Advanced Biomedical (ABMT) 10-Q 22 Jun 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Apr. 30, 2015	Jun. 22, 2015
StockIssuedForServices
Entity Registrant Name	Advanced Biomedical Technologies Inc.
Entity Central Index Key	1,385,799
Document Type	10-Q
Document Period End Date	Apr. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--10-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		56,874,850
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2,015

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)	Apr. 30, 2015	Oct. 31, 2014
CURRENT ASSETS
Cash and cash equivalents	$ 102,279	$ 74,354
Other receivables and prepaid expenses	31,646	18,768
Due from a related company	53,364	0
Total Current Assets	187,289	93,122
Property and equipment, cost	511,051	488,298
Less: Accumulated depreciation	(389,279)	(380,044)
PROPERTY AND EQUIPMENT, NET	121,772	108,254
DEPOSIT FOR PURCHASE OF PROPERTY AND EQUIPMENT	2,902	16,238
TOTAL ASSETS	311,963	217,614
CURRENT LIABILITIES
Other payables and accrued expenses	89,210	105,771
Due to directors	539,568	402,510
Due to a stockholder	502,009	459,131
Due to related parties	3,302,235	2,988,738
Total Current Liabilities	$ 4,433,022	$ 3,956,150
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' DEFICIT
Common stock, $0.00001 par value, 100,000,000 shares authorized, 56,874,850 shares issued and outstanding as of April 30, 2015 and October 31, 2014	$ 569	$ 569
Additional paid-in capital	1,937,898	1,927,968
Accumulated deficit	(5,841,081)	(5,400,107)
Accumulated other comprehensive loss	(218,445)	(266,966)
Total Stockholders' Deficit	(4,121,059)	(3,738,536)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 311,963	$ 217,614

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	Apr. 30, 2015	Oct. 31, 2014
Condensed Consolidated Balance Sheets Parenthetical
Common Stock Shares Par Value	$ 0.00001	$ 0.00001
Common Stock Shares Authorized	100,000,000	100,000,000
Common Stock Shares Issued	56,874,850	56,874,850
Common Stock Shares Outstanding	56,874,850	56,874,850

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) - USD ($)	3 Months Ended		6 Months Ended
	Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2015	Apr. 30, 2014
OPERATING EXPENSES
General and administrative expenses	$ 145,543	$ 117,885	$ 279,610	$ 251,064
Depreciation	7,914	6,662	14,562	13,360
Research and development	1,055	9,418	24,257	19,834
Total Operating Expenses	154,512	133,965	318,429	284,258
LOSS FROM OPERATIONS	(154,512)	(133,965)	(318,429)	(284,258)
OTHER EXPENSES
Interest income	558	39	592	63
Interest paid to a stockholder and related parties	(54,441)	(43,654)	(107,273)	(85,071)
Imputed interest	(5,330)	(5,091)	(9,930)	(10,444)
Others, net	(3,937)	(2,093)	(5,934)	(4,354)
Total Other Expenses, net	(63,150)	(50,799)	(122,545)	(99,806)
LOSS BEFORE TAXES	(217,662)	(184,764)	(440,974)	(384,064)
Income tax expense	0	0	0	0
NET LOSS ATTRIBUTABLE TO ABMT COMMON STOCKHOLDERS	(217,662)	(184,764)	(440,974)	(384,064)
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation (loss) income	(27,880)	94,032	48,521	78,047
COMPREHENSIVE LOSS ATTRIBUTABLE TO ABMT COMMON STOCKHOLDERS	$ (245,542)	$ (90,732)	$ (392,453)	$ (306,017)
Net loss per share-basic and diluted	$ 0	$ 0	$ (0.01)	$ (0.01)
Weighted average number of shares outstanding during the period - basic and diluted	56,874,850	56,874,850	56,874,850	56,874,850

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS DEFICIT (UNAUDITED) - USD ($)	Common Stock	Additional Paid-In Capital	Accumulated deficit during developmental stage	Accumulated Other Comprehensive Loss	Total
Beginning Balance, Shares at Oct. 31, 2013	56,874,850
Beginning Balance, Amount at Oct. 31, 2013	$ 569	$ 1,907,889	$ (4,572,351)	$ (270,552)	$ (2,934,445)
Imputed interest on advances from directors		20,079			20,079
Net loss			(827,756)		(827,756)
Foreign currency translation gain (loss)				3,586	3,586
Ending Balance, Shares at Oct. 31, 2014	56,874,850
Ending Balance, Amount at Oct. 31, 2014	$ 569	1,927,968	(5,400,107)	(266,966)	(3,738,536)
Imputed interest on advances from directors		9,930			9,930
Net loss			(440,974)		(440,974)
Foreign currency translation gain (loss)				48,521	48,521
Ending Balance, Shares at Apr. 30, 2015	56,874,850
Ending Balance, Amount at Apr. 30, 2015	$ 569	$ 1,937,898	$ (5,841,081)	$ (218,445)	$ (4,121,059)

