Cover
Cover - USD ($) | 12 Months Ended | ||
Oct. 31, 2022 | Feb. 08, 2023 | Apr. 30, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Oct. 31, 2022 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2022 | ||
Current Fiscal Year End Date | --10-31 | ||
Entity File Number | 000-51791 | ||
Entity Registrant Name | Innovative Designs, Inc. | ||
Entity Central Index Key | 0001190370 | ||
Entity Tax Identification Number | 03-0465528 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Address, Address Line One | 124 Cherry Street | ||
Entity Address, City or Town | Pittsburgh | ||
Entity Address, City or Town | PA | ||
Entity Address, Postal Zip Code | 15223 | ||
City Area Code | (412) | ||
Local Phone Number | 799-0350 | ||
Title of 12(g) Security | Common Stock, $.0001 par value per share | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | No | ||
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 Public Float | $ 3,298,951 | ||
Entity Common Stock, Shares Outstanding | 35,262,560 | ||
Auditor Name | RW Group, LLC | ||
Auditor Location | Kennett Square, PA | ||
Auditor Firm ID | 5020 |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Oct. 31, 2022 | Oct. 31, 2021 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 263,293 | $ 480,451 |
Accounts receivable - net of allowance for doubtful accounts of $5,860 | 11,203 | 1,201 |
Inventory - net of obsolete inventory reserve of $75,468 | 494,580 | 542,588 |
Current portion of right of use asset | 0 | 40,962 |
Total current assets | 769,076 | 1,065,202 |
PROPERTY AND EQUIPMENT - NET | 5,960 | 7,450 |
OTHER ASSETS | ||
Inventory on consignment | 1,625 | 1,625 |
Advance to employees | 13,200 | 8,200 |
Deposits on inventory | 80,000 | 0 |
Deposits on equipment | 607,370 | 600,000 |
Total other assets | 702,195 | 609,825 |
TOTAL ASSETS | 1,477,231 | 1,682,477 |
CURRENT LIABILITIES | ||
Accounts payable | 162,063 | 228,667 |
Current portion of notes payable | 20,128 | 18,628 |
Current portion of lease liability | 0 | 40,962 |
Accrued interest expense | 46,345 | 43,136 |
Due to stockholders | 110,631 | 188,632 |
Accrued expenses | 3,778 | 25,037 |
Total current liabilities | 342,945 | 545,062 |
LONG-TERM LIABILITIES | ||
Long-term portion of due to stockholders | 66,667 | 133,332 |
Long-term portion of notes payable | 64,547 | 71,722 |
Total long-term liabilities | 131,214 | 205,054 |
TOTAL LIABILITIES | 474,159 | 750,116 |
STOCKHOLDERS' EQUITY | ||
Preferred stock, $0.0001 par value, 25,000,000 shares authorized | 0 | 0 |
Common stock, $0.0001 par value, 100,800,000 shares authorized, and 34,650,560 and 33,315,560 issued and outstanding | 3,467 | 3,333 |
Additional paid-in capital | 11,335,184 | 11,039,118 |
Accumulated deficit | (10,335,579) | (10,110,090) |
Total stockholders' equity | 1,003,072 | 932,361 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 1,477,231 | $ 1,682,477 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - USD ($) | Oct. 31, 2022 | Oct. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 5,860 | $ 5,860 |
Inventory obsolete reserve | $ 75,468 | $ 75,468 |
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 | 100,800,000 | 100,800,000 |
Common stock, issued | 34,650,560 | 33,315,560 |
Common stock, outstanding | 34,650,560 | 33,315,560 |
STATEMENTS OF OPERATIONS
STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Income Statement [Abstract] | ||
REVENUES - NET | $ 258,734 | $ 225,601 |
OPERATING EXPENSES: | ||
Cost of sales | 146,912 | 96,728 |
Selling, general and administrative expenses | 666,239 | 411,716 |
Total Operating Expenses | 813,151 | 508,444 |
LOSS FROM OPERATIONS | (554,417) | (282,843) |
OTHER INCOME (EXPENSE) | ||
Other income | 371,000 | 33,652 |
Loss on disposal of equipment | 0 | (24,429) |
Interest expense | (42,072) | (49,112) |
Total other income (expense) | 328,928 | (39,889) |
NET LOSS | $ (225,489) | $ (322,732) |
PER SHARE INFORMATION - UNDILUTED | ||
Net Loss Per Common Share | $ (0.01) | $ (0.01) |
Weighted Average Number of Common Shares Outstanding | 34,650,560 | 32,263,560 |
PER SHARE INFORMATION - FULLY DILUTED | ||
Net Loss Per Common Share | $ (0.01) | $ (0.01) |
Weighted Average Number of Common Shares Outstanding | 35,330,560 | 32,313,560 |
STATEMENTS OF CHANGES IN STOCKH
STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) | Common Stock [Member] | Common Stock To Be Issued [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Oct. 31, 2020 | $ 3,123 | $ 10,574,828 | $ (9,787,358) | $ 790,593 | |
Beginning balance, shares at Oct. 31, 2020 | 31,211,560 | ||||
Shares issued for services | $ 77 | 130,923 | 131,000 | ||
Shares issued for services, shares | 770,000 | ||||
Sale of stock | $ 133 | 333,367 | 333,500 | ||
Sale of stock, shares | 1,334,000 | ||||
Net loss | (322,732) | (322,732) | |||
Ending balance, value at Oct. 31, 2021 | $ 3,333 | 11,039,118 | (10,110,090) | 932,361 | |
Ending balance, shares at Oct. 31, 2021 | 33,315,560 | ||||
Shares issued for services | $ 88 | 209,912 | 210,000 | ||
Shares issued for services, shares | 875,000 | ||||
Sale of stock | $ 46 | 86,154 | 86,200 | ||
Sale of stock, shares | 460,000 | ||||
Net loss | (225,489) | (225,489) | |||
Ending balance, value at Oct. 31, 2022 | $ 3,467 | $ 11,335,184 | $ (10,335,579) | $ 1,003,072 | |
Ending balance, shares at Oct. 31, 2022 | 34,650,560 |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (225,489) | $ (322,732) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Loss on disposal of equipment | 0 | 24,429 |
Write off of accounts payable | (111,000) | 0 |
