MICRO IMAGING TECHNOLOGY, INC.

CIK:0000808015|SEC Filings

Nature of Our Business and Continuance of Operations (Details Narrative)	Jul. 31, 2014	Apr. 30, 2006 sqft
Accounting Policies [Abstract]
Percentage of interest owned by the company	80.70%
Lease area		4,100

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)	9 Months Ended
	Jul. 31, 2014	Jul. 31, 2013
Cash flows from operating activities:
Net loss	$ (931,225)	$ (839,867)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	46,379	37,766
Change in value of derivatives	(24,012)	(2,311)
Change in anti-dilution liability	(21,957)
Amortization of costs and fees related to convertible debentures	89,214	11,798
Common stock issued to officers, directors and consultants for services		993
Non-cash compensation for stock options and warrants	260,282
Interest expense related to beneficial conversion feature		(1,980)
(Increase) decrease in assets:
Related party receivables		15,269
Prepaid expenses	(3,387)	26,400
Inventories		(41,887)
Increase (decrease) in liabilities:
Trade accounts payable	57,340	161,369
Accounts payable to officers and directors	109,129	46,746
Accrued payroll and other expenses	166,125	106,490
Net cash used in operating activities	(252,112)	(479,214)
Cash flows from investing activities:
Purchase of fixed assets	(9,863)	(6,404)
Net cash used in investing activities	(9,863)	(6,404)
Cash flows from financing activities:
Bank overdraft	746
Principal payments on notes payable to stockholder		(24,400)
Proceeds from issuance of notes payable to a related party	96,722	17,900
Proceeds from issuance of notes and convertible notes payable	32,500	42,500
Proceeds from issuance of common stock	127,000	360,000
Net cash provided by financing activities	256,968	396,000
Net change in cash	(5,007)	(89,618)
Cash at beginning of period	5,007	90,132
Cash at end of period		514
Supplemental Disclosure of Cash Flow Information
Interest paid	36,946	271
Income taxes paid	1,600	1,600
Supplemental Schedule of Non-Cash Investing and Financing Activities
Conversion of convertible notes payable to shares of common stock	84,190
Common stock issued in consideration for accounts payable and accrued payroll		$ 20,400

Condensed Consolidated Balance Sheet (USD $)	Jul. 31, 2014	Oct. 31, 2013
Current assets:
Cash		$ 5,007
Inventories	67,487	67,487
Prepaid expenses	4,284	897
Total current assets	71,771	73,391
Fixed assets, net	75,054	111,570
Total assets	146,825	184,961
Current liabilities:
Bank overdraft	746
Notes payable to stockholder, net of unamortized discount of $0 and $844 in 2014 and 2013, respectively	298,172	200,606
Convertible notes payable, net of unamortized discount of $8,446 and $60,050 in 2014 and 2013, respectively	93,182	89,818
Accounts payable - trade	393,712	336,372
Accounts payable to officers and directors	240,601	131,472
Accrued payroll	392,019	244,031
Derivative liability	26,314	75,557
Anti-dilution liability	1,401	23,358
Other accrued expenses	99,154	81,016
Total current liabilities	1,545,301	1,182,230
Long-term liabilities:
Redeemable convertible preferred stock, $0.01 par value; 5,200 shares authorized, issued and outstanding at July 31, 2014 and October 31, 2013, respectively	26,000	26,000
Total long-term liabilities	26,000	26,000
Total liabilities	1,571,301	1,208,230
Commitments and contingencies
Stockholders' (deficit):
Common stock, $0.01 par value; 25,000,000 shares authorized; 7,670,814 and 5,153,027 shares issued and outstanding at July 31, 2014 and October 31, 2013, respectively	76,708	51,531
Additional paid-in capital	45,839,872	45,335,031
Accumulated deficit	(47,341,056)	(46,409,831)
Total stockholders' (deficit)	(1,424,476)	(1,023,269)
Total liabilities and stockholders' (deficit)	$ 146,825	$ 184,961