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	6 Months Ended
	Apr. 30, 2015	Apr. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (440,974)	$ (384,064)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation	14,562	13,360
Imputed interest	9,930	10,444
Changes in operating assets and liabilities
Increase in Other receivables and prepaid expenses	(13,131)	(2,208)
Increase in Other payables and accrued expenses	(15,532)	(2,570)
Net cash used in operating activities	(445,145)	(365,038)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment	(29,604)	(8,087)
Decrease in deposit for purchase of property and equipment	13,094	836
Net cash used in investing activities	(16,510)	(7,251)
CASH FLOWS FROM FINANCING ACTIVITIES
Due to a stockholder	42,812	51,010
Due to directors	142,492	(28,051)
Due from a related company	(53,335)	0
Due to related parties	358,242	359,099
Net cash provided by financing activities	490,211	382,058
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	(631)	(1,155)
NET INCREASE IN CASH AND CASH EQUIVALENTS	27,925	8,614
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	74,354	48,380
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 102,279	$ 56,994

1. BASIS OF PRESENTATION

1. BASIS OF PRESENTATION	6 Months Ended
	Apr. 30, 2015
Notes to Financial Statements
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 management, the unaudited condensed consolidated financial statements contain adjustments considered necessary to present fairly the Company's financial position as of April 30, 2015, the consolidated results of operations for the three and six months ended April 30, 2015 and 2014 and consolidated statements of cash flows for the six months ended April 30, 2015 and 2014 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 six months ended April 30, 2015 are not necessarily indicative of the results to be expected for the entire fiscal year ending October 31, 2015. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes for the year ended October 31, 2014 appearing in the Company's annual report on Form 10-K as filed with the Securities and Exchange Commission on January 29, 2015. The reporting currency of the Company is US dollar.

2. ORGANIZATION

2. ORGANIZATION	6 Months Ended
	Apr. 30, 2015
Notes to Financial Statements
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. Shenzhen Changhua is owned by two stockholders in the proportion of 70% and 30% respectively. Shenzhen Changhua plans to develop, manufacture and market self-reinforced, re-absorbable degradable PA screws, robs and binding ties for fixation on human fractured bones. The Company is currently conducting clinical trials on its products and intends to raise additional capital to produce and market its products commercially pending the approval from the China Food and Drug Administration (“CFDA”, fka “SFDA”) of the PRC on its products. The Company has no revenue since its inception and, in accordance with Accounting Standards Codification (“ASC”) Topic 915, “Development Stage Entities” (formerly Statement of Financial Accounting Standard (“SFAS”) No. 7, “Accounting and Reporting by Development Stage Enterprise”), is considered a Development Stage Company. 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% by the spouse of Shenzhen Changhua’s 70% majority stockholder at the time and 37% by a third party corporation. On January 29, 2008, Masterise entered into a Share Purchase Agreement (“the Agreement”) with a stockholder of Shenzhen Changhua whereupon Masterise acquired 70% of Shenzhen Changhua for US$64,100 in cash. The acquisition was completed on February 25, 2008. As both Masterise and Shenzhen Changhua were under common control and management, the acquisition was accounted for as a reorganization of entities under common control. Accordingly, the operations of Shenzhen Changhua were included in the consolidated financial statements as if the transactions had occurred retroactively. On December 31, 2008, ABMT consummated a Share Exchange Agreement (“the Exchange Agreement”) with the stockholders of Masterise pursuant to which ABMT issued 50,000 shares of Common Stock to the stockholders of Masterise for 100% equity interest in Masterise. Concurrently, on December 31, 2008, a major stockholder of ABMT also consummated an Affiliate Stock Purchase Agreement (the “Affiliate Agreement”) with thirteen individuals including all the stockholders of Masterise, pursuant to which the major stockholder sold a total of 5,001,000 shares of ABMT’s common stock for a total aggregate consideration of $5,000, including 4,438,250 shares to the stockholders of Masterise. On consummation of the Exchange Agreement and the Affiliate Agreement, the 70% majority stockholder of Masterise became a 80.7% stockholder of ABMT. On March 13, 2009, the name of the Company was changed from Geostar Mineral Corporation to Advanced Biomedical Technologies, Inc. The merger of ABMT and Masterise was treated for accounting purposes as a capital transaction and recapitalization by Masterise (“the accounting acquirer”) and a re-organization by ABMT (“the accounting acquiree”). The financial statements have been prepared as if the re-organization had occurred retroactively. Accordingly, these financial statements include the following: (1) The balance sheet consisting of the net assets of the acquirer at historical cost and the net assets of the acquiree at historical cost. (2) The statement of operations including the operations of the acquirer for the periods presented and the operations of the acquiree from the date of the transaction. ABMT, Masterise and Shenzhen Changhua are hereinafter referred to as (“the Company”).

