0001214659-20-000521.txt : 20200122 0001214659-20-000521.hdr.sgml : 20200122 20200122170919 ACCESSION NUMBER: 0001214659-20-000521 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 47 CONFORMED PERIOD OF REPORT: 20191031 FILED AS OF DATE: 20200122 DATE AS OF CHANGE: 20200122 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BARE METAL STANDARD INC. CENTRAL INDEX KEY: 0001658880 STANDARD INDUSTRIAL CLASSIFICATION: INDUSTRIAL & COMMERCIAL FANS & BLOWERS & AIR PURIFYING EQUIP [3564] IRS NUMBER: 475572388 STATE OF INCORPORATION: ID FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-55795 FILM NUMBER: 20539550 BUSINESS ADDRESS: STREET 1: 3604 BANNER AVE. CITY: BOISE STATE: ID ZIP: 83709 BUSINESS PHONE: (209)898-9379 MAIL ADDRESS: STREET 1: 3604 BANNER AVE. CITY: BOISE STATE: ID ZIP: 83709 10-K 1 r12020010k.htm

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-K

 

x   Annual Report PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the fiscal year ended October 31, 2019

 

or

 

¨   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the Transition Period from                to               .

 

Commission file number 000-1658880

 

BARE METAL STANDARD, INC.

(Exact name of registrant as specified in its charter)

 

IDAHO 47-5572388
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)

 

3604 S. Banner Street

Boise, Idaho

 (Address of principal executive offices, including zip code.)

 

(208) 898-9379

(Telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class Name of each exchange on which registered
Common OTC Markets
   

Securities registered pursuant to Section 12(g) of the Act:

 

Common Stock, par value $0.001 per share

(Title of class)

 

Indicate by check mark if the registrant is a well-known seasoned issuer as defined in Rule 405 of the Securities Act. Yes ¨ No x

 

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ¨ No x

 

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 past 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 ¨ Nox

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ¨ No x

 

 1 
 

 

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of the Registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ¨

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer, "accelerated filer," and "smaller reporting company" in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer ¨ Accelerated filer ¨
Non-accelerated filer x Smaller reporting company x
  Emerging Growth Company x

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨ 

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

YES ¨          NO x

 

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed second fiscal quarter: $1,799,798 as of April 30, 2019.

 

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date: 31,195,000 shares of common stock as of January 22, 2020.

 

Documents Incorporated By Reference:  None 

 

 

 

 2 
 

 

BARE METAL STANDARD, INC.

OCTOBER 31, 2019

 

INDEX TO FORM 10-K

 

      Page No.
    PART I 4
Item 1.   Business 4
Item 1A.   Risk Factors 6
Item 1B.   Unresolved Staff Comments 6
Item 2.   Properties 6
Item 3.   Legal Proceedings 6
Item 4.   Mine Safety Disclosures 6
    PART II 6
Item 5.   Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer
Purchases of Equity Securities
6
Item 6.   Selected Financial Data 7
Item 7.   Management’s Discussion and Analysis of Financial Condition and Results of Operations 7
Item 7A.   Quantitative and Qualitative Disclosures About Market Risk 10
Item 8.   Financial Statements and Supplementary Data 11
Item 9.   Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 12
Item 9A.   Controls and Procedures 12
Item 9B.   Other Information 13
    PART III 13
Item 10.   Directors, Executive Officers and Corporate Governance 13
Item 11.   Executive Compensation 14
Item 12.   Security Ownership of Certain Beneficial Owners and Management and Related
Stockholder Matters
15
Item 13.   Certain Relationships and Related Transactions, and Director Independence 16
Item 14.   Principal Accounting Fees and Services 16
    PART IV 16
Item 15.   Exhibits and Financial Statement Schedules 16
    Signatures 17

 

 3 
 

 

PART I

Note about Forward-Looking Statements

 

Certain statements in this report, other than purely historical information, including estimates, projections, statements relating to our business plans, objectives, and expected operating results, and the assumptions upon which those statements are based, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements may appear throughout this report, including without limitation, the following sections: "Business," "Management's Discussion and Analysis," and "Risk Factors." These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from the forward-looking statements. We undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events, or otherwise.

 

Item 1, Business

 

On November 12, 2015 Bare Metal Standard (“Bare Metal”, “BMS” or the “Company”) was incorporated under the laws of the State of Idaho as a corporation capitalizing on the current growth in commercial kitchens. With the core competency of servicing commercial kitchen grease exhaust systems, the Company’s strategy is to leverage this required service to capture a national footprint of commercial kitchen customers through the franchise model of their Bare Metal Standard brand. The Company is focused exclusively on the restaurant industry and specifically the engine that drives this business; the commercial kitchen. The Company seeks to develop synergistic services required by commercial kitchens to keep them Safe, Health and Efficient. The Company views the market in three customer categories; a. Healthcare, b. Institutional and c. Restaurants.  

 

Bare Metal Standard provides franchise opportunities in the services of commercial kitchen grease exhaust systems (GES).

 

Bare Metal Standard supports all its franchises through a centralized workflow system named Shifts Software that the company created and owns.  This application is capable of managing hundreds of franchisees and thousands of customer locations.  The workflow system exists on redundant servers throughout the USA to ensure connectivity. The company purchases consumables to leverage its buying power and maintain its uniformity. Our franchisees will purchase, directly from us, to maintain the same quality products and uniformity in our cleaning process.

 

The Company’s business model comes from the traditional franchise model that has proven to be successful for many service focused offerings.  The primary value of our business model is to leverage the knowledge, capital and passion, equipment and processes to build a national brand to deliver a consistent level of services throughout the United States and beyond. Once we are operational with clients the business model is secure with recurring revenue from the required service (by code NFPA 96) on a quarterly basis (quarterly is typical, some potential customers are monthly, every 2, 4, 6 months to a few who go annually). The NFPA (National Fire Protection Associations) guidelines are adopted by insurance companies and local fire departments for the safety of the public. It has become mandatory for industrial kitchens to maintain a monthly, quarterly or semiannual cleaning schedule depending on what they cook.   A barbecue restaurant would be required to clean their hoods monthly compared to a nursing homes semiannual cleaning. Local authority departments monitor these schedules with onsite inspections. Our mission is to transform this business sector into a rationalized national brand that will have the strength to expand throughout the United States and beyond.

 

Our principal service is providing support and training for our franchisees helping them to become successful utilizing our proven track record. We do not own any patents or trademarks but we are licensed in the appropriate states that we offer under the franchising laws of that State.

 

We are registered in all the States in the United States to sell and operate our franchises except the following 10 States;

 

California Hawaii Illinois
Maryland Michigan New York
North Dakota South Dakota Rhode Island
Wisconsin    

 

We intend to register in the remaining States as needed.

  

We have entered into an agreement with Taylor Brothers Inc. (a company with common officers and shareholders) to use three of their offices. The rent will be $5,000 per month, when Bare Metal Standard completes required funding to support ongoing operations.

 

 4 
 

 

On March 1, 2017, we entered into a management agreement with Taylor Brothers Holdings Inc. “Taylor Brothers” or Taylor Brothers Holdings”, which is an operating company and has common majority shareholders and directors. The officers and directors of Bare Metal Standard were officers and directors of Taylor Brothers. James Bedal and Mike Taylor have resigned their positions with Taylor Brothers and work full time for Bare Metal Standard. The agreement term has no expiration and can be terminated by the Company at any time with written notice to the other partner. As a result of the management agreement, Bare Metal is to provide, on behalf of Taylor Brothers, certain management services, having full authorization, on behalf of Taylor Brothers to provide all the services and all the activities, normally provided by Taylor Brothers, under the Taylor Brothers franchise agreements, previously entered into by Taylor Brothers and the franchisees Bare Metal became responsible for servicing franchisee agreements and receiving 100% of the revenues associated with those agreements assumed for the support and maintenance of the preexisting franchise agreements of Taylor Brothers Holdings franchisees as Taylor Brothers Holdings has ceased selling franchises. Bare Metal is due all collections from franchisees. Bare Metal Standard assumed the business operations of the existing franchise agreements while potential liabilities arising from said agreements will remain with Taylor Brothers. Additionally, on November 1, 2017 Bare Metal, entered into a royalty free license agreement with Taylor Brothers Holdings Inc. with the right to sublease, the use of Trade Name Bare Metal Standard and related industry know-how including proprietary software in exchange for a monthly fee of $2,000 paid in arrears.

 

We believe that our potential customers understand the financial and reputational risks associated with inadequate maintenance of their kitchen hoods and that our high-quality, professional services are low-cost expenditures when compared to the alternative of failing to perform essential maintenance. We strive to be the service provider of choice and believe the commercial kitchen industry of over 1million locations in the United States collectively have recognized the value proposition of complying with the required fire and insurance regulations. As evidenced by our long-standing customer relationships our management team has and the high rate at which our customers renew their contracts from year to year we are confident Bare Metal Standard possesses the tools required to develop a national brand with franchisees in every major market within the United States.

 

Our focus on attracting and retaining new customers as our franchisees begins with our associates in the field, who interact with commercial kitchen managers, fire departments, insurance companies and facility managers every day. Our associates bring a strong level of passion and commitment to the Bare Metal Standard brand. We have extensive experience to bring to our new company. Our field organization is supported by dedicated customer service and call center personnel. Our culture of continuous improvement drives an intense focus on the quality of the services delivered, which we believe produces high levels of customer satisfaction and, ultimately, customer retention and referrals.

 

Our expansion, both in existing markets of potential franchisees, where we have capacity to increase our local market position with franchises, and in new markets through detailed assessments of local economic conditions and demographics, we have identified target markets where we see opportunities. We intend to grow our presence through strategic franchise expansions and additional licensing agreements.

 

Competition

 

We may not have the resources to compete with our existing competitors or with any new competitors. We intend to compete with many other competitors who perform kitchen exhaust services, all of which may have significantly greater personnel, financial, and managerial resources than we do. This competition from other companies with greater resources and reputations may result in our failure to maintain or expand our business.

  

Moreover, as the demand for the servicing of commercial kitchen grease exhaust systems increases, new companies may enter the market and the influx of added competition will pose an increased risk to our Company. Increased competition may lead to price wars, which would harm us since we would be unable to compete with companies with greater resources.

 

Intellectual Property

 

We rely or plan to rely on a combination of trademark, copyright, trade secret and patent laws in the United States, as well as confidentiality procedures and contractual provisions to protect our commercial kitchen grease exhaust system maintenance methodologies and any new methodologies we might develop in the future. We currently have no pending patents nor trademarks.

 

From time to time, we expect that we may encounter disputes over rights and obligations concerning intellectual property. Also, the efforts management has taken to protect its proprietary rights may not be sufficient or effective. Any significant impairment of its intellectual property rights could harm the existing business, the brand and reputation, and the ability of the business to compete on a going forward basis. Also, protecting our intellectual property rights could be costly and time consuming.

 

Employees

 

We currently have five employees. Our CEO performs all duties related to the operations of this business. We also plan to utilize additional independent contractors on a part-time/as needed basis.

 

 5 
 

 

Item 1A, Risk Factors

 

The Company is a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and is not required to provide the information under this item.

 

Item 1B, Unresolved Staff Comments

 

The Company is a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and is not required to provide the information under this item.

 

Item 2, Properties

 

Our corporate headquarters are located at: 3604 S. Banner Street, Boise, Idaho 83709. We do not own any real property. Management believes that its current facilities are adequate for its needs through the next twelve months, and that, should it be needed, suitable additional space will be available to accommodate expansion of the Company's operations on commercially reasonable terms, although there can be no assurance in this regard.

 

Item 3, Legal Proceedings

 

From time to time, we may become involved in various lawsuits and legal proceedings that arise in the ordinary course of business. However, litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm our business. We are currently not aware of any such legal proceedings or claims that we believe will have, individually or in the aggregate, a material adverse effect on our business, financial condition or operating results.

 

Item 4, Mine Safety Disclosures

 

Not applicable.

 

PART II

 

Item 5, Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

 

Our Common Stock is listed to trade in the over-the-counter securities market through the Financial Industry Regulatory Authority ("FINRA") Automated Quotation Bulletin Board System, under the symbol "BRMT".

 

The following table sets forth the quarterly high and low closing prices for our Common Stock during the last fiscal year, as reported by OTCMarkets. The quotations reflect inter-dealer prices, without retail mark-up, markdown or commission, and may not necessarily represent actual transactions.

 

   Closing Price 
2019 Fiscal Year  High   Low 
January 31, 2019  $0.98   $0.66 
April 30, 2019  $0.98   $0.98 
July 31, 2019  $0.98   $0.97 
October 31, 2019  $0.97   $0.51 

 

 

   Closing Price 
2018 Fiscal Year  High   Low 
January 31, 2018  $1.00    0.66 
April 30, 2018  $n/a    n/a 
July 31, 2018  $1.00    1.00 
October 31, 2018  $0.66    0.66 

 

 

 

Holders

 

As of October 31, 2019, we had 57 holders of record of our common stock.

 

Dividend Policy

 

We have not declared or paid any cash dividends on our common stock or other securities and do not anticipate paying any cash dividends in the foreseeable future. Any future determination to pay cash dividends will be at the discretion of the board of directors and will be dependent upon our financial condition, results of operations, capital requirements, and such other factors as the board of directors deem relevant.

 

 6 
 

 

Equity Compensation Plan Information

 

None

 

Recent Sales of Unregistered Securities

 

Common Stock

 

During the year ended October 31, 2018, the Company issued 200,000 common share units, which consist of one share of common stock and one warrants collateral for a note payable of $100,000, recognizing a $50,000 debt discount for the value of the warrants.

  

Common Stock Warrants

 

June 13, 2018 the Company borrowed $100,000 from a non-related investor. The note is not convertible, but, is collateralized by 200,000 units of the Company’s common stock, which have been issued. Each common stock unit includes the right, to purchase, for up to two years, at a cost of $2 per share, one common share of common stock.

 

Use of Proceeds from Registered Securities

 

The Company is using the proceeds from the sale of its units of common stock and warrants for general working capital purposes.

 

Purchases of Equity Securities by the Issuer and Affiliated Purchasers

 

None

 

Item 6, Selected Financial Data

 

Not required for smaller reporting companies.

 

Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations

 

Results of Operations

 

On March 1, 2017, we entered into a management agreement with Taylor Brothers Holdings Inc., which is an operating company and has common majority shareholders and directors. The officers and directors of Bare Metal Standard were officers and directors of Taylor Brothers. James Bedal and Mike Taylor have resigned their positions with Taylor Brothers and work full time for Bare Metal Standard. The agreement term has no expiration and can be terminated by the Company at any time with written notice to the other partner. As a result of the management agreement, Bare Metal is to provide, on behalf of Taylor Brothers, certain management services, having full authorization, on behalf of Taylor Brothers to provide all the services and all the activities, normally provided by Taylor Brothers, under the Taylor Brothers franchise agreements, previously entered into by Taylor Brothers and the franchisees. Bare Metal became responsible for servicing franchisee agreements and receiving 100% of the revenues associated with those agreements assumed for the support and maintenance of the preexisting franchise agreements of Taylor Brothers Holdings franchisees as Taylor Brothers Holdings has ceased selling franchises. Bare Metal is due all collections from franchisees. Bare Metal Standard assumed the business operations of the existing franchise agreements while potential liabilities arising from said agreements will remain with Taylor Brothers. Additionally, on November 1, 2017 Bare Metal, entered into a royalty free license agreement with Taylor Brothers Holdings Inc. with the right to sublease, the use of Trade Name Bare Metal Standard and related industry know-how including proprietary software in exchange for a monthly fee of $2,000 paid in arrears.

 

For the years ended October 31, 2019 and 2018:

 

Revenue

 

During the year ended October 31, 2019, total revenue from services and product sales, from all franchisees, increased by $308,271 or 35% compared to the year ended October 31, 2018. This was driven by increase related party revenue from Taylor Brothers of $330,690, partially offset by a decrease in non-related party revenue of $22,419. The increase in related party revenue was primarily due to ongoing recurring project work and continued increase in royalty revenue. This increase in revenue, slightly offset by an increase in cost of revenue of 5%, generated an increase of $295,789 or 47% in gross income compared to the comparable period last year.

