abmt-10q_0315.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549


FORM 10-Q


x
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
   
 
For the quarterly period ended January 31, 2011
   
 
OR
   
¨
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)

18 Lake Ridge Drive
Middletown, NY 10940
(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   x    NO   ¨
 
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   ¨    NO   ¨
 
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
¨
  
Accelerated filer
¨
           
 
Non-accelerated filer
¨
  
Smaller reporting company
x
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).   YES   ¨    NO   x
 
As of March 11, 2011, there are 56,374,850 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.

 
 
 

PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS
 
The accompanying condensed unaudited financial statements of Advanced BioMedical Technologies, Inc., formerly known as Geostar Mineral Corporation, 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, 2010  included in our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) on February 15, 2011. In the opinion of management, all adjustments necessary for a fair presentation have been included in the accompanying condensed financial statements and consist of only normal recurring adjustments. The results of operations presented in the accompanying condensed financial statements for the period ended January 31, 2011 are not necessarily indicative of the operating results that may be expected for the full year ending October 31, 2011.
 
 
 
 

ADVANCED BIOMEDICAL TECHNOLOGIES, INC.
AND SUBSIDIARIES
(A DEVELOPMENT STAGE COMPANY)

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
AS OF JANUARY 31, 2011
(UNAUDITED)
 
 
 

ADVANCED BIOMEDICAL TECHNOLOGIES, INC. AND SUBSIDIARIES
(A DEVELOPMENT STAGE COMPANY)

CONTENTS

 
Pages
Condensed Consolidated Balance Sheets as of January 31, 2011 (unaudited) and October 31, 2010
F-1
   
Condensed Consolidated Statements of Operations and Comprehensive Loss for the three months ended January 31, 2011 and 2010 (unaudited) and the period from inception September 25, 2002 through January 31, 2011 (unaudited)
F-2
   
Condensed Consolidated Statements of Stockholders’ Deficiency for the period from inception September 25, 2002 through January 31, 2011 (unaudited)
F-3
   
Condensed Consolidated Statements of Cash Flows for the three months ended January 31, 2011 and 2010 (unaudited) and the period from inception September 25, 2002 through January 31, 2011 (unaudited)
F-4
   
Notes to Condensed Consolidated Financial Statements (unaudited)
F-5 – F-8

 
 
 

ADVANCED BIOMEDICAL TECHNOLOGIES, INC. ("ABMT")
AND SUBSIDIARIES
(A DEVELOPMENT STAGE COMPANY)
CONDENSED CONSOLIDATED BALANCE SHEETS


ASSETS
   
January 31,
    
October 31,
  
   
2011
    
2010
  
   
Unaudited
        
             
CURRENT ASSETS
            
Cash and cash equivalents
   $ 16,130     $ 38,614  
Other receivables and prepaid expenses
     13,364       12,623  
Total Current Assets
     29,494       51,237  
                 
PROPERTY AND EQUIPMENT, NET
     48,753       49,461  
TOTAL ASSETS
   $ 78,247     $ 100,698  
                 
LIABILITIES AND STOCKHOLDERS' DEFICIT
                 
CURRENT LIABILITIES
                
Other payables and accrued expenses
   $ 19,559     $ 25,711  
Due to a stockholder
     99,104       217,951  
Due to directors
     144,047       158,941  
Due to a related company
     405,572       400,192  
Due to related parties
     765,627       788,400  
Total Current Liabilities
     1,433,909       1,591,195  
                 
                 
COMMITMENTS AND CONTINGENCIES
     -       -  
                 
DEFICIT
                
ABMT Stockholders' Deficit
                
Common stock, $0.00001 par value, 100,000,000 shares
                
authorized,  56,374,850 and 56,144,850 shares
                
issued and outstanding as of January 31, 2011 and October 31, 2010
     564       562  
Common stock, 230,000 shares to be issued
     -       2  
Stock subscription receivable
     -       (230,000 )
Additional paid-in capital
     1,501,391       1,494,551  
Deferred stock compensation
     (143,334 )     (206,459 )
Accumulated deficit during development stage
     (2,584,318 )     (2,436,044 )
Accumulated other comprehensive loss
     (129,965 )     (113,109 )
Total ABMT Stockholders' Deficit
     (1,355,662 )     (1,490,497 )
                 
Noncontrolling interests
                
Total Deficit
     (1,355,662 )     (1,490,497 )
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT
   $ 78,247     $ 100,698  

The accompanying notes are an integral part of these condensed consolidated financial statements

 
F-1
 

ADVANCED BIOMEDICAL TECHNOLOGIES, INC. AND SUBSIDIARIES
(A DEVELOPMENT STAGE COMPANY)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(UNAUDITED)


