| Summary of Significant Accounting Policies | NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES Use of Estimates The preparation of unaudited consolidated financial
statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited consolidated financial
statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
If actual results significantly differ from the Company’s estimates, the Company’s financial condition and results
of operations could be materially impacted. Significant estimates include the collectability of accounts receivable, stock-based
compensation and the deferred tax asset valuation allowance. Reclassifications Certain reclassifications have been made to
prior year’s unaudited consolidated financial statements to enhance comparability with the current year’s unaudited
consolidated financial statements, including, but not limited to, presenting the spin-off of the Company’s real estate segment
as discontinued operations for the three months ended January 31, 2018. Concentrations of Credit Risk The Company’s food products accounts
receivable, net and revenues are geographically concentrated with customers located in the GCC countries. In addition, significant
concentrations exist with a limited number of customers. The loss of one or more of our top customers, or a substantial decrease
in demand by any of those customers for our products, could have a material adverse effect on our business, results of operations
and financial condition. The Company purchases substantially all of
its food products from a limited number of regions around the world or from a limited number of suppliers. Increases in the prices
of the food products which the Company purchases could adversely affect its operating results if the Company is unable to fully
offset the effect of these increased costs through price increases, and the Company can provide no assurance that it will be able
to pass along such increased costs to the Company’s customers. Furthermore, if the Company cannot obtain sufficient food
products or its suppliers cease to be available, the Company could experience shortages in its food products or be unable to meet
its commitments to customers. Alternative sources of food products, if available, may be more expensive. For periods in which the
prices are declining, the Company may be required to write down its inventory carrying cost which, depending on the extent of the
differences between market price and carrying cost, could have a material adverse effect on the Company’s consolidated results
of operations and financial position. Cash and Cash Equivalents For purposes of balance sheet presentation
and reporting of cash flows, the Company considers all unrestricted demand deposits, money market funds and highly liquid debt
instruments with an original maturity of less than 90 days to be cash and cash equivalents. There were no cash equivalents at January
31, 2019 and October 31, 2018. Marketable securities During January 2018, as part of the legal settlement
with Monaker Group, Inc. (“Monaker”), NestBuilder received Monaker common shares valued at $32,270, which we have classified
as “available for sale” securities until being spun-off on August 1, 2018 (see Note 10). Pursuant to Statement of Financial
Accounting Standards (“SFAS”) No. 115, Accounting for Certain Investments in Debt and Equity Securities Accounts Receivable The Company regularly reviews outstanding receivables
and provides for estimated losses through an allowance for doubtful accounts. In evaluating the level of established loss reserves,
the Company makes judgments regarding its customers’ ability to make required payments, economic events and other factors.
As the financial condition of these parties change, circumstances develop or additional information becomes available, adjustments
to the allowance for doubtful accounts may be required. The Company maintains reserves for potential credit losses and such losses
traditionally have been within its expectations. At January 31, 2019 and October 31, 2018, the Company determined there was no
requirement for an allowance for doubtful accounts. Inventory Inventory is stated at the lower of net realizable
value, determined on the first-in, first-out basis, or cost. Net realizable value is based on estimated selling prices in the ordinary
course of business less reasonably predictable costs of completion and transportation. All inventory are considered finished goods. Fair Value of Financial Instruments The Company has adopted Accounting Standards
Codification (“ASC”) topic 820, “Fair Value Measurements and Disclosures” (“ASC 820”), formerly
SFAS No. 157 “Fair Value Measurements”. ASC 820 defines “fair value” as the price that would be received
for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability
in an orderly transaction between market participants on the measurement date. ASC 820 also describes three levels of inputs
that may be used to measure fair value: Level 1: Observable inputs that reflect unadjusted
quoted prices for identical assets or liabilities traded in active markets. Level 2: Inputs other than quoted prices included
within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3: Inputs that are generally unobservable.
These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. Financial instruments consist principally of
cash, accounts receivable, prepaid expenses, due from affiliates, accounts payable, accrued liabilities and other current liabilities.
The carrying amounts of such financial instruments in the accompanying balance sheets approximate their fair values due to their
relatively short-term nature. The fair value of short and long-term debt is based on current rates at which the Company could borrow
funds with similar remaining maturities. The carrying amounts approximate fair value. It is management’s opinion that the
Company is not exposed to any significant currency or credit risks arising from these financial instruments. Revenue Recognition Revenue is derived from the sale of food and
beverage products. The Company recognizes revenue when obligations under the terms of a contract with the customer are satisfied.