3. PRINCIPLES OF CONSOLIDATION

3. PRINCIPLES OF CONSOLIDATION	6 Months Ended
	Apr. 30, 2015
Notes to Financial Statements
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% owned subsidiary, Shenzhen Changhua. The non-controlling interests were reduced to $0 in 2006 and represented the noncontrolling stockholders’ 30% proportionate share of the results of Shenzhen Changhua. All significant inter-company balances and transactions have been eliminated in consolidation.

4. USE OF ESTIMATES

4. USE OF ESTIMATES	6 Months Ended
	Apr. 30, 2015
Notes to Financial Statements
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.

5. RELATED PARTY TRANSACTIONS

5. RELATED PARTY TRANSACTIONS	6 Months Ended
	Apr. 30, 2015
Notes to Financial Statements
5. RELATED PARTY TRANSACTIONS	As of April 30, 2015 and October 31, 2014, the Company owed a stockholder $502,009 and $459,131 respectively which are unsecured and repayable on demand. Interests are charged at 7% per annum on the amount owed. As of April 30, 2015 and October 31, 2014, the Company owed three related parties a total of $3,302,235 and $2,988,738 respectively which are unsecured and repayable on demand. Interests are charged at 7% per annum on the amounts owed. Total interest expenses on advances from a stockholder and the related parties accrued for the three and six months ended April 30, 2015 and 2014 were $54,441, $43,654, $107,273 and $85,071 respectively. As of April 30, 2015 and October 31, 2014, the Company owed $539,568 and $402,510 respectively, to two directors for advances made on an unsecured basis, repayable on demand and interest free. Imputed interest charged at 5% per annum on the amounts owed to two directors is $5,330, $5,091, $9,930 and $10,444 for the three and six months ended April 30, 2015 and 2014 respectively. As of April 30, 2015 and October 31, 2014, a related company owed the Company $53,364 and $0 respectively which is unsecured and repayable on demand. Interests are charged at 7% per annum on the amount owed. Total interest income on advances to a related company accrued for the three and six months ended April 30, 2015 and 2014 were $537, $0, $537 and $0 respectively.

6. COMMITMENTS AND CONTINGENCIE

6. COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Apr. 30, 2015
Notes to Financial Statements
6. COMMITMENTS AND CONTINGENCIES	The Company’s existing rental leases do not contain significant restrictive provisions. The following is a schedule by year of future minimum lease obligations under non-cancelable rental operating leases which fall due as follows: Fiscal years ending October 31, 2015 8,539 2016 625 Total $ 9,164

7. FAIR VALUE OF FINANCIAL INST

7. FAIR VALUE OF FINANCIAL INSTRUMENTS	6 Months Ended
	Apr. 30, 2015
Fair Value Disclosures [Abstract]
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, due from a related company, other payables and accrued expenses 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.

8. RECENT ACCOUNTING PRONOUNCEM

8. RECENT ACCOUNTING PRONOUNCEMENTS	6 Months Ended
	Apr. 30, 2015
Notes to Financial Statements
8. RECENT ACCOUNTING PRONOUNCEMENTS	In August 2014, FASB issued Accounting Standards Update (ASU) No. 2014-15 Preparation of Financial Statements – Going Concern (Subtopic 205-40), Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. Under generally accepted accounting principles (GAAP), continuation of a reporting entity as a going concern is presumed as the basis for preparing financial statements unless and until the entity’s liquidation becomes imminent. Preparation of financial statements under this presumption is commonly referred to as the going concern basis of accounting. If and when an entity’s liquidation becomes imminent, financial statements should be prepared under the liquidation basis of accounting in accordance with Subtopic 205-30, Presentation of Financial Statements—Liquidation Basis of Accounting. Even when an entity’s liquidation is not imminent, there may be conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern. In those situations, financial statements should continue to be prepared under the going concern basis of accounting, but the amendments in this Update should be followed to determine whether to disclose information about the relevant conditions and events. The amendments in this Accounting Standards Update are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The Company will evaluate the going concern considerations in this ASU, however, at the current period, management does not believe that it has met conditions which would subject these financial statements for additional disclosure.

