Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Oct. 31, 2015 | Aug. 15, 2016 | Apr. 30, 2016 | |
Document and Entity Information: | |||
Entity Registrant Name | VITRO DIAGNOSTICS INC, | ||
Document Type | 10-K | ||
Document Period End Date | Oct. 31, 2015 | ||
Trading Symbol | vdg | ||
Amendment Flag | false | ||
Entity Central Index Key | 793,171 | ||
Current Fiscal Year End Date | --10-31 | ||
Entity Common Stock, Shares Outstanding | 20,391,822 | ||
Entity Public Float | $ 1,065,270 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Entity Incorporation, State Country Name | Nevada | ||
Entity Incorporation, Date of Incorporation | Feb. 3, 1986 |
Balance Sheets
Balance Sheets - USD ($) | Oct. 31, 2015 | Oct. 31, 2014 | |||
Current assets: | |||||
Cash | $ 5,272 | $ 2,767 | |||
Accounts receivable, net | 5,030 | [1] | 2,635 | [2] | |
Accounts receivable - related parties | 10,123 | 18,993 | |||
Inventory, at cost | 28,840 | 22,330 | |||
Total current assets | 49,265 | 46,725 | |||
Equipment, net of accumulated depreciation | 44,079 | [3] | 41,851 | [4] | |
Patents, net of accumulated amortization | 11,583 | [5] | 14,780 | [6] | |
Deferred costs | 9,723 | 777 | |||
Other assets | 1,449 | 1,449 | |||
Total assets | 116,099 | 105,582 | |||
Current liabilities: | |||||
Current maturities on capital lease obligation | 8,308 | 22,957 | |||
Lines of credit | 41,321 | 38,923 | |||
Accounts payable | 63,808 | 47,976 | |||
Accounts payable - related parties | 34,469 | 29,766 | |||
Other accrued liabilities | 8,187 | 2,156 | |||
Advances and accrued interest payable to officer | 1,132,732 | 917,852 | |||
Accrued payroll expenses | 1,205,958 | 1,205,958 | |||
Total current liabilities | 2,494,783 | 2,265,588 | |||
Capital lease obligation | 3,187 | ||||
Total liabilities | 2,497,970 | 2,265,588 | |||
Commitments and contingencies | [7] | ||||
Shareholders' deficit: | |||||
Preferred stock | [8] | ||||
Common stock | 20,371 | [9] | 19,971 | [10] | |
Additional paid-in capital | 5,456,447 | 5,432,847 | |||
Accumulated deficit | (7,858,689) | (7,612,824) | |||
Total shareholders' deficit | (2,381,871) | (2,160,006) | |||
Total liabilities and shareholders' deficit | $ 116,099 | $ 105,582 | |||
[1] | Accounts receivable, net of allowance of $0. | ||||
[2] | Accounts receivable, net of allowance of $2,500. | ||||
[3] | Equipment, net of accumulated depreciation of $134,164. | ||||
[4] | Equipment, net of accumulated depreciation of $121,560. | ||||
[5] | Patents, net of accumulated amortization of $20,392. | ||||
[6] | Patents, net of accumulated amortization of $17,195. | ||||
[7] | See Notes 1, 2, 3, 4, 5, 6, 8, and 9. | ||||
[8] | Preferred stock, $.001 par value; 5,000,000 shares authorized -0- shares issued and outstanding. | ||||
[9] | Common stock, $.001 par value; 50,000,000 shares authorized; 20,371,822 shares issued and outstanding. | ||||
[10] | Common stock, $.001 par value; 50,000,000 shares authorized; 19,971,822 shares issued and outstanding. |
Balance Sheets (Parentheticals)
Balance Sheets (Parentheticals) - USD ($) | Oct. 31, 2015 | Oct. 31, 2014 |
Statement of Financial Position | ||
Allowance for doubtful accounts | $ 0 | $ 2,500 |
Accumulated depreciation | 134,164 | 121,560 |
Accumulated amortization | $ 20,392 | $ 17,195 |
Preferred Stock, Par Value | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par Value | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 50,000,000 | 50,000,000 |
Common Stock, Shares Issued | 20,371,822 | 19,971,822 |
Common Stock, Shares Outstanding | 20,371,822 | 19,971,822 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2014 | |
Income Statement | ||
Product sales | $ 84,704 | $ 94,582 |
Cost of goods sold | (21,651) | (23,019) |
Gross profit | 63,053 | 71,563 |
Professional services income | 14,748 | 48,155 |
Net revenue | 77,801 | 119,718 |
Operating costs and expenses: | ||
Research and development | 152,019 | 182,631 |
Selling, general and administrative | 83,915 | 108,128 |
Total operating costs and expenses | 235,934 | 290,759 |
Loss from operations | (158,133) | (171,041) |
Other income (expense): | ||
Interest expense | (87,732) | (75,486) |
Income (loss) before income taxes | (245,865) | (246,527) |
Net Income (Loss) | $ (245,865) | $ (246,527) |
Net Income (Loss) per common share, basic and diluted | $ (0.01) | $ (0.01) |
Shares used in computing Net Income (Loss) per common share: Basic and diluted | 20,049,630 | 19,881,321 |
Statement of Changes in Shareho
Statement of Changes in Shareholders' Deficit - USD ($) | Common Stock | Additional Paid-in Capital | Services Prepaid With Common Stock | Retained Earnings, Appropriated | Total |
Balance, Amount at Oct. 31, 2013 | $ 19,803 | $ 5,413,015 | $ (7,366,297) | $ (1,933,479) | |
Balance, Shares at Oct. 31, 2013 | 19,803,403 | ||||
Prepaid services earned | $ 20,000 | 20,000 | |||
Common stock issued to director for services, Amount | $ 168 | 19,832 | $ (20,000) | ||
Common stock issued to director for future services, Shares | 168,419 | ||||
Net Income (Loss) | (246,527) | (246,527) | |||
Balance, at Oct. 31, 2014 | $ 19,971 | 5,432,847 | (7,612,824) | (2,160,006) | |
Balance, at Oct. 31, 2014 | 19,971,822 | ||||
Common stock issued to director for services, Amount | $ 400 | 23,600 | 24,000 | ||
Common stock issued to director for future services, Shares | 400,000 | ||||
Net Income (Loss) | (245,865) | (245,865) | |||
Balance, at Oct. 31, 2015 | $ 20,371 | $ 5,456,447 | $ (7,858,689) | $ (2,381,871) | |
Balance, at Oct. 31, 2015 | 20,371,822 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2014 | |
Cash Flows from operating activities: | ||
Net Income (Loss) | $ (245,865) | $ (246,527) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Bad debt expense | 5,037 | 2,500 |
Depreciation and amortization | 15,801 | 17,664 |
Impairment of deferred patent costs | 13,460 | |
Stock-based compensation | 24,000 | 20,000 |
Changes in current assets and current liabilities: | ||
Increase in accounts receivable, inventories, prepaid expenses and deposits | (5,072) | (15,499) |
Increase in accounts payable and accrued expenses | 105,696 | 88,424 |
Net cash used in operating activities | (100,403) | (119,978) |
Cash flows from investing activities: | ||
Purchases of equipment | (2,888) | (1,255) |
Payments for patents and deferred costs | (8,946) | (1,408) |
Net cash used in investing activities | (11,834) | (2,663) |
Cash flows from financing activities: | ||
Proceeds from advances from officer | 135,750 | 141,100 |
Payments (draws) on lines of credit, net | 2,398 | 1,631 |
Principal payments on capital lease | (23,406) | (19,520) |
Net cash provided by financing activities | 114,742 | 123,211 |
Net change in cash | 2,505 | 570 |
Cash, beginning of year | 2,767 | 2,197 |
Cash, end of period | 5,272 | 2,767 |
Supplemental disclosure of cash flow information: | ||
Cash paid for Interest | 8,602 | 9,658 |
Non-cash investing and financing activities: | ||
Common stock issued to directors for services | 20,000 | |
Common stock issued for services | 24,000 | |
Purchase of equipment under capital lease | $ 11,944 | $ 44,300 |
Nature of Organization and Summ
Nature of Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Oct. 31, 2015 | |
Notes | |
Nature of Organization and Summary of Significant Accounting Policies | NOTE 1: NATURE OF ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Organization Vitro Diagnostics, Inc. (the Company) was incorporated under the laws of Nevada on February 3, 1986. From November of 1990 through July 31, 2000, the Company was engaged in the development, manufacturing and distribution of purified human antigens (Diagnostics) that were derived primarily from human tissues. The Company also developed cell technology including immortalization of certain cells that allowed entry into other markets besides diagnostics. However, during the 1990s, the Companys sales were solely attributable to the sales of purified human antigens for diagnostic applications. Following the sale of its Diagnostics operations in August of 2000, the Company began devoting all efforts to its cellular generation technology which evolved from a focus on induction of cellular immortalization to technology related to stem cells. Stem cell technology has potentially broad application to many medical areas, including drug discovery and development together with numerous therapeutic applications to diseases involving cellular degeneration, injury or to the treatment of cancer. The Company launched a series of products targeting basic research in stem cell technology in 2009. These Tools for Stem Cell and Drug Discovery offer researchers basic tools needed to advance stem cell technology including stem cells and their derivatives, media for growth and differentiation of stem cells and advanced tools for measurement of stem cell quality, potency and response to toxic agents. The Company has been granted patents for its proprietary technology related to the immortalization of human cells and subsequently expanded this technology to include patented and patent-pending technology involving generation of stem cells with potential application to a variety of commercial opportunities including the treatment of degenerative diseases and drug discovery. The Company is currently focused on revenue generation from its stem cell-based research products and to expanded opportunities for revenue generation in drug discovery and development together with select opportunities in regenerative medicine. Basis of Presentation Going Concern The accompanying financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate continuation of the Company as a going concern. However, the Company has suffered significant losses since inception and has working capital and shareholders deficits of $(2,445,518) and $(2,381,871), respectively, at October 31, 2015, which raise substantial doubt about its ability to continue as a going concern. In view of these matters, realization of certain of the assets in the accompanying balance sheet is dependent upon continued operations of the Company, which in turn is dependent upon the Companys ability to meet its financial requirements, raise