 

 7 
 

 

The Company has generated total revenues of $1,195,460 for the fiscal year ended October 31, 2019, of which $698,983 is from related parties, which is an increase from the $887,189 of revenues, of which $368,293 is from related parties, during the year ended October 31, 2018. Nevertheless, as of October 31, 2019, the Company had an accumulated deficit of $355,948. There can be no assurances that the Company can achieve or sustain profitability or that the Company's operating losses will not increase in the future.

 

Liquidity and Capital Resources

 

The Company is authorized to issue 80,000,000 shares of its $0.001 par value common stock. As of October 31, 2019, the Company has 31,845,000 shares of common stock issued and outstanding. As of October 31, 2019, the Company had current assets of $178,352 and current liabilities of $80,713.

 

The Company has limited financial resources available, which has had an adverse impact on the Company's liquidity, activities and operations. In order for the Company to remain a Going Concern it will need to find additional capital or generate revenues. Additional working capital may be sought through additional debt or equity private placements, additional notes payable to banks or related parties (officers, directors or stockholders), or from other available funding sources at market rates of interest, or a combination of these. The ability to raise necessary financing will depend on many factors, including the nature and prospects of any business to be acquired and the economic and market conditions prevailing at the time financing is sought. No assurances can be given that any necessary financing can be obtained on terms favorable to the Company, or at all.

 

Management believes the Company has sufficient cash assets, coupled with Managements’ ability to provide additional funds through the sale of equity securities, to fund its operations and keep the Company fully reporting for the next twelve (12) months.

 

Operating Activities

 

During the twelve months ended October 31, 2019, we generated cash in the amount of $3,824 from operating activities, compared to the $125,116 of cash used to pay for operating expenses for the year ended October 31, 2018. The difference was due primarily to the net income achieved during the current year compared to a net loss in the prior period.

 

Investing Activities

 

We did not generate or use any funds from investing activities during the twelve-month period ended October 31, 2019 and 2018.

 

Financing Activities 

 

During the twelve months ended October 31, 2019 we used a net amount of $5,388 of cash for financing activities, including proceeds from third party loans of $21,000. The Company also made total repayments on related party loans of $9,984, repayments on third party loans of $11,192 and repayments on its line of credit of $5,212. In the comparable 2018 period, we received $100,000 in proceeds from note payable and an additional $36,000 in proceeds from the line of credit. These cash flows were partially offset by repayments on the line of credit of $3,480, repayments on the notes payable of $1,765 and repayments on the related party note payable of $505, resulting in net cash from financing activities of $130,250.

 

Plan of Operation

 

The Company’s plan of operation is to provide franchise opportunities in the services of commercial kitchen grease exhaust systems (GES). As of October 31, 2019, we had $10,079 cash on hand and accounts receivable of $136,964. Management believes, without any additional funding or revenues, the Company has to resume selling equity securities to finance its operations and continued growth. We will apply any proceeds from future revenues to help cover our expenditures. At this time, management anticipates it will be required to seek outside funding to keep its business operational for the next twelve months, and will continue its efforts to seek additional funding.

 

Future funding could result in potentially dilutive issuances of equity securities, the incurrence of debt, contingent liabilities and/or amortization expenses related to goodwill and other intangible assets, which could materially adversely affect the Company's business, results of operations and financial condition. Any future acquisitions of other businesses, technologies, services or product(s) might require the Company to obtain additional equity or debt financing, which might not be available on terms favorable to the Company, or at all, and such financing, if available, might be dilutive.

 

Going Concern

 

Our independent auditors included an explanatory paragraph in their report on the October 31, 2019 audited financial statements regarding substantial doubt about our ability to continue as a going concern. Our financial statements contain additional note disclosures describing the circumstances that lead to this disclosure by our independent auditors. Our ability to continue as a going concern is contingent upon the successful completion of additional financing arrangements and our ability to achieve and maintain profitable operations.

 

 8 
 

 

Therefore, management plans to raise equity capital to finance the operating and capital requirements of the Company. While the Company is devoting its best efforts to achieve the above plans, there is no assurance that any such activity will generate funds that will be available for operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern.

 

Summary of any product research and development that we will perform for the term of our plan of operation.

 

We do not anticipate performing any product research and development under our current plan of operation.

 

Expected purchase or sale of plant and significant equipment.

 

We do not anticipate the purchase or sale of any plant or significant equipment; as such items are not required by us at this time.

 

Significant changes in the number of employees.

 

As of October 31, 2019, we had three full time employees and two officers. We are dependent upon our two officers for our future business development. As our operations expand we anticipate the need to hire additional employees, consultants and professionals; however, the exact number is not quantifiable at this time.

 

Off-Balance Sheet Arrangements

 

We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results or operations, liquidity, capital expenditures or capital resources that is material to investors. 

 

Critical Accounting Policies and Estimates

 

The Company's revenue is derived from the sale of products, services and training to support the franchisees under its Management agreement with Taylor Brothers, as a percentage of franchisees’ revenue invoiced to their clients, plus specific charges for software usage, sale of consumables and consulting services.  The Company recognizes revenue when it is realized or realizable and earned, and therefore only recognizes revenue when a franchise agreement has been entered into and the franchise fee received. The Company recognizes revenue from the sale of products, royalties, and services when the product has been shipped or the services have been provided in accordance with the contract entered into with the customer. Payments received in advance of satisfaction of the relevant criteria for revenue recognition are recorded as advances from customers. The Company has no responsibility for collections, of trade debt, owed to a franchisee by the franchisees’ clients and therefore will not create an allowance for potential uncollectable obligations owing to it by the franchisee, unless it is determined that the franchisee will default on its obligation the Company. In accordance with the guidance in FASB Topic ASC 605, Revenue Recognition , the Company recognizes revenue when (a) persuasive evidence of an arrangement exists, (b) delivery has occurred or services have been rendered, (c) the fee is fixed or determinable, and (d) collectability is reasonable assured. 

 

Summary of Significant Accounting Policies

 

Our consolidated financial statements and related public financial information are based on the application of accounting principles generally accepted in the United States ("GAAP"). GAAP requires the use of estimates; assumptions, judgments and subjective interpretations of accounting principles that have an impact on the assets, liabilities, revenues and expense amounts reported. These estimates can also affect supplemental information contained in our external disclosures including information regarding contingencies, risk and financial condition. We believe our use of estimates and underlying accounting assumptions adhere to GAAP and are consistently and conservatively applied. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results may differ materially from these estimates under different assumptions or conditions. We continue to monitor significant estimates made during the preparation of our consolidated financial statements.

 

Our significant accounting policies are summarized in Note 2 of our consolidated financial statements. While all these significant accounting policies impact our financial condition and results of operations, we view certain of these policies as critical. Policies determined to be critical are those policies that have the most significant impact on our consolidated financial statements and require management to use a greater degree of judgment and estimates. Actual results may differ from those estimates. Our management believes that given current facts and circumstances, it is unlikely that applying any other reasonable judgments or estimate methodologies would cause effect on our results of operations, financial position or liquidity for the periods presented in this report.

 

 9 
 

 

New Accounting Standards

 

The Financial Accounting Standards Board, or FASB, has issued Accounting Standards Update No. 2014-09, Revenue from contracts with Customers (Topic 606), or ASU 606. ASU 606 provides guidance outlining a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers in an amount that supersedes most current revenue recognition guidance. This guidance requires us to recognize revenue when we transfer promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. We are required to adopt ASU 606 at the beginning of our first quarter of fiscal 2019. The new guidance requires enhanced disclosures, including revenue recognition policies to identify performance obligations to customers and significant judgments in measurement and recognition. The new guidance may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of the adoption. The Company adopted this guidance on November 1, 2018. Franchise license fees received will initial be deferred and revenue recognized ratably over the expected license period. The Company utilized the cumulative effect approach of adopting ASC 606, did not have a material impact to the Company’s financial statements.  

 

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (ASU 2016-02). Under ASU No. 2016-2, an entity will be required to recognize right-of-use assets and lease liabilities on its balance sheet and disclose key information about leasing arrangements. ASU No. 2016-02 offers specific accounting guidance for a lessee, a lessor and sale and leaseback transactions. Lessees and lessors are required to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. The Company adopted this guidance on November 1, 2019 with no effect to the Company’s consolidated financial statements, due to the Company not being party to any lease agreements. The new standard provides a number of optional practical expedients in transition. The Company elected the ‘package of practical expedients’, which permitted the Company not to reassess under the new standard its prior conclusions about lease identification, lease classification and initial direct costs; and all of the new standard’s available transition practical expedients. The new standard also provides practical expedients for a company’s ongoing accounting. The Company elected the short-term lease recognition exemption for its leases. For those leases with a lease term of 12 months or less, the Company will not recognize ROU assets or lease liabilities. The Company also made an accounting policy election to combine lease and non-lease components of operating leases for all asset classes.

 

In August 2016, the FASB issued Accounting Standards Update No. 2016-15, Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force) (“ASU 201615”). The amendments in ASU 2016-15 address eight specific cash flow issues and apply to all entities that are required to present a statement of cash flows under ASC Topic 230, Statement of Cash Flows. The Company adopted this guidance on November 1, 2018 with no impact to its consolidated financial statements.

 

In November 2016, the FASB issued Accounting Standards Update No. 2016-18, Restricted Cash (a consensus of the FASB Emerging Issue Task Force) (“ASU 2016-18”). This new standard addresses the diversity that exists in the classification and presentation of changes in restricted cash on the statement of cash flows. The amendments in ASU 2016-18 require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning of period and end of period total amounts shown on the statement of cash flows. The Company adopted this guidance on November 1, 2018 with no impact to its consolidated financial statements. 

 

In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. This new standard clarifies the definition of a business and provides a screen to determine when an integrated set of assets and activities is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. The Company adopted this guidance on November 1, 2018 with no impact to its consolidated financial statements. 

 

In January 2017, the FASB issued Accounting Standards Update No. 2017-04, Simplifying the Test for Goodwill Impairment (“ASU 2017-04”). ASU 2017-04 simplifies the accounting for goodwill impairment by removing Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. ASU 2017-04 is effective and has been adopted by the Company for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019 and should be applied on a prospective basis. The Company does not anticipate the adoption of ASU 2017-04 will have a material impact on its financial statements for both annual and interim reporting periods, if applicable. Management also is required to evaluate and disclose whether its plans alleviate that doubt. The Company adopted this guidance on November 1, 2018 with no impact to its consolidated financial statements. 

 

In June 2018, the FASB issued ASU No. 2018-07, Compensation—Stock Compensation (Topic 718) - Improvements to Nonemployee Share-Based Payment Accounting, which aligns the accounting for share-based payment awards issued to employees and nonemployees. Under ASU No. 2018-07, the existing employee guidance will apply to nonemployee share-based transactions (as long as the transaction is not effectively a form of financing), with the exception of specific guidance related to the attribution of compensation cost. The cost of nonemployee awards will continue to be recorded as if the grantor had paid cash for the goods or services. In addition, the contractual term will be able to be used in lieu of an expected term in the option-pricing model for nonemployee awards. The Company adopted this guidance on November 1, 2019 with no impact to its consolidated financial statements.

  

Item 7A Quantitative and Qualitative Disclosures About Market Risk

 

Not required for smaller reporting companies.

 

 10 
 

 

Item 8 Financial Statements and Supplementary Data

 

See F-1.

 

 11 
 

 

BARE METAL STANDARD, INC.

 

 

 

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

AND

CONSOLIDATED FINANCIAL STATEMENTS 

 

 

For the Years Ended

October 31, 2019 and 2018

 

 F-1 
 

 

TABLE OF CONTENTS

 

Report of Independent Registered Public Accounting Firm F-3
   
Consolidated Balance Sheets F-4
   
Consolidated Statements of Operations F-5
   
Consolidated Statements of Changes in Stockholders' Equity (Deficit) F-6
   
Consolidated Statements of Cash Flows F-7
   
Notes to Consolidated Financial Statements F-8

 

 F-2 
 

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

To the Shareholders and Board of Directors of

Bare Metal Standard, Inc.

 

Opinion on the Financial Statements

 

We have audited the accompanying consolidated balance sheets of Bare Metal Standard, Inc. (the “Company”) as of October 31, 2019 and 2018, and the consolidated related statements of operations, changes in stockholders’ equity (deficit), and cash flows for the years then ended. In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of October 31, 2019 and 2018, and the results of their operations and their cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

 

Going Concern Matter

 

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 3 to the financial statements, the Company has suffered recurring losses from operations which raises substantial doubt about its ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 3. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 

Basis for Opinion

 

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

 

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

 

/s/ MaloneBailey, LLP

www.malonebailey.com

We have served as the Company's auditor since 2016

Houston, Texas

January 21, 2020

 

 F-3 
 

 

Bare Metal Standard, Inc.

Consolidated Balance Sheets

 

   October  31   October  31 
   2019   2018 
         
Assets          
Current assets          
Cash  $10,079   $11,643 
Accounts receivable   50,645    33,705 
Accounts receivable - related parties   86,319    51,538 
Inventory   14,337    9,209 
Prepaid expense   16,972    - 
Total current assets   178,352    106,095 
           
Total assets  $178,352   $106,095 
           
 Liabilities and Stockholders' Equity (Deficit)          
           
Current liabilities          
Accounts payable and accrued liabilities  $23,764   $35,904 
Accounts payable related party   5,375    19,000 
Bank line of credit   27,308    32,520 
Related party note payable - current portion   12,444    1,853 
Promissory note payable - current portion   11,822    17,217 
Total current liabilities   80,713    106,494 
           
Long term liabilities          
Deferred revenue   4,000    - 
Related party note payable, net of current portion   3,067    2,642 
Promissory note payable, net of current portion and discount   42,970    32,941 
Total long term liabilities   50,037    35,583 
Total liabilities   130,750    142,077 
           
           
Stockholders' equity (deficit)          
Preferred stock, $0.001 par value; 20,000,000 shares authorized;          
none issued and outstanding as of October 31, 2019 and October 31, 2018 respectively   -    - 
Common stock, $0.001 par value; 80,000,000 shares authorized;          
31,845,000 shares issued and outstanding as of October 31, 2019 and          
October 31, 2018, respectively   31,845    31,845 
Additional paid-in capital   371,705    371,705 
Accumulated deficit   (355,948)   (439,532)
Total stockholders' equity (deficit)   47,602    (35,982)
           
Total liabilities and stockholders' equity (deficit)  $178,352   $106,095 

  

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

 

 F-4 
 

 

Bare Metal Standard, Inc.
Consolidated Statements of Operations

For the years ended October 31, 2019 and 2018

 

 

 

   October 31, 2019   October 31, 2018 
Revenue        
Product sales and services  $496,477   $518,896 
Product sales and services - related parties   698,983    368,293 
Total revenue   1,195,460    887,189 
Cost of revenue   266,324    253,842 
Gross income   929,136    633,347 
           
Operating expenses          
General and administrative expenses   346,396    285,401 
Administrative and officer compensation   479,330    463,851 
Total operating expenses   825,726    749,252 
           
Income (loss) from operations   103,410    (115,905)
           
Other income (expense)          
Other income   2,500    - 
Interest expense   (22,326)   (9,566)
Total other expense   (19,826)   (9,566)
           
Net income (loss)  $83,584   $(125,471)
           
Basic and diluted net income (loss) per common share  $0.00   $(0.00)
           
Weighted average shares outstanding - basic and dilutive   31,845,000    31,721,164 

 

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

 

 F-5 
 

  

Bare Metal Standard, Inc.

