WEB NEWS Comments & Business Outlook
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED)
Three months ended Six months ended
April 30, April 30, April 30, April 30,
OPERATING EXPENSES
General and administrative expenses
$
124,931
$
145,543
$
205,842
$
279,610
Depreciation
7,682
7,914
15,385
14,562
Research and development
17,092
1,055
52,536
24,257
Total Operating Expenses
149,705
154,512
273,763
318,429
LOSS FROM OPERATIONS
(149,705
)
(154,512
)
(273,763
)
(318,429
)
OTHER (EXPENSES) INCOME
Interest income
10
558
22
592
Interest paid to a stockholder and related parties
(57,126
)
(54,441
)
(115,209
)
(107,273
)
Imputed interest
(4,947
)
(5,330
)
(10,031
)
(9,930
)
Other, net
(3,636
)
(3,937
)
(6,938
)
(5,934
)
Total Other (Expenses) Income, net
(65,699
)
(63,150
)
(132,156
)
(122,545
)
LOSS BEFORE TAXES
(215,404
)
(217,662
)
(405,919
)
(440,974
)
Income tax expense
—
—
—
—
NET LOSS
(215,404
)
(217,662
)
(405,919
)
(440,974
)
Net loss attributable to non-controlling interests
—
—
—
—
NET LOSS ATTRIBUTABLE TO ABMT COMMON STOCKHOLDERS
(215,404
)
(217,662
)
(405,919
)
(440,974
)
OTHER COMPREHENSIVE INCOME
Foreign currency translation income
(57,501
)
(27,880
)
79,425
48,521
Total other comprehensive loss
(57,501
)
(27,880
)
79,425
48,521
COMPREHENSIVE LOSS ATTRIBUTABLE TO ABMT COMMON STOCKHOLDERS
$
(272,905
)
$
(245,542
)
$
(326,494
)
$
(392,453
)
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
66,960,961
56,874,850
66,258,092
56,874,850
Auditor trail
Item 4.01 Changes in Registrant’s Certifying Accountant
As a result of the Merger, AWC resigned as the Company’s independent registered public accounting firm on April 30, 2016. On May 4, 2016, the Company engaged DCAW (CPA) Limited as its independent registered public accounting firm. The engagement of DCAW was approved by the Company’s board of directors on May 4, 2016.
The audit reports of AWC on the financial statements of the Company as of and for the year ended October 31, 2015 did not contain any adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles but modified to a going concern.
Comments & Business Outlook
ADVANCED BIOMEDICAL TECHNOLOGIES, INC. AND SUBSIDIARIES
(UNAUDITED)
Three months ended
January 31, January 31,
2016 2015
OPERATING EXPENSES
General and administrative expenses $ 80,911 $ 134,067
Depreciation 7,703 6,648
Research and development 35,444 23,202
Total Operating Expenses 124,058 163,917
LOSS FROM OPERATIONS (124,058 ) (163,917 )
OTHER (EXPENSES) INCOME
Interest income 12 34
Interest paid to a stockholder and related parties (58,083 ) (52,832 )
Imputed interest (5,084 ) (4,600 )
Other, net (3,302 ) (1,997 )
Total Other (Expenses) Income, net (66,457 ) (59,395 )
LOSS BEFORE TAXES (190,515 ) (223,312 )
Income tax expense — —
NET LOSS (190,515 ) (223,312 )
Net loss attributable to non-controlling interests — —
NET LOSS ATTRIBUTABLE TO ABMT COMMON STOCKHOLDERS (190,515 ) (223,312 )
OTHER COMPREHENSIVE INCOME
Foreign currency translation income 136,926 76,401
Total other comprehensive loss 136,926 76,401
COMPREHENSIVE LOSS ATTRIBUTABLE TO ABMT COMMON STOCKHOLDERS $ (53,589 ) $ (146,911 )
Net loss per share
- basic and diluted $ (0.00 ) $ (0.00 )
Weighted average number of shares outstanding during the period
- basic and diluted 65,570,502 56,874,850
Deal Flow
Item 1.01 Entry into a Material Definitive Agreement
On November 13, 2015, Advanced BioMedical Technologies, Inc. (the “Company”) entered into a debt conversion agreement (the “Debt Conversion Agreement”) with Titan Technology Development Ltd., a Hong Kong corporation (“TTD” and “LENDER”), pursuant to which the Company and TTD agreed to convert $500,000 of the accrued interest of the outstanding debt owed by the Company to TTD into shares of the Company’s Common Stock at a conversion price of $0.05 per share. Pursuant to the terms of the Debt Conversion Agreement, on November 13, 2015, $500,000 of the accrued interest of TTD’s outstanding loan was converted into 10,000,000 shares of Company Common Stock.