9. GOING CONCERN

9. GOING CONCERN	6 Months Ended
	Apr. 30, 2015
Notes to Financial Statements
9. GOING CONCERN	As reflected in the accompanying unaudited condensed consolidated financial statements, the Company has not commenced revenue producing operations and has an accumulated deficit of $5,841,081 as of April 30, 2015 that includes a net loss of $440,974 for the six months ended April 30, 2015. As of April 30, 2015, the Company’s total current liabilities exceeded its total current assets by $4,245,733 and the Company used cash in operations of $445,145 for the six months ended on that date. These factors raise substantial doubt about its ability to continue as a going concern. In view of the matters described above, recoverability of a major portion of the recorded asset amounts shown in the accompanying condensed consolidated balance sheet is dependent upon continued operations of the Company, which in turn is dependent upon the Company’s ability to raise additional capital, obtain financing and succeed in its future operations. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. 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 if successful will allow the Company to continue its operations through the next fiscal year.

10. SUBSEQUENT EVENT

10. SUBSEQUENT EVENT	6 Months Ended
	Apr. 30, 2015
Subsequent Events [Abstract]
10. SUBSEQUENT EVENT	In accordance with ASC topic 855-10, the Company has analyzed its operations subsequent from April 30, 2015 to the date these financial statements were issued, and has determined that it does not have any material subsequent events to disclose in these financial statements.

1. SUMMARY OF SIGNIFICANT ACCOU

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (Policies)	6 Months Ended
	Apr. 30, 2015
Notes to Financial Statements
Principles of consolidation	The accompanying condensed consolidated financial statements include the financial statements of ABMT and its wholly owned subsidiaries, Masterise and its 70% owned subsidiary, Shenzhen Changhua. The non-controlling interests were reduced to $0 in 2006 and represented the noncontrolling stockholders’ 30% proportionate share of the results of Shenzhen Changhua. All significant inter-company balances and transactions have been eliminated in consolidation.
Use of estimates	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.
Recent Accounting Pronouncements	In August 2014, FASB issued Accounting Standards Update (ASU) No. 2014-15 Preparation of Financial Statements – Going Concern (Subtopic 205-40), Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. Under generally accepted accounting principles (GAAP), continuation of a reporting entity as a going concern is presumed as the basis for preparing financial statements unless and until the entity’s liquidation becomes imminent. Preparation of financial statements under this presumption is commonly referred to as the going concern basis of accounting. If and when an entity’s liquidation becomes imminent, financial statements should be prepared under the liquidation basis of accounting in accordance with Subtopic 205-30, Presentation of Financial Statements—Liquidation Basis of Accounting. Even when an entity’s liquidation is not imminent, there may be conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern. In those situations, financial statements should continue to be prepared under the going concern basis of accounting, but the amendments in this Update should be followed to determine whether to disclose information about the relevant conditions and events. The amendments in this Accounting Standards Update are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The Company will evaluate the going concern considerations in this ASU, however, at the current period, management does not believe that it has met conditions which would subject these financial statements for additional disclosure.

6. COMMITMENTS AND CONTINGENC18

6. COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
	Apr. 30, 2015
Rate For Transactions Occuring Throughout The Year
Operating lease outstanding commitments	Fiscal years ending October 31, 2015 8,539 2016 625 Total $ 9,164

5. RELATED PARTY TRANSACTIONS (

5. RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2015	Apr. 30, 2014	Oct. 31, 2014
Imputed interest on advances from two directors	$ 5,330	$ 5,091	$ 9,930	$ 10,444
Interest expenses on advances from stockholder and related parties	54,441	43,654	107,273	85,071
Amount due from related company	53,364		53,364		$ 0
Total interest income on advances to a related company	537	$ 0	537	$ 0
Stockholder
Unsecured debt owed to a stockholder	502,009		502,009		459,131
Two Related Parties
Related party debt	3,302,235		3,302,235		2,988,738
Two Directors
Related party debt	$ 539,568		$ 539,568		$ 402,510

6. COMMITMENTS AND CONTINGENC20

6. COMMITMENTS AND CONTINGENCIES (Details)	Apr. 30, 2015USD ($)
Commitments And Contingencies Details
2,015	$ 8,539
2,016	625
Total	$ 9,164

10. GOING CONCERN (Details Narr

10. GOING CONCERN (Details Narrative) - USD ($)	6 Months Ended
	Apr. 30, 2015	Apr. 30, 2014	Oct. 31, 2014
Going Concern Details Narrative
Accumulated deficit	$ (5,841,081)		$ (5,400,107)
Net loss	440,974
Current liabilities exceeding current assets	4,245,733
Net cash used in operating activities	$ (445,145)	$ (365,038)

Uncategorized Items - abtbi-201

Label	Element	Value
NET LOSS ATTRIBUTABLE TO ABMT COMMON STOCKHOLDERS	us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic	$ (184,764)
NET LOSS ATTRIBUTABLE TO ABMT COMMON STOCKHOLDERS	us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic	(217,662)
Depreciation	us-gaap_Depreciation	6,662
Depreciation	us-gaap_Depreciation	$ 7,914