Consolidated Statements of Stockholders' Equity (Deficit)

 

 

                   Additional       Total 
   Series A Preferred Stock   Common Stock   Paid-in   Accumulated   Stockholders' 
   Shares   Amount   Shares   Amount   Capital   Deficit   Equity (Deficit) 
                             
Balance October 31, 2017   -   $-    31,645,000   $31,645   $321,905   $(314,061)  $39,489 
                                    
Common shares issued as collateral for
note payable
   -    -    200,000    200    (200)   -    - 
Warrants issued in connection with
debt discount on note payable
   -    -    -    -    50,000    -    50,000 
Net loss   -    -    -    -    -    (125,471)   (125,471)
                                    
Balance October 31, 2018   -    -    31,845,000    31,845    371,705    (439,532)   (35,982)
                                    
Net income   -    -    -    -    -    83,584    83,584 
                                    
Balance October 31, 2019   -   $-    31,845,000   $31,845   $371,705   $(355,948)  $47,602 

 

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

 

 F-6 
 

 

Bare Metal Standard, Inc.

Consolidated Statements of Cash Flows

 

 

   Years Ended 
   October 31 
   2019   2018 
         
Cash flows from operating activities          
Net income (loss)  $83,584   $(125,471)
Adjustments to reconcile net income (loss) to net cash          
 in operating activities          
Amortization of debt discount   5,014    1,923 
Professional service fee paid by related party   -    5,000 
Changes in operating assets and liabilities:          
Accounts receivable   (16,940)   (2,701)
Accounts receivable - related parties   (34,781)   (35,183)
Prepaid expenses   (6,160)   - 
Inventory   (5,128)   22,762 
Accounts payable and accrued liabilities   (12,140)   (10,446)
Accounts payable - related parties   (13,625)   19,000 
Deferred revenue   4,000    - 
Net cash provided by (used in) operating activities   3,824    (125,116)
           
Cash flows from financing activities          
Proceeds received from notes payable - related party   21,000    - 
Repayment of note payable - related party   (9,984)   (505)
Proceeds from bank line of credit   -    36,000 
Repayment on bank line of credit   (5,212)   (3,480)
Proceeds from note payable   -    100,000 
Repayment of note payable   (11,192)   (1,765)
Net cash provided by financing activities   (5,388)   130,250 
           
Net change in cash   (1,564)   5,134 
Cash, beginning balance   11,643    6,509 
Cash, ending balance  $10,079   $11,643 
           
Supplementary information          
Cash paid during the period:          
Interest  $17,312   $3,436 
Income taxes  $-   $- 
           
Non-cash investing and financing activities          
Note payable issued for financed insurance  $10,812   $- 
Debt discount from warrants issued with note payable  $-   $50,000 
Common stock issued as collateral on note payable  $-   $200 

 

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

 

 F-7 
 

 

BARE METAL STANDARD, INC.

Notes to Consolidated Financial Statements

 

 

NOTE 1 - ORGANIZATION AND OPERATIONS

 

The Company was incorporated, as Bare Metal Standard, Inc., (the Company) on November 12, 2015 under the laws of the State of Idaho. Bare Metal Standard provides management services for franchisees who perform fire prevention and mitigation services to commercial kitchens by cleaning their exhaust systems on a mandated schedule enforced by insurance and fire and safety prevention codes.

 

On March 1, 2017, Bare Metal Standard, Inc. entered into a Management Agreement with Taylor Brothers Holdings, Inc. which is an operating company and has common majority shareholders and directors. The officers and directors of Bare Metal Standard were officers and directors of Taylor Brothers. James Bedal and Mike Taylor have resigned their positions with Taylor Brothers and work full time for Bare Metal Standard. The agreement term has no expiration and can be terminated by the Company at any time with written notice to the other partner. As a result of the management agreement, Bare Metal is to provide, on behalf of Taylor Brothers, certain management services, having full authorization, on behalf of Taylor Brothers to provide all the services and all the activities, normally provided by Taylor Brothers, under the Taylor Brothers franchise agreements, previously entered into by Taylor Brothers and the franchisees Bare Metal became responsible for servicing franchisee agreements and receiving 100% of the revenues associated with those agreements assumed for the support and maintenance of the preexisting franchise agreements of Taylor Brothers Holdings franchisees as Taylor Brothers Holdings has ceased selling franchises. Bare Metal is due all collections from franchisees. Bare Metal Standard assumed the business operations of the existing franchise agreements while potential liabilities arising from said agreements will remain with Taylor Brothers. Additionally, on November 1, 2017 Bare Metal, entered into a royalty free license agreement with Taylor Brothers Holdings Inc. with the right to sublease, the use of the trade name Bare Metal Standard and related industry know-how including proprietary software in exchange for a monthly fee of $2,000 paid in arrears. 

 

Bare Metal Standard is, currently, seeking the same management opportunities in other industries. The Company intends to sell franchises in the commercial kitchen fire prevention and mitigation services environment, but, in addition, is looking for the same opportunities in other disciplines.

 

 

NOTE 2 - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Presentation

 

The accompanying audited financial statements and related footnotes have been presented on a comparative basis in accordance with accounting principles generally accepted in the United States of America (or U.S. GAAP) and with the Securities and Exchange Commission’s (or SEC) instructions for the Form 10-K.

 

Principles of Consolidation

 

The Company prepares its consolidated financial statements on the accrual basis of accounting. The accompanying consolidated financial statements include the accounts of the Company and its single subsidiary which has a fiscal year end of December 31. All intercompany accounts, balances and transactions have been eliminated in the consolidation. In March 2018, the Company formed BRMT Franchising, LLC, a Texas limited liability company that is a wholly-owned subsidiary of the Company.

 

Use of Estimates 

 

The preparation of the financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period.  Actual results could differ from those estimates.  The more significant estimates and assumptions made by management include allowance for doubtful accounts, inventory valuation, and provision for excess or expired inventory, depreciation of property and equipment, realization of long-lived assets and fair market value of equity instruments issued for goods or services.  

 

Inventories and Provision for Excess or Expired Inventory

 

Inventory consists of finished goods and consumables held for resale to franchisees and is valued on an average cost basis. Provisions for excess inventory are included in cost of goods sold and have historically been immaterial but adequate to provide for losses. Inventory is reviewed, at least, quarterly. The Company has determined that there was no need to reserve for obsolescence as of October 31, 2019 and October 31, 2018.

 

 F-8 
 

 

Revenue Recognition 

 

The Company recognizes revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers, which was adopted on November 1, 2018 using the modified retrospective method, with no impact to the Company’s comparative financial statements.

 

Revenue is recognized in accordance with a five-step revenue model, as follows: identifying the contract with the customer; identifying the performance obligations in the contract; determining the transaction price; allocating the transaction price to the performance obligations; and recognizing revenue when (or as) the entity satisfies a performance obligation.

 

A contract with commercial substance exists once the Company executes a franchise agreement with the franchisee. The initial license fee is due at the execution of the agreement. If collectability is not probable, the sale is deferred and not recognized until collection is probable or payment is received. Net revenues comprise gross revenues less customer discounts and allowances, actual and expected returns. Shipping charges billed to members are included in net sales. Various taxes on the sale of products and enrollment packages to members are collected by the Company as an agent and remitted to the respective taxing authority. These taxes are presented on a net basis and recorded as a liability until remitted to the respective taxing authority.

 

The Company generates revenue from franchise fees and royalty income, advertising fees and sales of supplies and other products as follows:

 

Franchise fees and royalty income

 

The Company sells individual franchises as well as territory agreements in the form of franchise agreements that grant the right to develop the business in designated areas. The franchise agreements typically require the franchisee to pay initial nonrefundable franchise fees prior to opening the business and continuing fees, or royalty income, on a monthly basis based upon a percentage of franchisee gross sales. The initial term of domestic franchise agreements is typically 10 years. Prior to the end of the franchise term or as otherwise provided by the Company, The Company may offer a renewal term of a franchise agreement and, if approved, the franchisee will typically pay a renewal fee upon execution of the renewal term. If approved, a franchisee may transfer a franchise agreement to a new or existing franchisee, at which point a transfer fee is paid.

 

Generally, the franchise license granted for each individual restaurant within an arrangement represents a single performance obligation. Therefore, initial franchise fees and market entry fees for each arrangement are allocated to each individual business and recognized over the term of the respective franchise agreement from the date of the restaurant opening. Royalty income is also recognized over the term of the respective franchise agreement based on the royalties earned each period as the underlying sales occur. Renewal fees are generally recognized over the renewal term for the respective restaurant from the start of the renewal period. Transfer fees are recognized over the remaining term of the franchise agreement beginning at the time of transfer.

 

Advertising fees

 

Franchise agreements typically require the franchisee to pay continuing advertising fees on a monthly basis based on a percentage of franchisee gross sales, which represents a portion of the consideration received for the single performance obligation of the franchise license. Continuing advertising fees are recognized over the term of the respective franchise agreement based on the fees earned each period as the underlying sales occur. Advertising fees are included in Other Service Revenue in the presentation of disaggregated revenue data below.

 

Sales of supplies and other products

 

We distribute supplies and other products to franchisees and licensees. Revenue from the sale of supplies and other products is recognized when title and risk of loss transfers to the buyer, which is generally upon delivery. Payment for supplies and other products is generally due within a relatively short period of time subsequent to delivery.

 

The following table presents disaggregated revenue for the years ended October 31, 2019 and 2018:

 

   October 31, 2019   October 31, 2018 
         
Royalty revenue  $587,475   $498,282 
Training and consulting   345,185    50,604 
Equipment, supply and truck sales   184,728    255,925 
Other service revenue   78,072    82,378 
Total revenue  $1,195,460   $887,189 

 

 F-9 
 

 

Contract Costs

 

Costs incurred to obtain a customer contract are not material to the Company. The Company elected to apply the practical expedient to not capitalize contract costs to obtain contracts with a duration of one year or less, which are expensed and included within cost of goods and services.

 

Contract Liabilities

 

The Company receives payment up front for the sale of a franchise. The franchise fee is considered to be a contract liability to provide support and services over the period of the license agreement, and are recorded as deferred revenue, with the revenue being recognized ratably over the license period. As of October 31, 2019, the Company had a total of $4,500 in deferred revenue, with $500 included in accounts payable and accrued expenses and $4,000 included in deferred revenue on the consolidated balance sheet. The Company expects to recognize $500 in revenue related to unsatisfied performance obligations over the next 12 months.

 

Cost of Revenues

 

Cost of sales includes all of the costs to service the franchise agreements, and costs to purchase the supplies and products sold to franchisees. Additionally, shipping costs are included in Cost of Revenues in the Consolidated Statements of Operations.

 

Net Income (Loss) Per Share

 

Basic net income (loss) per share is calculated by dividing net income (loss) by the weighted-average common shares outstanding. Diluted net income per share is calculated by dividing net income by the weighted-average common shares outstanding during the period using the treasury stock method. No potentially dilutive securities, consisting of 200,000 outstanding common stock warrants, were included in the calculation of diluted earnings per share as the impact would have been anti-dilutive for the years ended October 31, 2019 and 2018. Therefore, basic and dilutive net income (loss) per share were the same.

 

Recently Issued Accounting Pronouncements

 

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (ASU 2016-02). Under ASU No. 2016-2, an entity will be required to recognize right-of-use assets and lease liabilities on its balance sheet and disclose key information about leasing arrangements. ASU No. 2016-02 offers specific accounting guidance for a lessee, a lessor and sale and leaseback transactions. Lessees and lessors are required to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. The Company adopted this guidance on November 1, 2019 with no effect to the Company’s consolidated financial statements, due to the Company not being party to any lease agreements. The new standard provides a number of optional practical expedients in transition. The Company elected the ‘package of practical expedients’, which permitted the Company not to reassess under the new standard its prior conclusions about lease identification, lease classification and initial direct costs; and all of the new standard’s available transition practical expedients. The new standard also provides practical expedients for a company’s ongoing accounting. The Company elected the short-term lease recognition exemption for its leases. For those leases with a lease term of 12 months or less, the Company will not recognize ROU assets or lease liabilities. The Company also made an accounting policy election to combine lease and non-lease components of operating leases for all asset classes.

 

In August 2016, the FASB issued Accounting Standards Update No. 2016-15, Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force) (“ASU 201615”). The amendments in ASU 2016-15 address eight specific cash flow issues and apply to all entities that are required to present a statement of cash flows under ASC Topic 230, Statement of Cash Flows. The Company adopted this guidance on November 1, 2018 with no impact to its consolidated financial statements.

 

In November 2016, the FASB issued Accounting Standards Update No. 2016-18, Restricted Cash (a consensus of the FASB Emerging Issue Task Force) (“ASU 2016-18”). This new standard addresses the diversity that exists in the classification and presentation of changes in restricted cash on the statement of cash flows. The amendments in ASU 2016-18 require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning of period and end of period total amounts shown on the statement of cash flows. The Company adopted this guidance on November 1, 2018 with no impact to its consolidated financial statements. 

 

In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. This new standard clarifies the definition of a business and provides a screen to determine when an integrated set of assets and activities is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. The Company adopted this guidance on November 1, 2018 with no impact to its consolidated financial statements. 

 

 F-10 
 

 

In January 2017, the FASB issued Accounting Standards Update No. 2017-04, Simplifying the Test for Goodwill Impairment (“ASU 2017-04”). ASU 2017-04 simplifies the accounting for goodwill impairment by removing Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. ASU 2017-04 is effective and has been adopted by the Company for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019 and should be applied on a prospective basis. The Company does not anticipate the adoption of ASU 2017-04 will have a material impact on its financial statements for both annual and interim reporting periods, if applicable. Management also is required to evaluate and disclose whether its plans alleviate that doubt. The Company adopted this guidance on November 1, 2018 with no impact to its consolidated financial statements. 

 

In June 2018, the FASB issued ASU No. 2018-07, Compensation—Stock Compensation (Topic 718) - Improvements to Nonemployee Share-Based Payment Accounting, which aligns the accounting for share-based payment awards issued to employees and nonemployees. Under ASU No. 2018-07, the existing employee guidance will apply to nonemployee share-based transactions (as long as the transaction is not effectively a form of financing), with the exception of specific guidance related to the attribution of compensation cost. The cost of nonemployee awards will continue to be recorded as if the grantor had paid cash for the goods or services. In addition, the contractual term will be able to be used in lieu of an expected term in the option-pricing model for nonemployee awards. The Company adopted this guidance on November 1, 2019 with no impact to its consolidated financial statements.

 

The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new pronouncements that have been issued that might have a material impact on its financial position or results of operations.

 

NOTE 3 – GOING CONCERN

 

The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates, among other things, the realization of assets and satisfaction of liabilities in the normal course of business.  The Company has an accumulated deficit, and a history of net losses. These matters, among others, raise substantial doubt about the Company's ability to continue as a going concern.

 

While the Company is attempting to increase sales and generate additional revenues, the Company's cash position may not be significant enough to support the Company's daily operations.  If the Company is unable to obtain additional financing through the issuance of debt or equity, the Company may be unable to continue as a going concern.  While the Company believes in the viability of its strategy to generate additional revenues and in its ability to raise additional funds, there can be no assurances to that effect.  The financial statements do not include any adjustments relating to the recoverability and classification of assets or the amounts and classifications of liabilities that may result should the Company be unable to continue as a going concern. 

 

NOTE 4 – MAJOR CUSTOMERS AND ACCOUNTS RECEIVABLE

 

Bare Metal Standard has unrelated customers and one related party customer, whose revenue, during the years ended October 31, 2019 and 2018 represented in excess of 10% of the total revenue and in excess of 10% of total accounts receivable.

 

Concentration of revenue and related party revenue

 

During the year ended October 31, 2019, Bare Metal Standard invoiced royalties and sold product and services, including freight, totaling $698,983 or 58% of total revenue to one related company, Taylor Brothers, Inc. (a company with common officers and shareholders) and had six non-related party that accounted for 36%, 14%, 13%, 12%, 10% and 10% of of non-related party revenue. One non-related party through the Taylor Brothers revenue represents approximately 62% of related party revenue for the fiscal year ended October 31, 2019.