As disclosed under Item 1.01 of this Current Report on Form 8-K, on November 13, 2015 the Company issued 10,000,000 shares of its Common Stock to TTD in exchange for cancellation of $500,000 of accrued and unpaid interest on loans owed by the Company to TTD. The shares issued to TTD are issued as Restricted Securities, and are issued pursuant to Rule 506 of Regulation D of the Securities Act of 1933.
Auditor trail
Item 4.01 Changes in Registrant’s Certifying Accountant
The audit reports of BTHK on the financial statements of the Company as of and for the years ended October 31, 2014 and 2013 did not contain an adverse opinion or a disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope or accounting principles, except that the audit reports of BTHK for the financial statements of the Company as of October 31, 2014 and 2013 indicated uncertainty as to the Company’s ability to continue as a going concern because the Company had working capital and stockholders’ deficits.
In connection with the audits of the Company’s financial statements for the fiscal year ended October 31, 2014 and 2013 and through the date of this Current Report, there were: (i) no disagreements between the Company and BTHK on any matters of accounting principles or practices, financial statement disclosure, or auditing scope or procedures, which disagreements, if not resolved to the satisfaction of BTHK, would have caused BTHK to make reference to the subject matter of the disagreement in their reports on the Company’s financial statements for such years, and (ii) no reportable events within the meaning set forth in Item 304(a)(1)(v) of Regulation S-K.
During the Company’s two most recent fiscal years ended October 31, 2014 and 2013 and through November 16, 2015, the Company did not consult with AWC either on (i) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that may be rendered on the Company’s financial statements, and AWC did not provide either a written report or oral advice to the Company that was an important factor considered by the Company in reaching a decision as to any accounting, auditing, or financial reporting issue; or (ii) the subject of any disagreement, as defined in Item 304(a)(1)(iv) of Regulation S-K and the related instructions, or a reportable even within the meaning set forth in Item 304(a)(1)(v) of Regulation S-K.
The Company has provided BTHK a copy of the disclosures in this Form 8-K and has requested that BTHK furnish it with a letter addressed to the Securities and Exchange Commission stating whether or not BTHK agrees with the Company’s statements above. A copy of the letter dated November 16, 2015, furnished by BTHK in response to that request is filed as Exhibit 16.1 to this Form 8-K.
Comments & Business Outlook
Three months ended
Nine months ended
July 31,
July 31,
July 31,
July 31,
2015
2014
2015
2014
OPERATING EXPENSES
General and administrative expenses
$ 107,394 $ 131,642 $ 387,004 $ 382,706
Depreciation
8,018 6,606 22,580 19,966
Research and development
28,759 19,910 53,016 39,744
Total Operating Expenses
144,171 158,158 462,600 442,416
LOSS FROM OPERATIONS
(144,171 ) (158,158 ) (462,600 ) (442,416 )
OTHER (EXPENSES) INCOME
Interest income
131 38 723 101
Interest paid to a stockholder and related parties
(56,020 ) (46,427 ) (163,293 ) (131,498 )
Imputed interest
(5,982 ) (4,851 ) (15,912 ) (15,295 )
Other, net
(4,670 ) (2,132 ) (10,604 ) (6,486 )
Total Other Expenses, net
(66,541 ) (53,372 ) (189,086 ) (153,178 )
LOSS BEFORE TAXES
(210,712 ) (211,530 ) (651,686 ) (595,594 )
Income tax expense
- - - -
NET LOSS ATTRIBUTABLE TO ABMT COMMON STOCKHOLDERS
(210,712 ) (211,530 ) (651,686 ) (595,594 )
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation income/(loss)
4,844 (41,918 ) 53,365 36,129
COMPREHENSIVE LOSS ATTRIBUTABLE TO ABMT COMMON STOCKHOLDERS
$ (205,868 ) $ (253,448 ) $ (598,321 ) $ (559,465 )
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
56,874,850 56,874,850 56,874,850 56,874,850
Management Discussion and Analysis
Revenues
Our facility is located in Shenzhen China, which is built to meet the GMP standards. Our facility covers about 865 square meters, which includes the combined facilities of offices, laboratories, and workshops. There is one production line for the PA Screw and another production line for the PA Binding Wire. The annual production capabilities of each production line are 100,000 pieces for PA Screw, and 240,000 packs for the PA Binding Wires. Both production lines, at their maximum production capacity, are capable of generating approximately $30,000,000 in annual revenue.
