abmt_10q.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
 
FORM 10-Q
 
þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarter ended January 31, 2013
 
OR
 
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
Commission file number 000-53051
 
Advanced BioMedical Technologies, Inc.
(Exact name of registrant as specified in its charter)
 
Nevada
(State or other jurisdiction of incorporation or organization)
 
350 Fifth Avenue, 59th Floor
New York, NY 10118
(Address of principal executive offices, including zip code.)
 
(718) 766-7898
(Registrant's telephone number, including area code)
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES þ NO o
 
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). YES o NO þ
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a small reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “small reporting company” in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer o Accelerated filer o
Non-accelerated filer o Smaller reporting company þ
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).  YES  o NO  þ
 
As of March 25, 2013, there are 56,574,850 shares of common stock outstanding.
 
All references in this Report on Form 10-Q to the terms “we”, “our”, “us”, the “Company”, “ABMT” and the “Registrant” refer to Advanced BioMedical Technologies, Inc. unless the context indicates another meaning.
 
 
 
 
 
TABLE OF CONTENTS

 
 
  
Page
  
         
       
   
3
  
   
6
  
   
15
  
   
15
  
 
 
        
       
   
16
  
   
16
  
   
16
  
   
16
  
   
16
  
Item 5. Exhibits     17  
 
 
2
 
 
PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS
 
The accompanying consolidated unaudited financial statements of Advanced BioMedical Technologies, Inc., a Nevada corporation are condensed and, therefore, do not include all disclosures normally required by accounting principles generally accepted in the United States of America. These statements should be read in conjunction with the Company's most recent annual financial statements for the year ended October 31, 2012 included in our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) on February 13, 2013. In the opinion of management, all adjustments necessary for a fair presentation have been included in the accompanying consolidated financial statements and consist of only normal recurring adjustments. The results of operations presented in the accompanying consolidated financial statements for the period ended January 31, 2013 are not necessarily indicative of the operating results that may be expected for the full year ending October 31, 2013.
 
 
3
 
 
 
 
 
 ADVANCED BIOMEDICAL TECHNOLOGIES, INC.
 AND SUBSIDIARIES
(A DEVELOPMENT STAGE COMPANY)
 
CONSOLIDATED FINANCIAL STATEMENTS
AS OF JANUARY 31, 2013
(UNAUDITED)
 
 
 
 
 

 
4
 
ADVANCED BIOMEDICAL TECHNOLOGIES, INC.
AND SUBSIDIARIES
(A DEVELOPMENT STAGE COMPANY)
 
CONTENTS
 
    Pages  
       
Consolidated Balance Sheets as of January 31, 2013 (unaudited) and October 31, 2012     F-1  
         
Consolidated Statements of Operations and Comprehensive Loss for the three months ended January 31, 2013 and 2012 and the period from September 25, 2002 (inception) through January 31, 2013(unaudited)     F-2  
         
Consolidated Statements of Stockholders’ Deficit for the period from September 25, 2002 (inception) through January 31, 2013 (unaudited)     F-3  
         
Consolidated Statements of Cash Flows for the three months ended January 31, 2013 and 2012 and the period from inception September 25, 2002 9inception through January 31, 2013 (unaudited)     F-4  
         
Notes to the Consolidated Financial Statements (unaudited)     F-5 - F-8  
 
 
5

ADVANCED BIOMEDICAL TECHNOLOGIES, INC. ("ABMT") AND SUBSIDIARIES
(A DEVELOPMENT STAGE COMPANY)
CONSOLIDATED BALANCE SHEETS
 
   
January 31,
    
October 31,
  
   
2013
    
2012
  
ASSETS
   (Unaudited)        
             
CURRENT ASSETS
            
Cash and cash equivalents
   $ 44,488     $ 49,092  
Other receivables and prepaid expenses
     20,473       21,637  
                 
Total Current Assets
     64,961       70,729  
                 
PROPERTY AND EQUIPMENT, NET
     137,097       141,613  
                 
DEPOSIT FOR PURCHASE OF PROPERTY AND EQUIPMENT
     1,675       1,670  
                 
Total Assets
   $ 203,733     $ 214,012  
                 
LIABILITIES AND STOCKHOLDERS' DEFICIT
                
                 
CURRENT LIABILITIES
                
Other payables and accrued expenses
   $ 41,691     $ 38,208  
Due to directors
     492,996       507,395  
Due to a stockholder
     282,384       267,819  
Due to related parties
     1,786,942       1,626,785  
                 