 

During the year ended October 31, 2018, Bare Metal Standard invoiced royalties and sold product and services, including freight, totaling $368,293 or 41.5% of its total revenue, to Taylor Brothers and $460,068 of non-related party revenue or (43%,16%,16%,and 13%), respectively, to four non-related parties.  

 

Concentration of accounts receivable and related party accounts receivable-

 

Receivables arising from sales of the Company's products are not collateralized. As of October 31, 2019, total accounts receivable was $136,964 of which $86,319 or 63% was owed by a related party.  As of October 31, 2018, total accounts receivable was $85,243 of which $51,538 or 60% was owed by Taylor Brothers., and $13,716 or 16% was from one non-related party. 

 

 F-11 
 

 

NOTE 5 – NOTES PAYABLE 

 

On November 14, 2017, the Company opened an unsecured line of credit with a bank in the amount of $40,000 bearing interest at the bank prime rate plus 8.5%. The Company is required to make monthly minimum payments based on the current balance outstanding on the line of credit. On October 31, 2019 and 2018, there was $27,308 and $32,520 outstanding, respectively.

 

On June 13, 2018, the Company borrowed $100,000 from a non-related investor. The note is repayable, in equal monthly instalments, over 120 months with payments of $1,438 at an interest cost of 12%. The note is not convertible, but, is collateralized by 200,000 units of the Company’s common stock, which have been issued. Each common stock unit includes one common share and the right, to purchase, for up to two years, at a cost of $2, one common share. $50,000 of debt discount was recognized in connection with the note related to the warrants and is being amortized in equal annual instalments over the life of the note. The $50,000 fair value of the warrants was determined based on the relative fair value of the warrants and debt, assuming a maximum value based on the most recent sale price of common stock for cash of $0.50 per share, due to the lack of active trading market for the Company’s common stock. On October 31, 2019 and 2018, the principal balance was $92,498 and $98,235, respectively. As of October 31, 2019, $6,465 of principal was due within one year. Unamortized discount was $43,063 and $48,077 as of October 31, 2019 and 2018, respectively.

 

On July 10, 2018 the Company borrowed $5,000 from a related party. The note is unsecured, bears interest at 7%, and is repayable by 36 equal monthly payments of $154 principal and interest. On October 31, 2019 and 2018, the balance was $2,906 and $4,495, respectively, with $1,703 due within one year.

 

On December 24, 2018, our chief executive officer loaned the Company $21,000. The loan in unsecured, has a maturity date of December 20, 2020, and bears interest at 7%, with monthly payments of $940. On October 31, 2019, the principal balance was $12,605, with $10,741 due within one year.

 

In June 2019, the Company financed certain prepaid insurance expenses. The total amount financed was $10,812, the note bears interest at 16.24%, and the Company made principal repayments of $5,455 during the year ended October 31, 2019. The balance of this note payable was $5,357 as of October 31, 2019 and is due within one year.

 

NOTE 6 – RELATED PARTY DEBT AND TRANSACTIONS 

 

The Company follows ASC 850, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions.

 

The Company has revenue transactions with related parties, and accounts receivable balances from those related parties, and notes payable with related parties. See Notes 4 and 5. Additionally, the Company has no written employee agreement with its officers or directors. From time to time, the Company may award bonuses to those officers or directors for performance.

 

We entered into an agreement with Taylor Brothers Inc. (a company with common officers and shareholders) to use three of their offices. The rent will be $5,000 per month, when Bare Metal Standard completes required funding to support ongoing operations.

 

NOTE 7 – STOCKHOLDER'S EQUITY 

 

Preferred Stock 

 

The Company is authorized to issue 20,000,000 shares of preferred stock, par value of $0.001. There are none issued.

 

Common Stock 

 

The Company is authorized to issue 80,000,000 shares of common stock, $0.001 par value. None were issued during the year ended October 31, 2019. On July 13, 2018, the Company issued 200,000 non-convertible common share units, which included warrants, as collateral, to be exercised upon uncured default of the note payable described in Note 5.

 

NOTE 8 – COMMON STOCK WARRANTS 

 

Between March 1, 2017 and October 31, 2018 the Company did not sell any common stock units. Each unit outstanding as of October 31, 2018 consists of one share of our common stock, and one warrant to purchase one share of common stock within 24 months of issuance, for $2.00. The warrants vested upon grant date and will expire between February 8, 2018 and June 13, 2020. On July 13, 2018, the Company issued 200,000 common share units, which included common shares and warrants to be exercised within two years, as collateral for a $100,000 loan.

 

 F-12 
 

 

A summary of our stock warrant activity for the period from November 1, 2018 through October 31, 2019 is as follows:

 

   Warrants   Weighted
Average
Exercise
Price
   Weighted
Average
Remaining
Life
 
             
Outstanding at beginning of period - October 31, 2018   515,000   $  2.00    0.73 
Expired during the year ended October 31, 2018   (475,000)   2.00    - 
Issued during the year ended October 31, 2018   200,000    2.00    2.00 
Outstanding at beginning of period - October 31, 2018   240,000    2.00    1.37 
Expired during the year ended October 31, 2019   (40,000)   2.00    - 
Outstanding at end of period - October 31, 2019   200,000   $2.00    0.62 
                
Exercisable at end of period - October 31, 2019   200,000   $2.00    0.62 

 

 

The warrants outstanding and exercisable as of October 31, 2019 and 2018 had no intrinsic value.

  

NOTE 9 – COMMITMENTS AND CONTINGENCIES 

 

Management agreement 

 

On March 1, 2017, the Company entered into a management agreement with Taylor Brothers Holdings, Inc. (“Taylor Brothers”) to provide all of the services and to conduct all of the activities that were agreed to be undertaken by Taylor Brothers under the Franchise Agreements for providing certain administrative support, including Franchisee training, development of operations manuals and other materials for use by Taylor Brothers’ franchisees; and develop and establish support infrastructures that the Company determines are necessary and appropriate to satisfy Taylor Brothers obligations under the Franchise Agreements. In consideration of the services provided Bare Metal shall be responsible to invoice and collect, per the terms of the Franchise Agreements, under management. All fees so collected will constitute the fees owing under the management agreement. The Agreement does not have a termination date but may be cancelled by either party with appropriate notice.

 

NOTE 10 – INCOME TAXES

 

The Company’s net operating loss carryover of approximately $324,950 as of October 31, 2019, will expire in 2039. Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forward for Federal income tax reporting purposes are subject to annual limitations. If a change in ownership occurs, net operating loss carry forward may be limited as to its use in future years. The Company’s tax returns for the years ended October 31, 2016 through October 31, 2019 are open for IRS audit.

 

On December 22, 2017, the Tax Act was signed into law making significant changes to the Internal Revenue Code. Changes include, but are not limited to, a corporate tax rate decrease from 35% to 21%, effective for tax years beginning after December 31, 2017. We use the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to reverse. As a result of the reduction in the U.S. corporate income tax rate from 35% to 21% under the Tax Act, we revalued our ending net deferred tax assets at October 31, 2018, which were fully offset by a valuation allowance.

 

Future tax benefits for these net operating loss carry-forwards are recognized to the extent that realization of these benefits is considered more likely than not.  To the extent that we will not realize a future tax benefit, a valuation allowance is established.  The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below: 

 

The cumulative tax effect at the expected rate of 21% as of October 31, 2019 and 2018 of significant items comprising our net deferred tax amount is as follows:

 

   October 31,   October 31, 
   2019   2018 
Net operating loss carry forward  $68,239   $85,792 
Less: valuation allowance   (68,239)   (85,792)
Net deferred tax asset  $-   $- 

 

NOTE 11 – SUBSEQUENT EVENTS

 

In January 2020, 650,000 shares of common stock of the Company were returned to the Company and cancelled for no consideration from one shareholder.

 

 F-13 
 

 

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

 

None.

 

Item 9A Controls and Procedures

 

Management's Report on Disclosure Controls and Procedures

 

Disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (the "Exchange Act"), are our controls and other procedures that are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Act is accumulated and communicated to our management to allow timely decisions regarding required disclosure. Rules 13a-15(b) and 15d-15(b) under the Exchange Act, requires us to carry out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of October 31, 2019. This evaluation was implemented under the supervision and with the participation of our officers and directors.

 

Based on this evaluation, management concluded that, as of October 31, 2019, our disclosure controls and procedures are ineffective in ensuring that information required to be disclosed in our Exchange Act reports is (1) recorded, processed, summarized and reported in a timely manner and (2) accumulated and communicated to our management to allow timely decisions regarding required disclosure.

 

Our officers and directors have concluded that our disclosure controls and procedures had the following material weaknesses:

 

We were unable to maintain any segregation of duties within our financial operations due to our reliance on limited personnel in the finance function;

 

·We do not have an independent Board of Directors, nor do we have a board member designated as an independent financial expert. The Board of Directors is comprised of two members who also serve as executive officers. As a result, there is a lack of independent oversight of the management team, lack of independent review of our operating and financial results, and lack of independent review of disclosures made by us; and documentation of all proper accounting procedures is not yet complete.

 

To the extent reasonably possible given our limited resources, we intend to take measures to cure the aforementioned weaknesses, including, but not limited to, the following:

 

· Engaging consultants to assist in ensuring that accounting policies and procedures are consistent across the organization and that we have adequate control over financial statement disclosures;

· Hiring additional qualified financial personnel;

· Expanding our current board of directors to include additional independent individuals willing to perform directorial functions; and

· Increasing our workforce in preparation for exiting the development stage and commencing revenue producing operations.

 

Since the recited remedial actions will require that we hire or engage additional personnel, these material weaknesses may not be overcome in the near-term due to our limited financial resources. Until such remedial actions can be realized, we will continue to rely on the limited advice of outside professionals and consultants. These initiatives will be subject to our ability to obtain sufficient future financing and subject to our ability to start generating revenue.

 

Management's Annual Report on Internal Control over Financial Reporting

 

Management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act. Our internal control system was designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation and fair presentation of our financial statements for external purposes in accordance with generally accepted accounting principles. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 

Our officers have assessed the effectiveness of our internal controls over financial reporting as of October 31, 2019. In making this assessment, management used the criteria established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO 2013). Based upon its assessment, management concluded that, as of October 31, 2019, our internal control over financial reporting was ineffective.

 

 12 
 

 

Management has identified a lack of sufficient personnel in the accounting function due to our limited resources with appropriate skills, training and experience to perform the review processes to ensure the complete and proper application of generally accepted accounting principles. ·We do not have an independent Board of Directors, nor do we have a board member designated as an independent financial expert. The Board of Directors is comprised of two members who also serve as executive officers. As a result, there is a lack of independent oversight of the management team, lack of independent review of our operating and financial results, and lack of independent review of disclosures made by us; and documentation of all proper accounting procedures is not yet complete.

We are in the process of developing and implementing remediation plans to address our material weaknesses in our internal controls.

 

Management has identified specific remedial actions to address the material weaknesses described above:

 

· Improve the effectiveness of the accounting group by augmenting our existing resources with additional consultants or employees to improve segregation procedures and to assist in the analysis and recording of complex accounting transactions and preparation of tax disclosures. We plan to mitigate the segregation of duties issue by hiring additional personnel in the accounting department once we have achieved positive cash flow from operations and/or have raised significant additional working capital; and

· Improve segregation procedures by strengthening cross approval of various functions including cash disbursements and quarterly internal audit procedures where appropriate.

 

Due to its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.

 

This Annual Report does not include an attestation report of our registered public accounting firm regarding internal control over financial reporting. Management's report was not subject to attestation by our registered public accounting firm pursuant to an exemption for smaller reporting companies under Section 989G of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

  

Changes in Internal Control over Financial Reporting

 

During the fourth quarter ended October 31, 2019, there were no changes in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

Item 9B Other Information

 

None

 

PART III

 

 

Item 10. Directors, Executive Officers and Corporate Governance

 

Below are the names and certain information regarding our executive officers and directors during the year ended October 31, 2018.

 

James Bedal   CEO, Director
Michael Taylor   President, Director
Jeffrey Taylor   Secretary, Director

 

James Bedal - CEO

 

James Bedal, 56, has been involved in business development since 1991. He began his product and market development career by introducing products into Japan, Korea, Australia, Singapore and China. James has served as an international market manager for Trus Joist and Extended Systems both Idaho Companies. James shifted his focus from international to domestic in 2002 when he began consulting and working in on a variety of new start-ups. As the VP of Marketing James launched products for law enforcement in 2003, 2004, and began working in the Commercial Kitchen Exhaust industry in 2005. 

 

Jeffrey Taylor - Secretary

 

Jeff Taylor, 61, is the brother of Mike Taylor and also grew up in the family business in 2004 and has since been developing his skills in both operations to include purchasing. Jeff’s personality and skills make him a great fit for the detailed requirements of supporting our franchisees. 

 

 13 
 

 

Michael Taylor - President

 

Mike Taylor, 59, grew up in the family business of commercial kitchen exhaust service. Mike has never left the business and has been instrumental in creating and integrating his unique techniques and process that will Make Bare Metal Standard a leader in its category of commercial kitchen exhaust service companies. In 1989 Mike Taylor became founding members of International Kitchen Exhaust Cleaning Association, an organization that helped organize many small businesses performing kitchen exhaust cleaning in the United States of America. Mike has the experience required to train and maintain a level of quality Bare Metal Standard will build its brand around.

 

Directors

 

The authorized number of directors of the corporation shall be fixed from time to time by resolution adopted by the Board.

 

Term of Office

 

Directors shall be elected at the annual meeting of stockholders and each director shall hold office until his successor is elected and qualified or until his death, retirement, earlier resignation or removal.

 

Board of Director Committees

 

We do not have any board committees due to the limited size of the Board and the Company, and as such the board as a whole carries out the functions of audit, nominating and compensation committees.

 

Item 11.   Executive Compensation

 

The following table sets forth the compensation paid to our officers and directors for the years ended October 31, 2017, 2018 and 2019: 

Name &

Principal

Position

  Year  

Salary

($)

  

Bonus

($)

  

Stock

Awards

($)

  

Option

Awards

($)

  

Non- Equity

Incentive

Plan

Compensation

($)

  

Change in

Pension Value

and Non-
Qualified

Deferred

Compensation

Earnings ($)

  

All Other

Compensation

($)

  

Total

($)

 
                                     
James Bedal   2017    93,832    -    -    -    -    -    -    93,832 
    2018    95,333    -    -    -    -    -    -    95,333 
    2019    95,333    -    -    -    -    -    -    95,333 
                                              
Michael Taylor   2017    101,157    -    -    -    -    -    -    101,030 
    2018    101,566    -    -    -    -    -    -    101,566 
    2019    101,566    27,300    -    -    -    -    -    128,866 
                                              
 Jeffrey Taylor   2017    -    -    -    -    -    -    -    - 
    2018    -    -    -    -    -    -    -    - 
    2019    -    -    -    -    -    -    -    - 

 

Employment Agreements 

 

None

 

Director Compensation

 

None

 

 14 
 

 

Equity Compensation Plans

 

The following table set forth information regarding the outstanding equity awards as of October 31, 2019 for our officers and directors:

Name   

Number

of

Securities

Underlying

Unexercised

options

(#)

    

Equity

Incentive

Plan

Awards:

Number
of

Securities

Underlying

Unexercised

Unearned

Options

(#)

    

 

Equity

Incentive

Plan

Awards:

Number of

Securities

Underlying

Unexercised

Unearned

Options

(#)

    

Option

Exercise

Price
($)

    

Option

Expiration

Date

    

Number

of Shares

or Units

of Stock

That

Have
Not

Vested
(#)

    

Market

Value
of

Shares

or
Units

of
Stock

That

Have

Not

Vested

($)

    

Equity

Incentive

Plan

Awards:

Number of

Unearned

Shares,

Units or

Other

Rights
That

Have Not

Vested (#)

    

Equity

Incentive

Plan

Awards:

Market or

Payout

Value of

Unearned

Shares,

Units or

Other

Rights
That

Have Not

Vested
($)

 
James
Bedal
   -    -    -    -    -    -    -    -    - 
Michael
Taylor
                                             
Jeffrey
Taylor
   -    -    -    -    -    -    -    -    - 

 

 

Item 12.    Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

 

The following table sets forth certain information regarding beneficial ownership of our common stock as of October 31, 2019.