Comments & Business Outlook
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Three months ended
Six months ended
April 30,
April 30,
April 30,
April 30,
2015
2014
2015
2014
OPERATING EXPENSES
General and administrative expenses
$ 145,543 $ 117,885 $ 279,610 $ 251,064
Depreciation
7,914 6,662 14,562 13,360
Research and development
1,055 9,418 24,257 19,834
Total Operating Expenses
154,512 133,965 318,429 284,258
LOSS FROM OPERATIONS
(154,512 ) (133,965 ) (318,429 ) (284,258 )
OTHER EXPENSES
Interest income
558 39 592 63
Interest paid to a stockholder and related parties
(54,441 ) (43,654 ) (107,273 ) (85,071 )
Imputed interest
(5,330 ) (5,091 ) (9,930 ) (10,444 )
Other, net
(3,937 ) (2,093 ) (5,934 ) (4,354 )
Total Other Expenses, net
(63,150 ) (50,799 ) (122,545 ) (99,806 )
LOSS BEFORE TAXES
(217,662 ) (184,764 ) (440,974 ) (384,064 )
Income tax expense
- - - -
NET LOSS ATTRIBUTABLE TO ABMT COMMON STOCKHOLDERS
(217,662 ) (184,764 ) (440,974 ) (384,064 )
OTHER COMPREHENSIVE (LOSS) INCOME
Foreign currency translation (loss) income
(27,880 ) 94,032 48,521 78,047
COMPREHENSIVE LOSS ATTRIBUTABLE TO ABMT COMMON STOCKHOLDERS $ (245,542 ) $ (90,732 ) $ (392,453 ) $ (306,017 )
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
56,874,850 56,874,850 56,874,850 56,874,850
Management Discussion and Analysis
Revenues
Our facility is located in Shenzhen China, which is built to meet the GMP standards. Our facility covers about 865 square meters, which includes the combined facilities of offices, laboratories, and workshops. There is one production line for the PA Screw and another production line for the PA Binding Wire. The annual production capabilities of each production line are 100,000 pieces for PA Screw, and 240,000 packs for the PA Binding Wires. Both production lines, at their maximum production capacity, are capable of generating approximately $30,000,000 in annual revenue.
The Company will market its products through a hybrid sales force comprised of a managed network of independent regional distributors/sales agents (80%) and direct sales representatives (20%) in China.
There are two ways the Company will generate revenue, 1) through our nationwide and regional distributors and 2) through our direct sales channels.
Comments & Business Outlook
Three months ended
January 31,
January 31,
2015
2014
OPERATING EXPENSES
General and administrative expenses
$ 134,067 $ 133,179
Depreciation
6,648 6,698
Research and development
23,202 10,416
Total Operating Expenses
163,917 150,293
LOSS FROM OPERATIONS
(163,917 ) (150,293 )
OTHER EXPENSES
Interest income
34 24
Interest paid to a stockholder and related parties
(52,832 ) (41,417 )
Imputed interest
(4,600 ) (5,353 )
Other, net
(1,997 ) (2,261 )
Total Other Expenses, net
(59,395 ) (49,007 )
LOSS BEFORE TAXES
(223,312 ) (199,300 )
Income tax expense
- -
NET LOSS ATTRIBUTABLE TO ABMT
COMMON STOCKHOLDERS
(223,312 ) (199,300 )
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation income/(loss)
76,401 (15,985 )
COMPREHENSIVE LOSS ATTRIBUTABLE
TO ABMT COMMON STOCKHOLDERS
$ (146,911 ) $ (215,285 )
Net loss per share
- basic and diluted
$ (0.00 ) $ (0.00 )
Weighted average number of shares outstanding during the period
- basic and diluted
56,874,850 56,874,850
Management Discussion and Analysis
Revenues
Our facility is located in Shenzhen China, which is built to meet the GMP standards. Our facility covers about 865 square meters, which includes the combined facilities of offices, laboratories, and workshops. There is one production line for the PA Screw and another production line for the PA Binding Wire. The annual production capabilities of each production line are 100,000 pieces for PA Screw, and 240,000 packs for the PA Binding Wires. Both production lines, at their maximum production capacity, are capable of generating approximately $30,000,000 in annual revenue.