Common stock issued for services | 210,000 | 131,000 |
Depreciation | 1,490 | 33,308 |
Amortization of right of use asset | 40,962 | 38,775 |
(Increase) decrease from changes in: | ||
Accounts receivable | (10,002) | 18,699 |
Inventory | 48,008 | 34,197 |
Deposits on inventory | (80,000) | |
Increase (decrease) from changes in: | ||
Accounts payable and accrued expenses | 23,137 | (31,641) |
Accrued interest expense | 3,209 | 27,389 |
Net cash used in operating activities | (99,685) | (46,576) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Increase in advances to employees | (5,000) | 0 |
Increase in deposts on equipment | (7,370) | 0 |
Net cash used in investing activities | (12,370) | 0 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from sale of stock | 86,200 | 333,500 |
Proceeds from stockholder loans | 0 | 250,000 |
Forgivness from loans | 0 | (33,652) |
Payments on stockholder loans | (144,666) | (29,797) |
Payments on lease liability | (40,962) | (38,775) |
Proceeds on notes payable | 1,818 | 0 |
Payments on notes payable | (7,493) | (2,258) |
Net cash (used in) provided by financing activities | (105,103) | 479,018 |
Net (decrease) increase in cash | (217,158) | 432,442 |
CASH, BEGINNING OF YEAR | 480,451 | 48,009 |
CASH, END OF THE PERIOD | 263,293 | 480,451 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 38,863 | 21,723 |
Non-cash financing activities - forgivness of debt | 0 | 33,652 |
Non-cash investment activities - common stock issue for services | 210,000 | 131,000 |
Cash paid for taxes | $ 0 | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Oct. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations We operate two reportable segments: Apparel and House Wrap. Our apparel segment offers a wide variety of extreme cold weather apparel and related items. Our House Wrap segment offers our INSULTEX House Wrap which has an R-value of 3 and an R-value of 6 and our own seam tape. Basis of Accounting Fiscal Year End Estimates Cash and Cash Equivalents Revenue Recognition Fair Value of Financial Instruments Estimated Uncollectable Accounts 5,860 Other Income 111,000 260,000 371,000 33,652 Inventory During the fiscal year ended October 31, 2010, the Company discontinued its hunting and swimming lines of apparel. A reserve balance of approximately $ 75,468 Deposits on Inventory 80,000 0 Property and Equipment For financial reporting purposes, depreciation is primarily provided on the straight-line method over the estimated useful lives of depreciable assets, which range from 5 to 7 years. Deposits on Equipment 700,000 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 be made after the first commercial production run of INSULTEX is completed. 500,000 100,000 17,000 During 2022, the company has made a separate deposit on a different piece of equipment of $ 7,370 Total deposits on Equipment as of October 31, 2022 and 2021 were $ 607,370 600,000 Impairment of Long-lived Assets Income Taxes Income Taxes In addition, ASC 740 clarifies the accounting for uncertainty in tax positions and requires that a company recognize in its financial statements the impact of a tax position, only if it is more likely than not of being sustained upon examination, based on the technical merits of the position. The Company recognized no material adjustments to the liability for unrecognized income tax benefits. The Company’s policy regarding the classification of interest and penalties recognized in accordance with ASC 740 is to classify them as income tax expense in its financial statements, if applicable. The Company is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. Concentration of Credit Risk 250,000 Shipping and Handling 24,791 7,723 Net Income Per Common Share Earnings per Share Stock-Based Compensation Compensation - Stock Compensation Recent Accounting Standards Update In February 2016, the FASB issued ASU 2016-02, “Leases”, which added a requirement than an entity, when acting as a lessee, should recognize in the balance sheet a liability to make lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term. For public business entities, ASU 2016-02 is effective for fiscal years beginning after December 15, 2018 including interim periods within fiscal years beginning after December 15, 2019. Management has adopted the guidance. |
GOING CONCERN
GOING CONCERN | 12 Months Ended |
Oct. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | 2. GOING CONCERN 225,489 322,732 99,685 46,576 10,335,579 |
RIGHT OF USE ASSETS AND LEASE L
RIGHT OF USE ASSETS AND LEASE LIABILITIES | 12 Months Ended |
Oct. 31, 2022 | |
Right Of Use Assets And Lease Liabilities | |
RIGHT OF USE ASSETS AND LEASE LIABILITIES | 3. RIGHT OF USE ASSETS AND LEASE LIABILITIES |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 12 Months Ended |
Oct. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | 4. PROPERTY AND EQUIPMENT Property and equipment are summarized by major classifications as follows: Schedule of property and equipment summarized by major classifications 2022 2021 Equipment $ 1,500 $ 1,500 Containers 14,900 14,900 Automobile 8,111 8,111 24,511 24,511 Less accumulated depreciation 18,551 17,061 Property and equipment – net $ 5,960 $ 7,450 1,490 33,308 |
BORROWINGS
BORROWINGS | 12 Months Ended |
Oct. 31, 2022 | |
Debt Disclosure [Abstract] | |