 

·By each person who is known by us to beneficially own more than 5% of our common stock;
·By each of our officers and directors; and
·By all of our officers and directors as a group.

 

Title of
Class
   Name  Amount of
beneficial
ownership
   Percent of
class
 
             
 Common   James Bedal
CEO and Director
3604 S. Banner St
Boise, ID 83709
   10,000,000    31.8%
      Michael Taylor
President and Director
3604 S. Banner St
Boise, ID 83709
   10,000,000    31.8%
     Jeffrey Taylor
Secretary and Director
3604 S. Banner St
Boise, ID 83709
   10,000,000    31.8%
     All officers and directors as a group   30,000,00    95.4%
                
                
 Common   James Bedal
3604 S. Banner St
Boise, ID 83709
   10,000,000    31.8%
      Michael Taylor
3604 S. Banner St
Boise, ID 83709
   10,000,000    31.8%
     Jeffrey Taylor
3604 S. Banner St
Boise, ID 83709
   10,000,000    31.8%
                
     Officers, Directors and 5% Shareholders as a group   30,000,000    95.4%

 

As used in this table, "beneficial ownership" means the sole or shared power to vote, or to direct the voting of, a security, or the sole or shared investment power with respect to a security (i.e., the power to dispose of, or to direct the disposition of, a security).

 

 15 
 

 

In addition, for purposes of this table, a person is deemed, as of any date, to have "beneficial ownership" of any security that such person has the right to acquire within 60 days after such date.

 

Other than the shareholders listed above, we know of no other person who is the beneficial owner of more than five percent (5%) of our common stock.

 

The persons named above have full voting and investment power with respect to the shares indicated. Under the rules of the Securities and Exchange Commission, a person (or group of persons) is deemed to be a "beneficial owner" of a security if he or she, directly or indirectly, has or shares the power to vote or to direct the voting of such security, or the power to dispose of or to direct the disposition of such security. Accordingly, more than one person may be deemed to be a beneficial owner of the same security. A person is also deemed to be a beneficial owner of any security, which that person has the right to acquire within 60 days, such as options or warrants to purchase our common stock.

 

Item 13. Certain Relationships and Related Transactions, and Director Independence

 

We currently operate with three directors, James Bedal, Michael Taylor and Jeffrey Taylor. We have determined that none of our directors are "independent directors" as defined in NASDAQ Marketplace Rule 4200(a)(15).

 

Item 14.   Principal Accounting Fees and Services

 

The fees billed for professional services rendered by our principal accountant are as follows:

 

Fiscal      Audit-
Related
         
Year  Audit Fees   Fees   Tax Fees   All Other
Fees
 
2018  $48,000    -    -    - 
2019  $35,000    -    -    - 

 

Pre-Approval Policies and Procedures

 

The board of directors must pre-approve any use of our independent accountants for any non-audit services.  All services of our auditors are approved by our whole board and are subject to review by our whole board.

 

PART IV

  

Item 15   Exhibits, Financial Statement Schedules

 

Number Exhibit
31.1 Rule 13a-14(a) Certification of Principal Executive Officer
32.1 Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Principal Executive Officer
101.INS* XBRL Instance Document
101.SCH* XBRL Taxonomy Extension Schema Document
101.CAL* XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB* XBRL Taxonomy Extension Label Linkbase Document
101.PRE* XBRL Taxonomy Extension Presentation Linkbase Document
101.DEF* XBRL Taxonomy Extension Definition Linkbase Document

 

*Pursuant to applicable securities laws and regulations, we are deemed to have complied with the reporting obligation relating to the submission of interactive data files in such exhibits and are not subject to liability under any anti-fraud provisions of the federal securities laws as long as we have made a good faith attempt to comply with the submission requirements and promptly amend the interactive data files after becoming aware that the interactive data files fail to comply with the submission requirements. Users of this data are advised that, pursuant to Rule 406T, these interactive data files are deemed not filed and otherwise are not subject to liability.

 

 16 
 

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following person on behalf of the Registrant and in the capacities on this 22nd day of January, 2020.

  

  BARE METAL STANDARD INC.
     
  BY: James Bedal
     
  /s/ James Bedal
    Principal Executive Officer
    Principal Financial Officer and
    Principal Accounting Officer

 

 

17

 

 

 

EX-31.1 2 ex31_1.htm EXHIBIT 31.1

 

EXHIBIT 31.1

 

CERTIFICATION

Pursuant to 18 U.S.C. 1350

(Section 302 of the Sarbanes-Oxley Act of 2002)

 

I, James Bedal, certify that:

 

1.         I have reviewed this annual report on Form 10-K of BARE METAL STANDARD INC.;

 

2.        Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.        Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.        The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c)   Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)   Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

 

5.         The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 

a)   All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

 

b)   Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

Date: January 22, 2020

 

 

BY:

 

/s/

James Bedal

 

James Bedal 

   

Principal Executive Officer 

Principal Financial Officer and 

Principal Accounting Officer 

 

 

 

 

 

 

EX-32.1 3 ex32_1.htm EXHIBIT 32.1

 

Exhibit 32.1

 

 

CERTIFICATION

Pursuant to 18 U.S.C. 1350

(Section 906 of the Sarbanes-Oxley Act of 2002)

 

In connection with the Annual Report of BARE METAL STANDARD INC. (the "Company") for the period ended October 31, 2019, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), James Bedal, as Principal Executive Officer and Principal Financial Officer of the Company, hereby certifies, pursuant to 18 U.S.C. ss.1350, as adopted pursuant to ss.906 of the Sarbanes-Oxley Act of 2002, that:

 

(1)   The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2)   The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

 

 

Date: January 22, 2020

 

 

BY:

 

/s/

James Bedal

 

James Bedal

   

Principal Executive Officer 

Principal Financial Officer and 

Principal Accounting Officer 

 

 

 

 

This certification accompanies each Report pursuant to ss. 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of ss.18 of the Securities Exchange Act of 1934, as amended.

 

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

 

 

 

 

 

 

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Related Parties [Member] Equity Components [Axis] Series A Preferred Stock [Member] Common Stock [Member] Additional Paid-in Capital [Member] Accumulated Deficit [Member] Related Party [Axis] Taylor Brothers Holdings, Inc. [Member] Royalty Revenue [Member] Training and Consulting [Member] Equipment Supply and Truck Sales [Member] Other Service Revenue [Member] Balance Sheet Location [Axis] Accounts Payable and Accrued Expenses [Member] Unsatisfied Performance [Member] Concentration Risk Benchmark [Axis] Sales Revenue, Net [Member] Customer [Axis] One Related Company [Member] Unrelated Customers [Member] Accounts Receivable [Member] One Non-Related Party [Member] Two Non-Related Party [Member] Three Non-Related Party [Member] Four Non-Related Party [Member] Five Non-Related Party [Member] Six Non-Related Party [Member] One Non Related Company [Member] Non-Related Party [Member] Short-term Debt, Type [Axis] 16.24% Notes Payable [Member] Long-term Debt, Type [Axis] 7% Unsecured debt [Member] Related Party [Member] Chief Executive Officer [Member] 12% Note Payable [Member] Variable Rate [Axis] Prime Rate [Member] Class of Stock [Axis] Non Convertible Common Shares [Member] Subsequent Event Type [Axis] Subsequent Event [Member] One Shareholder [Member] Common Stock and Warrant [Member] Cover [Abstract] Entity Registrant Name Entity Central Index Key Document Type Document Period End Date Amendment Flag Current Fiscal Year End Date Entity File Number Entity Incorporation, State or Country Code Entity Well-known Seasoned Issuer Entity Voluntary Filers Entity Current Reporting Status Entity Interactive Data Current Entity Small Business Entity Filer Category Entity Emerging Growth Company Entity Ex Transition Period Entity Public Float Entity Shell Company Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Statement of Financial Position [Abstract] Assets Current assets Cash Accounts receivable Accounts receivable - related parties Inventory Prepaid expense Total current assets Total assets Liabilities and Stockholders' Equity Current liabilities Accounts payable and accrued liabilities Accounts payable related party Bank line of credit Related party note payable - current portion Promissory note payable - current portion Total current liabilities Long term liabilities Deferred revenue Related party note payable, net of current portion Promissory note payable, net of current portion and discount Total long term liabilities Total liabilities Stockholders' equity (deficit) Preferred stock, $0.001 par value; 20,000,000 shares authorized; none issued and outstanding as of October 31, 2019 and October 31, 2018 respectively Common stock, $0.001 par value; 80,000,000 shares authorized; 31,845,000 shares issued and outstanding as of October 31, 2019 and October 31, 2018, respectively Additional paid-in capital Accumulated deficit Total stockholders' equity (deficit) Total liabilities and stockholders' equity (deficit) Preferred stock, par value (in dollars per share) Preferred stock, authorized Preferred stock, issued Preferred stock, outstanding Common stock, par value (in dollars per share) Common stock, authorized Common stock, issued Common stock, outstanding Statement [Table] Statement [Line Items] Product and Service [Axis] Revenue Total revenue Cost of revenue Gross income Operating expenses General and administrative expenses Administrative and officer compensation Total operating expenses Income (loss) from operations Other income (expense) Other income Interest expense Total other expense Net income (loss) Basic and diluted net income (loss) per common share (in dollars per share) Weighted average shares outstanding - 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related parties Principal amount Related party debt Interest rate Maturity date Description of maturity Description of loan collateral Periodic payment of loan Frequency of periodic payment Debt discount Fair value of warrant Stock price (in dollars per share) Outstanding debt Line of credit Interest rate, line of credit Line of credit outstanding Description of common stock Ownership percentage Monthly rent paid Class of Warrant Outstanding [Roll Forward] Outstanding at beginning of period Expired during period Issued during period Outstanding at end of period Exercisable at end of period Class of Warrant Outstanding Weighted Average Exercise Price [Roll Forward] Outstanding at beginning of period Expired during period Issued during period Outstanding at end of period Exercisable at end of period Class of Warrant Outstanding Weighted Average Remaining Life [Roll Forward] Outstanding at beginning of period Expired during period Issued during period Outstanding at end of period Exercisable at end of period Number of common stock units issued as collateral Description of each unit outstanding Description of warrant term Collateral Amount Maturity term Net operating loss carry forward Less: valuation allowance Net deferred tax asset Net operating loss ("NOL") Operating loss expiration date Corporate income tax rate Previoulsy corporate income tax rate Stock repurchased and retired during period, shares The aggregate total of expenses of managing and administering and officer compensation of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Amount represents value of common shares issued as collateral for note payable. Number of common shares issued as collateral for note payable by the entity. Amount of non cash activity represents value of common stock issued as collateral on note payable. Amount of non cash activity represents value of debt discount from warrants issued with note payable. Amount refers to note payable issued for financed insurance. Represents member related to product sales and services. Represents member related to product sales and service related parties. Amount represents value of warrants issued in connetion with debt discount on note payable. Represents information related to taylor brothers holdings inc. Represents information related to percentage of revenue. Repsesents information related to monthly fee. Information by training and consulting. Information byequipment and trust sales. Represents member related to equipment supply and trucks sales. Information about unsatisfied performance. Information about term of agreement. Represent information about the customer. Represent information about the customer. Represent information about the customer. Represents information related to two non related party. Represents information related to three non related party. Represents information related to four non related party. Represent information about the customer. Represent information about the customer. Represent information about the customer. Represents non related party member. Represent information about the notes payable member. Information about related party. Non convertible common stock. Class Of Warrant Outstanding [Roll Forward] Information about warrant expired. Class of warrant or right outstanding issued. The class of warrant or right outstanding exercisable. Class Of Warrant Outstanding Weighted Average Exercise Price [Roll Forward] Information about warrant expired per share. Class of warrant outstanding weighted average excerise price issued. The amount of class of warrant or right exercise price of warrants or rights exercisable. Class Of Warrant Outstanding Weighted Average Remaining Life [Roll Forward] Warrants and rights outstanding term expired. Warrants and rights outstanding term issued. Represents warrant term. Common stock and warrant. Class of warrant or right title of security or rights expiry. Represents information related to one shareholder. Percentage of previously domestic federal statutory tax rate applicable to pretax income (loss). Assets, Current Assets [Default Label] Liabilities, Current Liabilities, Noncurrent Liabilities Stockholders' Equity Attributable to Parent Liabilities and Equity Gross Profit Operating Expenses Operating Income (Loss) Interest Expense Nonoperating Income (Expense) Shares, Outstanding Increase (Decrease) in Accounts Receivable Increase (Decrease) in Accounts Receivable, Related Parties Increase (Decrease) in Prepaid Expense Increase (Decrease) in Inventories Increase (Decrease) in Accounts Payable and Accrued Liabilities Increase (Decrease) in Deferred Revenue Net Cash Provided by (Used in) Operating Activities Repayments of Related Party Debt Repayments of Long-term Lines of Credit Repayments of Notes Payable Net Cash Provided by (Used in) Financing Activities Cash and Cash Equivalents, Period Increase (Decrease) Revenue from Contract with Customer, Including Assessed Tax Deferred Revenue Accounts Receivable, Related Parties Class of Warrant or Right, Outstanding Class of Warrant or Right, Exercise Price of Warrants or Rights ClassOfWarrantOutstandingWeightedAverageExercisePriceExpired ClassOfWarrantOutstandingWeightedAverageExercisePriceIssued ClassOfWarrantOrRightExercisePriceOfWarrantsOrRightsExercisable WarrantsAndRightsOutstandingTermExpired WarrantsAndRightsOutstandingTermIssued WarrantsAndRightsOutstandingTerm2 Deferred Tax Assets, Valuation Allowance Deferred Tax Assets, Net EX-101.PRE 9 brmt-20191031_pre.xml XBRL PRESENTATION FILE XML 10 R30.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
COMMON STOCK WARRANTS (Details Narrative) - USD ($)
12 Months Ended
Jul. 13, 2018
Oct. 31, 2019
Oct. 31, 2018
Oct. 31, 2017
Description of each unit outstanding   Each unit outstanding as of October 31, 2018 consists of one share of our common stock, and one warrant to purchase one share of common stock within 24 months of issuance, for $2.00.    
Description of warrant term   The warrants vested upon grant date and will expire between February 8, 2018 and June 13, 2020.    
Maturity term   7 months 13 days 1 year 4 months 13 days 8 months 23 days
Common Stock and Warrant [Member]        
Number of common stock units issued as collateral 200,000      
Collateral Amount $ 100,000      
Maturity term 2 years      
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SUBSEQUENT EVENTS
12 Months Ended
Oct. 31, 2019
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 11 – SUBSEQUENT EVENTS

 

In January 2020, 650,000 shares of common stock of the Company were returned to the Company and cancelled for no consideration from one shareholder.

XML 13 R13.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
STOCKHOLDER'S EQUITY
12 Months Ended
Oct. 31, 2019
Equity [Abstract]  
STOCKHOLDER'S EQUITY

NOTE 7 – STOCKHOLDER'S EQUITY 

 

Preferred Stock 

 

The Company is authorized to issue 20,000,000 shares of preferred stock, par value of $0.001. There are none issued.

 

Common Stock 

 

The Company is authorized to issue 80,000,000 shares of common stock, $0.001 par value. None were issued during the year ended October 31, 2019. On July 13, 2018, the Company issued 200,000 non-convertible common share units, which included warrants, as collateral, to be exercised upon uncured default of the note payable described in Note 5.