Comments & Business Outlook
2014
2013
OPERATING EXPENSES
General and administrative expenses
$ 543,414 $ 661,794
Depreciation
26,640 26,201
Research and development
47,700 30,749
Total Operating Expenses
617,754 718,744
LOSS FROM OPERATIONS
(617,754 ) (718,744 )
OTHER EXPENSES
Interest income
137 70
Interest paid to a stockholder and related parties
(181,393 ) (137,502 )
Imputed interest
(20,079 ) (22,936 )
Other, net
(8,667 ) (11,231 )
Total Other Expenses, net
(210,002 ) (171,599 )
LOSS FROM OPERATIONS BEFORE TAXES
(827,756 ) (890,343 )
Income tax expense
- -
NET LOSS ATTRIBUTABLE TO ABMT COMMON STOCKHOLDERS
(827,756 ) (890,343 )
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation income/(loss)
3,586 (55,510 )
COMPREHENSIVE LOSS ATTRIBUTABLE TO ABMT COMMON STOCKHOLDERS
$ (824,170 ) $ (945,853 )
Net loss per share
- basic and diluted
$ (0.01 ) $ (0.02 )
Weighted average number of shares outstanding during the year
- basic and diluted
56,874,850 56,578,138
Management Discussion and Analysis
Revenues
The Company is in its development stage and does not have any revenue. The management team is continuously looking for fundraising possibilities for product improvement, machinery upgrades, facility expansions, continuous research and development, and sales and marketing preparation.
Our facility is located in Shenzhen, China, which is built to meet the GMP standards. Our facility covers about 865 square meters, which includes the combined facilities of offices, laboratories, and workshops. There is one production line for the PA Screw and another production line for the PA Binding Wire. The annual production capabilities of each production line are 100,000 pieces for PA Screw, and 240,000 packs for the PA Binding Wires. Both production lines, at their maximum production capacities are capable of generating approximately $30,000,000 in annual revenue.
As reflected in the accompanying audited consolidated financial statements, the Company has an accumulated deficit of $5,400,107 at October 31, 2014 that includes a net loss of $827,756 for the year ended October 31, 2014. We are in Clinical Trial phase and do not have a CFDA permit to produce, market or sell in China.
Comments & Business Outlook
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Three months ended
Nine months ended
September 25, 2002 (inception) through
July 31,
July 31,
July 31,
July 31,
July 31,
2014
2013
2014
2013
2014
OPERATING EXPENSES
General and administrative expenses
$ 131,642 $ 101,260 $ 382,706 $ 298,342 $ 4,132,205
Depreciation
6,606 6,599 19,966 19,527 336,801
Research and development
19,910 5,367 39,744 28,153 327,176
Total Operating Expenses
158,158 113,226 442,416 346,022 4,796,182
LOSS FROM OPERATIONS
(158,158 ) (113,226 ) (442,416 ) (346,022 ) (4,796,182 )
OTHER EXPENSES
Government grants
- - - - 244,479
Interest income
38 17 101 52 1,984
Interest paid to a stockholder and related parties
(46,427 ) (35,732 ) (131,498 ) (99,442 ) (526,036 )
Imputed interest
(4,851 ) (5,659 ) (15,295 ) (17,425 ) (267,722 )
Other, net
(2,132 ) (1,948 ) (6,486 ) (7,538 ) (41,673 )
Total Other Expenses, net
(53,372 ) (43,322 ) (153,178 ) (124,353 ) (588,968 )
NET LOSS
(211,530 ) (156,548 ) (595,594 ) (470,375 ) (5,385,150 )
Net loss attributable to non-controlling interests
- - - - 217,205
NET LOSS ATTRIBUTABLE TO ABMT
