Advanced Biomedical (ABMT) 10-Q 14 Sep 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Jul. 31, 2016	Sep. 14, 2016
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, 2016
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		67,124,850
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,016

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	Jul. 31, 2016	Oct. 31, 2015
CURRENT ASSETS
Cash and cash equivalents	$ 8,858	$ 38,304
Inventories		2,791
Other receivables and prepaid expenses	25,583	18,118
Due from related parties
Total Current Assets	34,441	59,213
Property and equipment, cost	482,712	504,721
Less: Accumulated depreciation	(401,938)	(398,102)
PROPERTY AND EQUIPMENT, NET	80,774	106,619
DEPOSIT FOR PURCHASE OF PROPERTY AND EQUIPMENT	1,243
TOTAL ASSETS	116,458	165,832
CURRENT LIABILITIES
Other payables and accrued expenses	316,254	97,041
Due to directors	381,060	439,863
Due to a stockholder	530,278	562,187
Due to related parties	3,188,693	3,528,228
Total Current Liabilities	4,416,285	4,627,319
COMMITMENTS AND CONTINGENCIES	1,243
STOCKHOLDERS' DEFICIT
Common stock, $0.00001 par value, 100,000,000 shares authorized, 67,124,850 and 56,874,850 shares issued and outstanding as of July 31, 2016 and October 31, 2015 respectively	671	569
Additional paid-in capital	2,516,151	1,949,132
Accumulated deficit	(6,842,520)	(6,262,961)
Accumulated other comprehensive loss	25,871	(148,227)
Total Deficit	(4,299,827)	(4,461,487)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 116,458	$ 165,832

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Jul. 31, 2016	Oct. 31, 2015
Statement of Financial Position [Abstract]
Common Stock Shares Par Value	$ 0.00001	$ 0.00001
Common Stock Shares Authorized	100,000,000	100,000,000
Common Stock Shares Issued	67,124,850	56,874,850
Common Stock Shares Outstanding	67,124,850	56,874,850

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2016	Jul. 31, 2015
OPERATING EXPENSES
General and administrative expenses	$ 79,048	$ 107,394	$ 284,890	$ 387,004
Depreciation	7,438	8,018	22,823	22,580
Research and development	21,820	28,759	74,356	53,016
Total Operating Expenses	108,306	144,171	382,069	462,600
LOSS FROM OPERATIONS	(108,306)	(144,171)	(382,069)	(462,600)
OTHER (EXPENSES) INCOME
Interest income	25	131	47	723
Interest paid to a stockholder and related parties	(57,195)	(56,020)	(172,404)	(163,293)
Imputed interest	(4,590)	(5,982)	(14,621)	(15,912)
Other, net	(3,574)	(4,670)	(10,512)	(10,604)
Total Other (Expenses) Income, net	(65,334)	(66,541)	(197,490)	(189,086)
LOSS BEFORE TAXES	(173,640)	(210,712)	(579,559)	(651,686)
Income tax expense
NET LOSS	(173,640)	(210,712)	(579,559)	(651,686)
Net loss attributable to non-controlling interests
NET LOSS ATTRIBUTABLE TO ABMT COMMON STOCKHOLDERS	(173,640)	(210,712)	(579,559)	(651,686)
OTHER COMPREHENSIVE INCOME
Foreign currency translation income	94,673	4,844	174,098	53,365
Total other comprehensive loss	94,673	4,844	174,098	53,365
COMPREHENSIVE LOSS ATTRIBUTABLE TO ABMT COMMON STOCKHOLDERS	$ (78,967)	$ (205,868)	$ (405,461)	$ (598,321)
Net loss per share-basic and diluted	$ 0	$ 0	$ (0.01)	$ (0.01)
Weighted average number of shares outstanding during the year - basic and diluted	67,124,850	56,874,850	66,549,120	56,874,850

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT (UNAUDITED) - USD ($)	Common Stock	Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive loss	Total
Beginning balance at Oct. 31, 2014	$ 569	$ 1,927,968	$ (5,400,107)	$ (266,966)	$ (3,738,536)
Beginning balance, shares at Oct. 31, 2014	56,874,850
Imputed interest on advances from directors		21,164			21,164
Net loss			(862,854)		(862,854)
Foreign currency translation gain				118,739	118,739
Ending balance at Oct. 31, 2015	$ 569	1,949,132	(6,262,961)	(148,227)	$ (4,461,487)
Ending balance, shares at Oct. 31, 2015	56,874,850				56,874,850
Stock issued for debt conversion	$ 100	499,900			$ 500,000
Stock issued for debt conversion (shares)	10,000,000
Stock issued for services	$ 2	52,498			52,500
Stock issued for services (shares)	250,000
Imputed interest on advances from directors		14,621			14,621
Net loss			(579,559)		(579,559)
Foreign currency translation gain				174,098	174,098
Ending balance at Jul. 31, 2016	$ 671	$ 2,516,151	$ (6,842,520)	$ 25,871	$ (4,299,827)
Ending balance, shares at Jul. 31, 2016	67,124,850				67,124,850