additional capital, and generate revenues and profits from operations. The financial statements do not include any adjustments relating to the recoverability of assets and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. The Company has financed its operations primarily through cash advances from the Companys president, as well as through various private placements of equity securities. Since the year ended October 31, 2013, the President has advanced the Company a total of $276,850 for working capital on an as needed basis, including $135,750 during the year ended October 31, 2015. There is no assurance that these advances will continue in the future. The Company has various initiatives underway to increase revenue generation through diversified offerings of products and services related to its stem cell technology and analytical capabilities. The goal of these initiatives is to achieve profitable operations as quickly as possible. Also, management has ongoing discussions with potential financial partners who have expressed interest in funding the Company and we intend to pursue these discussions to the full extent possible. Various strategic alliances that are ongoing and under development are also critical aspects of managements overall growth and development strategy. There is no assurance that these initiatives will yield sufficient capital to maintain the Companys operations. In such an event, management intends to pursue various strategic alternatives. Summary of Significant Accounting Policies 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 amounts 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. Cash equivalents For the purposes of the statement of cash flows, the Company considers all highly liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents. Accounts receivable Accounts receivable consists of amounts due from customers. The Company considers accounts more than 30 days old to be past due. The Company uses the allowance method for recognizing bad debts. When an account is deemed uncollectible, it is written off against the allowance. The Company generally does not require collateral for its accounts receivable. At October 31, 2015 and 2014, accounts receivable are net of allowances of $-0- and $2,500. Inventory Inventories, consisting of raw materials and finished goods, are stated at the lower of cost (using the specific identification method) or market. Finished goods inventories include certain allocations of labor and overhead. At October 31, 2015 and 2014, finished goods included $6,911 and $5,915, respectively, of labor and overhead allocations. Inventories consisted of the following: October 31, 2015 October 31, 2014 Raw materials $ 16,748 $ 12,702 Finished goods 12,092 9,628 $ 28,840 $ 22,330 Shipping and freight costs All freight costs associated with the receiving of goods and materials are expensed during the period in which it is received. For the years ended October 31, 2015 and 2014, $11,463 and $6,291, respectively, are included in research and development (R&D) costs in the accompanying statements of operations. Shipping costs for products shipped to customers, if any, is generally charged to the customer at invoicing and are considered a component of the sale transaction. For the years ended October 31, 2015 and 2014, $2,080 and $1,464, respectively, are included in product sales in the accompanying statements of operations. Research and development The Companys operations are predominantly in R&D. These costs are expensed as incurred and are primarily comprised of costs for: salaries, overhead and occupancy, contract services and other outside costs, quality assurance and analytical testing. As the Companys operations include manufacturing and R&D, we report cost of goods sold, including estimates of labor, materials and overhead allocations to the production of specific products manufactured for sale. Property, equipment and depreciation Property and equipment, generally consisting of laboratory equipment and office equipment and furniture, are stated at cost and are depreciated over the assets estimated useful lives ranging from three to seven years using the straight-line method. Depreciation expense totaled $12,604 and $14,468 for the years ended October 31, 2015 and 2014, respectively. We include assets acquired under capital leases in property and equipment, which are depreciated over the assets useful lives consistent with other capital assets. Depreciation expense includes $9,656 and $10,419 of depreciation expense associated with assets acquired under capital leases for the years ended October 31, 2015 and 2014, respectively. Total costs of assets acquired under capital leases were $122,269 and $110,325 at October 31, 2015 and 2014, respectively. Total accumulated depreciation associated with those capital leased assets was $84,541 and $74,884 at October 31, 2015 and 2014, respectively. Upon retirement or disposition of equipment, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in operations. Repairs and maintenance are charged to expense as incurred and expenditures for additions and improvements are capitalized. Patents, deferred costs and amortization Patents consist of costs incurred to acquire issued patents. Amortization commences once a patent is granted. Costs incurred to acquire patents that have not been issued are reported as deferred costs. If a patent application is denied or expires, the costs incurred are charged to operations in the year the application is denied or expires. The Company amortizes patents over a period of ten years. Amortization expense totaled $3,197 and $3,196 for the years ended October 31, 2015 and 2014, respectively. Estimated future amortization expense for each of the next fiscal years is as follows: Year Ended October 31, 2016 $ 3,198 2017 3,198 2018 3,198 2019 1,989 $ 11,583 At October 31, 2015, the Company had one patent as follows: Generation and differentiation of adult stem cell lines $ 31,975 (This patent is for a proprietary stem cell line with potential application to treatment of diabetes in both animals and humans.) Less accumulated amortization (20,392) $ 11,583 In October 2014, the Company incurred costs relating to the provisional filing of a new United States patent application entitled Treatment of Neurological Conditions by Activation of Neural Stem Cells. These costs totaled $7,224 and $777 at October 31, 2015 and 2014, respectively, and are included as deferred patent costs in the accompanying balance sheets. Three patent applications are now pending review in the US, UK and Australia. In January 2015, the Company incurred costs relating to the upcoming filing of a new patent application related to its stem cell therapy of horses. The Company deposited its proprietary cell line known as EquaCell as the initial step in the process of filing this application. These costs totaled $2,500, and are included as deferred patent costs in the accompanying balance sheet at October 31, 2015. Impairment and Disposal of Long-Lived Assets The Company evaluates its long-lived assets for impairment when events or changes in circumstances indicate, in management's judgment, that the carrying value of such assets may not be recoverable. If such assets are considered impaired, the impairment to be recognized is determined as the amount by which the carrying value exceeds the fair value of the assets. The Company periodically reviews the carrying amount of its long-lived assets for possible impairment. The Company recorded no asset impairment charges during the year ended October 31, 2015. The Company recorded asset impairment charges totaling $13,460 associated with certain patent applications for the year ended October 31, 2014. A contingency exists with respect to these matters, the ultimate resolution of which cannot presently be determined. Income taxes The Company uses the liability method of accounting for income taxes. Accordingly, deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. A valuation allowance is established when necessary to reduce deferred tax assets to the amount expected to be realized. Revenue recognition and concentration of revenues The Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred (or service has been performed), the sales price is fixed and determinable, and collectability is reasonably assured. The Company derives a portion of its revenue from data and analysis services, and is included in Professional services income in the accompanying statement of operations. Any costs associated with this revenue are included in the Companys operating costs and expenses. For the year ended October 31, 2015, 65% of the Companys total revenues were attributed to customers of a company controlled by a former director who resigned his position on March 30, 2015. Two additional customers accounted for 22% of the Companys revenues during the same period. Of the remaining 13%, no significant concentrations existed. Advertising Costs The Company expenses all advertising costs as they are incurred. Advertising costs were $7,554 and $4,724 for the years ended October 31, 2015 and 2014, respectively. Consulting Expenses From time-to-time the Company engages consultants to perform various professional and administrative functions including public relations and corporate marketing. Expenses for consulting services are generally recognized when services are performed and billable by the consultant. In the event an agreement requires payments in which the timing of the payments is not consistent with the performance of services, expense is recognized as either service events occur, or recognized evenly over the period of the consulting agreement where specific services performed under the agreement are not readily identifiable. Consulting agreements in which compensation is contingent upon the successful occurrence of one or more events are only expensed when the contingency has been, or is reasonably assured, to be met. Fair value of financial instruments The carrying amounts of cash, accounts receivable, accounts payable and other accrued liabilities approximate fair value due to the short-term maturity of the instruments. Based on