Product sales occur once control is transferred upon delivery to the customer. Revenue is measured as the amount of consideration
the Company expects to receive in exchange for transferring products. The amount of consideration the Company receives and revenue
the Company recognizes varies with changes in customer incentives the Company offers to its customers and their customers. In the
event any discounts, sales incentives, or similar arrangements are agreed to with a customer, such amounts are estimated at time
of sale and deducted from revenue. Sales taxes and other similar taxes are excluded from revenue (see Note 4). Share-Based Compensation The Company computes share based payments in
accordance with ASC 718-10, Compensation Equity Based Payments
to Non-Employees Convertible Debt Instruments The Company records debt net of debt discount
for beneficial conversion features and warrants, on a relative fair value basis. Beneficial conversion features are recorded pursuant
to the Beneficial Conversion and Debt Topics of the Financial Accounting Standards Board (“FASB”) ASC. The amounts
allocated to warrants and beneficial conversion rights are recorded as debt discount and as additional paid-in-capital. Debt discount
is amortized to interest expense over the life of the debt. Foreign Currency Assets and liabilities of non-U.S. subsidiaries,
where the functional currency is not the U.S. dollar, have been translated at year-end exchange rates and profit and loss accounts
have been translated using average exchange rates. Foreign currency translation gains and losses are included in the Unaudited
Consolidated Statements of Operations as a component of accumulated other comprehensive loss. Assets and liabilities of an entity
that are denominated in currencies other than an entity’s functional currency are re-measured into the functional currency
using end of period exchange rates or historical rates, where applicable to certain balances. Gains and losses related to these
re-measurements are recorded within the Unaudited Consolidated Statements of Operations as a component of other income (expense). Income Taxes The Company accounts for income taxes in accordance
with Accounting for Income Taxes, as clarified by ASC 740-10, Accounting for Uncertainty in Income Taxes ASC 740 requires that the Company recognize
the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than
not sustain the position following an audit. For tax positions meeting the “more-likely-than-not” threshold, the amount
recognized in the consolidated financial statements is the largest benefit that has a greater than 50 percent likelihood of being
realized upon ultimate settlement with the relevant tax authority. The Company’s tax returns for its October 31, 2018, 2017
and 2016 tax years may be selected for examination by the taxing authorities as the statute of limitations remains open. The Company recognizes expenses for tax penalties
and interest assessed by the Internal Revenue Service and other taxing authorities upon receiving valid notice of assessments.
The Company has received no such notices for the tax years ended October 31, 2018 and 2017. Earnings Per Share In accordance with the provisions of FASB ASC
Topic 260, Earnings per Share In computing diluted EPS, only potential common
shares that are dilutive, those that reduce EPS or increase loss per share, are included. The effect of contingently issuable shares
are not included if the result would be anti-dilutive, such as when a net loss is reported. Therefore, basic and diluted EPS are
computed using the same number of weighted average shares for the three months ended January 31, 2019 and January 31, 2018 as we
incurred a net loss for those periods. At January 31, 2019, there were outstanding warrants to purchase up to 21,205,000 shares
of the Company’s common stock and approximately 695,000,000 shares of the Company’s common stock to be issued, which
may dilute future EPS. At January 31, 2018, there were outstanding warrants to purchase up to 16,786,467 shares of the Company’s
common stock and approximately 256,000,000 shares of the Company’s common stock to be issued, which may dilute future EPS. Shipping and Handling Costs Shipping and handling costs for freight expense on goods shipped
are included in cost of sales. Freight expense on goods shipped for three months ended January 31, 2019 and 2018 was $73,915 and
$32,341, respectively. Concentrations,
Risks and Uncertainties The Company’s ongoing operations are
related to the international food industries, and its prospects for success are tied indirectly to interest rates and the worldwide
demand for the Company’s food and beverage products. Recently Adopted Accounting Standards Effective November 1, 2018, the Company
adopted Revenue from Contracts with Customers (Topic 606) (“ASC 606”). The new guidance sets forth a new five-step
revenue recognition model which replaces the prior revenue recognition guidance in its entirety and is intended to eliminate numerous
industry-specific pieces of revenue recognition guidance that have historically existed in US GAAP. The underlying principle of
the new standard is that a business or other organization will recognize revenue to depict the transfer of promised goods or services
to customers in an amount that reflects what it expects to receive in exchange for the goods or services. The standard also requires
more detailed disclosures and provides additional guidance for transactions that were not addressed completely in the prior accounting
guidance. The Company adopted ASC 606 using the modified retrospective method, which did not have an impact on its consolidated
financial statements. The Company expects the impact to net income of the new standard will be immaterial on an ongoing quarterly
and annual basis. The comparative information has not been restated and continues to be reported under the accounting standards
in effect for those periods. Refer to Note 4 for additional information regarding the Company’s adoption of ASC 606. Effective November 1, 2018, the Company adopted
Accounting Standards Update (“ASU”) 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts
and Cash Payments (“ASU 2016-15”), which provides clarification on classifying a variety of activities within the statement
of cash flows. The Company determined the adoption of ASU 2016-15 did not have a material impact on its consolidated financial
statements. Effective November 1, 2018, the Company adopted
ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash Effective November 1, 2018, the Company adopted
ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business Effective November 1, 2018, the Company adopted
ASU 2017-09, Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting Compensation—Stock Compensation Effective November 1, 2018, the Company adopted
ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities Recently Issued Accounting Standards Not
Yet Adopted In February 2016, the FASB issued ASU 2016-02,
Leases (“ASU 2016-02”). The standard amends the existing accounting standards for lease accounting, including requiring
lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU 2016-02 will be
effective beginning in the first quarter of fiscal 2020. Early adoption of ASU 2016-02 is permitted. The new leases standard requires
a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application,
with an option to use certain transition relief. In September 2017, the FASB issued ASU 2017-13, Revenue Recognition (Topic 605),
Revenue from Contracts with Customers (Topic 606), Leases (Topic 840), and Leases (Topic 842, which amends certain aspects of the
new lease standard). The Company is currently evaluating the impact of adopting ASU 2016-02 and ASU 2017-13 on the Company’s
consolidated financial statements. In August 2018, the FASB issued ASU 2018-13,
Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement,
to modify the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, based on the concepts in
the Concept Statement, including the consideration of costs and benefits. The standard is effective for the Company as of November
1, 2020, with early adoption permitted. The Company does not expect the adoption of this guidance to have a material impact on
its consolidated financial statements. Management does not believe that any other
recently issued, but not yet effective accounting pronouncements, if adopted, would have a material impact on the accompanying
unaudited consolidated financial statements. |
