 11. SUBSEQUENT EVENTS The Company has evaluated subsequent events in accordance with ASC Topic 855, Subsequent Events In September 2016, the Company issued 30,000 shares of its common stock for professional services at $0.50 per share, or $15,000. |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 9 Months Ended |
Jul. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of business segment information | The following tables present our business segment information for the Nine month periods ended July 31, 2016 and 2015: 2016 2015 Revenues: Apparel $ 195,949 $ 328,820 Housewrap 301,858 220,554 Total Revenues $ 497,807 $ 549,374 Assets: Apparel $ 1,316,622 $ 1,985,066 Housewrap 1,291,711 742,946 Total $ 2,608,333 $ 2,728,012 Capital Expenditures: Housewrap $ 88,299 $ - Total $ 88,299 $ - Depreciation: Apparel $ 1,388 $ 1,395 Housewrap 12,996 5,831 Total $ 14,384 $ 7,226 |
CORRECTION OF AN ERROR (Tables)
CORRECTION OF AN ERROR (Tables) | 9 Months Ended |
Jul. 31, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of corrections of previously reported amounts | The following tables summarize the corrections of previously reported amounts: Three Month Periods Ended April 30, Six Month Periods Ended April 30, 2016 2016 as report as adjusted as report as adjusted Statement of Operations Cost of sales $ 84,197 $ 70,225 $ 182,951 $ 168,979 Loss from operations (126,009 ) (112,037 ) (240,741 ) (226,769 ) Net loss $ (145,535 ) $ (131,563 ) $ (278,747 ) $ (264,775 ) Net Loss Per Common Share $ (0.006 ) $ (0.005 ) $ (0.011 ) $ (0.011 ) Six Month Periods Ended April 30, 2016 as report as adjusted Balance Sheet Inventory - net of obsolete inventory reserve of $40,000 $ 1,008,165 $ 999,324 Total Asset 2,841,660 2,832,819 Accrued expenses 150,828 128,015 Total Liabilities 757,530 734,717 Stockholders Equity 2,084,130 2,098,102 Total Liabilities And Stockholders Equity $ 2,841,660 $ 2,832,819 Six Month Periods Ended April 30, 2016 as report as adjusted Statement of Stockholders Equity Net loss $ (278,747 ) $ (264,775 ) Stockholders deficit (7,359,081 ) (7,345,109 ) Total stockholders equity $ 2,084,130 $ 2,098,102 |
INVENTORY (Details Narrative)
INVENTORY (Details Narrative) - USD ($) | Jul. 31, 2016 | Apr. 30, 2016 | Oct. 31, 2015 |
Inventory Disclosure [Abstract] | |||
Inventory valuation reserves | $ 40,000 | $ 40,000 | $ 40,000 |
SHIPPING AND HANDLING COSTS (De
SHIPPING AND HANDLING COSTS (Details Narrative) - USD ($) | 9 Months Ended | |
Jul. 31, 2016 | Jul. 31, 2015 | |
Shipping And Handling Costs | ||
Shipping and handling costs | $ 25,000 | $ 29,000 |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jul. 31, 2016 | Apr. 30, 2016 | Jan. 31, 2016 | Jul. 31, 2016 | Oct. 31, 2015 | |
Value of shares issued during the period | $ 461,830 | $ 1,189,450 | |||
Share price (in dollars per share) | $ 0.80 | $ 0.80 | |||
Number of shares issued for services | 30,000 | ||||
Value of shares issued for services | $ 24,000 | $ 52,200 | $ 99,000 | ||
Seven Investors [Member] | |||||
Number of shares issued during the period | 579,000 | ||||
Value of shares issued during the period | $ 314,830 | ||||
Seven Investors [Member] | Minimum [Member] | |||||
Share price (in dollars per share) | $ 0.54 | ||||
Seven Investors [Member] | Maximum [Member] | |||||