the borrowing rates currently available to the Company for loans with similar terms and average maturities, the fair value of long-term obligations consisting of various capital lease obligations approximates its carrying value. Concentrations of credit risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of temporary cash investments and cash equivalents, and trade accounts receivable. As of October 31, 2015 and 2014, the Company had no amounts of cash or cash equivalents in financial institutions in excess of amounts insured by agencies of the U.S. Government. Net loss per share The Company reports net loss per share using a dual presentation of basic and diluted loss per share. Basic net loss per share excludes the impact of common stock equivalents. Diluted net loss per share utilizes the average market price per share when applying the treasury stock method in determining common stock equivalents. For each of the years ended October 31, 2015 and 2014, common stock equivalents of 300,000 representing fully vested outstanding stock options, were not included in the diluted per share calculation as all potentially dilutive securities were anti-dilutive due to the net losses in the periods. Stock-based compensation Financial Accounting Standards Board (FASB) Accounting Standards Codification (the ASC) Topic 718, Stock Compensation Recent accounting standards In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers In February 2016, the FASB issued ASU No. 2016-02, "Leases: Topic 842 (ASU 2016-02)", to supersede nearly all existing lease guidance under GAAP. The guidance would require lessees to recognize most leases on their balance sheets as lease liabilities with corresponding right-of-use assets. ASU 2016-02 is effective for the Company in the first quarter of our fiscal year ending October 31, 2020 using a modified retrospective approach with the option to elect certain practical expedients. The Company is currently evaluating the impact of its pending adoption of ASU 2016-02 on its consolidated financial statements. There were various other accounting standards and interpretations issued during 2015 and to date none of which are expected to have a material impact on the Companys consolidated financial position, operations, or cash flows. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Oct. 31, 2015 | |
Notes | |
Related Party Transactions | NOTE 2: RELATED PARTY TRANSACTIONS Advances and accrued interest payable to officer Through October 31, 2015, the Companys President had advanced the Company a total of $853,864 used for working capital including $135,750 during the year ended October 31, 2015. The advances are uncollateralized, due on demand and accrue interest on the unpaid principal at a rate of 10% per annum. Accrued interest payable on the advances totaled $278,868 and $199,738 at October 31, 2015 and 2014, respectively. The total advances plus accrued interest totaling $1,132,732 and $917,852 at October 31, 2015 and 2014, respectively, are included as Advances and accrued interest payable to officer in the accompanying financial statements. Employment agreements and accrued compensation Effective May 1, 2008, the Company entered into an Executive Employment Agreement with its President. The Agreement established annual base salaries of $80,000, $85,000, and $90,000 over the three years of the Agreement, which was to expire on April 30, 2011. On April 27, 2011, the Companys board of directors ratified a modification to the original agreement establishing an annual base salary of $12,000 per year, effective February 1, 2011 and continuing for three years, expiring February 2, 2014. The agreement has expired and the Company is contemplating its options regarding the compensation of the President. The Agreement also provided for incentive compensation based on the achievement of minimum annual product sales and an option to purchase one million shares of the Companys common stock that includes contingent vesting requirements. As of October 31, 2015, 100,000 of these common stock options were vested, and are exercisable at $0.19 per share and expire in July 2018. These options are further discussed in Note E under the Stock options granted to officer caption. The Company has accrued the salaries of its President due to a lack of working capital. Total accrued salaries and payroll taxes were $1,205,958 as of both October 31, 2015 and 2014. The Presidents accrued salaries totaled $1,158,422 as of both October 31, 2015 and 2014. His salary is allocated 70% to research and development and 30% to administration. In addition, accrued salaries totaling $833 are due a former executive officer from a previous employment agreement. Total accrued payroll taxes on the above salaries totaled $46,703 at both October 31, 2015 and 2014. Office lease On July 1, 2008, the Company entered into a five-year non-cancelable operating lease for a facility located in Golden, Colorado, which expired in June 2013. Effective July 1, 2013, the lease was renewed for an additional five-year term expiring July 2018. The facility has been leased from a company that is owned by the Presidents wife. Minimum future rent payments for the remaining term of the lease are as follows: Fiscal Year Ending October 31, 2016 $ 33,168 2017 33,168 2018 22,112 Total $ 88,448 The total rental expense was $27,100 and $26,619 and for the years ended October 31, 2015 and 2014, respectively. At October 31, 2015 and 2014, $29,284 and $26,135, respectively, were unpaid and are included in accounts payable - related parties in the accompanying balance sheets. Sales and Accounts Receivable Of the total revenues for the years ended October 31, 2015 and 2014, $64,235 and $28,528, respectively, was derived from customers of a company controlled by a former director who resigned his position on March 30, 2015. At October 31, 2015 and 2014, $10,123 and $18,993, respectively, of these sales had not yet been collected. Other The President has personally guaranteed all debt instruments of the Company including all credit card debt. |
Income Taxes
Income Taxes | 12 Months Ended |
Oct. 31, 2015 | |
Notes | |
Income Taxes | NOTE 3: INCOME TAXES The Company accounts for income taxes in accordance with ASC 740, Income Taxes (formerly Statement of Financial Accounting Standard No., 109, Accounting for Income Taxes). Under the provisions of ASC 740, a deferred tax asset or liability (net of a valuation allowance) is provided in the financial statements by applying the provisions of applicable laws to measure the deferred tax consequences of temporary differences that will result in taxable or deductible amounts in future years as a result of events recognized in the financial statements in the current or proceeding years. The items accounting for the difference between income taxes computed at the federal statutory rate and the provision for income taxes consists of the following: Years ended October 31, 2015 2014 Federal statutory rate 34.00 % 34.00 % State taxes, net of federal benefit 3.06 % 3.06 % Stock based compensation -3.62 % -3.01 % Valuation allowance -33.44 % -34.05 % Effective income tax rate 0.00 % 0.00 % The primary components of the Companys deferred tax assets are as follows: Years ended October 31, 2015 2014 Net operating loss $ 810,024 $ 727,801 Accrued officer salaries 446,928 446,928 Total cumulative deferred tax assets 1,256,952 1,174,729 Valuation allowance (1,256,952) (1,174,729) Effective income tax asset $ - $ - At October 31, 2015, deferred taxes consisted of a net tax asset of $1,256,952, due to operating loss carry forwards of $2,185,709 and accrued officer salaries of $1,205,958, which was fully allowed for in the valuation allowance of $1,256,952. At October 31, 2014, deferred taxes consisted of a net tax asset of $1,174,729, due to operating loss carry forwards of $1,963,844 and accrued officer salaries of $1,205,958, which was fully allowed for in the valuation allowance of $1,174,729. The valuation allowance offsets the net deferred tax asset for which there is no assurance of recovery. The changes in the valuation allowance for the years ended October 31, 2015 and 2014 totaled $82,223 and $82,784, respectively. Net operating loss carry forwards will expire in various years through 2035. The valuation allowance is evaluated at the end of each year, considering positive and negative evidence about whether the asset will be realized. At that time, the allowance will either be increased or reduced; reduction could result in the complete elimination of the allowance if positive evidence indicates that the value of the deferred tax asset is no longer impaired and the allowance is no longer required. The Company is delinquent on filing its federal and state tax returns and may be subject to penalties and interest. As a result, income tax returns for all fiscal years beginning with October 31, 2004, when filed, are subject to examination by tax authorities. A contingency exists with respect to these matters, the ultimate resolution of which may not be presently determined. Should the Company undergo an ownership change as defined in Section 382 of the Internal Revenue Code, the Companys tax net operating loss carry forwards generated prior to the ownership change is severely restricted and will be subject to an annual limitation, which could reduce or defer the utilization of these losses. |
Lines of Credit
Lines of Credit | 12 Months Ended |
Oct. 31, 2015 | |
Notes | |
Lines of Credit | NOTE 4: LINES OF CREDIT The Company has a $12,500 line of credit, of which $678 was unused at October 31, 2015. The interest rate on the credit line was 21.90% at October 31, 2015. The credit line is collateralized by the Companys checking account. Principal and interest payments are due monthly. At October 31, 2015 the Company also had three credit cards with a com bined credit limit of $30,700. At October 31, 2015 the balance on these credit cards was $29,500, representing total remaining credit available of $1,200 at October 31, 2015. The interest rates on the credit cards range from 10.24% to 29.4%, with a weighted average rate of 13.02% at October 31, 2015. |
Capital Lease Obligation
