PINX:ABMT Quarterly Report 10-Q Filing - 7/31/2012

Effective Date 7/31/2012

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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 July 31, 2012
   
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 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   o      No  x
 
As of September 19, 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 15, 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 July 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 JULY 31, 2012
(UNAUDITED)

 
 

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


 
 

 
 
ADVANCED BIOMEDICAL TECHNOLOGIES, INC. (“ABMT”)
AND SUBSIDIARIES
(A DEVELOPMENT STAGE COMPANY)
 
ASSETS
 
   
July 31,
   
October 31,
 
   
2012
   
2011
 
   
 
       
             
CURRENT ASSETS
           
Cash and cash equivalents
  $ 43,442     $ 78,781  
Other receivables and prepaid expenses
    20,676       21,933  
Total Current Assets
    64,118       100,714  
                 
PROPERTY AND EQUIPMENT, NET
    141,851       103,170  
DEPOSIT FOR PURCHASE OF PROPERTY AND EQUIPMENT
    1,637       9,628  
TOTAL ASSETS
  $ 207,606     $ 213,512  
                 
LIABILITIES AND STOCKHOLDERS' DEFICIT
 
                 
CURRENT LIABILITIES
               
Other payables and accrued expenses
  $ 48,316     $ 44,536  
Due to a stockholder
    218,334       147,137  
Due to related parties
    1,427,858       1,026,142  
Total Current Liabilities
    1,694,508       1,217,815  
                 
DUE TO DIRECTORS
    511,826       558,467  
                 
TOTAL LIABILITIES
    2,206,334       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 July 31, 2012 and October 31, 2011
    566       565  
Additional paid-in capital
    1,665,890       1,626,610  
Deferred stock compensation
    (15,417 )     (87,501 )
Accumulated deficit during development stage
    (3,473,925 )     (2,923,483 )
Accumulated other comprehensive loss
    (175,842 )     (178,961 )
                 
Total Deficit
    (1,998,728 )     (1,562,770 )
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT
  $ 207,606     $ 213,512  

The accompanying notes are an integral part of these condensed consolidated financial statements
 
 
F-1

 
 
ADVANCED BIOMEDICAL TECHNOLOGIES, INC. AND SUBSIDIARIES
 
   
   
Three months ended
   
Nine months ended
   
September 25, 2002
 
   
July 31,
   
July 31,
   
(Inception) through
 
   
2012
   
2011
   
2012
   
2011
   
July 31, 2012
 
                               
OPERATING EXPENSES
                             
General and administrative expenses
  $ 110,699     $ 158,392     $ 372,494     $ 423,603     $ 2,963,669  
Depreciation
    6,602       1,311       18,419       3,904       285,729  
Research and development (Net of government grant)
    43,208       7,087       73,378       7,117       212,145  
Total Operating Expenses
    160,509       166,790       464,291       434,624       3,461,543  
                                         
LOSS FROM OPERATIONS
    (160,509 )     (166,790 )     (464,291 )     (434,624 )     (3,461,543 )
                                         
OTHER INCOME (EXPENSES)
                                       
Government grants
                      244,479       244,479  
Interest income
    40       24       91       60       1,786  
Interest paid to a stockholder and related parties
    (24,593 )     (14,890 )     (67,278 )     (44,328 )     (228,726 )
Imputed interest
    (6,117 )     (6,748 )     (19,281 )     (20,369 )     (223,425 )
Other, net
    300       (721 )     317       (961 )     (23,701 )
Total Other Income (Expenses), net
    (30,370 )     (22,335 )     (86,151 )     178,881       (229,587 )
                                         
LOSS FROM OPERATIONS BEFORE TAXES
    (190,879 )     (189,125 )     (550,442 )     (255,743 )     (3,691,130 )
Income tax expense
                             
NET LOSS
    (190,879 )     (189,125 )     (550,442 )     (255,743 )     (3,691,130 )
Net loss attributable to noncontrolling interests
                            217,205  
NET LOSS ATTRIBUTABLE TO ABMT COMMON STOCKHOLDERS
    (190,879 )     (189,125 )     (550,442 )     (255,743 )     (3,473,925 )
                                         
OTHER COMPREHENSIVE INCOME/(LOSS)
                                       
Total other comprehensive income/(loss)
    23,046       (11,926 )     3,119       (46,728 )     (175,842 )
Add: foreign currency translation income/(loss) attributable to noncontrolling interest
                             
Foreign currency translation income/(loss) attributable to ABMT common stockholders
    23,046       (11,926 )     3,119       (46,728 )     (175,842 )
COMPREHENSIVE LOSS ATTRIBUTABLE TO ABMT COMMON STOCKHOLDERS
  $ (167,833 )   $ (201,051 )   $ (547,323 )   $ (302,471 )   $ (3,649,767 )
                                         
Net loss per share-basic and diluted
  $ (0.00 )   $ (0.00 )   $ (0.01 )   $ (0.01 )        
                                         
Weighted average number of shares outstanding during the period - basic and diluted
    56,574,850       56,442,241       56,561,346       56,397,561          

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)
(UNAUDITED)

                                       
Accumulated
                   
   
Common Stock
   
Shares to be
issued
   
Stock
   
Additional
   
Deferred
   
deficit during
   
Accumulated
other
             
   
Number
         
Number
         
subscriptions
   
Paid-in
   
Stock
   
development
   
comprehensive
   
Noncontrolling
       
   
of Shares
   
Amount
   
of 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 )                        
                                                                                         
Imputed interest on advances from a stockholder and related company
                                  27,060                               27,060  
                                                                                         
Amortisation for stock issued for services