COMMON STOCKHOLDERS
(211,530 ) (156,548 ) (595,594 ) (470,375 ) (5,167,945 )
OTHER COMPREHENSIVE (LOSS) INCOME
Foreign currency translation (loss)/income
(41,918 ) (14,096 ) 36,129 (40,778 ) (234,423 )
COMPREHENSIVE LOSS ATTRIBUTABLE
TO ABMT COMMON STOCKHOLDERS
$ (253,448 ) $ (170,644 ) $ (559,465 ) $ (511,153 ) $ (5,402,368 )
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
56,874,850 56,574,850 56,874,850 56,574,850
Management Discussion and Analysis
Revenues
Comments & Business Outlook
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Three months ended
Six months ended
September 25, 2002 (inception) through
April 30,
April 30,
April 30,
April 30,
April 30,
2014
2013
2014
2013
2014
OPERATING EXPENSES
General and administrative expenses
$ 117,885 $ 87,971 $ 251,064 $ 197,082 $ 4,000,563
Depreciation
6,662 6,490 13,360 12,928 330,195
Research and development
9,418 3,375 19,834 22,786 307,266
Total Operating Expenses
133,965 97,836 284,258 232,796 4,638,024
LOSS FROM OPERATIONS
(133,965 ) (97,836 ) (284,258 ) (232,796 ) (4,638,024 )
OTHER EXPENSES
Government grants
- - - - 244,479
Interest income
39 15 63 35 1,946
Interest paid to a stockholder and related parties
(43,654 ) (32,926 ) (85,071 ) (63,710 ) (479,609 )
Imputed interest
(5,091 ) (5,801 ) (10,444 ) (11,766 ) (262,871 )
Other, net
(2,093 ) (2,018 ) (4,354 ) (5,590 ) (39,541 )
Total Other Expenses, net
(50,799 ) (40,730 ) (99,806 ) (81,031 ) (535,596 )
NET LOSS
(184,764 ) (138,566 ) (384,064 ) (313,827 ) (5,173,620 )
Net loss attributable to non-controlling interests
- - - - 217,205
NET LOSS ATTRIBUTABLE TO ABMT COMMON STOCKHOLDERS
(184,764 ) (138,566 ) (384,064 ) (313,827 ) (4,956,415 )
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation gain (loss)
94,032 (20,226 ) 78,047 (26,682 ) (192,505 )
COMPREHENSIVE LOSS ATTRIBUTABLE TO ABMT COMMON STOCKHOLDERS
$ (90,732 ) $ (158,792 ) $ (306,017 ) $ (340,509 ) $ (5,148,920 )
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
56,874,850 56,574,850 56,874,850 56,574,850
Management Discussion and Analysis
RevenuesThe Company is in its development stage and does not have any revenue. The management team is continuously looking for fundraising possibilities for product improvement, machinery upgrades, facility expansions, continuous research and development, and sales and marketing preparation.
Our facility is located in Shenzhen China, which is built to meet the GMP standards. Our facility covers about 865 square meters, which includes the combined facilities of offices, laboratories, and workshops. There is one production line for the PA Screw and another production line for the PA Binding Wire. The annual production capabilities of each production line are 100,000 pieces for PA Screw, and 240,000 packs for the PA Binding Wires. Both production lines, at their maximum production capacity, are capable of generating approximately $30,000,000 in annual revenue.
Net Loss net loss attributable to common stockholders for the three and six months ended April 30, 2014 and 2013 and for the period from September 25, 2002 (inception) through April 30, 2014 were $184,764, $138,566, $384,064, $313,827 and $4,956,415 respectively. We do not have any revenue from inception to April 30, 2014 but have to incur operating expenses for the upkeep of the Company and the clinical trials.