  Total Current Liabilities
     2,604,013       2,440,207  
                 
Total Liabilities
     2,604,013       2,440,207  
                 
COMMITMENTS AND CONTINGENCIES
     -       -  
                 
DEFICIT
                
ABMT Stockholders' Deficit
                
Common stock, $0.00001 par value, 100,000,000 shares
                
authorized,  56,574,850 shares
                
issued and outstanding as of January 31, 2013 and October 31, 2012
     566       566  
Common stock, 230,000 shares to be issued
     -       -  
Stock subscription receivable
     -       -  
Additional paid-in capital
     1,677,921       1,671,956  
Deferred stock compensation
     -       (1,667 )
Accumulated deficit during development stage
     (3,857,269 )     (3,682,008 )
Accumulated other comprehensive loss
     (221,498 )     (215,042 )
Total Deficit
     (2,400,280 )     (2,226,195 )
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT
   $ 203,733     $ 214,012  
 
 
 
ADVANCED BIOMEDICAL TECHNOLOGIES, INC. AND SUBSIDIARIES
(A DEVELOPMENT STAGE COMPANY)
 
   
Three months ended
    
September 25, 2002 (inception) through
  
   
January 31,
    
January 31,
    
January 31,
  
   
2013
    
2012
    
2013
  
OPERATING EXPENSES
                  
General and administrative expenses
   $ 109,111     $ 150,380     $ 3,196,816  
Depreciation
     6,438       5,306       297,072  
Research and development (net of government grant)
     19,411       17,632       276,094  
Total Operating Expenses
     134,960       173,318       3,769,982  
                         
LOSS FROM OPERATIONS
     (134,960 )     (173,318 )     (3,769,982 )
                         
OTHER INCOME (EXPENSES)
                        
Government grants
     -       -       244,479  
Interest income
     20       27       1,833  
Interest paid to a stockholder and related parties
     (30,784 )     (19,779 )     (287,820 )
Imputed interest
     (5,965 )     (6,610 )     (235,456 )
Other, net
     (3,572 )     215       (27,528 )
Total Other Income (Expenses), net
     (40,301 )     (26,147 )     (304,492 )
                         
LOSS FROM OPERATIONS BEFORE TAXES
     (175,261 )     (199,465 )     (4,074,474 )
Income tax expense
     -       -       -  
NET LOSS
     (175,261 )     (199,465 )     (4,074,474 )
Net loss attributable to noncontrolling interests
     -       -       217,205  
NET LOSS ATTRIBUTABLE TO ABMT
                        
COMMON STOCKHOLDERS
     (175,261 )     (199,465 )     (3,857,269 )
                         
OTHER COMPREHENSIVE LOSS
                        
Foreign currency translation loss
     (6,456 )     (11,881 )     (221,498 )
COMPREHENSIVE LOSS ATTRIBUTABLE
                        
TO ABMT COMMON STOCKHOLDERS
   $ (181,717 )   $ (211,346 )   $ (4,078,767 )
                         
Net loss per share
-basic and diluted
   $ (0.00 )   $ (0.00 )        
                         
Weighted average number of shares outstanding during the period
- basic and diluted
     56,574,850       56,534,633          
 
 
 
ADVANCED BIOMEDICAL TECHNOLOGIES, INC. AND SUBSIDIARIES
(A DEVELOPMENT STAGE COMPANY)
 
                                                Accumulated
deficit during
development
stage
     Accumulated
other
comprehensive
loss
              
   
Common stock issued
    
Shares to be issued
     Stock
subscriptions
receivable
     Additional
paid-in
capital
     Deferred
stock
compensation
                      
    Number
of shares
           Number
of shares
    
Amount
                         Noncontrolling
interests
        
       
Amount
                                    
Total
  
                                                                     
Stock issued to founders for cash
     50,510,000     $ 505       -     $ -     $ -     $ 275,002     $ -     $ -     $ -     $ 217,205     $ 492,712  
                                                                                         
Net loss for the period
     -       -       -       -       -       -       -       (40,343 )     -       (17,290 )     (57,633 )
                                                                                         
