Advanced Biomedical (ABMT) 10-Q 21 Sep 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Jul. 31, 2015	Sep. 21, 2015
StockIssuedForServices
Entity Registrant Name	Advanced Biomedical Technologies Inc.
Entity Central Index Key	1,385,799
Document Type	10-Q
Document Period End Date	Jul. 31, 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	Q3
Document Fiscal Year Focus	2,015

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)	Jul. 31, 2015	Oct. 31, 2014
CURRENT ASSETS
Cash and cash equivalents	$ 58,603	$ 74,354
Other receivables and prepaid expenses	19,026	18,768
Total Current Assets	77,629	93,122
Property and equipment, cost	513,315	488,298
Less: Accumulated depreciation	(396,811)	(380,044)
PROPERTY AND EQUIPMENT, NET	116,504	108,254
DEPOSIT FOR PURCHASE OF PROPERTY AND EQUIPMENT	0	16,238
TOTAL ASSETS	194,133	217,614
CURRENT LIABILITIES
Other payables and accrued expenses	87,521	105,771
Due to directors	460,856	402,510
Due to a stockholder	526,430	459,131
Due to related parties	3,440,271	2,988,738
Total Current Liabilities	$ 4,515,078	$ 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 July 31, 2015 and October 31, 2014	$ 569	$ 569
Additional paid-in capital	1,943,880	1,927,968
Accumulated deficit	(6,051,793)	(5,400,107)
Accumulated other comprehensive loss	(213,601)	(266,966)
Total Stockholders' Deficit	(4,320,945)	(3,738,536)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 194,133	$ 217,614

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	Jul. 31, 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		9 Months Ended
	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2015	Jul. 31, 2014
OPERATING EXPENSES
General and administrative expenses	$ 107,394	$ 131,642	$ 387,004	$ 382,706
Depreciation	8,018	6,606	22,580	19,966
Research and development	28,759	19,910	53,016	39,744
Total Operating Expenses	144,171	158,158	462,600	442,416
LOSS FROM OPERATIONS	(144,171)	(158,158)	(462,600)	(442,416)
OTHER EXPENSES
Interest income	131	38	723	101
Interest paid to a stockholder and related parties	(56,020)	(46,427)	(163,293)	(131,498)
Imputed interest	(5,982)	(4,851)	(15,912)	(15,295)
Other, net	(4,670)	(2,132)	(10,604)	(6,486)
Total Other Expenses, net	(66,541)	(53,372)	(189,086)	(153,178)
LOSS BEFORE TAXES	(210,712)	(211,530)	(651,686)	(595,594)
Income tax expense	0	0	0	0
NET LOSS ATTRIBUTABLE TO ABMT COMMON STOCKHOLDERS	(210,712)	(211,530)	(651,686)	(595,594)
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation income/(loss)	4,844	(41,918)	53,365	36,129
COMPREHENSIVE LOSS ATTRIBUTABLE TO ABMT COMMON STOCKHOLDERS	$ (205,868)	$ (253,448)	$ (598,321)	$ (559,465)
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 a stockholder and related company		15,912			15,912
Net loss			(651,686)		(651,686)
Foreign currency translation gain (loss)				53,365	53,365
Ending Balance, Shares at Jul. 31, 2015	56,874,850
Ending Balance, Amount at Jul. 31, 2015	$ 569	$ 1,943,880	$ (6,051,793)	$ (213,601)	$ (4,320,945)

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	9 Months Ended
	Jul. 31, 2015	Jul. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (651,686)	$ (595,594)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation	22,580	19,966
Imputed interest	15,912	15,295
Changes in operating assets and liabilities
Increase in other receivables and prepaid expenses	(536)	(3,369)
(Decrease) increase in other payables and accrued expenses	(17,139)	529
Net cash used in operating activities	(630,869)	(563,173)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment	(32,504)	(8,446)
Decrease in deposit for purchase of property and equipment	15,994	1,129
Net cash used in investing activities	(16,510)	(7,317)
CASH FLOWS FROM FINANCING ACTIVITIES
Due to a stockholder	67,234	78,251
Due to directors	64,381	(44,629)
Due to related parties	500,724	543,315
Net cash provided by financing activities	632,339	576,937
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	(711)	(450)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(15,751)	5,997
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	74,354	48,380
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 58,603	$ 54,377

1. BASIS OF PRESENTATION

1. BASIS OF PRESENTATION	9 Months Ended
	Jul. 31, 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 July 31, 2015, the consolidated results of operations for the three and nine months ended July 31, 2015 and 2014 and consolidated statements of cash flows for the nine months ended July 31, 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 nine months ended July 31, 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	9 Months Ended
	Jul. 31, 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	9 Months Ended
	Jul. 31, 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. All significant inter-company balances and transactions have been eliminated in consolidation.