Share price (in dollars per share) | $ 0.60 | ||||
Three Individuals [Member] | |||||
Number of shares issued for services | 90,000 | ||||
Value of shares issued for services | $ 52,200 | ||||
Three Individuals [Member] | Minimum [Member] | |||||
Share price (in dollars per share) | $ 0.50 | ||||
Three Individuals [Member] | Maximum [Member] | |||||
Share price (in dollars per share) | $ 0.73 | ||||
Three Investors [Member] | |||||
Number of shares issued during the period | 270,000 | ||||
Value of shares issued during the period | $ 147,000 | ||||
Three Investors [Member] | Minimum [Member] | |||||
Share price (in dollars per share) | $ 0.52 | ||||
Three Investors [Member] | Maximum [Member] | |||||
Share price (in dollars per share) | $ 0.55 |
DEPOSITS ON EQUIPMENT (Details
DEPOSITS ON EQUIPMENT (Details Narrative) | 9 Months Ended |
Jul. 31, 2016USD ($) | |
Deposit Assets [Abstract] | |
Description of assets contract | The purchase price is $700,000 and to be made in four installments. The first installment of $300,000 is to be made at the execution of the agreement. The second installment of $200,000 is to be made when the machinery and equipment is ready to be shipped to the United States. The third installment of $100,000 is to be made once the machinery and equipment is producing INSULTEX, and the fourth and final installment of $100,000 is to made after the first commercial production run of INSULTEX is completed. |
Purchase price of equipment | $ 700,000 |
First installment for equipment | 300,000 |
Second installment for equipment | 200,000 |
Third installment for equipment | 100,000 |
Fourth installment for equipment | 100,000 |
Deposits on equipment | 590,000 |
Shipping, site improvements and installation of the equipment expenses | $ 17,000 |
SEGMENT INFORMATION (Details Na
SEGMENT INFORMATION (Details Narrative) | 9 Months Ended |
Jul. 31, 2016Number | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) - USD ($) | 3 Months Ended | 8 Months Ended | 9 Months Ended | ||||
Jul. 31, 2016 | Jul. 31, 2015 | Jul. 15, 2015 | Jul. 31, 2016 | Jul. 31, 2015 | Apr. 30, 2016 | Oct. 31, 2015 | |
Total Revenues | $ 159,643 | $ 46,593 | $ 497,807 | $ 549,374 | |||
Total Assets | 2,608,333 | 2,728,012 | 2,608,333 | 2,728,012 | $ 2,841,660 | $ 2,718,924 | |
Total Capital Expenditures | 88,299 | ||||||
Total Depreciation | 14,384 | 7,226 | |||||
Apparel [Member] | |||||||
Total Revenues | 195,949 | 328,820 | |||||
Total Assets | 1,316,622 | 1,985,066 | 1,316,622 | 1,985,066 | |||
Total Depreciation | 1,388 | 1,395 | |||||
Housewrap [Member] | |||||||
Total Revenues | $ 220,554 | 301,858 | |||||
Total Assets | $ 1,291,711 | $ 742,946 | 1,291,711 | $ 742,946 | |||
Total Capital Expenditures | 88,299 | ||||||
Total Depreciation | $ 5,831 | $ 12,996 |
CORRECTION OF AN ERROR (Details
CORRECTION OF AN ERROR (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||
Jul. 31, 2016 | Apr. 30, 2016 | Jul. 31, 2015 | Apr. 30, 2016 | Jul. 31, 2016 | Jul. 31, 2015 | Oct. 31, 2015 | |
Cost of goods sold | $ 75,944 | $ 84,197 | $ 24,903 | $ 182,951 | $ 258,895 | $ 277,817 | |
Inventory | 977,767 | 1,008,165 | 1,008,165 | 977,767 | $ 924,054 | ||
Accrued expenses | $ 97,155 | 150,828 | 150,828 | $ 97,155 | $ 92,533 | ||
Overstatement [Member] | |||||||
Cost of goods sold | 13,972 | ||||||