BORROWINGS | 5. BORROWINGS Borrowings at October 31, 2022 and 2021 consisted of the following: Schedule of borrowings 2022 2021 Due to Stockholders Note Payable $ 8,000 Due June 17, 2012; interest is 10% for 120 Note was extended through a verbal agreement with no set maturity date $ 3,000 $ 3,000 Note Payable $ 20,000 January 15, 2013. Due May 15, 2013 Note was extended through a verbal agreement with no set maturity date 10,000 10,000 Note Payable $ 36,500 No set maturity date - 0 12,500 Note Payable $ 38,000 Interest is 10% for 180 No set maturity date 18,500 29,000 Note Payable $ 50,000 May 2022. Interest is 8% per year. Convertible into one common shares for every $.50 of outstanding principal and interest. - 0 50,000 Note Payable $ 200,000 Interest is 12% per year. $66,666 is due annually until maturity at December 2023. Secured by one of the Company’s patents. 133,334 200,000 Note Payable $ 40,672 Due February 7, 2018; interest is 10%. Note was extended through a verbal agreement with no set maturity date 12,464 17,464 Total Due to Stockholders $ 177,298 $ 321,964 2022 2021 Note Payable - U.S. Small Business Administration. Due July 2035; payable in monthly installments of $1,820 including $ 84,675 $ 90,350 Total Borrowings 261,973 412,314 Less Due to Stockholders Current 110,631 188,630 Less Current Portion of Notes Payable 20,128 18,628 Total Long Term Portion of Notes Payable $ 131,214 $ 205,056 Maturities of long-term debt are as follows: Schedule of long-term debt maturities Year Ending Notes October 31 Stockholders Payable Amount Due 2023 $ 110,631 20,128 130,759 2024 66,667 20,239 86,906 2025 20,833 20,833 2025 21,449 21,449 2026 2,026 2,026 Total $ 177,298 84,675 261,973 DUE TO STOCKHOLDERS In February 2012, the Company entered into a note payable with Roberta Riccelli for $ 8,000 10 120 3,000 In January 2013, the Company entered into a note payable with Corinthian Development for $ 20,000 10 10,000 During August 2017, the Company entered into a note payable agreement with Riccelli Properties, which is wholly owned and operated by the Company’s CEO, Joseph Riccelli, in the amount of $ 40,672 10 In August 2019, the Company entered into a note payable with its CEO, Joseph Riccelli, for $ 36,500 0 12,500 In December 2019, the Company entered into a note payable with its CEO, Joseph Riccelli, for $ 38,000 18,500 29,000 In December 2020, the Company entered into a note payable agreement with Lawrence Fraser for $ 200,000 12 133,334 200,000 In May 2021, the Company issued a convertible promissory note to Antonio Costa for $ 50,000 8 .50 0 50,000 NOTES PAYABLE In July 2005, the Company was approved for a low interest promissory note from the U.S. Small Business Administration in the amount of $ 280,100 430,500 2.9 1,820 monthly 40,672 84,675 90,350 |
EXCLUSIVE LICENSING AND MANUFAC
EXCLUSIVE LICENSING AND MANUFACTURING AGREEMENT | 12 Months Ended |
Oct. 31, 2022 | |
Exclusive Licensing And Manufacturing Agreement | |
EXCLUSIVE LICENSING AND MANUFACTURING AGREEMENT | 6. EXCLUSIVE LICENSING AND MANUFACTURING AGREEMENT On April 16, 2006, the Company entered into an Exclusive License and Manufacturing Agreement (the “Agreement”) with the Ketut Group, with an effective date of April 1, 2006, whereby the Company acquired an exclusive license to develop, use, sell, manufacture and market products related to or utilizing INSULTEX™, Korean Patent Number, (0426429) or any INSULTEX Technology 40 10 an option to renew the License for up to three (3) successive ten (10) year terms |
CONCENTRATIONS
CONCENTRATIONS | 12 Months Ended |
Oct. 31, 2022 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATIONS | 7. CONCENTRATIONS Revenues from two customers were approximately 35 55 The Company only has one supplier of INSULTEX, the special material which is manufactured for the Company. Additionally, the Company only has 1 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Oct. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 8. INCOME TAXES In prior years, the Company incurred net operating losses and, accordingly, no provision for income taxes has been recorded. In addition, no benefit for income taxes has been recorded due to the uncertainty of the realization of any tax assets. For the 2021 tax year, fiscal year end October 31, 2022, the Company had net operating loss carryforwards of approximately $ 7,630,000 October 31, 2038 Deferred income taxes reflect the net tax effect of temporary differences between carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, as well as tax benefits of net operating loss carryforwards. The significant components of the Company’s deferred tax assets and liabilities relate to the following: Schedule of deferred tax assets and liabilities 2022 2021 Net operating loss carryforward $ 2,364,537 $ 2,269,088 Depreciation — — Net deferred tax assets before valuation allowance 2,364,537 2,269,088 Less: Valuation allowance (2,364,537 ) (2,269,088 ) Net deferred tax assets $ — $ — For financial reporting purposes, the Company has incurred losses in previous years. Based on the available objective evidence, including the Company’s previous losses, management believes it is more likely than not that the net deferred tax assets will not be fully realizable. Accordingly, the Company provided for a full valuation allowance against its net deferred tax assets as of October 31, 2022 and 2021, respectively. The effective income tax rate varied from the statutory Federal tax rate as follows: Schedule of effective income tax rate varied from statutory federal tax rate 2022 2021 Federal statutory rate 21 % 21 % Effect of net operating losses ( 21 %) ( 21 %) Effective income tax rate — — The Company’s effective tax rate is lower than what would be expected if the federal statutory rate were applied to income (loss) before taxes, primarily due to net operating loss carryforwards. |