Foreign currency translation loss
     -       -       -       -       -       -       -       -       (225 )     10       (215 )
                                                                                         
Balance at December 31, 2003
     50,510,000     $ 505       -     $ -     $ -     $ 275,002     $ -     $ (40,343 )   $ (225 )   $ 199,925     $ 434,864  
                                                                                         
Net loss for the year
     -       -       -       -       -       -       -       (65,960 )     -       (28,269 )     (94,229 )
                                                                                         
Foreign currency translation loss
     -       -       -       -       -       -       -       -       (357 )     2       (355 )
                                                                                         
Balance at December 31, 2004
     50,510,000     $ 505       -     $ -     $ -     $ 275,002     $ -     $ (106,303 )   $ (582 )   $ 171,658     $ 340,280  
                                                                                         
Imputed interest on advances from a stockholder and related company
     -       -       -       -       -       23,103       -       -       -       -       23,103  
                                                                                         
Net loss for the year
     -       -       -       -       -       -       -       (357,863 )     -       (153,370 )     (511,233 )
                                                                                         
Foreign currency translation loss
     -       -       -       -       -       -       -       -       (12,290 )     2,064       (10,226 )
                                                                                         
Balance at December 31, 2005
     50,510,000     $ 505       -     $ -     $ -     $ 298,105     $ -     $ (464,166 )   $ (12,872 )   $ 20,352     $ (158,076 )
                                                                                         
Imputed interest on advances from a stockholder and related company
     -       -       -       -       -       27,184       -       -       -       -       27,184  
                                                                                         
Net loss for the year
     -       -       -       -       -       -       -       (172,738 )     -       (18,276 )     (191,014 )
                                                                                         
Foreign currency translation loss
     -       -       -       -       -       -       -       -       (6,084 )     (2,076 )     (8,160 )
                                                                                         
Balance at December 31, 2006
     50,510,000     $ 505             $ -     $ -     $ 325,289     $ -     $ (636,904 )   $ (18,956 )   $ -     $ (330,066 )
                                                                                         
Imputed interest on advances from a stockholder, related company and related party
     -       -       -       -       -       39,021       -       -       -       -       39,021  
                                                                                         
Net loss for the year
     -       -       -       -       -       -       -       (196,871 )     -       -       (196,871 )
                                                                                         
Foreign currency translation loss
     -       -       -       -       -       -       -       -       (27,401 )     -       (27,401 )
                                                                                         
Balance at December 31, 2007
     50,510,000     $ 505       -     $ -     $ -     $ 364,310     $ -     $ (833,775 )   $ (46,357 )   $ -     $ (515,317 )
                                                                                         
Imputed interest on advances from a stockholder and related company
     -       -       -       -       -       27,764       -       -       -       -       27,764  
                                                                                         
Net loss for the period
     -       -       -       -       -       -       -       (227,038 )     -       -       (227,038 )
                                                                                         
Foreign currency translation loss
     -       -       -       -       -       -       -       -       (35,833 )     -       (35,833 )
                                                                                         
Balance at October 31,2008
     50,510,000     $ 505       -     $ -     $ -     $ 392,074     $ -     $ (1,060,813 )   $ (82,190 )   $ -     $ (750,424 )
                                                                                         
Recapitalization
     5,104,000       51       -       -       -       (51 )     -       -       -       -       -  
                                                                                         
Stock issued for services ($3.05 per share)
     100,000       1       -       -       -       304,999       (292,292 )     -       -       -       12,708  
                                                                                         
Stock issued for cash in private placement ($1.15 per share)
     5,000       -       -       -       -       5,750       -       -       -       -       5,750  
                                                                                         
Stock issued for cash in private placement ($1.15 per share)
     2,000       -       -       -       -       2,300       -       -       -       -       2,300  
                                                                                         
Contributed capital
     -       -       -       -       -       26,950       -       -       -       -       26,950  
                                                                                         
Distributed to the stockholders
     -       -       -       -       -       (31,409 )     -       -       -       -       (31,409 )
                                                                                         
Imputed Interest on advances from a stockholder and related company
     -       -       -       -       -       31,656       -       -       -       -       31,656  
                                                                                         
Net loss for the year
     -       -       -       -       -       -       -       (558,432 )     -       -       (558,432 )
                                                                                         
Foreign currency translation loss
     -       -       -       -       -       -       -       -       (1,856 )     -       (1,856 )
                                                                                         
