PINX:ABMT Quarterly Report 10-Q Filing - 1/31/2012

Effective Date 1/31/2012

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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 quarter ended January 31, 2012
 
           OR
 
o       TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE 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 x    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 x
 
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  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 21, 2012, 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.

 
 

 

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, 2011 included in our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) on February 14, 2012. 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, 2012 are not necessarily indicative of the operating results that may be expected for the full year ending October 31, 2012.


 
 

 









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

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
AS OF JANUARY 31, 2012
(UNAUDITED)






























 
 

 


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

CONTENTS

Pages
 
Condensed Consolidated Balance Sheets as of January 31, 2012 (unaudited) and
October 31, 2011
   F-1
Condensed Consolidated Statements of Operations and Comprehensive Loss
for the three months ended January 31, 2012 and 2011 (unaudited) 
and the period from inception September 25, 2002 through January 31, 2012 (unaudited)        
   F-2
 
Condensed Consolidated Statements of Stockholders’ Deficit
or the period from inception September 25, 2002 through January 31, 2012 (unaudited)
F-3
 
Condensed Consolidated Statements of Cash Flows for the three months ended January 31, 2012
and 2011 (unaudited) and the period from inception September 25, 2002 through
January 31, 2012 (unaudited)   
F-4
Notes to Condensed Consolidated Financial Statements (unaudited)                          F5 - F8
 
 
 

 

ADVANCED BIOMEDICAL TECHNOLOGIES, INC. ("ABMT")
 
 AND SUBSIDIARIES
(A DEVELOPMENT STAGE COMPANY)
CONDENSED CONSOLIDATED BALANCE SHEETS
             
             
ASSETS
           
   
January 31,
   
October 31,
 
   
2012
   
2011
 
   
Unaudited
       
             
CURRENT ASSETS
           
Cash and cash equivalents
  $ 72,668     $ 78,781  
Other receivables and prepaid expenses
    22,613       21,933  
Total Current Assets
    95,281       100,714  
                 
PROPERTY AND EQUIPMENT, NET
    148,562       103,170  
DEPOSIT FOR PURCHASE OF PROPERTY AND EQUIPMENT
    331       9,628  
TOTAL ASSETS
  $ 244,174     $ 213,512  
                 
LIABILITIES AND STOCKHOLDERS' DEFICIT
               
                 
CURRENT LIABILITIES
               
Other payables and accrued expenses
  $ 73,788     $ 44,536  
Due to a stockholder
    174,597       147,137  
Due to directors
    555,265       558,467  
Due to related parties
    1,178,446       1,026,142  
Total Current Liabilities
    1,982,096       1,776,282  
                 
                 
COMMITMENTS AND CONTINGENCIES
    -       -  
                 
DEFICIT
               
ABMT Stockholders' Deficit
               
Common stock, $0.00001 par value, 100,000,000 shares
               
authorized,  56,574,850 and 56,474,850 shares
               
issued and outstanding as of January 31, 2012 and October 31, 2011
    566       565  
Additional paid-in capital
    1,653,219       1,626,610  
Deferred stock compensation
    (77,917 )     (87,501 )
Accumulated deficit during development stage
    (3,122,948 )     (2,923,483 )
Accumulated other comprehensive loss
    (190,842 )     (178,961 )
Total ABMT Stockholders' Deficit
    (1,737,922 )     (1,562,770 )
                 
Noncontrolling interests
    -       -  
Total Deficit
    (1,737,922 )     (1,562,770 )
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT
  $ 244,174     $ 213,512  
                 
                 
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
 
   
2012
   
2011
   
January 31, 2012
 
                   
OPERATING EXPENSES
                 
General and administrative expenses
  $ 150,380     $ 125,853     $ 2,741,555  
Depreciation
    5,306       1,308       272,616  
Research and development (Net of
                       
  government grant)
    17,632       30       156,399  
Total Operating Expenses
    173,318       127,191       3,170,570  
                         
LOSS FROM OPERATIONS
    (173,318 )     (127,191 )     (3,170,570 )
                         
OTHER INCOME (EXPENSES)
                       
Government grants
    -       908       244,479  
Interest income
    27       24       1,722  
Interest paid to a stockholder
                       
  and related parties
    (19,779 )     (14,826 )     (181,227 )
Imputed interest
    (6,610 )     (6,840 )     (210,754 )
Other, net
    215       (349 )     (23,803 )
Total Other Income (Expenses), net
    (26,147 )     (21,083 )     (169,583 )
                         
LOSS FROM OPERATIONS BEFORE TAXES
    (199,465 )     (148,274 )     (3,340,153 )
Income tax expense
    -       -       -  
NET LOSS
    (199,465 )     (148,274 )     (3,340,153 )
Net loss attributable to noncontrolling interests
    -       -       217,205  
NET LOSS ATTRIBUTABLE TO ABMT
                       
COMMON STOCKHOLDERS
    (199,465 )     (148,274 )     (3,122,948 )
                         
OTHER COMPREHENSIVE LOSS
                       
Total other comprehensive loss
    (11,881 )     (16,856 )     (190,842 )
Add: foreign currency translation loss
                       
attributable to noncontrolling interest
    -       -       -  
Foreign currency translation loss
                       
attributable to ABMT common stockholders
    (11,881 )     (16,856 )     (190,842 )
COMPREHENSIVE LOSS ATTRIBUTABLE
                       
TO ABMT COMMON STOCKHOLDERS
  $ (211,346 )   $ (165,130 )   $ (3,313,790 )
                         
Net loss per share-basic and diluted
  $ (0.00 )   $ (0.00 )        
                         
Weighted average number of shares
                       
outstanding during the period
                       
- basic and diluted
    56,534,633       56,374,850          
                         
                         
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’ DEFICIT (UNAUDITED)
 
                                                                   
                                                                   
                                             
Accumulated
   
Accumulated
       
   
Common Stock
   
Shares to be issued
   
Stock
   
Additional
   
Deferred
   
deficit during
   
other
             
   
Number
         
Number of
   
subscriptions
   
Paid-in
   
Stock
   
development
   
comprehensive
   
Noncontrolling
 
   
of Shares
 
Amount
   
Shares
   
Amount
   
receivable
   
capital
   
Compensation
   
stage
   
loss
   
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  
                                                                                         
Stock issued for cash in private placement ($1.05 per share)
    100,000       1       -       -       -       104,999       (105,000 )     -       -       -       -