4. USE OF ESTIMATES

4. USE OF ESTIMATES	9 Months Ended
	Jul. 31, 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	9 Months Ended
	Jul. 31, 2015
Notes to Financial Statements
5. RELATED PARTY TRANSACTIONS	As of July 31, 2015 and October 31, 2014, the Company owed a stockholder $526,430 and $459,131 respectively which are unsecured and repayable on demand. Interests are charged at 7% per annum on the amount owed. The Company owed four related parties a total of $3,440,271 as of July 31, 2015, and the Company owed two related parties a total of $2,988,738 as of October 31, 2014; these amounts are unsecured, repayable on demand, and accrue interest at a rate of 7% per annum on the unpaid balances. Total interest expenses on advances from a stockholder and the related parties accrued for the three and nine months ended July 31, 2015 and 2014 were $56,020, $46,427, $163,293 and $131,498 respectively. As of July 31, 2015 and October 31, 2014, the Company owed $460,856 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 a director is $5,982, $4,851, $15,912 and $15,295 for the three and nine months ended July 31, 2015 and 2014 respectively. Total interest income on advances to a related party accrued for the three and nine months ended July 31, 2015 and 2014 were $95, $0, $632 and $0 respectively.

6. COMMITMENTS AND CONTINGENCIE

6. COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Jul. 31, 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 2,125 2016 5,957 Total $ 8,082

7. FAIR VALUE OF FINANCIAL INST

7. FAIR VALUE OF FINANCIAL INSTRUMENTS	9 Months Ended
	Jul. 31, 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, other payables and accrued liabilities and due to a stockholder, directors and related parties approximate their fair values because of the short-term nature of the instruments. The management of the Company is of the opinion that the Company is not exposed to significant interest or credit risks arising from these financial statements.

8. RECENT ACCOUNTING PRONOUNCEM

8. RECENT ACCOUNTING PRONOUNCEMENTS	9 Months Ended
	Jul. 31, 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	9 Months Ended
	Jul. 31, 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 $6,051,793 as of July 31, 2015 that includes a net loss of $651,686 for the nine months ended July 31, 2015. As of July 31, 2015, the Company’s total current liabilities exceeded its total current assets by $4,437,449 and the Company used cash in operations of $630,869 for the nine 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 future profitable 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	9 Months Ended
	Jul. 31, 2015
Subsequent Events [Abstract]
10. SUBSEQUENT EVENT	In accordance with ASC topic 855-10, the Company has analyzed its operations subsequent from July 31, 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.

6. COMMITMENTS AND CONTINGENC17

6. COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
	Jul. 31, 2015
Rate For Transactions Occuring Throughout The Year
Operating lease outstanding commitments	Fiscal years ending October 31, 2015 2,125 2016 5,957 Total $ 8,082

5. RELATED PARTY TRANSACTIONS (

5. RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2015	Jul. 31, 2014	Oct. 31, 2014
Imputed interest on advances from a director	$ 5,982	$ 4,851	$ 15,912	$ 15,295
Interest expense on advances from stockholder and related parties	56,020	46,427	163,293	131,498
Interest income on advances to a related party	95	$ 0	632	$ 0
Stockholder
Unsecured debt owed to a stockholder	526,430		526,430		$ 459,131
Two Related Parties
Related party debt					2,988,738
Four Related Parties
Related party debt	3,440,271		3,440,271
Two Directors
Related party debt	$ 460,856		$ 460,856		$ 402,510

6. COMMITMENTS AND CONTINGENC19

6. COMMITMENTS AND CONTINGENCIES (Details)	Jul. 31, 2015USD ($)
Commitments And Contingencies Details
2,015	$ 2,125
2,016	5,957
Total	$ 8,082

9. GOING CONCERN (Details Narra

9. GOING CONCERN (Details Narrative) - USD ($)	9 Months Ended
	Jul. 31, 2015	Jul. 31, 2014	Oct. 31, 2014
Going Concern Details Narrative
Accumulated deficit	$ (6,051,793)		$ (5,400,107)
Net loss	(651,686)
Current liabilities exceeding current assets	4,437,449
Net cash used in operating activities	$ (630,869)	$ (563,173)

Uncategorized Items - abtbi-201

Label	Element	Value
Depreciation	us-gaap_Depreciation	$ 6,606
Depreciation	us-gaap_Depreciation	8,018
NET LOSS ATTRIBUTABLE TO ABMT COMMON STOCKHOLDERS	us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic	(210,712)
NET LOSS ATTRIBUTABLE TO ABMT COMMON STOCKHOLDERS	us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic	$ (211,530)