   
Three months ended
    
September 25, 2002
  
   
January 31,
    
(Inception) through
  
   
2011
    
2010
    
January 31, 2010
  
                   
OPERATING EXPENSES
                  
General and administrative expenses
   $ 125,853     $ 144,600     $ 2,108,222  
Depreciation
     1,308       7,452       262,678  
Research and development (Net of
                        
  government grant)
     30       1,840       119,063  
Total Operating Expenses
     127,191       153,892       2,489,963  
                         
LOSS FROM OPERATIONS
     (127,191 )     (153,892 )     (2,489,963 )
                         
OTHER INCOME (EXPENSES)
                        
Other income
     908       -       5,493  
Interest income
     24       13       1,625  
Interest paid to a stockholder
                        
  and related parties
     (14,826 )     (12,831 )     (115,221 )
Imputed interest
     (6,840 )     (7,388 )     (183,924 )
Other expenses
     (349 )     (293 )     (19,533 )
Total Other Expenses, net
     (21,083 )     (20,499 )     (311,560 )
                         
LOSS FROM OPERATIONS BEFORE TAXES
     (148,274 )     (174,391 )     (2,801,523 )
Income tax expense
     -       -       -  
NET LOSS
     (148,274 )     (174,391 )     (2,801,523 )
Net loss attributable to noncontrolling interests
     -       -       217,205  
NET LOSS ATTRIBUTABLE TO ABMT
                        
COMMON STOCKHOLDERS
     (148,274 )     (174,391 )     (2,584,318 )
                         
OTHER COMPREHENSIVE (LOSS) INCOME
                        
Total other comprehensive (loss) income
     (16,856 )     44       (129,965 )
Add: foreign currency translation loss
                        
attributable to noncontrolling interest
     -       -       -  
Foreign currency translation (loss) income
                        
attributable to ABMT common stockholders
     (16,856 )     44       (129,965 )
COMPREHENSIVE LOSS ATTRIBUTABLE
                        
TO ABMT COMMON STOCKHOLDERS
   $ (165,130 )   $ (174,347 )   $ (2,714,283 )
                         
Net loss per share-basic and diluted
   $ (0.00 )    $ (0.00 )         
                         
Weighted average number of shares
                        
outstanding during the period
                        
- basic and diluted
     56,374,850       55,732,159          

The accompanying notes are an integral part of these condensed consolidated financial statements

 
F-2
 

ADVANCED BIOMEDICAL TECHNOLOGIES, INC. AND SUBSIDIARIES
(A DEVELOPMENT STAGE COMPANY)
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIENCY (UNAUDITED)


   
Common Stock
    
Shares to be issued
    
Stock
    
Additional
    
Deferred
    
Accumulated deficit during
    
Accumulated other
              
   
Number of Shares
    
Amount
    
Number of Shares
    
Amount
    
Subscriptions receivable
    
Paid-in capital
    
Stock Compensation
    
Development stage
    
Comprehensive loss
    
Noncontrolling interests
    
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 )
                                                                                         
Comprehensive loss
     -       -       -       -       -       -       -       -       -       -       (57,848 )
                                                                                         
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 )
                                                                                         
Comprehensive loss
     -       -       -       -       -       -       -       -       -       -       (94,584 )
                                                                                         
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 )
                                                                                         
Comprehensive loss
     -       -       -       -       -       -       -       -       -       -       (521,459 )
                                                                                         
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 )
                                                                                         
Comprehensive loss
     -       -       -       -       -       -       -       -       -       -       (199,174 )
                                                                                         
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 )
                                                                                         
Comprehensive loss
     -       -       -       -       -       -       -       -       -       -       (224,272 )
                                                                                         
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 )
                                                                                         
Comprehensive loss
     -       -       -       -       -       -       -       -       -       -       (262,871 )
                                                                                         
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 )
                                                                                         
Comprehensive loss
     -       -       -       -       -       -       -       -       -       -       (560,288 )
                                                                                         
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 )
                                                                                         
Comprehensive loss
     -       -       -       -       -       -       -       -       -       -       (845,862 )
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       -       -       -       -       -       230,000  
                                                                                         
Imputed interest on advances from a stockholder
                                                                                        
and related company
     -       -       -       -       -       6,840       -       -       -       -       6,840  
                                                                                         
Amortisation for stock issued for services
     -       -       -       -       -       -       63,125       -       -       -       63,125  
                                                                                         
Net loss for the period
     -       -       -       -       -       -       -       (148,274 )     -       -       (148,274 )
                                                                                         
Foreign currency translation loss
     -       -       -       -       -       -       -       -       (16,856 )     -       (16,856 )