COMMITMENTS
COMMITMENTS | 12 Months Ended |
Oct. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS | 9. COMMITMENTS The Company leases its executive offices/warehouse space from Frank Riccelli, a stockholder and brother of our Chief Executive Officer, for $ 3,500 The lease is based on a verbal agreement with month to month terms 42,000 24,500 |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Oct. 31, 2022 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | 10. SEGMENT INFORMATION We have organized our operations into two 2 The following tables present our business segment information for the fiscal years ending October 31, 2022 and 2021: Schedule of business segment information 2022 2021 Revenues: Apparel $ 65,432 $ 56,226 Housewrap 193,302 169,375 Total Revenues $ 258,734 $ 225,601 Capital Expenditures: Apparel $ $ — Housewrap — Total $ $ — Depreciation: Apparel $ - 0 $ 9,410 Housewrap 1,490 23,898 Total $ 1,490 $ 33,308 |
COMMON STOCK
COMMON STOCK | 12 Months Ended |
Oct. 31, 2022 | |
Equity [Abstract] | |
COMMON STOCK | 11. COMMON STOCK During the fiscal year ended October 31, 2021, the Company sold 1,334,000 333,500 .25 770,000 131,000 0.12 .25 During the fiscal year ended October 31, 2022, the Company sold 460,000 86,200 .17 .25 875,000 210,000 0.20 .25 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Oct. 31, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 12. RELATED PARTY TRANSACTIONS The Company has entered into various debt agreements with related parties. These agreements are classified as shareholder loans within Note 5 to the financial statements. The Company has entered into a verbal lease agreement as further discussed in Note 14 to the financial statements. |
LITIGATION
LITIGATION | 12 Months Ended |
Oct. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
LITIGATION | 13. LITIGATION On November 4, 2016, the FTC filed a complaint against the Company in the U.S. District Court Western District of Pennsylvania, Case number 16-1669. In the complaint, the FTC alleges that, among other matters, the Company did not have substantiation of claims made by the Company regarding the R value and energy efficiency of its INSULTEX House Wrap products. The complaint asks as to redress a rescission of revenue the Company received from the sale of House Wrap and a permanent injunction. On September 24, 2020, a judgment was entered in favor of the Company as to all claims set forth in the FTC complaint. It was further ordered that as there were no remaining claims in the action the case shall be marked as closed. On November 23, 2020, the Company was informed that the FTC had filed a notice of appeal in regard to the case. The appeal is from the District Court’s September 24, 2020, Order granting the Company’s Motion for Judgment on Partial Findings Pursuant to Fed. R. Civ. P. 52(c) and subsequent Judgment in favor of the Company and from the District Court’s February 14, 2020, striking Dr. David Yarbrough’s expert testimony made on behalf of the FTC. The FTC filed its appeal and on March 24, 2021, the Company filed its answer. On July 22, 2021, the Registrant was informed that the United States Court of Appeals for the Third District affirmed the District Court’s ruling in favor of the Registrant. The ruling was in connection with the Federal Trade Commission complaint filed against the Registrant in November 2016, alleging, among other matters, that the Registrant did not have substantiation for claims made by the Registrant regarding the R-value and energy efficiency of its INSULTIX House Wrap products. In November 2021, in connection with the FTC litigation, the Company filed an application for attorney fees, expenses and cost in the U.S. District Court for the Western District of Pennsylvania, Case No.2:16-cv-01669-NBF. On June 29, 2022, a settlement order was signed by the Court. Pursuant to the Order, the FTC paid the Company $ 260,000 |
RIGHT OF USE ASSETS
RIGHT OF USE ASSETS | 12 Months Ended |
Oct. 31, 2022 | |
Right Of Use Assets | |
RIGHT OF USE ASSETS | 14. RIGHT OF USE ASSETS The Company entered lease at the time the Company was formed that is classified as right of use asset and lease liability. The lease for the Company’s office space is estimated to be through June 2022. In accordance with ASU 2016-02, the Company calculated the present value of the leases using the average commercial real estate interest rate of 5.50% at the commencement of the office lease. Effective July 2022, the Company is leasing the property on a month to month basis. As of October 31, 2022, the right of use assets associated with future operating lease is as follows: Schedule of right of use assets associated with future operating leases Total present value of right of use asset under lease agreement $ 150,496 Amortization of right of use asset (150,496 ) Total right of use asset as of October 31, 2022 $ - 0 Less current portion due within one year - 0 Long-term right of use asset $ - 0 Total amortization expense related to the right of use assets under the verbal lease agreement was $ 40,962 38,775 |
LEASE LIABILITY
LEASE LIABILITY | 12 Months Ended |
Oct. 31, 2022 | |
Lease Liability | |