Balance at October 31, 2009
     55,721,000     $ 557             $ -     $ -     $ 732,269     $ (292,292 )   $ (1,619,245 )   $ (84,046 )   $ -     $ (1,262,757 )
                                                                                         
Stock issued for cash in private placement ($1.5 per share)
     6,667       -       -       -       -       10,000       -       -       -       -       10,000  
                                                                                         
Stock issued for cash in private placement ($1.5 per share)
     16,667       -       -       -       -       25,000       -       -       -       -       25,000  
                                                                                         
Stock issued for cash in private placement ($1.5 per share)
     136,833       2       -       -       -       205,248       -       -       -       -       205,250  
                                                                                         
Stock to be issued for cash in private placement ($1.0 per share)
     -       -       230,000       2       (230,000 )     229,998       -       -       -       -       -  
                                                                                         
Stock issued for services ($1 per share)
     100,000       1       -       -       -       99,999       (100,000 )     -       -       -       -  
                                                                                         
Stock issued for services ($1 per share)
     13,683       -       -       -       -       13,683       (13,683 )     -       -       -       -  
                                                                                         
Stock issued for services ($1 per share)
     150,000       2       -       -       -       149,998       (150,000 )     -       -       -       -  
                                                                                         
Amortisation for stock issued for services
     -       -       -       -       -       -       349,516       -       -       -       349,516  
                                                                                         
Imputed interest on advances from a stockholder and related company
     -       -       -       -       -       28,356       -       -       -       -       28,356  
                                                                                         
Net loss for the year
     -       -       -       -       -       -       -       (816,799 )     -       -       (816,799 )
                                                                                         
Foreign currency translation loss
     -       -       -       -       -       -       -       -       (29,063 )     -       (29,063 )
                                                                                         
Balance at October 31, 2010
     56,144,850     $ 562       230,000     $ 2     $ (230,000 )   $ 1,494,551     $ (206,459 )   $ (2,436,044 )   $ (113,109 )   $ -     $ (1,490,497 )
                                                                                         
Stock issued for cash in private placement ($1 per share)
     230,000       2       -       230,000       (2 )     -       -       -       -       -       230,000  
                                                                                         
Stock issued for cash in private placement ($1.05 per share)
     100,000       1       -       -       -       104,999       (105,000 )     -       -       -       -  
                                                                                         
Imputed interest on advances from a stockholder and related company
     -       -       -       -       -       27,060       -       -       -       -       27,060  
                                                                                         
Amortisation for stock issued for services
     -       -       -       -       -       -       223,958       -       -       -       223,958  
                                                                                         
Net loss for the year
     -       -       -       -       -       -       -       (487,439 )     -       -       (487,439 )
                                                                                         
Foreign currency translation loss
     -       -       -       -       -       -       -       -       (65,852 )     -       (65,852 )
                                                                                         
Balance at October 31, 2011
     56,474,850     $ 565             $ -     $ -     $ 1,626,610     $ (87,501 )   $ (2,923,483 )   $ (178,961 )   $ -     $ (1,562,770 )
                                                                                         
Stock issued for services ($0.2 per share)
     100,000       1               -       -       19,999       (20,000 )     -       -       -       -  
                                                                                         
Imputed interest on advances from a stockholder and related company
     -       -       -       -       -       25,347       -       -       -       -       25,347  
                                                                                         
Amortisation for stock issued for services
     -       -       -       -       -       -       105,834       -       -       -       105,834  
                                                                                         
Net loss for the year
     -       -       -       -       -       -       -       (758,525 )     -       -       (758,525 )
                                                                                         
Foreign currency translation loss
     -       -       -       -       -       -       -       -       (36,081 )     -       (36,081 )
                                                                                         
Balance at Oct 31, 2012
     56,574,850     $ 566             $ -     $ -     $ 1,671,956     $ (1,667 )   $ (3,682,008 )   $ (215,042 )   $ -     $ (2,226,195 )
                                                                                         
Imputed interest on advances from a stockholder
and related company
     -       -       -       -       -       5,965       -       -       -       -       5,965  
                                                                                         
Amortisation for stock issued for services
     -       -       -       -       -       -       1,667       -       -       -       1,667  
                                                                                         
Net loss for the period
     -       -       -       -       -       -               (175,261 )     -