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT (Parenthetical) - Common Stock	Jul. 31, 2016$ / shares
Debt conversion at 0.05 per share	$ 0.05
Issued share price	$ 1

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)	9 Months Ended
	Jul. 31, 2016	Jul. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss attributable to ABMT common stockholders	$ (579,559)	$ (651,686)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation	22,823	22,580
Stock issued for services	52,500
Imputed interest	14,621	15,912
Decrease (increase) in:
Inventories	2,704
Other receivables and prepaid expenses	(8,337)	(536)
(Decrease) increase in:
Other payables and accrued expenses	226,629	(17,139)
Net cash used in operating activities	(268,619)	(630,869)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment	(1,706)	(32,504)
(Increase) decrease in deposit for purchase of property and equipment	(1,265)	15,994
Net cash used in investing activities	(2,971)	(16,510)
CASH FLOWS FROM FINANCING ACTIVITIES
Due to a stockholder	74,690	67,234
Due to directors	(39,357)	64,381
Due to related parties	207,647	500,724
Net cash provided by financing activities	242,980	632,339
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	(836)	(711)
NET DECREASE IN CASH AND CASH EQUIVALENTS	(29,446)	(15,751)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	38,304	74,354
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 8,858	$ 58,603

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Jul. 31, 2016
Basis Of Presentation
BASIS OF PRESENTATION	NOTE 1 BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, the unaudited condensed consolidated financial statements contain adjustments considered necessary to present fairly the Company’s financial position as of July 31, 2016, the consolidated results of operations for the three and nine months ended July 31, 2016 and 2015 and consolidated statements of cash flows for the nine months ended July 31, 2016 and 2015 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, 2016 are not necessarily indicative of the results to be expected for the entire fiscal year ending October 31, 2016. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes for the year ended October 31, 2015 appearing in the Company’s annual report on Form 10-K as filed with the Securities and Exchange Commission on February 16, 2016. The reporting currency of the Company is US dollar.

ORGANIZATION

ORGANIZATION	9 Months Ended
	Jul. 31, 2016
Organization
ORGANIZATION	NOTE 2 ORGANIZATION Advanced BioMedical Technologies, Inc. (fka “Geostar Mineral Corporation” or “Geostar”) (“ABMT”) was incorporated in Nevada on September 12, 2006. Shenzhen Changhua Biomedical Engineering Company Limited (“Shenzhen Changhua”) was incorporated in the People’s Republic of China (“PRC”) on September 25, 2002 as a limited liability company with a registered capital of $724,017. 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 an 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”).

PRINCIPLES OF CONSOLIDATION

PRINCIPLES OF CONSOLIDATION	9 Months Ended
	Jul. 31, 2016
Principles Of Consolidation
PRINCIPLES OF CONSOLIDATION	NOTE 3 PRINCIPLES OF CONSOLIDATION The accompanying condensed consolidated financial statements include the financial statements of ABMT and its wholly owned subsidiaries, Masterise and its 70% owned subsidiary, Shenzhen Changhua. The non-controlling interests in periods prior to 2012 represent the non-controlling 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

USE OF ESTIMATES	9 Months Ended
	Jul. 31, 2016
Use Of Estimates
USE OF ESTIMATES	NOTE 4 USE OF ESTIMATES The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Jul. 31, 2016
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 5 RELATED PARTY TRANSACTIONS As of July 31, 2016 and October 31, 2015, the Company owed a stockholder $530,278 and $562,187 respectively which are unsecured and repayable on demand. Interests are charged at 7% per annum on the amount owed. As of July 31, 2016 and October 31, 2015, the Company owed four related parties a total of $3,188,693 and $3,528,228 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 nine months ended July 31, 2016 and 2015 were $57,195, $56,020, $172,404 and $163,293 respectively. As of July 31, 2016 and October 31, 2015, the Company owed $381,060 and $439,863 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 $4,590, $5,982, $14,621 and $15,912 for the three and nine months ended July 31, 2016 and 2015 respectively. On March 31, 2016, 250,000 shares of the Company were issued to two directors as compensation for the past services of the directors. The share valuation of US$52,500 is included in the accounts for the current period as directors’ emolument. Total interest income on advances to a related party accrued for the three and nine months ended July 31, 2016 and 2015 were $Nil, $95, $Nil and $632 respectively.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Jul. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 6 COMMITMENTS AND CONTINGENCIES The Company’s existing rental leases do not contain significant restrictive provisions. The schedule of future minimum lease obligations falling due under non-cancelable rental operating leases is as follows: Fiscal year ending October 31, 2016 18,050 2017 14,464 2018 10,848 Total $ 43,362