LEASE LIABILITY | 15. LEASE LIABILITY As disclosed in Note 14, the Company entered into a verbal lease for office space prior to the year ended October 31, 2022 that is classified as a right of use asset and lease liability. As of October 31, 2022, the lease liability associated with future payments due under the verbal lease is as follows: Schedule of future minimum lease payments Total present value of future lease payments $ 150,496 Principal payments made as of the year ended October 31, 2022 (150,496 ) Total right of use lease liabilities as of October 31, 2022 $ - 0 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Oct. 31, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 16. SUBSEQUENT EVENTS The Company sold 500,000 110,000 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Oct. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | Nature of Operations We operate two reportable segments: Apparel and House Wrap. Our apparel segment offers a wide variety of extreme cold weather apparel and related items. Our House Wrap segment offers our INSULTEX House Wrap which has an R-value of 3 and an R-value of 6 and our own seam tape. |
Basis of Accounting | Basis of Accounting |
Fiscal Year End | Fiscal Year End |
Estimates | Estimates |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Revenue Recognition | Revenue Recognition |
Fair Value of Financial Instruments | Fair Value of Financial Instruments |
Estimated Uncollectable Accounts | Estimated Uncollectable Accounts 5,860 |
Other Income | Other Income 111,000 260,000 371,000 33,652 |
Inventory | Inventory During the fiscal year ended October 31, 2010, the Company discontinued its hunting and swimming lines of apparel. A reserve balance of approximately $ 75,468 |
Deposits on Inventory | Deposits on Inventory 80,000 0 |
Property and Equipment | Property and Equipment For financial reporting purposes, depreciation is primarily provided on the straight-line method over the estimated useful lives of depreciable assets, which range from 5 to 7 years. |
Deposits on Equipment | Deposits on Equipment 700,000 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 be made after the first commercial production run of INSULTEX is completed. 500,000 100,000 17,000 During 2022, the company has made a separate deposit on a different piece of equipment of $ 7,370 Total deposits on Equipment as of October 31, 2022 and 2021 were $ 607,370 600,000 |
Impairment of Long-lived Assets | Impairment of Long-lived Assets |
Income Taxes | Income Taxes Income Taxes In addition, ASC 740 clarifies the accounting for uncertainty in tax positions and requires that a company recognize in its financial statements the impact of a tax position, only if it is more likely than not of being sustained upon examination, based on the technical merits of the position. The Company recognized no material adjustments to the liability for unrecognized income tax benefits. The Company’s policy regarding the classification of interest and penalties recognized in accordance with ASC 740 is to classify them as income tax expense in its financial statements, if applicable. The Company is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. |
Concentration of Credit Risk | Concentration of Credit Risk 250,000 |
Shipping and Handling | Shipping and Handling 24,791 7,723 |
Net Income Per Common Share | Net Income Per Common Share Earnings per Share |
Stock-Based Compensation | Stock-Based Compensation Compensation - Stock Compensation |
Recent Accounting Standards Update | Recent Accounting Standards Update In February 2016, the FASB issued ASU 2016-02, “Leases”, which added a requirement than an entity, when acting as a lessee, should recognize in the balance sheet a liability to make lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term. For public business entities, ASU 2016-02 is effective for fiscal years beginning after December 15, 2018 including interim periods within fiscal years beginning after December 15, 2019. Management has adopted the guidance. |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended |
Oct. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property and equipment summarized by major classifications | Schedule of property and equipment summarized by major classifications 2022 2021 Equipment $ 1,500 $ 1,500 Containers 14,900 14,900 Automobile 8,111 8,111 24,511 24,511 Less accumulated depreciation 18,551 17,061 Property and equipment – net $ 5,960 $ 7,450 |
BORROWINGS (Tables)
BORROWINGS (Tables) | 12 Months Ended |
Oct. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of borrowings | Schedule of borrowings 2022 2021 Due to Stockholders Note Payable $ 8,000 Due June 17, 2012; interest is 10% for 120 Note was extended through a verbal agreement with no set maturity date $ 3,000 $ 3,000 Note Payable $ 20,000 January 15, 2013. Due May 15, 2013 Note was extended through a verbal agreement with no set maturity date 10,000 10,000 Note Payable $ 36,500 No set maturity date - 0 12,500 Note Payable $ 38,000 Interest is 10% for 180 No set maturity date 18,500 29,000 Note Payable $ 50,000 May 2022. Interest is 8% per year. Convertible into one common shares for every $.50 of outstanding principal and interest. - 0 50,000 Note Payable $ 200,000 Interest is 12% per year. $66,666 is due annually until maturity at December 2023. Secured by one of the Company’s patents. 133,334 200,000 Note Payable $ 40,672 Due February 7, 2018; interest is 10%. Note was extended through a verbal agreement with no set maturity date 12,464 17,464 Total Due to Stockholders $ 177,298 $ 321,964 2022 2021 Note Payable - U.S. Small Business Administration. Due July 2035; payable in monthly installments of $1,820 including $ 84,675 $ 90,350 Total Borrowings 261,973 412,314 Less Due to Stockholders Current 110,631 188,630 Less Current Portion of Notes Payable 20,128 18,628 Total Long Term Portion of Notes Payable $ 131,214 $ 205,056 |