Inventory | 8,841 | 8,841 | |||||
Accrued expenses | $ 22,813 | $ 22,813 |
CORRECTION OF AN ERROR (Detai27
CORRECTION OF AN ERROR (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||
Jul. 31, 2016 | Apr. 30, 2016 | Jul. 31, 2015 | Apr. 30, 2016 | Jul. 31, 2016 | Jul. 31, 2015 | Oct. 31, 2015 | |
Statement of Operations | |||||||
Cost of sales | $ 75,944 | $ 84,197 | $ 24,903 | $ 182,951 | $ 258,895 | $ 277,817 | |
Loss from operations | (101,300) | (126,009) | (202,736) | (240,741) | (342,041) | (269,650) | |
Net loss | $ (116,456) | $ (145,535) | $ (233,963) | $ (278,747) | $ (395,203) | $ (339,996) | $ (511,600) |
Net Loss Per Common Share | $ (0.005) | $ (0.006) | $ (0.010) | $ (0.011) | $ (0.016) | $ (0.015) | |
Restatement Adjustment [Member] | |||||||
Statement of Operations | |||||||
Cost of sales | $ 70,225 | $ 168,979 | |||||
Loss from operations | (112,037) | (240,741) | |||||
Net loss | $ (131,563) | $ (264,775) | |||||
Net Loss Per Common Share | $ (131,563) | $ (0.011) |
CORRECTION OF AN ERROR (Detai28
CORRECTION OF AN ERROR (Details 1) - USD ($) | Jul. 31, 2016 | Apr. 30, 2016 | Oct. 31, 2015 | Jul. 31, 2015 | Oct. 31, 2014 |
Balance Sheet | |||||
Inventory - net of obsolete inventory reserve of $40,000 | $ 977,767 | $ 1,008,165 | $ 924,054 | ||
Total Asset | 2,608,333 | 2,841,660 | 2,718,924 | $ 2,728,012 | |
Accrued expenses | 97,155 | 150,828 | 92,533 | ||
Total Liabilities | 640,659 | 757,530 | 894,077 | ||
Stockholders Equity | 1,967,674 | 2,084,130 | 1,824,847 | $ 955,997 | |
Total Liabilities And Stockholders Equity | 2,608,333 | 2,841,660 | 2,718,924 | ||
Inventory obsolete reserve | $ 40,000 | 40,000 | $ 40,000 | ||
Restatement Adjustment [Member] | |||||
Balance Sheet | |||||
Inventory - net of obsolete inventory reserve of $40,000 | 999,324 | ||||
Total Asset | 2,832,819 | ||||
Accrued expenses | 128,015 | ||||
Total Liabilities | 734,717 | ||||
Stockholders Equity | 2,098,102 | ||||
Total Liabilities And Stockholders Equity | 2,832,819 | ||||
Inventory obsolete reserve | $ 40,000 |
CORRECTION OF AN ERROR (Detai29
CORRECTION OF AN ERROR (Details 2) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Jul. 31, 2016 | Apr. 30, 2016 | Jul. 31, 2015 | Apr. 30, 2016 | Jul. 31, 2016 | Jul. 31, 2015 | Oct. 31, 2015 | Oct. 31, 2014 | |
Net loss | $ (116,456) | $ (145,535) | $ (233,963) | $ (278,747) | $ (395,203) | $ (339,996) | $ (511,600) | |
Stockholders deficit | (7,475,537) | (7,359,081) | (7,359,081) | (7,475,537) | (7,080,334) | |||
Total stockholders equity | $ 1,967,674 | 2,084,130 | 2,084,130 | $ 1,967,674 | $ 1,824,847 | $ 955,997 | ||
Restatement Adjustment [Member] | ||||||||
Net loss | (131,563) | (264,775) | ||||||
Stockholders deficit | (7,345,109) | (7,345,109) | ||||||
Total stockholders equity | $ 2,098,102 | $ 2,098,102 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Jul. 31, 2016 | Jul. 31, 2016 | Oct. 31, 2015 | |
Number of shares issued for professional service | 30,000 | |||
Value of shares issued for professional service | $ 24,000 | $ 52,200 | $ 99,000 | |
Share price (in dollars per share) | $ 0.80 | $ 0.80 | ||
Subsequent Event [Member] | ||||
Number of shares issued for professional service | 30,000 | |||
Value of shares issued for professional service | $ 15,000 | |||
Share price (in dollars per share) | $ 0.50 |