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	9 Months Ended
	Jul. 31, 2016
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	NOTE 7 FAIR VALUE OF FINANCIAL INSTRUMENTS The Financial Accounting Standards Board (FASB) Codification Topic 825 (ASC Topic 825), “Disclosure About Fair Value of Financial Instruments,” requires certain disclosures regarding the fair value of financial instruments. The carrying amounts of other receivables and prepaid expenses, other payables and accrued liabilities and due to a stockholder, directors and related parties approximate their fair values because of the short-term nature of the instruments. The management of the Company is of the opinion that the Company is not exposed to significant interest or credit risks arising from these financial statements.

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	9 Months Ended
	Jul. 31, 2016
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	NOTE 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.

GOING CONCERN

GOING CONCERN	9 Months Ended
	Jul. 31, 2016
Going Concern
GOING CONCERN	NOTE 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 $6,842,520 as of July 31, 2016 and which includes a net loss of $579,559 for the nine months ended July 31, 2016. As of July 31, 2016, the Company’s total current liabilities exceeded its total current assets by $4,381,844 and the Company used cash in operations of $268,619 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 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 as successful will allow the Company to continue its operations through the next fiscal year.

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
	Jul. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Schedule of future minimum lease obligations for non-cancelable rental operating leases	The Company’s existing rental leases do not contain significant restrictive provisions. The schedule of future minimum lease obligations falling due under non-cancelable rental operating leases is as follows: Fiscal year ending October 31, 2016 18,050 2017 14,464 2018 10,848 Total $ 43,362

ORGANIZATION (Details Narrative

ORGANIZATION (Details Narrative) - USD ($)	Dec. 31, 2008	Jan. 28, 2008	May 31, 2007	Sep. 25, 2002
Masterise [Member]
Ownership interest - majority stockholder			63.00%
Ownership interest - minority stockholder			37.00%
Majority Shareholders [Member] | Masterise [Member]
Stock sold per Affiliate Agreement, shares	4,438,250
Series of Individually Immaterial Business Acquisitions [Member] | Masterise [Member]
Payment for acquisition		$ 64,100
Ownership acquired		70.00%
Shenzhen Changhua [Member]
Registered capital				$ 724,017
Ownership interest - majority stockholder				70.00%
Ownership interest - minority stockholder				30.00%
ABMT [Member] | Masterise [Member]
Ownership acquired	100.00%
Stock issued in acquisition, shares	50,000
ABMT [Member] | Majority Shareholders [Member]
Stock sold per Affiliate Agreement	$ 5,000
Stock sold per Affiliate Agreement, shares	5,001,000
Ownership after Affiliate Agreement	80.70%

PRINCIPLES OF CONSOLIDATION (De

PRINCIPLES OF CONSOLIDATION (Details Narrative) - Shenzhen Changhua [Member]	Jul. 31, 2016
Ownership interest - subsidiary	70.00%
Non-controlling interest ownership prior 2012	30.00%

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	Mar. 31, 2016	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2016	Jul. 31, 2015	Oct. 31, 2015
Due to stockholder		$ 530,278		$ 530,278		$ 562,187
Due to related parties		3,188,693		$ 3,188,693		3,528,228
Interest rate				7.00%	7.00%
Interest expenses to a stockholder and related parties		57,195	$ 56,020	$ 172,404	$ 163,293
Due to directors		381,060		381,060		$ 439,863
Stock issued for services				$ 52,500
Interest income on advances to related party			95		$ 632
Two Directors [Member]
Interest rate				5.00%	5.00%
Imputed interest charged		$ 4,590	$ 5,982	$ 14,621	$ 15,912
Stock issued for services	$ 52,500
Stock issued for services (shares)	250,000

COMMITMENTS AND CONTINGENCIES21

COMMITMENTS AND CONTINGENCIES (Details)	Jul. 31, 2016USD ($)
Fiscal year ending October 31,
2,016	$ 18,050
2,017	14,464
2,018	10,848
Total	$ 43,362

GOING CONCERN (Details Narrativ

GOING CONCERN (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2016	Jul. 31, 2015	Oct. 31, 2015
Going Concern Details Narrative
Accumulated deficit	$ (6,842,520)		$ (6,842,520)		$ (6,262,961)
NET LOSS	(173,640)	$ (210,712)	(579,559)	$ (651,686)
Current liabilities exceeding current assets	$ 4,381,844		4,381,844
Net cash used in operating activities			$ (268,619)	$ (630,869)