Capital Lease Obligation | 12 Months Ended |
Oct. 31, 2015 | |
Notes | |
Capital Lease Obligation | NOTE 5: CAPITAL LEASE OBLIGATIONS In November 2013, the Company entered into a capital lease agreement to acquire certain laboratory equipment. The Company is obligated to make 24 monthly payments of $2,006 plus applicable sales and use taxes through October 2015. In June 2015, the Company entered into a capital lease agreement to acquire certain laboratory equipment. The Company is obligated to make 24 monthly payments of $530 plus applicable sales and use taxes through May 2017. Future maturities of the Companys capital lease obligations are as follows: Fiscal year ended October 31, Payments due: 2016 $ 8,897 2017 3,264 Less imputed interest (666) Present value of minimum lease payments $ 11,495 The president of the Company has personally guaranteed the lease obligations. |
Shareholders' Deficit
Shareholders' Deficit | 12 Months Ended |
Oct. 31, 2015 | |
Notes | |
Shareholders' Deficit | NOTE 6: SHAREHOLDERS DEFICIT Preferred Stock The Company has authorized 5,000,000 shares of $.001 par value preferred stock, of which none were issued and outstanding at either October 31, 2015 or 2014. These shares may be issued in series with such rights and preferences as may be determined by the Board of Directors. Common Stock Issued for Services The Company sometimes issues shares of its common stock to certain Directors and members of the Companys advisory boards. The value of the services is determined by the fair value of the common stock at the time the shares are considered issued. The amounts are capitalized to equity as services prepaid with common stock on the Companys balance sheets until the services are considered earned, at which time they are expensed as stock-based compensation and removed from equity. On August 18, 2014, the Companys Board of Directors ratified the issuance of 53,476 shares of the Companys common stock to Mr. Jeff Liter, Director, as compensation for services for fiscal year ending October 31, 2014. The transaction was valued at $10,000 or $0.187 per share, which was the weighted average closing price of the Companys common stock for the last twenty days preceding the date of the transaction. As a result, $10,000 was charged to operations as stock compensation expense for the year ended October 31, 2014. On April 1, 2014, the Companys Board of Directors ratified the issuance of 114,943 shares of the Companys common stock to Mr. Pete Shuster, Director, as compensation for services for fiscal year ending October 31, 2014. The transaction was valued at $10,000 or $0.087 per share, which was the weighted average closing price of the Companys common stock for the last twenty days preceding the date of the transaction. As a result, $10,000 was charged to operations as stock compensation expense for the year ended October 31, 2014. No stock compensation expense regarding Director compensation was incurred during the year ended October 31, 2015. As of both October 31, 2015 and 2014, no shares previously issued to directors or members of advisory boards were unearned. Advisory Services Agreement Under the terms of the Agreement, the Company agreed to pay CBV a retainer of $5,000 and issue to CBV an aggregate of 400,000 shares of common stock, $.001 par value. The shares are "restricted securities" under the Securities Act of 1933, as amended. The shares issued were valued at $0.06, representing the closing price of the Companys common stock on August 21, 2015, resulting in a total valuation of $24,000, which was charged to operations for the year ended October 31, 2015 and is included in Selling, general and administration expenses on the accompanying Statement of operations. In addition, the Agreement provides that the Company will grant and issue to CBV a warrant exercisable for three years to purchase an additional 400,000 shares at an exercise price of $0.078936 (120% of the 20 day volume weighted average price immediately preceding the execution of the Agreement.) The warrant is only exercisable if the Company consummates a transaction identified in the Agreement with a third party introduced by CBV prior to the expiration date of the Warrant. The fair value of the warrant was determined to be $23,230, and was estimated at the date of grant using the Black-Scholes option-pricing model with the following assumptions: Risk-free interest rate 0.95 % Dividend yield 0.00 % Volatility factor 166 % Expected life 3 years Since the Warrant is only exercisable upon the consummation of a transaction with a third party, it is considered a contingency. Therefore, the value of the Warrant will be recorded as compensation expense if and when the contingency has been met. As well, the warrants have been excluded from consideration of diluted earnings per share calculations due to this contingency. The Company had no other warrants to purchase common stock outstanding at either October 31, 2016 or 2015. Stock options granted to officer On May 1, 2008, the Company granted a non-qualified stock option to its President to purchase 1,000,000 shares of the Companys common stock at an exercise price of $0.19 per share, and expire in 2018. On the grant date, the traded market value of the stock was $0.19 per share. The options vest upon the achievement of certain contingencies. As a result of the patent license agreements in March 2011, a contingency was met resulting in the vesting of 100,000 of these options. None of the other contingencies have been met as of October 31, 2015, and as of that date $170,100 of unamortized stock compensation expense remains for the unvested portion of these options. Both the weighted average exercise price and weighted average fair value of these options on the grant date were $0.19. The fair value of the options was determined to be $189,000, and was estimated at the date of grant using the Black-Scholes option-pricing model with the following assumptions: Risk-free interest rate 3.68 % Dividend yield 0.00 % Volatility factor 229 % Weighted average expected life 6.5 years Incentive plans The Company adopted an Equity Incentive Plan in 2000 (the "Plan") for the benefit of key personnel and others providing significant services to the Company. The Plan replaced the 1992 Equity Incentive Plan (the "1992 Plan"). The 1992 Plan will remain effective only so long as options remain outstanding under the 1992 Plan. No new options will be granted under the 1992 Plan, and the only shares that will be issued under the 1992 Plan are those shares underlying currently outstanding options. The Plan authorizes total awards of up to 1,000,000 shares of the Company's common stock. Awards may take the form of incentive stock options, non-qualified stock options, restricted stock awards, stock bonuses and other stock grants. If an award made under the Plan expires, terminates, is canceled or settled in cash without the issuance of all shares of common stock covered by the award, those shares will be available for future awards under the Plan. Awards may not be transferred except by will or the laws of descent and distribution. No awards may be granted under the Plan after September 30, 2010. The Plan is administered by the Company's Board of Directors, which may delegate its authority to a committee of the Board of Directors. The Board of Directors has the authority to select individuals to receive awards, to determine the time and type of awards, the number of shares covered by the awards, and the terms and conditions of such awards in accordance with the terms of the Plan. In making such determinations, the Board of Directors may take into account the recipient's current and potential contributions and any other factors the Board of Directors considers relevant. The Board of Directors is authorized to establish rules and regulations and make all other determinations that may be necessary or advisable for the administration of the Plan. All options granted pursuant to the Plan shall be exercisable at a price not less than the fair market value of the common stock on the date of grant. Unless otherwise specified, the options expire ten years from the date of grant. At October 31, 2015 a total of 543,500 options had been issued under the Plan, of which 343,500 have expired. The 200,000 options outstanding and vested under the Plan have a weighted average exercise price of $0.08 per share with a weighted average remaining contractual life of 0.28 years at October 31, 2015. These options expired unexercised in February 2016. Three hundred thousand outstanding options that had not yet vested with an exercise price of $0.17 per share expired in April 2015. For either the years ended October 31, 2015 or 2014, no compensation expense was recognized for options under the Plan. No additional options may be issued under the Plan. The following schedule summarizes the changes in the Companys stock options including non-qualified options and options issued under the 2000 Plan: Number of Shares Exercise Price Per Share Weighted Average Remaining Contractual Life Weighted Average Exercise Price Per Share Balance at October 31, 2013 1,500,000 $ 0.08 to $0.19 3.75 years $ 0.17 Options granted - Options exercised - Options expired - Balance at October 31, 2014 1,500,000 $ 0.08 to $0.19 2.75 years $ 0.17 Options granted - Options exercised - Options expired (300,000) $ 0.17 - $ 0.17 Balance at October 31, 2015 1,200,000 $ 0.08 to $0.19 2.33 years $ 0.17 Exercisable at October 31, 2015 300,000 $ 0.08 to $0.19 1.10 years $ 0.12 |
Consulting Agreements
Consulting Agreements | 12 Months Ended |
Oct. 31, 2015 | |
Notes | |