Schedule of long-term debt maturities | Schedule of long-term debt maturities Year Ending Notes October 31 Stockholders Payable Amount Due 2023 $ 110,631 20,128 130,759 2024 66,667 20,239 86,906 2025 20,833 20,833 2025 21,449 21,449 2026 2,026 2,026 Total $ 177,298 84,675 261,973 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Oct. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of deferred tax assets and liabilities | Schedule of deferred tax assets and liabilities 2022 2021 Net operating loss carryforward $ 2,364,537 $ 2,269,088 Depreciation — — Net deferred tax assets before valuation allowance 2,364,537 2,269,088 Less: Valuation allowance (2,364,537 ) (2,269,088 ) Net deferred tax assets $ — $ — |
Schedule of effective income tax rate varied from statutory federal tax rate | Schedule of effective income tax rate varied from statutory federal tax rate 2022 2021 Federal statutory rate 21 % 21 % Effect of net operating losses ( 21 %) ( 21 %) Effective income tax rate — — |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Oct. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of business segment information | Schedule of business segment information 2022 2021 Revenues: Apparel $ 65,432 $ 56,226 Housewrap 193,302 169,375 Total Revenues $ 258,734 $ 225,601 Capital Expenditures: Apparel $ $ — Housewrap — Total $ $ — Depreciation: Apparel $ - 0 $ 9,410 Housewrap 1,490 23,898 Total $ 1,490 $ 33,308 |
RIGHT OF USE ASSETS (Tables)
RIGHT OF USE ASSETS (Tables) | 12 Months Ended |
Oct. 31, 2022 | |
Right Of Use Assets | |
Schedule of right of use assets associated with future operating leases | Schedule of right of use assets associated with future operating leases Total present value of right of use asset under lease agreement $ 150,496 Amortization of right of use asset (150,496 ) Total right of use asset as of October 31, 2022 $ - 0 Less current portion due within one year - 0 Long-term right of use asset $ - 0 |
LEASE LIABILITY (Tables)
LEASE LIABILITY (Tables) | 12 Months Ended |
Oct. 31, 2022 | |
Lease Liability | |
Schedule of future minimum lease payments | Schedule of future minimum lease payments Total present value of future lease payments $ 150,496 Principal payments made as of the year ended October 31, 2022 (150,496 ) Total right of use lease liabilities as of October 31, 2022 $ - 0 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 12 Months Ended | |||
Jul. 12, 2015 | Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2018 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Allowance | $ 5,860 | $ 5,860 | ||
Accrued professional fees | 111,000 | |||
Cost recovered | 260,000 | |||
Other income | 371,000 | 33,652 | ||
Inventory valuation reserves | 75,468 | 75,468 | ||
Deposits on inventory | $ 80,000 | 0 | ||
Purchase price machinery and equipment | $ 500,000 | |||
Description of purchase price payment terms | 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 be made after the first commercial production run of INSULTEX is completed. | |||
Advance payment for machinery and equipment | $ 100,000 | |||
Shipping and handling costs | $ 24,791 | 7,723 | ||
Deposit equipment | 7,370 | |||
Deposits on equipment | 607,370 | 600,000 | ||
FDIC insured coverage | 250,000 | |||
Ketut Jaya [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Purchase price machinery and equipment | $ 700,000 | |||
Shipping and handling costs | 17,000 | |||
Product [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Inventory valuation reserves | $ 75,468 | $ 75,468 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Net loss | $ 225,489 | $ 322,732 |
Net cash used in operating activities | 99,685 | 46,576 |
Accumulated deficit | $ 10,335,579 | $ 10,110,090 |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details) - USD ($) | Oct. 31, 2022 | Oct. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment - gross | $ 24,511 | $ 24,511 |
Less accumulated depreciation | 18,551 | 17,061 |
Property and equipment - net | 5,960 | 7,450 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment - gross | 1,500 | 1,500 |
Containers [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment - gross | 14,900 | 14,900 |
Automobiles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment - gross | $ 8,111 | $ 8,111 |
PROPERTY AND EQUIPMENT (Detai_2
PROPERTY AND EQUIPMENT (Details Narrative) - USD ($) | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation | $ 1,490 | $ 33,308 |
BORROWINGS (Details)
BORROWINGS (Details) - USD ($) | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2022 | |
Short-Term Debt [Line Items] | ||
Total Due to Stockholders | $ 188,632 | $ 110,631 |
Total Due to Stockholders | 321,964 | 177,298 |
Total Due to Stockholders | 90,350 | 84,675 |
Total Borrowings | 412,314 | 261,973 |
Less Due to Stockholders | 188,630 | 110,631 |
Less Current Portion of Notes Payable | 18,628 | 20,128 |
Total Long Term Portion of Notes Payable | $ 205,056 | 131,214 |
Immediate Family Member of Management or Principal Owner [Member] | Notes Payable, Other Payables [Member] | ||
Short-Term Debt [Line Items] | ||
Face amount | 8,000 | |
Maturity term | 120 days | |
Description of maturity extended | Note was extended through a verbal agreement with no set maturity date | |
Total Due to Stockholders | $ 3,000 | 3,000 |
Corinthian Development [Member] | 10% Note Payable Due May 15, 2013 [Member] | ||