XML 14 R6.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Oct. 31, 2019
Oct. 31, 2018
Cash flows from operating activities    
Net income (loss) $ 83,584 $ (125,471)
Adjustments to reconcile net income (loss) to net cash in operating activities    
Amortization of debt discount 5,014 1,923
Professional service fee paid by related party 5,000
Changes in operating assets and liabilities:    
Accounts receivable (16,940) (2,701)
Accounts receivable - related parties (34,781) (35,183)
Prepaid expenses (6,160)
Inventory (5,128) 22,762
Accounts payable and accrued liabilities (12,140) (10,446)
Accounts payable - related parties (13,625) 19,000
Deferred revenue 4,000
Net cash provided by (used in) operating activities 3,824 (125,116)
Cash flows from financing activities    
Proceeds received from notes payable - related party 21,000
Repayment of note payable - related party (9,984) (505)
Proceeds from bank line of credit 36,000
Repayment on bank line of credit (5,212) (3,480)
Proceeds from note payable 100,000
Repayment of note payable (11,192) (1,765)
Net cash provided by financing activities (5,388) 130,250
Net change in cash (1,564) 5,134
Cash, beginning balance 11,643 6,509
Cash, ending balance 10,079 11,643
Cash paid during the period:    
Interest 17,312 3,436
Income taxes
Non-cash investing and financing activities    
Note payable issued for financed insurance 10,812
Debt discount from warrants issued with note payable 50,000
Common stock issued as collateral on note payable $ 200
XML 15 R2.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Consolidated Balance Sheets - USD ($)
Oct. 31, 2019
Oct. 31, 2018
Current assets    
Cash $ 10,079 $ 11,643
Accounts receivable 50,645 33,705
Accounts receivable - related parties 86,319 51,538
Inventory 14,337 9,209
Prepaid expense 16,972
Total current assets 178,352 106,095
Total assets 178,352 106,095
Current liabilities    
Accounts payable and accrued liabilities 23,764 35,904
Accounts payable related party 5,375 19,000
Bank line of credit 27,308 32,520
Related party note payable - current portion 12,444 1,853
Promissory note payable - current portion 11,822 17,217
Total current liabilities 80,713 106,494
Long term liabilities    
Deferred revenue 4,000  
Related party note payable, net of current portion 3,067 2,642
Promissory note payable, net of current portion and discount 42,970 32,941
Total long term liabilities 50,037 35,583
Total liabilities 130,750 142,077
Stockholders' equity (deficit)    
Preferred stock, $0.001 par value; 20,000,000 shares authorized; none issued and outstanding as of October 31, 2019 and October 31, 2018 respectively
Common stock, $0.001 par value; 80,000,000 shares authorized; 31,845,000 shares issued and outstanding as of October 31, 2019 and October 31, 2018, respectively 31,845 31,845
Additional paid-in capital 371,705 371,705
Accumulated deficit (355,948) (439,532)
Total stockholders' equity (deficit) 47,602 (35,982)
Total liabilities and stockholders' equity (deficit) $ 178,352 $ 106,095
XML 16 R29.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
COMMON STOCK WARRANTS (Details) - $ / shares
12 Months Ended
Oct. 31, 2019
Oct. 31, 2018
Class of Warrant Outstanding [Roll Forward]    
Outstanding at beginning of period 240,000 515,000
Expired during period (40,000) (475,000)
Issued during period   200,000
Outstanding at end of period 200,000 240,000
Exercisable at end of period 200,000  
Class of Warrant Outstanding Weighted Average Exercise Price [Roll Forward]    
Outstanding at beginning of period $ 2.00 $ 2.00
Expired during period 2.00 2.00
Issued during period   2.00
Outstanding at end of period 2.00 $ 2.00
Exercisable at end of period $ 2.00  
Class of Warrant Outstanding Weighted Average Remaining Life [Roll Forward]    
Outstanding at beginning of period 1 year 4 months 13 days 8 months 23 days
Issued during period   2 years
Outstanding at end of period 7 months 13 days 1 year 4 months 13 days
Exercisable at end of period 7 months 13 days  
XML 17 R25.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
MAJOR CUSTOMERS AND ACCOUNTS RECEIVABLE (Details Narrative) - USD ($)
12 Months Ended
Oct. 31, 2019
Oct. 31, 2018
One Related Company [Member]    
Concentration risk, percentage   16.00%
Accounts receivable - related parties   $ 13,716
One Non Related Company [Member] | Taylor Brothers Holdings, Inc. [Member]    
Concentration risk, percentage 62.00%  
Sales Revenue, Net [Member] | Taylor Brothers Holdings, Inc. [Member]    
Revenue from related party   $ 368,293
Concentration risk, percentage   41.50%
Sales Revenue, Net [Member] | One Related Company [Member] | Unrelated Customers [Member]    
Concentration risk, percentage 10.00%  
Sales Revenue, Net [Member] | One Related Company [Member] | Taylor Brothers Holdings, Inc. [Member]    
Revenue from related party $ 698,983  
Concentration risk, percentage 58.00%  
Sales Revenue, Net [Member] | One Non-Related Party [Member]    
Concentration risk, percentage 36.00% 43.00%
Sales Revenue, Net [Member] | Two Non-Related Party [Member]    
Concentration risk, percentage 14.00% 16.00%
Sales Revenue, Net [Member] | Three Non-Related Party [Member]    
Concentration risk, percentage 13.00% 16.00%
Sales Revenue, Net [Member] | Four Non-Related Party [Member]    
Concentration risk, percentage 12.00% 13.00%
Sales Revenue, Net [Member] | Five Non-Related Party [Member]    
Concentration risk, percentage 10.00%  
Sales Revenue, Net [Member] | Six Non-Related Party [Member]    
Concentration risk, percentage 10.00%  
Sales Revenue, Net [Member] | Non-Related Party [Member]    
Revenue from related party   $ 460,068
Accounts Receivable [Member]    
Accounts receivable - related parties $ 136,964 $ 85,243
Accounts Receivable [Member] | Taylor Brothers Holdings, Inc. [Member]    
Concentration risk, percentage   60.00%
Accounts receivable - related parties   $ 51,538
Accounts Receivable [Member] | One Related Company [Member]    
Concentration risk, percentage 63.00%  
Accounts receivable - related parties $ 86,319  
Accounts Receivable [Member] | One Related Company [Member] | Unrelated Customers [Member]    
Concentration risk, percentage   10.00%
XML 18 R21.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
INCOME TAXES (Tables)
12 Months Ended
Oct. 31, 2019
Income Tax Disclosure [Abstract]  
Schedule of effective income tax rate

The cumulative tax effect at the expected rate of 21% as of October 31, 2019 and 2018 of significant items comprising our net deferred tax amount is as follows:

 

    October 31,     October 31,  
    2019     2018  
Net operating loss carry forward   $ 68,239     $ 85,792  
Less: valuation allowance     (68,239 )     (85,792 )
Net deferred tax asset   $ -     $ -  
XML 19 R24.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)
12 Months Ended
Oct. 31, 2019
USD ($)
Initial term of domestic franchise agreements 10 years
Deferred revenue $ 4,500
Deferred revenue on consolidated balance sheet 4,000
Accounts Payable and Accrued Expenses [Member]  
Deferred revenue 500
Unsatisfied Performance [Member]  
Deferred revenue $ 500
XML 20 R20.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
COMMON STOCK WARRANTS (Tables)
12 Months Ended
Oct. 31, 2019
Equity [Abstract]  
Schedule of stock warrant activity

A summary of our stock warrant activity for the period from November 1, 2018 through October 31, 2019 is as follows:

 

    Warrants     Weighted
Average
Exercise
Price
    Weighted
Average
Remaining
Life
 
                   
Outstanding at beginning of period - October 31, 2018     515,000     $   2.00       0.73  
Expired during the year ended October 31, 2018     (475,000 )     2.00       -  
Issued during the year ended October 31, 2018     200,000       2.00       2.00  
Outstanding at beginning of period - October 31, 2018     240,000       2.00       1.37  
Expired during the year ended October 31, 2019     (40,000 )     2.00       -  
Outstanding at end of period - October 31, 2019     200,000     $ 2.00       0.62  
                         
Exercisable at end of period - October 31, 2019     200,000     $ 2.00       0.62  
XML 21 R28.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
STOCKHOLDER'S EQUITY (Details Narrative) - $ / shares
Oct. 31, 2019
Oct. 31, 2018
Jul. 13, 2018
Preferred stock, authorized 20,000,000 20,000,000  
Preferred stock, par value (in dollars per share) $ 0.001 $ 0.001  
Common stock, authorized 80,000,000 80,000,000  
Common stock, par value (in dollars per share) $ 0.001 $ 0.001  
Common stock, issued 31,845,000 31,845,000  
Non Convertible Common Shares [Member]      
Common stock, issued     200,000
XML 23 R31.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
INCOME TAXES (Details) - USD ($)
Oct. 31, 2019
Oct. 31, 2018
Income Tax Disclosure [Abstract]    
Net operating loss carry forward $ 68,239 $ 85,792
Less: valuation allowance (68,239) (85,792)
Net deferred tax asset
XML 24 R7.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
ORGANIZATION AND OPERATIONS
12 Months Ended
Oct. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
ORGANIZATION AND OPERATIONS

NOTE 1 - ORGANIZATION AND OPERATIONS

 

The Company was incorporated, as Bare Metal Standard, Inc., (the Company) on November 12, 2015 under the laws of the State of Idaho. Bare Metal Standard provides management services for franchisees who perform fire prevention and mitigation services to commercial kitchens by cleaning their exhaust systems on a mandated schedule enforced by insurance and fire and safety prevention codes.

 

On March 1, 2017, Bare Metal Standard, Inc. entered into a Management Agreement with Taylor Brothers Holdings, Inc. which is an operating company and has common majority shareholders and directors. The officers and directors of Bare Metal Standard were officers and directors of Taylor Brothers. James Bedal and Mike Taylor have resigned their positions with Taylor Brothers and work full time for Bare Metal Standard. The agreement term has no expiration and can be terminated by the Company at any time with written notice to the other partner. As a result of the management agreement, Bare Metal is to provide, on behalf of Taylor Brothers, certain management services, having full authorization, on behalf of Taylor Brothers to provide all the services and all the activities, normally provided by Taylor Brothers, under the Taylor Brothers franchise agreements, previously entered into by Taylor Brothers and the franchisees Bare Metal became responsible for servicing franchisee agreements and receiving 100% of the revenues associated with those agreements assumed for the support and maintenance of the preexisting franchise agreements of Taylor Brothers Holdings franchisees as Taylor Brothers Holdings has ceased selling franchises. Bare Metal is due all collections from franchisees. Bare Metal Standard assumed the business operations of the existing franchise agreements while potential liabilities arising from said agreements will remain with Taylor Brothers. Additionally, on November 1, 2017 Bare Metal, entered into a royalty free license agreement with Taylor Brothers Holdings Inc. with the right to sublease, the use of the trade name Bare Metal Standard and related industry know-how including proprietary software in exchange for a monthly fee of $2,000 paid in arrears. 

 

Bare Metal Standard is, currently, seeking the same management opportunities in other industries. The Company intends to sell franchises in the commercial kitchen fire prevention and mitigation services environment, but, in addition, is looking for the same opportunities in other disciplines.

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Consolidated Balance Sheets (Parenthetical) - $ / shares
Oct. 31, 2019
Oct. 31, 2018
Statement of Financial Position [Abstract]    
Preferred stock, par value (in dollars per share) $ 0.001 $ 0.001
Preferred stock, authorized 20,000,000 20,000,000
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, authorized 80,000,000 80,000,000
Common stock, issued 31,845,000 31,845,000
Common stock, outstanding 31,845,000 31,845,000
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INCOME TAXES
12 Months Ended
Oct. 31, 2019
Income Tax Disclosure [Abstract]  
INCOME TAXES

NOTE 10 – INCOME TAXES

 

The Company’s net operating loss carryover of approximately $324,950 as of October 31, 2019, will expire in 2039. Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forward for Federal income tax reporting purposes are subject to annual limitations. If a change in ownership occurs, net operating loss carry forward may be limited as to its use in future years. The Company’s tax returns for the years ended October 31, 2016 through October 31, 2019 are open for IRS audit.

 

On December 22, 2017, the Tax Act was signed into law making significant changes to the Internal Revenue Code. Changes include, but are not limited to, a corporate tax rate decrease from 35% to 21%, effective for tax years beginning after December 31, 2017. We use the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to reverse. As a result of the reduction in the U.S. corporate income tax rate from 35% to 21% under the Tax Act, we revalued our ending net deferred tax assets at October 31, 2018, which were fully offset by a valuation allowance.

 

Future tax benefits for these net operating loss carry-forwards are recognized to the extent that realization of these benefits is considered more likely than not.  To the extent that we will not realize a future tax benefit, a valuation allowance is established.  The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below: 

 

The cumulative tax effect at the expected rate of 21% as of October 31, 2019 and 2018 of significant items comprising our net deferred tax amount is as follows:

 

    October 31,     October 31,  
    2019     2018  
Net operating loss carry forward   $ 68,239     $ 85,792  
Less: valuation allowance     (68,239 )     (85,792 )
Net deferred tax asset   $ -     $ -  
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RELATED PARTY DEBT AND TRANSACTIONS
12 Months Ended
Oct. 31, 2019
Related Party Transactions [Abstract]  
RELATED PARTY DEBT AND TRANSACTIONS

NOTE 6 – RELATED PARTY DEBT AND TRANSACTIONS 

 

The Company follows ASC 850, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions.

 

The Company has revenue transactions with related parties, and accounts receivable balances from those related parties, and notes payable with related parties. See Notes 4 and 5. Additionally, the Company has no written employee agreement with its officers or directors. From time to time, the Company may award bonuses to those officers or directors for performance.

 

We entered into an agreement with Taylor Brothers Inc. (a company with common officers and shareholders) to use three of their offices. The rent will be $5,000 per month, when Bare Metal Standard completes required funding to support ongoing operations.

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NOTES PAYABLE (Details Narrative) - USD ($)
1 Months Ended 12 Months Ended
Dec. 24, 2018
Jul. 10, 2018
Jun. 13, 2018
Nov. 14, 2017
Jun. 30, 2019
Oct. 31, 2019
Oct. 31, 2018
Note payable issued for financed insurance           $ 10,812
Chief Executive Officer [Member]              
Principal amount $ 21,000         $ 12,605  
Interest rate 7.00%            
Maturity date Dec. 20, 2020            
Description of maturity           Within one year.  
Periodic payment of loan $ 940            
Frequency of periodic payment Monthly payments            
Outstanding debt           $ 10,741  
7% Unsecured debt [Member] | Related Party [Member]              
Principal amount           $ 1,703  
Related party debt   $ 5,000          
Interest rate   7.00%          
Description of maturity           Within one year.  
Periodic payment of loan   $ 154          
Frequency of periodic payment   36 equal monthly payments          
Outstanding debt           $ 2,904 4,495
12% Note Payable [Member]              
Principal amount           $ 6,465  
Description of maturity           Within one year.  
12% Note Payable [Member] | Non-Related Party [Member]              
Principal amount     $ 100,000     $ 92,498 98,235
Description of loan collateral     Collateralized by 200,000 units of the Company’s common stock, which have been issued.        
Periodic payment of loan     $ 1,438        
Frequency of periodic payment     Equal monthly instalments, over 120 months        
Debt discount     $ 50,000     43,063 48,077
Fair value of warrant     $ 50,000        
Stock price (in dollars per share)     $ 0.50        
Line of credit       $ 40,000      
Line of credit outstanding           $ 27,308 $ 32,520
Description of common stock     Each common stock unit includes one common share and the right, to purchase, for up to two years, at a cost of $2, one common share.        
12% Note Payable [Member] | Non-Related Party [Member] | Prime Rate [Member]              
Interest rate, line of credit       8.50%      
16.24% Notes Payable [Member]              
Principal amount         $ 5,357    
Interest rate         16.24%    
Description of maturity         Within one year.    
Periodic payment of loan         $ 5,455    
Note payable issued for financed insurance         $ 10,812    
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ORGANIZATION AND OPERATIONS (Details Narrative) - Taylor Brothers Holdings, Inc. [Member]
Mar. 02, 2017
USD ($)
Revenue, percentage 100.00%
Monthly fee $ 2,000
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Consolidated Statements of Stockholders' Equity (Deficit) - USD ($)
Series A Preferred Stock [Member]
Common Stock [Member]
Additional Paid-in Capital [Member]
Accumulated Deficit [Member]
Total
Balance at beginning at Oct. 31, 2017 $ 31,645 $ 321,905 $ (314,061) $ 39,489
Balance at beginning (in shares) at Oct. 31, 2017 31,645,000      
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Common shares issued as collateral for note payable $ 200 (200)    
Common shares issued as collateral for note payable (in shares) 200,000      
Warrants issued in connection with debt discount   50,000   50,000
Net income (loss)     (125,471) (125,471)
Balance at ending at Oct. 31, 2018 $ 31,845 371,705 (439,532) (35,982)
Balance at ending (in shares) at Oct. 31, 2018 31,845,000      
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income (loss)     83,584 83,584
Balance at ending at Oct. 31, 2019 $ 31,845 $ 371,705 $ (355,948) $ 47,602
Balance at ending (in shares) at Oct. 31, 2019 31,845,000      
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BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)
12 Months Ended
Oct. 31, 2019
Accounting Policies [Abstract]  
Basis of Presentation

Basis of Presentation

 

The accompanying audited financial statements and related footnotes have been presented on a comparative basis in accordance with accounting principles generally accepted in the United States of America (or U.S. GAAP) and with the Securities and Exchange Commission’s (or SEC) instructions for the Form 10-K.