Consulting Agreements | NOTE 7: CONSULTING AGREEMENTS On November 1, 2013, the Company signed a consulting agreement with a financial advisory firm to provide consulting services regarding corporate development and evaluation of strategic financing options that may be available to the Company. In consideration for these services, the consultant received $5,000 upon execution of the agreement, and was entitled to an additional $2,500 per month until termination of the agreement. In addition, the consultant would have been entitled to compensation for certain completed strategic transactions dependent upon the terms of the completed transaction. The initial term of the agreement was two months from execution of the agreement, after which the agreement would automatically renew unless terminated by written notice by either party. On April 1, 2014, the Companys Board of Directors elected to terminate the agreement effective March 31, 2014. For the year ended October 31, 2014 a total of $15,000 had been paid the consultant and is included in selling, general and administrative expenses in the accompanying statement of operations. |
Patent License Agreement
Patent License Agreement | 12 Months Ended |
Oct. 31, 2015 | |
Notes | |
Patent License Agreement | NOTE 8: PATENT LICENSE AGREEMENT Effective March 30, 2011, the Company entered into a Technology License, License Option and Technical Assistance Agreement with a former officer of the Company, granting him an exclusive license covering two of the Companys patents: United States Patent Number 5,990,288, Method for Purifying FSH and United States Patent Number 6,458,593 B1, Immortalized Cell Lines and Methods of Making The Same. The patents are related to treatment of infertility and know how relating to the commercial production and cellular generation of the hormone, follicle-stimulating hormone and related gonadotropin hormones for use in the treatment of infertility in both humans and animals. In addition, the License grants the exclusive option to license a pending patent application for the commercial production of clinical grade gonadotropin hormones and, in addition, the Companys intellectual property related to generation of crude materials containing gonadotropin hormones from certain cellular sources. The License has an initial term of five years and shall be automatically renewed for additional two year periods until terminated by either party; however, the license can be terminated after two and one-half years if there have been no sales of licensed products. The parties to this patent license have developed additional business collaborative opportunities involving the Companys stem cell products, know-how and IP especially related to regenerative medicine applications of modern stem cell technology. While this agreement has been inactive, there continues to be opportunities for commercialization, and as such the Company has elected not to terminate this agreement at the present time. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Oct. 31, 2015 | |
Notes | |
Subsequent Events | NOTE 9: SUBSEQUENT EVENTS The Company has evaluated events subsequent to October 31, 2015 and through the date the financial statements were available to be issued to assess the need for potential recognition or disclosure in this report. No events were noted that require recognition or disclosure in the financial statements, except the following: Convertib le Promissory Note Employee Stock Co mp ensation |
Nature of Organization and Su16
Nature of Organization and Summary of Significant Accounting Policies: Nature of Organization (Policies) | 12 Months Ended |
Oct. 31, 2015 | |
Policies | |
Nature of Organization | Nature of Organization Vitro Diagnostics, Inc. (the Company) was incorporated under the laws of Nevada on February 3, 1986. From November of 1990 through July 31, 2000, the Company was engaged in the development, manufacturing and distribution of purified human antigens (Diagnostics) that were derived primarily from human tissues. The Company also developed cell technology including immortalization of certain cells that allowed entry into other markets besides diagnostics. However, during the 1990s, the Companys sales were solely attributable to the sales of purified human antigens for diagnostic applications. Following the sale of its Diagnostics operations in August of 2000, the Company began devoting all efforts to its cellular generation technology which evolved from a focus on induction of cellular immortalization to technology related to stem cells. Stem cell technology has potentially broad application to many medical areas, including drug discovery and development together with numerous therapeutic applications to diseases involving cellular degeneration, injury or to the treatment of cancer. The Company launched a series of products targeting basic research in stem cell technology in 2009. These Tools for Stem Cell and Drug Discovery offer researchers basic tools needed to advance stem cell technology including stem cells and their derivatives, media for growth and differentiation of stem cells and advanced tools for measurement of stem cell quality, potency and response to toxic agents. The Company has been granted patents for its proprietary technology related to the immortalization of human cells and subsequently expanded this technology to include patented and patent-pending technology involving generation of stem cells with potential application to a variety of commercial opportunities including the treatment of degenerative diseases and drug discovery. The Company is currently focused on revenue generation from its stem cell-based research products and to expanded opportunities for revenue generation in drug discovery and development together with select opportunities in regenerative medicine. |
Nature of Organization and Su17
Nature of Organization and Summary of Significant Accounting Policies: Substantial Doubt about Going Concern (Policies) | 12 Months Ended |
Oct. 31, 2015 | |
Policies | |
Substantial Doubt about Going Concern | Basis of Presentation Going Concern The accompanying financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate continuation of the Company as a going concern. However, the Company has suffered significant losses since inception and has working capital and shareholders deficits of $(2,445,518) and $(2,381,871), respectively, at October 31, 2015, which raise substantial doubt about its ability to continue as a going concern. In view of these matters, realization of certain of the assets in the accompanying balance sheet is dependent upon continued operations of the Company, which in turn is dependent upon the Companys ability to meet its financial requirements, raise additional capital, and generate revenues and profits from operations. The financial statements do not include any adjustments relating to the recoverability of assets and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. The Company has financed its operations primarily through cash advances from the Companys president, as well as through various private placements of equity securities. Since the year ended October 31, 2013, the President has advanced the Company a total of $276,850 for working capital on an as needed basis, including $135,750 during the year ended October 31, 2015. There is no assurance that these advances will continue in the future. The Company has various initiatives underway to increase revenue generation through diversified offerings of products and services related to its stem cell technology and analytical capabilities. The goal of these initiatives is to achieve profitable operations as quickly as possible. Also, management has ongoing discussions with potential financial partners who have expressed interest in funding the Company and we intend to pursue these discussions to the full extent possible. Various strategic alliances that are ongoing and under development are also critical aspects of managements overall growth and development strategy. There is no assurance that these initiatives will yield sufficient capital to maintain the Companys operations. In such an event, management intends to pursue various strategic alternatives. |
Nature of Organization and Su18
Nature of Organization and Summary of Significant Accounting Policies: Use of Estimates (Policies) | 12 Months Ended |
Oct. 31, 2015 | |
Policies | |
Use of Estimates | 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 amounts 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. |
Nature of Organization and Su19
Nature of Organization and Summary of Significant Accounting Policies: Cash Equivalents (Policies) | 12 Months Ended |
Oct. 31, 2015 | |
Policies | |
Cash Equivalents | Cash equivalents For the purposes of the statement of cash flows, the Company considers all highly liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents. |
Nature of Organization and Su20
Nature of Organization and Summary of Significant Accounting Policies: Accounts Receivable (Policies) | 12 Months Ended |
Oct. 31, 2015 | |
Policies | |
Accounts Receivable | Accounts receivable Accounts receivable consists of amounts due from customers. The Company considers accounts more than 30 days old to be past due. The Company uses the allowance method for recognizing bad debts. When an account is deemed uncollectible, it is written off against the allowance. The Company generally does not require collateral for its accounts receivable. At October 31, 2015 and 2014, accounts receivable are net of allowances of $-0- and $2,500. |
Nature of Organization and Su21
Nature of Organization and Summary of Significant Accounting Policies: Inventory (Policies) | 12 Months Ended |
Oct. 31, 2015 | |
Policies | |
Inventory | Inventory Inventories, consisting of raw materials and finished goods, are stated at the lower of cost (using the specific identification method) or market. Finished goods inventories include certain allocations of labor and overhead. At October 31, 2015 and 2014, finished goods included $6,911 and $5,915, respectively, of labor and overhead allocations. Inventories consisted of the following: October 31, 2015 October 31, 2014 Raw materials $ 16,748 $ 12,702 Finished goods 12,092 9,628 $ 28,840 $ 22,330 |
Nature of Organization and Su22
Nature of Organization and Summary of Significant Accounting Policies: Shipping and Freight Costs (Policies) | 12 Months Ended |
Oct. 31, 2015 | |
Policies | |