Short-Term Debt [Line Items] | ||
Face amount | 20,000 | |
Description of maturity extended | Note was extended through a verbal agreement with no set maturity date | |
Total Due to Stockholders | $ 10,000 | 10,000 |
Issuance date | May 15, 2013 | |
Chief Executive Officer [Member] | Notes Payable Other Payables 3 [Member] | ||
Short-Term Debt [Line Items] | ||
Face amount | 36,500 | |
Description of maturity extended | No set maturity date | |
Total Due to Stockholders | $ 12,500 | 0 |
Chief Executive Officer [Member] | Notes Payable Other Payables 4 [Member] | ||
Short-Term Debt [Line Items] | ||
Face amount | 38,000 | |
Maturity term | 180 days | |
Description of maturity extended | No set maturity date | |
Total Due to Stockholders | $ 29,000 | 18,500 |
Chief Executive Officer [Member] | 10% Note Payable Due September 2019 [Member] | ||
Short-Term Debt [Line Items] | ||
Face amount | 36,500 | |
Total Due to Stockholders | 200,000 | 133,334 |
Chief Executive Officer [Member] | Notes Payable Other Payables 7 [Member] | ||
Short-Term Debt [Line Items] | ||
Total Due to Stockholders | $ 17,464 | 12,464 |
Chief Executive Officer [Member] | Notes Payable Other Payables 7 [Member] | Riccelli Properties [Member] | ||
Short-Term Debt [Line Items] | ||
Face amount | 40,672 | |
Description of maturity extended | Note was extended through a verbal agreement with no set maturity date | |
Antonio Costa [Member] | Notes Payable Other Payables 5 [Member] | ||
Short-Term Debt [Line Items] | ||
Face amount | 50,000 | |
Total Due to Stockholders | $ 50,000 | 0 |
Lawrence Fraser [Member} | 10% Note Payable Due September 2019 [Member] | ||
Short-Term Debt [Line Items] | ||
Face amount | $ 200,000 |
BORROWINGS (Details 1)
BORROWINGS (Details 1) | Oct. 31, 2022 USD ($) |
Short-Term Debt [Line Items] | |
2023 | $ 130,759 |
2024 | 86,906 |
2025 | 20,833 |
2025 | 21,449 |
2026 | 2,026 |
Total | 261,973 |
Stockholders [Member] | |
Short-Term Debt [Line Items] | |
2023 | 110,631 |
2024 | 66,667 |
Total | 177,298 |
10% Note Payable Due December 2019 [Member] | |
Short-Term Debt [Line Items] | |
2023 | 20,128 |
2024 | 20,239 |
2025 | 20,833 |
2025 | 21,449 |
2026 | 2,026 |
Total | $ 84,675 |
BORROWINGS (Details Narrative)
BORROWINGS (Details Narrative) - USD ($) | 12 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2017 | |
Notes Payable Other Payables 5 [Member] | U.S. Small Business Administration [Member] | |||
Short-Term Debt [Line Items] | |||
Interest rate | 2.90% | ||
2.9% Note Payable Due July 13, 2035 [Member] | U.S. Small Business Administration [Member] | |||
Short-Term Debt [Line Items] | |||
Total Notes Payable | $ 280,100 | $ 430,500 | |
Immediate Family Member of Management or Principal Owner [Member] | Notes Payable, Other Payables [Member] | |||
Short-Term Debt [Line Items] | |||
Face amount | 8,000 | ||
Maturity term | 120 days | ||
Loans balance outstanding | $ 3,000 | $ 3,000 | |
Immediate Family Member of Management or Principal Owner [Member] | Notes Payable Other Payables 5 [Member] | |||
Short-Term Debt [Line Items] | |||
Interest rate | 10% | ||
Corinthian Development [Member] | Notes Payable Other Payables 5 [Member] | |||
Short-Term Debt [Line Items] | |||
Interest rate | 10% | ||
Corinthian Development [Member] | 10% Note Payable Due May 15, 2013 [Member] | |||
Short-Term Debt [Line Items] | |||
Face amount | $ 20,000 | ||
Loans balance outstanding | 10,000 | $ 10,000 | |
Chief Executive Officer [Member] | |||
Short-Term Debt [Line Items] | |||
Loans payable | 84,675 | 90,350 | |
Chief Executive Officer [Member] | 10% Note Payable Due February 7, 2018 [Member] | Riccelli Properties [Member] | |||
Short-Term Debt [Line Items] | |||
Face amount | $ 40,672 | ||
Interest rate | 10% | ||
Chief Executive Officer [Member] | 10% Note Payable Due September 2019 [Member] | |||
Short-Term Debt [Line Items] | |||
Face amount | $ 36,500 | ||
Loans balance outstanding | 0 | 12,500 | |
Chief Executive Officer [Member] | 10% Note Payable Due December 2019 [Member] | |||
Short-Term Debt [Line Items] | |||
Face amount | 38,000 | ||
Loans balance outstanding | 18,500 | $ 29,000 | |
Related Party Lawrence Fraser [Member] | Notes Payable Other Payables 5 [Member] | |||
Short-Term Debt [Line Items] | |||
Interest rate | 12% | ||
Related Party Lawrence Fraser [Member] | 10% Note Payable Due May 15, 2013 [Member] | |||
Short-Term Debt [Line Items] | |||
Face amount | 200,000 | ||
Loans balance outstanding | 133,334 | $ 200,000 | |
Antonio Costa [Member] | Notes Payable Other Payables 5 [Member] | |||
Short-Term Debt [Line Items] | |||
Face amount | 50,000 | ||
Interest rate | 8% | ||
Antonio Costa [Member] | 10% Note Payable Due June 1, 2019 [Member] | |||
Short-Term Debt [Line Items] | |||
Face amount | 50,000 | ||
Loans balance outstanding | $ 0 | $ 50,000 | |
Unpaid interest | $ 0.50 | ||
U.S. Small Business Administration [Member] | 2.9% Note Payable Due July 13, 2035 [Member] | |||
Short-Term Debt [Line Items] | |||
Periodic installment | $ 1,820 | ||
Frequency of periodic payment | monthly | ||
Riccelli Properties [Member] | |||
Short-Term Debt [Line Items] | |||
Notes payable | $ 40,672 |
EXCLUSIVE LICENSING AND MANUF_2
EXCLUSIVE LICENSING AND MANUFACTURING AGREEMENT (Details Narrative) - Exclusive Licensing And Manufacturing Agreement [Member] - Ketut Jaya [Member] | 12 Months Ended |
Oct. 31, 2022 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Description of agreement | exclusive license to develop, use, sell, manufacture and market products related to or utilizing INSULTEX™, Korean Patent Number, (0426429) or any INSULTEX Technology |