Comments & Business Outlook
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Three months ended
September 25, 2002 (inception) through
January 31,
January 31,
January 31,
2014
2013
2014
OPERATING EXPENSES
General and administrative expenses
$ 133,179 $ 109,111 $ 3,882,678
Depreciation
6,698 6,438 323,533
Research and development
10,416 19,411 297,848
Total Operating Expenses
150,293 134,960 4,504,059
LOSS FROM OPERATIONS
(150,293 ) (134,960 ) (4,504,059 )
OTHER EXPENSES
Government grants
- - 244,479
Interest income
24 20 1,907
Interest paid to a stockholder and related parties
(41,417 ) (30,784 ) (435,955 )
Imputed interest
(5,353 ) (5,965 ) (257,780 )
Other, net
(2,261 ) (3,572 ) (37,448 )
Total Other Expenses, net
(49,007 ) (40,301 ) (484,797 )
NET LOSS
(199,300 ) (175,261 ) (4,988,856 )
Net loss attributable to non-controlling interests
- - 217,205
NET LOSS ATTRIBUTABLE TO ABMT COMMON STOCKHOLDERS
(199,300 ) (175,261 ) (4,771,651 )
OTHER COMPREHENSIVE LOSS
Foreign currency translation loss
(15,985 ) (6,456 ) (286,537 )
COMPREHENSIVE LOSS ATTRIBUTABLE TO ABMT COMMON STOCKHOLDERS
$ (215,285 ) $ (181,717 ) $ (5,058,188 )
Net loss per share
- basic and diluted
$ (0.00 ) $ (0.00 )
Weighted average number of shares outstanding during the period
- basic and diluted
56,874,850 56,574,850
Management Discussion and Analysis
Results of Operations
Revenues
Our facility is located in Shenzhen China, which is built to meet the GMP standards. Our facility covers about 865 square meters, which includes the combined facilities of offices, laboratories, and workshops. There is one production line for the PA Screw and another production line for the PA Binding Wire. The annual production capabilities of each production line are 100,000 pieces for PA Screw, and 240,000 packs for the PA Binding Wires. Both production lines, at their maximum production capacity, are capable of generating approximately USD $30,000,000 in annual revenue.
Net Lossnet loss attributable to common stockholders for the three months ended January 31, 2014 and 2013 and for the period from September 25, 2002 (inception) through January 31, 2014 were $199,300, $175,261 and $4,988,856 respectively. We do not have any revenue from inception to January 31, 2014 but have to incur operating expenses for the upkeep of the Company and the clinical trials.
Comments & Business Outlook
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Year ended
October 31,
September 25, 2002 (inception) through
October 31,
2013
2012
2013
OPERATING EXPENSES
General and administrative expenses
$ 661,794 $ 496,530 $ 3,749,499
Depreciation
26,201 23,324 316,835
Research and development
30,749 117,916 287,432
Total Operating Expenses
718,744 637,770 4,353,766
LOSS FROM OPERATIONS
(718,744 ) (637,770 ) (4,353,766 )
OTHER EXPENSES
Government grants
- - 244,479
Interest income
70 118 1,883
Interest paid to a stockholder and related parties
(137,502 ) (95,588 ) (394,538 )
Imputed interest
(22,936 ) (25,347 ) (252,427 )
Other, net
(11,231 ) 62 (35,187 )
Total Other Expenses, net
(171,599 ) (120,755 ) (435,790 )
LOSS FROM OPERATIONS BEFORE TAXES
(890,343 ) (758,525 ) (4,789,556 )
Income tax expense
- - -
NET LOSS
(890,343 ) (758,525 ) (4,789,556 )
Net loss attributable to non-controlling interests
- - 217,205
NET LOSS ATTRIBUTABLE TO ABMT COMMON STOCKHOLDERS
(890,343 ) (758,525 ) (4,572,351 )
OTHER COMPREHENSIVE LOSS
Foreign currency translation loss
(55,510 ) (36,081 ) (270,552 )
COMPREHENSIVE LOSS ATTRIBUTABLE TO ABMT COMMON STOCKHOLDERS
$ (945,853 ) $ (794,606 ) $ (4,842,903 )
Net loss per share
- basic and diluted
$ (0.02 ) $ (0.01 )
Weighted average number of shares outstanding during the year
- basic and diluted
56,578,138 56,564,741
Management Discussion and Analysis
Results of Operations
The Company is in its development stage and does not have any revenue. The management team is continuously looking for fundraising possibilities for product improvement, machinery upgrades, facility expansions, continuous research and development, and sales and marketing preparation.
Our facility is located in Shenzhen, China, which is built to meet the GMP standards. Our facility covers about 865 square meters, which includes the combined facilities of offices, laboratories, and workshops. There is one production line for the PA Screw and another production line for the PA Binding Wire. The annual production capabilities of each production line are 100,000 pieces for PA Screw, and 240,000 packs for the PA Binding Wires. Both production lines, at their maximum production capacities are capable of generating approximately $30,000,000 in annual revenue.