Principles of Consolidation

Principles of Consolidation

 

The Company prepares its consolidated financial statements on the accrual basis of accounting. The accompanying consolidated financial statements include the accounts of the Company and its single subsidiary which has a fiscal year end of December 31. All intercompany accounts, balances and transactions have been eliminated in the consolidation. In March 2018, the Company formed BRMT Franchising, LLC, a Texas limited liability company that is a wholly-owned subsidiary of the Company.

Use of Estimates

Use of Estimates 

 

The preparation of the financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period.  Actual results could differ from those estimates.  The more significant estimates and assumptions made by management include allowance for doubtful accounts, inventory valuation, and provision for excess or expired inventory, depreciation of property and equipment, realization of long-lived assets and fair market value of equity instruments issued for goods or services.  

Inventories and Provision for Excess or Expired Inventory

Inventories and Provision for Excess or Expired Inventory

 

Inventory consists of finished goods and consumables held for resale to franchisees and is valued on an average cost basis. Provisions for excess inventory are included in cost of goods sold and have historically been immaterial but adequate to provide for losses. Inventory is reviewed, at least, quarterly. The Company has determined that there was no need to reserve for obsolescence as of October 31, 2019 and October 31, 2018.

Revenue Recognition

Revenue Recognition 

 

The Company recognizes revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers, which was adopted on November 1, 2018 using the modified retrospective method, with no impact to the Company’s comparative financial statements.

 

Revenue is recognized in accordance with a five-step revenue model, as follows: identifying the contract with the customer; identifying the performance obligations in the contract; determining the transaction price; allocating the transaction price to the performance obligations; and recognizing revenue when (or as) the entity satisfies a performance obligation.

 

A contract with commercial substance exists once the Company executes a franchise agreement with the franchisee. The initial license fee is due at the execution of the agreement. If collectability is not probable, the sale is deferred and not recognized until collection is probable or payment is received. Net revenues comprise gross revenues less customer discounts and allowances, actual and expected returns. Shipping charges billed to members are included in net sales. Various taxes on the sale of products and enrollment packages to members are collected by the Company as an agent and remitted to the respective taxing authority. These taxes are presented on a net basis and recorded as a liability until remitted to the respective taxing authority.

 

The Company generates revenue from franchise fees and royalty income, advertising fees and sales of supplies and other products as follows:

 

Franchise fees and royalty income

 

The Company sells individual franchises as well as territory agreements in the form of franchise agreements that grant the right to develop the business in designated areas. The franchise agreements typically require the franchisee to pay initial nonrefundable franchise fees prior to opening the business and continuing fees, or royalty income, on a monthly basis based upon a percentage of franchisee gross sales. The initial term of domestic franchise agreements is typically 10 years. Prior to the end of the franchise term or as otherwise provided by the Company, The Company may offer a renewal term of a franchise agreement and, if approved, the franchisee will typically pay a renewal fee upon execution of the renewal term. If approved, a franchisee may transfer a franchise agreement to a new or existing franchisee, at which point a transfer fee is paid.

 

Generally, the franchise license granted for each individual restaurant within an arrangement represents a single performance obligation. Therefore, initial franchise fees and market entry fees for each arrangement are allocated to each individual business and recognized over the term of the respective franchise agreement from the date of the restaurant opening. Royalty income is also recognized over the term of the respective franchise agreement based on the royalties earned each period as the underlying sales occur. Renewal fees are generally recognized over the renewal term for the respective restaurant from the start of the renewal period. Transfer fees are recognized over the remaining term of the franchise agreement beginning at the time of transfer.

 

Advertising fees

 

Franchise agreements typically require the franchisee to pay continuing advertising fees on a monthly basis based on a percentage of franchisee gross sales, which represents a portion of the consideration received for the single performance obligation of the franchise license. Continuing advertising fees are recognized over the term of the respective franchise agreement based on the fees earned each period as the underlying sales occur. Advertising fees are included in Other Service Revenue in the presentation of disaggregated revenue data below.

 

Sales of supplies and other products

 

We distribute supplies and other products to franchisees and licensees. Revenue from the sale of supplies and other products is recognized when title and risk of loss transfers to the buyer, which is generally upon delivery. Payment for supplies and other products is generally due within a relatively short period of time subsequent to delivery.

 

The following table presents disaggregated revenue for the years ended October 31, 2019 and 2018:

 

    October 31, 2019     October 31, 2018  
             
Royalty revenue   $ 587,475     $ 498,282  
Training and consulting     345,185       50,604  
Equipment, supply and truck sales     184,728       255,925  
Other service revenue     78,072       82,378  
Total revenue   $ 1,195,460     $ 887,189  

  

Contract Costs

 

Costs incurred to obtain a customer contract are not material to the Company. The Company elected to apply the practical expedient to not capitalize contract costs to obtain contracts with a duration of one year or less, which are expensed and included within cost of goods and services.

 

Contract Liabilities

 

The Company receives payment up front for the sale of a franchise. The franchise fee is considered to be a contract liability to provide support and services over the period of the license agreement, and are recorded as deferred revenue, with the revenue being recognized ratably over the license period. As of October 31, 2019, the Company had a total of $4,500 in deferred revenue, with $500 included in accounts payable and accrued expenses and $4,000 included in deferred revenue on the consolidated balance sheet. The Company expects to recognize $500 in revenue related to unsatisfied performance obligations over the next 12 months.

Cost of Revenues

Cost of Revenues

 

Cost of sales includes all of the costs to service the franchise agreements, and costs to purchase the supplies and products sold to franchisees. Additionally, shipping costs are included in Cost of Revenues in the Consolidated Statements of Operations.

Net Income (Loss) Per Share

Net Income (Loss) Per Share

 

Basic net income (loss) per share is calculated by dividing net income (loss) by the weighted-average common shares outstanding. Diluted net income per share is calculated by dividing net income by the weighted-average common shares outstanding during the period using the treasury stock method. No potentially dilutive securities, consisting of 200,000 outstanding common stock warrants, were included in the calculation of diluted earnings per share as the impact would have been anti-dilutive for the years ended October 31, 2019 and 2018. Therefore, basic and dilutive net income (loss) per share were the same.

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

 

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (ASU 2016-02). Under ASU No. 2016-2, an entity will be required to recognize right-of-use assets and lease liabilities on its balance sheet and disclose key information about leasing arrangements. ASU No. 2016-02 offers specific accounting guidance for a lessee, a lessor and sale and leaseback transactions. Lessees and lessors are required to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. The Company adopted this guidance on November 1, 2019 with no effect to the Company’s consolidated financial statements, due to the Company not being party to any lease agreements. The new standard provides a number of optional practical expedients in transition. The Company elected the ‘package of practical expedients’, which permitted the Company not to reassess under the new standard its prior conclusions about lease identification, lease classification and initial direct costs; and all of the new standard’s available transition practical expedients. The new standard also provides practical expedients for a company’s ongoing accounting. The Company elected the short-term lease recognition exemption for its leases. For those leases with a lease term of 12 months or less, the Company will not recognize ROU assets or lease liabilities. The Company also made an accounting policy election to combine lease and non-lease components of operating leases for all asset classes.

 

In August 2016, the FASB issued Accounting Standards Update No. 2016-15, Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force) (“ASU 201615”). The amendments in ASU 2016-15 address eight specific cash flow issues and apply to all entities that are required to present a statement of cash flows under ASC Topic 230, Statement of Cash Flows. The Company adopted this guidance on November 1, 2018 with no impact to its consolidated financial statements.

 

In November 2016, the FASB issued Accounting Standards Update No. 2016-18, Restricted Cash (a consensus of the FASB Emerging Issue Task Force) (“ASU 2016-18”). This new standard addresses the diversity that exists in the classification and presentation of changes in restricted cash on the statement of cash flows. The amendments in ASU 2016-18 require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning of period and end of period total amounts shown on the statement of cash flows. The Company adopted this guidance on November 1, 2018 with no impact to its consolidated financial statements. 

 

In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. This new standard clarifies the definition of a business and provides a screen to determine when an integrated set of assets and activities is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. The Company adopted this guidance on November 1, 2018 with no impact to its consolidated financial statements. 

  

In January 2017, the FASB issued Accounting Standards Update No. 2017-04, Simplifying the Test for Goodwill Impairment (“ASU 2017-04”). ASU 2017-04 simplifies the accounting for goodwill impairment by removing Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. ASU 2017-04 is effective and has been adopted by the Company for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019 and should be applied on a prospective basis. The Company does not anticipate the adoption of ASU 2017-04 will have a material impact on its financial statements for both annual and interim reporting periods, if applicable. Management also is required to evaluate and disclose whether its plans alleviate that doubt. The Company adopted this guidance on November 1, 2018 with no impact to its consolidated financial statements. 

 

In June 2018, the FASB issued ASU No. 2018-07, Compensation—Stock Compensation (Topic 718) - Improvements to Nonemployee Share-Based Payment Accounting, which aligns the accounting for share-based payment awards issued to employees and nonemployees. Under ASU No. 2018-07, the existing employee guidance will apply to nonemployee share-based transactions (as long as the transaction is not effectively a form of financing), with the exception of specific guidance related to the attribution of compensation cost. The cost of nonemployee awards will continue to be recorded as if the grantor had paid cash for the goods or services. In addition, the contractual term will be able to be used in lieu of an expected term in the option-pricing model for nonemployee awards. The Company adopted this guidance on November 1, 2019 with no impact to its consolidated financial statements.

 

The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new pronouncements that have been issued that might have a material impact on its financial position or results of operations.

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Document and Entity Information - USD ($)
12 Months Ended
Oct. 31, 2019
Jan. 22, 2020
Apr. 30, 2019
Cover [Abstract]      
Entity Registrant Name BARE METAL STANDARD INC.    
Entity Central Index Key 0001658880    
Document Type 10-K    
Document Period End Date Oct. 31, 2019    
Amendment Flag false    
Current Fiscal Year End Date --10-31    
Entity File Number 000-1658880    
Entity Incorporation, State or Country Code ID    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status No    
Entity Interactive Data Current No    
Entity Small Business true    
Entity Filer Category Non-accelerated Filer    
Entity Emerging Growth Company true    
Entity Ex Transition Period false    
Entity Public Float     $ 1,799,798
Entity Shell Company false    
Entity Common Stock, Shares Outstanding   31,195,000  
Document Fiscal Period Focus FY    
Document Fiscal Year Focus 2019    

XML 35 R14.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
COMMON STOCK WARRANTS
12 Months Ended
Oct. 31, 2019
Equity [Abstract]  
COMMON STOCK WARRANTS

NOTE 8 – COMMON STOCK WARRANTS 

 

Between March 1, 2017 and October 31, 2018 the Company did not sell any common stock units. Each unit outstanding as of October 31, 2018 consists of one share of our common stock, and one warrant to purchase one share of common stock within 24 months of issuance, for $2.00. The warrants vested upon grant date and will expire between February 8, 2018 and June 13, 2020. On July 13, 2018, the Company issued 200,000 common share units, which included common shares and warrants to be exercised within two years, as collateral for a $100,000 loan.

   

A summary of our stock warrant activity for the period from November 1, 2018 through October 31, 2019 is as follows:

 

    Warrants     Weighted
Average
Exercise
Price
    Weighted
Average
Remaining
Life
 
                   
Outstanding at beginning of period - October 31, 2018     515,000     $   2.00       0.73  
Expired during the year ended October 31, 2018     (475,000 )     2.00       -  
Issued during the year ended October 31, 2018     200,000       2.00       2.00  
Outstanding at beginning of period - October 31, 2018     240,000       2.00       1.37  
Expired during the year ended October 31, 2019     (40,000 )     2.00       -  
Outstanding at end of period - October 31, 2019     200,000     $ 2.00       0.62  
                         
Exercisable at end of period - October 31, 2019     200,000     $ 2.00       0.62  

  

The warrants outstanding and exercisable as of October 31, 2019 and 2018 had no intrinsic value.

XML 36 R9.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
GOING CONCERN
12 Months Ended
Oct. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
GOING CONCERN

NOTE 3 – GOING CONCERN

 

The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates, among other things, the realization of assets and satisfaction of liabilities in the normal course of business.  The Company has an accumulated deficit, and a history of net losses. These matters, among others, raise substantial doubt about the Company's ability to continue as a going concern.

 

While the Company is attempting to increase sales and generate additional revenues, the Company's cash position may not be significant enough to support the Company's daily operations.  If the Company is unable to obtain additional financing through the issuance of debt or equity, the Company may be unable to continue as a going concern.  While the Company believes in the viability of its strategy to generate additional revenues and in its ability to raise additional funds, there can be no assurances to that effect.  The financial statements do not include any adjustments relating to the recoverability and classification of assets or the amounts and classifications of liabilities that may result should the Company be unable to continue as a going concern. 

XML 37 R10.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
MAJOR CUSTOMERS AND ACCOUNTS RECEIVABLE
12 Months Ended
Oct. 31, 2019
Risks and Uncertainties [Abstract]  
MAJOR CUSTOMERS AND ACCOUNTS RECEIVABLE

NOTE 4 – MAJOR CUSTOMERS AND ACCOUNTS RECEIVABLE

 

Bare Metal Standard has unrelated customers and one related party customer, whose revenue, during the years ended October 31, 2019 and 2018 represented in excess of 10% of the total revenue and in excess of 10% of total accounts receivable.

 

Concentration of revenue and related party revenue

 

During the year ended October 31, 2019, Bare Metal Standard invoiced royalties and sold product and services, including freight, totaling $698,983 or 58% of total revenue to one related company, Taylor Brothers, Inc. (a company with common officers and shareholders) and had six non-related party that accounted for 36%, 14%, 13%, 12%, 10% and 10% of of non-related party revenue. One non-related party through the Taylor Brothers revenue represents approximately 62% of related party revenue for the fiscal year ended October 31, 2019.

 

During the year ended October 31, 2018, Bare Metal Standard invoiced royalties and sold product and services, including freight, totaling $368,293 or 41.5% of its total revenue, to Taylor Brothers and $460,068 of non-related party revenue or (43%,16%,16%,and 13%), respectively, to four non-related parties.  

 

Concentration of accounts receivable and related party accounts receivable-

 

Receivables arising from sales of the Company's products are not collateralized. As of October 31, 2019, total accounts receivable was $136,964 of which $86,319 or 63% was owed by a related party.  As of October 31, 2018, total accounts receivable was $85,243 of which $51,538 or 60% was owed by Taylor Brothers., and $13,716 or 16% was from one non-related party. 