Shipping and Freight Costs | Shipping and freight costs All freight costs associated with the receiving of goods and materials are expensed during the period in which it is received. For the years ended October 31, 2015 and 2014, $11,463 and $6,291, respectively, are included in research and development (R&D) costs in the accompanying statements of operations. Shipping costs for products shipped to customers, if any, is generally charged to the customer at invoicing and are considered a component of the sale transaction. For the years ended October 31, 2015 and 2014, $2,080 and $1,464, respectively, are included in product sales in the accompanying statements of operations. |
Nature of Organization and Su23
Nature of Organization and Summary of Significant Accounting Policies: Research and Development (Policies) | 12 Months Ended |
Oct. 31, 2015 | |
Policies | |
Research and Development | Research and development The Companys operations are predominantly in R&D. These costs are expensed as incurred and are primarily comprised of costs for: salaries, overhead and occupancy, contract services and other outside costs, quality assurance and analytical testing. As the Companys operations include manufacturing and R&D, we report cost of goods sold, including estimates of labor, materials and overhead allocations to the production of specific products manufactured for sale. |
Nature of Organization and Su24
Nature of Organization and Summary of Significant Accounting Policies: Property, Equipment and Depreciation (Policies) | 12 Months Ended |
Oct. 31, 2015 | |
Policies | |
Property, Equipment and Depreciation | Property, equipment and depreciation Property and equipment, generally consisting of laboratory equipment and office equipment and furniture, are stated at cost and are depreciated over the assets estimated useful lives ranging from three to seven years using the straight-line method. Depreciation expense totaled $12,604 and $14,468 for the years ended October 31, 2015 and 2014, respectively. We include assets acquired under capital leases in property and equipment, which are depreciated over the assets useful lives consistent with other capital assets. Depreciation expense includes $9,656 and $10,419 of depreciation expense associated with assets acquired under capital leases for the years ended October 31, 2015 and 2014, respectively. Total costs of assets acquired under capital leases were $122,269 and $110,325 at October 31, 2015 and 2014, respectively. Total accumulated depreciation associated with those capital leased assets was $84,541 and $74,884 at October 31, 2015 and 2014, respectively. Upon retirement or disposition of equipment, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in operations. Repairs and maintenance are charged to expense as incurred and expenditures for additions and improvements are capitalized. |
Nature of Organization and Su25
Nature of Organization and Summary of Significant Accounting Policies: Patents, Deferred Costs and Amortization (Policies) | 12 Months Ended |
Oct. 31, 2015 | |
Policies | |
Patents, Deferred Costs and Amortization | Patents, deferred costs and amortization Patents consist of costs incurred to acquire issued patents. Amortization commences once a patent is granted. Costs incurred to acquire patents that have not been issued are reported as deferred costs. If a patent application is denied or expires, the costs incurred are charged to operations in the year the application is denied or expires. The Company amortizes patents over a period of ten years. Amortization expense totaled $3,197 and $3,196 for the years ended October 31, 2015 and 2014, respectively. Estimated future amortization expense for each of the next fiscal years is as follows: Year Ended October 31, 2016 $ 3,198 2017 3,198 2018 3,198 2019 1,989 $ 11,583 At October 31, 2015, the Company had one patent as follows: Generation and differentiation of adult stem cell lines $ 31,975 (This patent is for a proprietary stem cell line with potential application to treatment of diabetes in both animals and humans.) Less accumulated amortization (20,392) $ 11,583 In October 2014, the Company incurred costs relating to the provisional filing of a new United States patent application entitled Treatment of Neurological Conditions by Activation of Neural Stem Cells. These costs totaled $7,224 and $777 at October 31, 2015 and 2014, respectively, and are included as deferred patent costs in the accompanying balance sheets. Three patent applications are now pending review in the US, UK and Australia. In January 2015, the Company incurred costs relating to the upcoming filing of a new patent application related to its stem cell therapy of horses. The Company deposited its proprietary cell line known as EquaCell as the initial step in the process of filing this application. These costs totaled $2,500, and are included as deferred patent costs in the accompanying balance sheet at October 31, 2015. |
Nature of Organization and Su26
Nature of Organization and Summary of Significant Accounting Policies: Impairment and Disposal of Long-lived Assets (Policies) | 12 Months Ended |
Oct. 31, 2015 | |
Policies | |
Impairment and Disposal of Long-lived Assets | Impairment and Disposal of Long-Lived Assets The Company evaluates its long-lived assets for impairment when events or changes in circumstances indicate, in management's judgment, that the carrying value of such assets may not be recoverable. If such assets are considered impaired, the impairment to be recognized is determined as the amount by which the carrying value exceeds the fair value of the assets. The Company periodically reviews the carrying amount of its long-lived assets for possible impairment. The Company recorded no asset impairment charges during the year ended October 31, 2015. The Company recorded asset impairment charges totaling $13,460 associated with certain patent applications for the year ended October 31, 2014. A contingency exists with respect to these matters, the ultimate resolution of which cannot presently be determined. |
Nature of Organization and Su27
Nature of Organization and Summary of Significant Accounting Policies: Income Taxes (Policies) | 12 Months Ended |
Oct. 31, 2015 | |
Policies | |
Income Taxes | Income taxes The Company uses the liability method of accounting for income taxes. Accordingly, deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. A valuation allowance is established when necessary to reduce deferred tax assets to the amount expected to be realized. |
Nature of Organization and Su28
Nature of Organization and Summary of Significant Accounting Policies: Revenue Recognition and Concentration of Revenues (Policies) | 12 Months Ended |
Oct. 31, 2015 | |
Policies | |
Revenue Recognition and Concentration of Revenues | Revenue recognition and concentration of revenues The Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred (or service has been performed), the sales price is fixed and determinable, and collectability is reasonably assured. The Company derives a portion of its revenue from data and analysis services, and is included in Professional services income in the accompanying statement of operations. Any costs associated with this revenue are included in the Companys operating costs and expenses. For the year ended October 31, 2015, 65% of the Companys total revenues were attributed to customers of a company controlled by a former director who resigned his position on March 30, 2015. Two additional customers accounted for 22% of the Companys revenues during the same period. Of the remaining 13%, no significant concentrations existed. |
Nature of Organization and Su29
Nature of Organization and Summary of Significant Accounting Policies: Advertising Costs (Policies) | 12 Months Ended |
Oct. 31, 2015 | |
Policies | |
Advertising Costs | Advertising Costs The Company expenses all advertising costs as they are incurred. Advertising costs were $7,554 and $4,724 for the years ended October 31, 2015 and 2014, respectively. |
Nature of Organization and Su30
Nature of Organization and Summary of Significant Accounting Policies: Consulting Expenses (Policies) | 12 Months Ended |
Oct. 31, 2015 | |
Policies | |
Consulting Expenses | Consulting Expenses From time-to-time the Company engages consultants to perform various professional and administrative functions including public relations and corporate marketing. Expenses for consulting services are generally recognized when services are performed and billable by the consultant. In the event an agreement requires payments in which the timing of the payments is not consistent with the performance of services, expense is recognized as either service events occur, or recognized evenly over the period of the consulting agreement where specific services performed under the agreement are not readily identifiable. Consulting agreements in which compensation is contingent upon the successful occurrence of one or more events are only expensed when the contingency has been, or is reasonably assured, to be met. |
Nature of Organization and Su31
Nature of Organization and Summary of Significant Accounting Policies: Fair Value of Financial Instruments (Policies) | 12 Months Ended |
Oct. 31, 2015 | |
Policies | |
Fair Value of Financial Instruments | Fair value of financial instruments The carrying amounts of cash, accounts receivable, accounts payable and other accrued liabilities approximate fair value due to the short-term maturity of the instruments. Based on the borrowing rates currently available to the Company for loans with similar terms and average maturities, the fair value of long-term obligations consisting of various capital lease obligations approximates its carrying value. |
Nature of Organization and Su32
Nature of Organization and Summary of Significant Accounting Policies: Concentrations of Credit Risk (Policies) | 12 Months Ended |
Oct. 31, 2015 | |
Policies | |
Concentrations of Credit Risk | Concentrations of credit risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of temporary cash investments and cash equivalents, and trade accounts receivable. As of October 31, 2015 and 2014, the Company had no amounts of cash or cash equivalents in financial institutions in excess of amounts insured by agencies of the U.S. Government. |
Nature of Organization and Su33
Nature of Organization and Summary of Significant Accounting Policies: Net Loss Per Share (Policies) | 12 Months Ended |