Total license term worldwide license, except for Korea and Japan | 40 years |
Initial license term | 10 years |
Description of license renewal option | an option to renew the License for up to three (3) successive ten (10) year terms |
CONCENTRATIONS (Details Narrati
CONCENTRATIONS (Details Narrative) - Integer | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Supplier Concentration Risk [Member] | ||
Concentration Risk [Line Items] | ||
Number of supplier | 1 | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 35% | 55% |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | Oct. 31, 2022 | Oct. 31, 2021 |
Income Tax Disclosure [Abstract] | ||
Net operating loss carryforward | $ 2,364,537 | $ 2,269,088 |
Depreciation | 0 | 0 |
Net deferred tax assets before valuation allowance | 2,364,537 | 2,269,088 |
Less: Valuation allowance | (2,364,537) | (2,269,088) |
Net deferred tax assets | $ 0 | $ 0 |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Federal statutory rate | 21% | 21% |
Effect of net operating losses | 21% | 21% |
Effective income tax rate | 0% | 0% |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Net operating loss carryforwards | $ 7,630,000 | |
Expiration date | Oct. 31, 2038 |
COMMITMENTS (Details Narrative)
COMMITMENTS (Details Narrative) - USD ($) | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Rent expense, per month | $ 42,000 | $ 24,500 |
Immediate Family Member Of Management Or Principal Owner 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Rent expense, per month | $ 3,500 | |
Description of lease agreement | The lease is based on a verbal agreement with month to month terms |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) - USD ($) | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Total Revenues | $ 258,734 | $ 225,601 |
Capital Expenditures | 0 | |
Depreciation | 1,490 | 33,308 |
Apparel Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Revenues | 65,432 | 56,226 |
Capital Expenditures | 0 | |
Depreciation | 0 | 9,410 |
Housewrap Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Revenues | 193,302 | 169,375 |
Capital Expenditures | 0 | |
Depreciation | $ 1,490 | $ 23,898 |
SEGMENT INFORMATION (Details Na
SEGMENT INFORMATION (Details Narrative) | 12 Months Ended |
Oct. 31, 2022 Integer | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) - USD ($) | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Value of shares issued during the period | $ 86,200 | $ 333,500 |
Value of shares issued for services | $ 210,000 | $ 131,000 |
Thirty Five Investors [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Number of shares issued during the period | 1,334,000 | |
Value of shares issued during the period | $ 333,500 | |
Share price (in dollars per share) | $ 0.25 | |
Twelve Individuals [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Number of shares issued for services | 770,000 | |
Value of shares issued for services | $ 131,000 | |
Twelve Individuals [Member] | Minimum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Share price (in dollars per share) | $ 0.12 | |
Twelve Individuals [Member] | Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Share price (in dollars per share) | $ 0.25 | |
Seven Investors [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Number of shares issued during the period | 460,000 | |
Value of shares issued during the period | $ 86,200 | |
Seven Investors [Member] | Minimum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Share price (in dollars per share) | $ 0.17 | |
Seven Investors [Member] | Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Share price (in dollars per share) | $ 0.25 | |
Eight Individuals [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Number of shares issued during the period | 875,000 | |
Value of shares issued during the period | $ 210,000 | |
Eight Individuals [Member] | Minimum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Share price (in dollars per share) | $ 0.20 | |
Eight Individuals [Member] | Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Share price (in dollars per share) | $ 0.25 |
LITIGATION (Details Narrative)
LITIGATION (Details Narrative) | 12 Months Ended |
Oct. 31, 2022 USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Payment for settlement | $ 260,000 |
RIGHT OF USE ASSETS (Details)
RIGHT OF USE ASSETS (Details) - USD ($) | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Right Of Use Assets | ||
Total present value of right of use assets under lease agreements | $ 150,496 | |
Amortization of right of use assets | (150,496) | |
Total right of use assets | 0 | $ 40,962 |
Less current portion due within one year | 0 | |
Long-term right of use asset | $ 0 |
RIGHT OF USE ASSETS (Details Na
RIGHT OF USE ASSETS (Details Narrative) - USD ($) | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Right Of Use Assets | ||
Amortization expense related to right of use assets | $ 40,962 | $ 38,775 |
LEASE LIABILITY (Details)
LEASE LIABILITY (Details) | Oct. 31, 2022 USD ($) |
Lease Liability | |
Total future minimum lease payments | $ 150,496 |
Less present value discount | (150,496) |
Total right of use lease liabilities | $ 0 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - Subsequent Event [Member] | 1 Months Ended |
Nov. 30, 2022 USD ($) shares | |
Subsequent Event [Line Items] | |
Number of shares sold | shares | 500,000 |
Number of value sold | $ | $ 110,000 |