XML 38 R33.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
SUBSEQUENT EVENTS (Details Narrative)
Jan. 31, 2020
shares
Subsequent Event [Member] | One Shareholder [Member]  
Stock repurchased and retired during period, shares 650,000
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COMMITMENTS AND CONTINGENCIES
12 Months Ended
Oct. 31, 2019
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES

NOTE 9 – COMMITMENTS AND CONTINGENCIES 

 

Management agreement 

 

On March 1, 2017, the Company entered into a management agreement with Taylor Brothers Holdings, Inc. (“Taylor Brothers”) to provide all of the services and to conduct all of the activities that were agreed to be undertaken by Taylor Brothers under the Franchise Agreements for providing certain administrative support, including Franchisee training, development of operations manuals and other materials for use by Taylor Brothers’ franchisees; and develop and establish support infrastructures that the Company determines are necessary and appropriate to satisfy Taylor Brothers obligations under the Franchise Agreements. In consideration of the services provided Bare Metal shall be responsible to invoice and collect, per the terms of the Franchise Agreements, under management. All fees so collected will constitute the fees owing under the management agreement. The Agreement does not have a termination date but may be cancelled by either party with appropriate notice.

XML 41 R8.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
12 Months Ended
Oct. 31, 2019
Accounting Policies [Abstract]  
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Presentation

 

The accompanying audited financial statements and related footnotes have been presented on a comparative basis in accordance with accounting principles generally accepted in the United States of America (or U.S. GAAP) and with the Securities and Exchange Commission’s (or SEC) instructions for the Form 10-K.

 

Principles of Consolidation

 

The Company prepares its consolidated financial statements on the accrual basis of accounting. The accompanying consolidated financial statements include the accounts of the Company and its single subsidiary which has a fiscal year end of December 31. All intercompany accounts, balances and transactions have been eliminated in the consolidation. In March 2018, the Company formed BRMT Franchising, LLC, a Texas limited liability company that is a wholly-owned subsidiary of the Company.

 

Use of Estimates 

 

The preparation of the financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period.  Actual results could differ from those estimates.  The more significant estimates and assumptions made by management include allowance for doubtful accounts, inventory valuation, and provision for excess or expired inventory, depreciation of property and equipment, realization of long-lived assets and fair market value of equity instruments issued for goods or services.  

 

Inventories and Provision for Excess or Expired Inventory

 

Inventory consists of finished goods and consumables held for resale to franchisees and is valued on an average cost basis. Provisions for excess inventory are included in cost of goods sold and have historically been immaterial but adequate to provide for losses. Inventory is reviewed, at least, quarterly. The Company has determined that there was no need to reserve for obsolescence as of October 31, 2019 and October 31, 2018.

  

Revenue Recognition 

 

The Company recognizes revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers, which was adopted on November 1, 2018 using the modified retrospective method, with no impact to the Company’s comparative financial statements.

 

Revenue is recognized in accordance with a five-step revenue model, as follows: identifying the contract with the customer; identifying the performance obligations in the contract; determining the transaction price; allocating the transaction price to the performance obligations; and recognizing revenue when (or as) the entity satisfies a performance obligation.

 

A contract with commercial substance exists once the Company executes a franchise agreement with the franchisee. The initial license fee is due at the execution of the agreement. If collectability is not probable, the sale is deferred and not recognized until collection is probable or payment is received. Net revenues comprise gross revenues less customer discounts and allowances, actual and expected returns. Shipping charges billed to members are included in net sales. Various taxes on the sale of products and enrollment packages to members are collected by the Company as an agent and remitted to the respective taxing authority. These taxes are presented on a net basis and recorded as a liability until remitted to the respective taxing authority.

 

The Company generates revenue from franchise fees and royalty income, advertising fees and sales of supplies and other products as follows:

 

Franchise fees and royalty income

 

The Company sells individual franchises as well as territory agreements in the form of franchise agreements that grant the right to develop the business in designated areas. The franchise agreements typically require the franchisee to pay initial nonrefundable franchise fees prior to opening the business and continuing fees, or royalty income, on a monthly basis based upon a percentage of franchisee gross sales. The initial term of domestic franchise agreements is typically 10 years. Prior to the end of the franchise term or as otherwise provided by the Company, The Company may offer a renewal term of a franchise agreement and, if approved, the franchisee will typically pay a renewal fee upon execution of the renewal term. If approved, a franchisee may transfer a franchise agreement to a new or existing franchisee, at which point a transfer fee is paid.

 

Generally, the franchise license granted for each individual restaurant within an arrangement represents a single performance obligation. Therefore, initial franchise fees and market entry fees for each arrangement are allocated to each individual business and recognized over the term of the respective franchise agreement from the date of the restaurant opening. Royalty income is also recognized over the term of the respective franchise agreement based on the royalties earned each period as the underlying sales occur. Renewal fees are generally recognized over the renewal term for the respective restaurant from the start of the renewal period. Transfer fees are recognized over the remaining term of the franchise agreement beginning at the time of transfer.

 

Advertising fees

 

Franchise agreements typically require the franchisee to pay continuing advertising fees on a monthly basis based on a percentage of franchisee gross sales, which represents a portion of the consideration received for the single performance obligation of the franchise license. Continuing advertising fees are recognized over the term of the respective franchise agreement based on the fees earned each period as the underlying sales occur. Advertising fees are included in Other Service Revenue in the presentation of disaggregated revenue data below.

 

Sales of supplies and other products

 

We distribute supplies and other products to franchisees and licensees. Revenue from the sale of supplies and other products is recognized when title and risk of loss transfers to the buyer, which is generally upon delivery. Payment for supplies and other products is generally due within a relatively short period of time subsequent to delivery.

 

The following table presents disaggregated revenue for the years ended October 31, 2019 and 2018:

 

    October 31, 2019     October 31, 2018  
             
Royalty revenue   $ 587,475     $ 498,282  
Training and consulting     345,185       50,604  
Equipment, supply and truck sales     184,728       255,925  
Other service revenue     78,072       82,378  
Total revenue   $ 1,195,460     $ 887,189  

  

Contract Costs

 

Costs incurred to obtain a customer contract are not material to the Company. The Company elected to apply the practical expedient to not capitalize contract costs to obtain contracts with a duration of one year or less, which are expensed and included within cost of goods and services.

 

Contract Liabilities

 

The Company receives payment up front for the sale of a franchise. The franchise fee is considered to be a contract liability to provide support and services over the period of the license agreement, and are recorded as deferred revenue, with the revenue being recognized ratably over the license period. As of October 31, 2019, the Company had a total of $4,500 in deferred revenue, with $500 included in accounts payable and accrued expenses and $4,000 included in deferred revenue on the consolidated balance sheet. The Company expects to recognize $500 in revenue related to unsatisfied performance obligations over the next 12 months.

 

Cost of Revenues

 

Cost of sales includes all of the costs to service the franchise agreements, and costs to purchase the supplies and products sold to franchisees. Additionally, shipping costs are included in Cost of Revenues in the Consolidated Statements of Operations.

 

Net Income (Loss) Per Share

 

Basic net income (loss) per share is calculated by dividing net income (loss) by the weighted-average common shares outstanding. Diluted net income per share is calculated by dividing net income by the weighted-average common shares outstanding during the period using the treasury stock method. No potentially dilutive securities, consisting of 200,000 outstanding common stock warrants, were included in the calculation of diluted earnings per share as the impact would have been anti-dilutive for the years ended October 31, 2019 and 2018. Therefore, basic and dilutive net income (loss) per share were the same.

 

Recently Issued Accounting Pronouncements

 

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (ASU 2016-02). Under ASU No. 2016-2, an entity will be required to recognize right-of-use assets and lease liabilities on its balance sheet and disclose key information about leasing arrangements. ASU No. 2016-02 offers specific accounting guidance for a lessee, a lessor and sale and leaseback transactions. Lessees and lessors are required to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. The Company adopted this guidance on November 1, 2019 with no effect to the Company’s consolidated financial statements, due to the Company not being party to any lease agreements. The new standard provides a number of optional practical expedients in transition. The Company elected the ‘package of practical expedients’, which permitted the Company not to reassess under the new standard its prior conclusions about lease identification, lease classification and initial direct costs; and all of the new standard’s available transition practical expedients. The new standard also provides practical expedients for a company’s ongoing accounting. The Company elected the short-term lease recognition exemption for its leases. For those leases with a lease term of 12 months or less, the Company will not recognize ROU assets or lease liabilities. The Company also made an accounting policy election to combine lease and non-lease components of operating leases for all asset classes.

 

In August 2016, the FASB issued Accounting Standards Update No. 2016-15, Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force) (“ASU 201615”). The amendments in ASU 2016-15 address eight specific cash flow issues and apply to all entities that are required to present a statement of cash flows under ASC Topic 230, Statement of Cash Flows. The Company adopted this guidance on November 1, 2018 with no impact to its consolidated financial statements.

 

In November 2016, the FASB issued Accounting Standards Update No. 2016-18, Restricted Cash (a consensus of the FASB Emerging Issue Task Force) (“ASU 2016-18”). This new standard addresses the diversity that exists in the classification and presentation of changes in restricted cash on the statement of cash flows. The amendments in ASU 2016-18 require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning of period and end of period total amounts shown on the statement of cash flows. The Company adopted this guidance on November 1, 2018 with no impact to its consolidated financial statements. 

 

In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. This new standard clarifies the definition of a business and provides a screen to determine when an integrated set of assets and activities is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. The Company adopted this guidance on November 1, 2018 with no impact to its consolidated financial statements. 

  

In January 2017, the FASB issued Accounting Standards Update No. 2017-04, Simplifying the Test for Goodwill Impairment (“ASU 2017-04”). ASU 2017-04 simplifies the accounting for goodwill impairment by removing Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. ASU 2017-04 is effective and has been adopted by the Company for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019 and should be applied on a prospective basis. The Company does not anticipate the adoption of ASU 2017-04 will have a material impact on its financial statements for both annual and interim reporting periods, if applicable. Management also is required to evaluate and disclose whether its plans alleviate that doubt. The Company adopted this guidance on November 1, 2018 with no impact to its consolidated financial statements. 

 

In June 2018, the FASB issued ASU No. 2018-07, Compensation—Stock Compensation (Topic 718) - Improvements to Nonemployee Share-Based Payment Accounting, which aligns the accounting for share-based payment awards issued to employees and nonemployees. Under ASU No. 2018-07, the existing employee guidance will apply to nonemployee share-based transactions (as long as the transaction is not effectively a form of financing), with the exception of specific guidance related to the attribution of compensation cost. The cost of nonemployee awards will continue to be recorded as if the grantor had paid cash for the goods or services. In addition, the contractual term will be able to be used in lieu of an expected term in the option-pricing model for nonemployee awards. The Company adopted this guidance on November 1, 2019 with no impact to its consolidated financial statements.

 

The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new pronouncements that have been issued that might have a material impact on its financial position or results of operations.

XML 42 R11.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
NOTES PAYABLE
12 Months Ended
Oct. 31, 2019
Debt Disclosure [Abstract]  
NOTES PAYABLE

NOTE 5 – NOTES PAYABLE 

 

On November 14, 2017, the Company opened an unsecured line of credit with a bank in the amount of $40,000 bearing interest at the bank prime rate plus 8.5%. The Company is required to make monthly minimum payments based on the current balance outstanding on the line of credit. On October 31, 2019 and 2018, there was $27,308 and $32,520 outstanding, respectively.

 

On June 13, 2018, the Company borrowed $100,000 from a non-related investor. The note is repayable, in equal monthly instalments, over 120 months with payments of $1,438 at an interest cost of 12%. The note is not convertible, but, is collateralized by 200,000 units of the Company’s common stock, which have been issued. Each common stock unit includes one common share and the right, to purchase, for up to two years, at a cost of $2, one common share. $50,000 of debt discount was recognized in connection with the note related to the warrants and is being amortized in equal annual instalments over the life of the note. The $50,000 fair value of the warrants was determined based on the relative fair value of the warrants and debt, assuming a maximum value based on the most recent sale price of common stock for cash of $0.50 per share, due to the lack of active trading market for the Company’s common stock. On October 31, 2019 and 2018, the principal balance was $92,498 and $98,235, respectively. As of October 31, 2019, $6,465 of principal was due within one year. Unamortized discount was $43,063 and $48,077 as of October 31, 2019 and 2018, respectively.

 

On July 10, 2018 the Company borrowed $5,000 from a related party. The note is unsecured, bears interest at 7%, and is repayable by 36 equal monthly payments of $154 principal and interest. On October 31, 2019 and 2018, the balance was $2,906 and $4,495, respectively, with $1,703 due within one year.

 

On December 24, 2018, our chief executive officer loaned the Company $21,000. The loan in unsecured, has a maturity date of December 20, 2020, and bears interest at 7%, with monthly payments of $940. On October 31, 2019, the principal balance was $12,605, with $10,741 due within one year.

 

In June 2019, the Company financed certain prepaid insurance expenses. The total amount financed was $10,812, the note bears interest at 16.24%, and the Company made principal repayments of $5,455 during the year ended October 31, 2019. The balance of this note payable was $5,357 as of October 31, 2019 and is due within one year.

XML 43 R4.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Consolidated Statements of Operations - USD ($)
12 Months Ended
Oct. 31, 2019
Oct. 31, 2018
Revenue    
Total revenue $ 1,195,460 $ 887,189
Cost of revenue 266,324 253,842
Gross income 929,136 633,347
Operating expenses    
General and administrative expenses 346,396 285,401
Administrative and officer compensation 479,330 463,851
Total operating expenses 825,726 749,252
Income (loss) from operations 103,410 (115,905)
Other income (expense)    
Other income 2,500
Interest expense (22,326) (9,566)
Total other expense (19,826) (9,566)
Net income (loss) $ 83,584 $ (125,471)
Basic and diluted net income (loss) per common share (in dollars per share) $ 0.00 $ (0.00)
Weighted average shares outstanding - basic and dilutive (in shares) 31,845,000 31,721,164
Product Sales and Services [Member]    
Revenue    
Total revenue $ 496,477 $ 518,896
Product Sales and Services - Related Parties [Member]    
Revenue    
Total revenue $ 698,983 $ 368,293
XML 44 R19.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)
12 Months Ended
Oct. 31, 2019
Accounting Policies [Abstract]  
Schedule of disaggregated revenue

The following table presents disaggregated revenue for the years ended October 31, 2019 and 2018:

 

    October 31, 2019     October 31, 2018  
             
Royalty revenue   $ 587,475     $ 498,282  
Training and consulting     345,185       50,604  
Equipment, supply and truck sales     184,728       255,925  
Other service revenue     78,072       82,378  
Total revenue   $ 1,195,460     $ 887,189  
XML 45 R32.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
INCOME TAXES (Details Narrative) - USD ($)
12 Months Ended
Dec. 22, 2017
Oct. 31, 2019
Income Tax Disclosure [Abstract]    
Net operating loss ("NOL")   $ 324,950
Operating loss expiration date   Dec. 31, 2039
Corporate income tax rate   21.00%
Previoulsy corporate income tax rate 35.00%  
XML 46 R27.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
RELATED PARTY DEBT AND TRANSACTIONS (Details Narrative)
12 Months Ended
Oct. 31, 2019
USD ($)
Taylor Brothers Holdings, Inc. [Member]  
Monthly rent paid $ 5,000
XML 47 R23.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)
12 Months Ended
Oct. 31, 2019
Oct. 31, 2018
Total revenue $ 1,195,460 $ 887,189
Royalty Revenue [Member]    
Total revenue 587,475 498,282
Training and Consulting [Member]    
Total revenue 345,185 50,604
Equipment Supply and Truck Sales [Member]    
Total revenue 184,728 255,925
Other Service Revenue [Member]    
Total revenue $ 78,072 $ 82,378
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