Oct. 31, 2015 | |
Policies | |
Net Loss Per Share | Net loss per share The Company reports net loss per share using a dual presentation of basic and diluted loss per share. Basic net loss per share excludes the impact of common stock equivalents. Diluted net loss per share utilizes the average market price per share when applying the treasury stock method in determining common stock equivalents. For each of the years ended October 31, 2015 and 2014, common stock equivalents of 300,000 representing fully vested outstanding stock options, were not included in the diluted per share calculation as all potentially dilutive securities were anti-dilutive due to the net losses in the periods. |
Nature of Organization and Su34
Nature of Organization and Summary of Significant Accounting Policies: Stock-based Compensation (Policies) | 12 Months Ended |
Oct. 31, 2015 | |
Policies | |
Stock-based Compensation | Stock-based compensation Financial Accounting Standards Board (FASB) Accounting Standards Codification (the ASC) Topic 718, Stock Compensation |
Nature of Organization and Su35
Nature of Organization and Summary of Significant Accounting Policies: Recent Accounting Standards (Policies) | 12 Months Ended |
Oct. 31, 2015 | |
Policies | |
Recent Accounting Standards | Recent accounting standards In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers In February 2016, the FASB issued ASU No. 2016-02, "Leases: Topic 842 (ASU 2016-02)", to supersede nearly all existing lease guidance under GAAP. The guidance would require lessees to recognize most leases on their balance sheets as lease liabilities with corresponding right-of-use assets. ASU 2016-02 is effective for the Company in the first quarter of our fiscal year ending October 31, 2020 using a modified retrospective approach with the option to elect certain practical expedients. The Company is currently evaluating the impact of its pending adoption of ASU 2016-02 on its consolidated financial statements. There were various other accounting standards and interpretations issued during 2015 and to date none of which are expected to have a material impact on the Companys consolidated financial position, operations, or cash flows. |
Nature of Organization and Su36
Nature of Organization and Summary of Significant Accounting Policies: Inventory: Schedule of Inventory, Current (Tables) | 12 Months Ended |
Oct. 31, 2015 | |
Tables/Schedules | |
Schedule of Inventory, Current | October 31, 2015 October 31, 2014 Raw materials $ 16,748 $ 12,702 Finished goods 12,092 9,628 $ 28,840 $ 22,330 |
Nature of Organization and Su37
Nature of Organization and Summary of Significant Accounting Policies: Patents, Deferred Costs and Amortization: Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Tables) | 12 Months Ended |
Oct. 31, 2015 | |
Tables/Schedules | |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Year Ended October 31, 2016 $ 3,198 2017 3,198 2018 3,198 2019 1,989 $ 11,583 |
Nature of Organization and Su38
Nature of Organization and Summary of Significant Accounting Policies: Patents, Deferred Costs and Amortization: Schedule of Finite-Lived Intangible Assets (Tables) | 12 Months Ended |
Oct. 31, 2015 | |
Tables/Schedules | |
Schedule of Finite-Lived Intangible Assets | Generation and differentiation of adult stem cell lines $ 31,975 (This patent is for a proprietary stem cell line with potential application to treatment of diabetes in both animals and humans.) Less accumulated amortization (20,392) $ 11,583 |
Related Party Transactions_ Ope
Related Party Transactions: Operating Leases of Lessee Disclosure (Tables) | 12 Months Ended |
Oct. 31, 2015 | |
Tables/Schedules | |
Operating Leases of Lessee Disclosure | Fiscal Year Ending October 31, 2016 $ 33,168 2017 33,168 2018 22,112 Total $ 88,448 |
Income Taxes_ Schedule of Effec
Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Tables) | 12 Months Ended |
Oct. 31, 2015 | |
Tables/Schedules | |
Schedule of Effective Income Tax Rate Reconciliation | Years ended October 31, 2015 2014 Federal statutory rate 34.00 % 34.00 % State taxes, net of federal benefit 3.06 % 3.06 % Stock based compensation -3.62 % -3.01 % Valuation allowance -33.44 % -34.05 % Effective income tax rate 0.00 % 0.00 % |
Income Taxes_ Schedule of Defer
Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Tables) | 12 Months Ended |
Oct. 31, 2015 | |
Tables/Schedules | |
Schedule of Deferred Tax Assets and Liabilities | Years ended October 31, 2015 2014 Net operating loss $ 810,024 $ 727,801 Accrued officer salaries 446,928 446,928 Total cumulative deferred tax assets 1,256,952 1,174,729 Valuation allowance (1,256,952) (1,174,729) Effective income tax asset $ - $ - |
Capital Lease Obligation_ Sched
Capital Lease Obligation: Schedule of Future Minimum Lease Payments for Capital Leases (Tables) | 12 Months Ended |
Oct. 31, 2015 | |
Tables/Schedules | |
Schedule of Future Minimum Lease Payments for Capital Leases | Fiscal year ended October 31, Payments due: 2016 $ 8,897 2017 3,264 Less imputed interest (666) Present value of minimum lease payments $ 11,495 |
Shareholders' Deficit_ Fair Val
Shareholders' Deficit: Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques (Tables) | 12 Months Ended |
Oct. 31, 2015 | |
Tables/Schedules | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques | Risk-free interest rate 0.95 % Dividend yield 0.00 % Volatility factor 166 % Expected life 3 years |
Shareholders' Deficit_ Schedule
Shareholders' Deficit: Schedule of Fair Value of Options (Tables) | 12 Months Ended |
Oct. 31, 2015 | |
Tables/Schedules | |
Schedule of Fair Value of Options | Risk-free interest rate 3.68 % Dividend yield 0.00 % Volatility factor 229 % Weighted average expected life 6.5 years |
Shareholders' Deficit_ Schedu45
Shareholders' Deficit: Schedule of Share-based Compensation, Stock Options, Activity (Tables) | 12 Months Ended |
Oct. 31, 2015 | |
Tables/Schedules | |
Schedule of Share-based Compensation, Stock Options, Activity | Number of Shares Exercise Price Per Share Weighted Average Remaining Contractual Life Weighted Average Exercise Price Per Share Balance at October 31, 2013 1,500,000 $ 0.08 to $0.19 3.75 years $ 0.17 Options granted - Options exercised - Options expired - Balance at October 31, 2014 1,500,000 $ 0.08 to $0.19 2.75 years $ 0.17 Options granted - Options exercised - Options expired (300,000) $ 0.17 - $ 0.17 Balance at October 31, 2015 1,200,000 $ 0.08 to $0.19 2.33 years $ 0.17 Exercisable at October 31, 2015 300,000 $ 0.08 to $0.19 1.10 years $ 0.12 |
Nature of Organization and Su46
Nature of Organization and Summary of Significant Accounting Policies: Nature of Organization (Details) | 12 Months Ended |
Oct. 31, 2015 | |
Details | |
Entity Incorporation, State Country Name | Nevada |
Entity Incorporation, Date of Incorporation | Feb. 3, 1986 |
Nature of Organization and Su47
Nature of Organization and Summary of Significant Accounting Policies: Inventory: Schedule of Inventory, Current (Details) - USD ($) | Oct. 31, 2015 | Oct. 31, 2014 |
Details | ||
Inventory, Raw Materials and Supplies, Gross | $ 16,748 | $ 12,702 |
Inventory, Finished Goods, Gross | 12,092 | 9,628 |
Inventory, Gross | $ 28,840 | $ 22,330 |
Nature of Organization and Su48
Nature of Organization and Summary of Significant Accounting Policies: Shipping and Freight Costs (Details) - USD ($) | 12 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2014 | |
Details | ||
Freight Costs | $ 11,463 | $ 6,291 |
Shipping, Handling and Transportation Costs | $ 2,080 | $ 1,464 |
Nature of Organization and Su49
Nature of Organization and Summary of Significant Accounting Policies: Property, Equipment and Depreciation (Details) - USD ($) | 12 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2014 | |
Details | ||
Depreciation | $ 12,604 | $ 14,468 |
Property Subject to or Available for Operating Lease, Depreciation Expense | 9,656 | 10,419 |
Property Subject to or Available for Operating Lease, Gross | 122,269 | 110,325 |
Property Subject to or Available for Operating Lease, Accumulated Depreciation | $ 84,541 | $ 74,884 |
Nature of Organization and Su50
Nature of Organization and Summary of Significant Accounting Policies: Patents, Deferred Costs and Amortization (Details) - USD ($) | 12 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2014 | |
Amortization of Intangible Assets | $ 3,197 | $ 3,196 |
Treatment Of Neurological Conditions By Activation Of Neural Stem Cells Member | ||
Represents the monetary amount of DeferredPatentCosts, as of the indicated date. | 7,224 | $ 777 |
EquaCell Member | ||
Represents the monetary amount of DeferredPatentCosts, as of the indicated date. | $ 2,500 |
Nature of Organization and Su51
Nature of Organization and Summary of Significant Accounting Policies: Patents, Deferred Costs and Amortization: Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) | Oct. 31, 2015USD ($) |
Details | |
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year | $ 3,198 |
Finite-Lived Intangible Assets, Amortization Expense, Rolling Year Two | 3,198 |
Finite-Lived Intangible Assets, Amortization Expense, Rolling Year Three | 3,198 |
Finite-Lived Intangible Assets, Amortization Expense, Rolling Year Four | 1,989 |
Finite-Lived Intangible Assets, Net | $ 11,583 |
Nature of Organization and Su52
Nature of Organization and Summary of Significant Accounting Policies: Patents, Deferred Costs and Amortization: Schedule of Finite-Lived Intangible Assets (Details) | Oct. 31, 2015USD ($) |
Details | |
Finite-Lived Intangible Assets, Gross | $ 31,975 |
Accumulated amortization, patent | (20,392) |
Finite-Lived Intangible Assets, Net | $ 11,583 |
Nature of Organization and Su53
Nature of Organization and Summary of Significant Accounting Policies: Impairment and Disposal of Long-lived Assets (Details) - USD ($) | 12 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2014 | |
Details | ||
Asset Impairment Charges | $ 0 | $ 13,460 |
Nature of Organization and Su54
Nature of Organization and Summary of Significant Accounting Policies: Advertising Costs (Details) - USD ($) | 12 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2014 | |
Details | ||
Advertising Expense | $ 7,554 | $ 4,724 |
Nature of Organization and Su55
Nature of Organization and Summary of Significant Accounting Policies: Concentrations of Credit Risk (Details) - USD ($) | Oct. 31, 2015 | Oct. 31, 2014 |
Details | ||
Cash equivalents in financial institutions in excess of amounts insured by agencies of the U.S. Government | $ 0 | $ 0 |
Nature of Organization and Su56
Nature of Organization and Summary of Significant Accounting Policies: Net Loss Per Share (Details) - shares | 12 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2014 | |
Details | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 300,000 | 300,000 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 12 Months Ended | 357 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2015 | |
Operating Leases, Rent Expense | $ 27,100 | $ 26,619 | |
Unpaid Lease Expense accrued and included in Accounts Payable | 29,284 | 26,135 | $ 29,284 |
Technology Services Revenue | 64,235 | 28,528 | |
Accounts Receivable, Related Parties, Current | 10,123 | 18,993 | 10,123 |
Advance from President | |||
Related Party Transaction, Amounts of Transaction | $ 135,750 | 853,864 | |
Related Party Transaction, Terms and Manner of Settlement | The advances are uncollateralized, due on demand and accrue interest on the unpaid principal | ||
Related Party Transaction, Rate | 10.00% | ||
Accrued interest payable to related party | $ 278,868 | 199,738 | 278,868 |
Advances from and accrued interest payable to related party | 1,132,732 | 917,852 | 1,132,732 |
Accrued Salaries and Payroll Taxes | 1,205,958 | 1,205,958 | 1,205,958 |
Monetary amount of salary accrued and payable as of the indicated date. | 1,158,422 | 1,158,422 | 1,158,422 |
A former executive officer | |||
Monetary amount of salary accrued and payable as of the indicated date. | 833 | 833 | |
Accrued Payroll Taxes | $ 46,703 | $ 46,703 | $ 46,703 |
Related Party Transactions_ O58
Related Party Transactions: Operating Leases of Lessee Disclosure (Details) | Oct. 31, 2015USD ($) |
Details | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 33,168 |
Operating Leases, Future Minimum Payments, Due in Two Years | 33,168 |
Operating Leases, Future Minimum Payments, Due in Three Years | 22,112 |
Operating Leases, Future Minimum Payments Due | $ 88,448 |
Income Taxes_ Schedule of Eff59
Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Details) | Oct. 31, 2015 | Oct. 31, 2014 |
Details | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | 34.00% |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 3.06% | 3.06% |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Compensation Cost, Percent | (3.62%) | (3.01%) |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent | (33.44%) | (34.05%) |
Effective Income Tax Rate Reconciliation, Percent | 0.00% | 0.00% |
Income Taxes_ Schedule of Def60
Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) | Oct. 31, 2015 | Oct. 31, 2014 |
Details | ||
Deferred Tax Assets, Capital Loss Carryforwards | $ 810,024 | $ 727,801 |
Deferred Tax Assets, Accrued Officer Salaries | 446,928 | 446,928 |
Deferred Tax Assets, Gross | 1,256,952 | 1,174,729 |
Deferred Tax Assets, Valuation Allowance | $ (1,256,952) | $ (1,174,729) |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | Oct. 31, 2015 | Oct. 31, 2014 |
Details | ||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | $ 82,223 | $ 82,784 |
Lines of Credit (Details)
Lines of Credit (Details) - USD ($) | 12 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2014 | |
Lines of credit | $ 41,321 | $ 38,923 |
Line of Credit | ||
Line of Credit Facility, Maximum Borrowing Capacity | 12,500 | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 678 | |
Line of Credit Facility, Interest Rate at Period End | 21.90% | |
Line of Credit Facility, Collateral | The credit line is collateralized by the Company’s checking account. | |
Line of Credit Facility, Frequency of Payments | Principal and interest payments are due monthly. | |
Credit Cards | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 30,700 | |
Line of Credit Facility, Remaining Borrowing Capacity | 1,200 | |
Lines of credit | $ 29,500 | |
Line of Credit Facility, Interest Rate Description | The interest rates on the credit cards range from 10.24% to 29.4%, with a weighted average rate of 13.02% |
Capital Lease Obligation (Detai
Capital Lease Obligation (Details) | 12 Months Ended |
Oct. 31, 2015 | |
Details | |
Description of Lessee Leasing Arrangements, Capital Leases | In November 2013, the Company entered into a capital lease agreement to acquire certain laboratory equipment. |
Capital Lease Obligation_ Sch64
Capital Lease Obligation: Schedule of Future Minimum Lease Payments for Capital Leases (Details) | Oct. 31, 2015USD ($) |
Details | |
Capital Leases, Future Minimum Payments Due, Next Twelve Months | $ 8,897 |
Capital Leases, Future Minimum Payments Due in Two Years | 3,264 |
Capital Leases, Future Minimum Payments, Interest Included in Payments | (666) |
Capital Leases, Future Minimum Payments, Present Value of Net Minimum Payments | $ 11,495 |
Shareholders' Deficit (Details)
Shareholders' Deficit (Details) - USD ($) | 12 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2014 | |
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 |
Preferred Stock, Par Value | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Allocated Share-based Compensation Expense | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Other Increases (Decreases) in Period, Description | On May 1, 2008, the Company granted a non-qualified stock option to its President to purchase 1,000,000 shares of the Company’s common stock at an exercise price of $0.19 per share, and expire in 2018. | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 189,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Method Used | Black-Scholes option-pricing model | |
Equity Incentive Plan | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $ 0.08 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $ 0.08 | |
Event 1 | ||
Subsequent Event, Date | Aug. 21, 2015 | |
Subsequent Event, Description | the Company entered into an agreement (the 'Agreement') with C. Brook Ventures, Inc. ('CBV') | |
August 18, 2014 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Description | On August 18, 2014, the Company’s Board of Directors ratified the issuance of 53,476 shares of the Company’s common stock to Mr. Jeff Liter, Director, as compensation for services for fiscal year ending October 31, 2014. | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 53,476 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 10,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased | $ 0.187 | |
Allocated Share-based Compensation Expense | $ 10,000 | |
On April 1, 2014 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Description | On April 1, 2014, the Company’s Board of Directors ratified the issuance of 114,943 shares of the Company’s common stock to Mr. Pete Shuster, Director, as compensation for services for fiscal year ending October 31, 2014. | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 114,943 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 10,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased | $ 0.087 | |
Allocated Share-based Compensation Expense | $ 10,000 |
Shareholders' Deficit_ Fair V66
Shareholders' Deficit: Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques (Details) | 12 Months Ended |
Oct. 31, 2015 | |
Details | |
Fair Value Assumptions, Risk Free Interest Rate | 0.95% |
Fair Value Assumptions, Expected Dividend Rate | 0.00% |
Fair Value Assumptions, Expected Volatility Rate | 166.00% |
Fair Value Assumptions, Expected Term | 3 years |
Shareholders' Deficit_ Schedu67
Shareholders' Deficit: Schedule of Fair Value of Options (Details) | 12 Months Ended |
Oct. 31, 2015 | |
Details | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 3.68% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 229.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 6 years 6 months |
Shareholders' Deficit_ Schedu68
Shareholders' Deficit: Schedule of Share-based Compensation, Stock Options, Activity (Details) | 12 Months Ended | ||
Oct. 31, 2015$ / sharesshares | Oct. 31, 2015$ / sharesshares | Oct. 31, 2014$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | shares | 1,200,000 | 1,200,000 | 1,500,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 0.17 | $ 0.17 | $ 0.17 |
Weighted Average Remaining Contractual Life in years | 2.33 | 2.33 | 2.75 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | shares | 1,200,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 0.17 | ||
Weighted Average Remaining Contractual Life in years | 2.33 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | shares | (300,000) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price | $ 0.17 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price | $ 0.17 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | shares | 300,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 0.12 | ||
Weighted Average Remaining Contractual Life in years, Exercisable | 1.10 | ||
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 0.08 | 0.08 | $ 0.08 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | 0.08 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | 0.08 | ||
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | 0.19 | $ 0.19 | $ 0.19 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | 0.19 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 0.19 |
Consulting Agreements (Details)
Consulting Agreements (Details) | 12 Months Ended |
Oct. 31, 2014USD ($) | |
Details | |
Expenses paid to consultant | $ 15,000 |
Subsequent Events (Details)
Subsequent Events (Details) | 12 Months Ended |
Oct. 31, 2015 | |
Event 2 | |
Subsequent Event, Description | On November 4, 2015, the Company issued a 6% unsecured convertible promissory note in the principal amount of $36,288 in favor of the Company’s attorney |
Subsequent Event, Date | Nov. 4, 2015 |
Event 3 | |
Subsequent Event, Description | In February 2016, the Company granted a restricted stock award to an employee consisting of 20,000 shares of common stock |