BARE METAL STANDARD INC.

CIK:0001658880|SEC Filings

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Jul. 31, 2020	Jul. 31, 2019
Revenue
Total revenue	$ 217,588	$ 241,777	$ 682,415	$ 846,443
Cost of revenue	26,069	45,780	129,680	196,729
Gross income	191,519	195,997	552,735	649,714
Operating expenses
General and administrative expenses	54,826	70,678	194,161	212,508
Administrative and officer compensation	120,882	121,894	363,421	357,386
Total operating expenses	175,708	192,572	557,582	569,894
Income (loss) from operations	15,811	3,425	(4,847)	79,820
Other income (expense)
Other income			6,250	1,250
Interest expense	(5,994)	(5,513)	(16,321)	(16,645)
Total other income (expense)	(5,994)	(5,513)	(10,071)	(15,395)
Net income (loss)	$ 9,817	$ (2,088)	$ (14,918)	$ 64,425
Basic and diluted net income (loss) per common share (in dollars per share)	$ 0	$ (0.00)	$ (0.00)	$ 0
Weighted average shares outstanding - basic and dilutive (in shares)	31,195,000	31,845,000	31,358,686	31,845,000
Product Sales and Services [Member]
Revenue
Total revenue	$ 66,009	$ 111,007	$ 269,589	$ 357,290
Product Sales and Services - Related Parties [Member]
Revenue
Total revenue	$ 151,579	$ 130,770	$ 412,826	$ 489,153

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Jul. 31, 2020	Jul. 31, 2019
Cash flows from operating activities
Net income (loss)	$ (14,918)	$ 64,425
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Amortization of debt discount	3,736	3,750
Changes in operating assets and liabilities:
Accounts receivable	11,264	(6,719)
Accounts receivable - related parties	(14,098)	(27,422)
Prepaid expenses	6,401	(18,153)
Inventory	3,724	(5,581)
Accounts payable and accrued liabilities	(2,620)	692
Accounts payable - related parties	(1,375)	(15,625)
Deferred revenue	125	4,125
Net cash used in operating activities	(7,761)	(508)
Cash flows from financing activities
Proceeds received from notes payable - related party		21,000
Repayment of note payable - related party	(9,251)	(7,006)
Repayment of line of credit	(4,243)	(3,811)
Proceeds from notes payable	242,500
Repayment of note payable	(14,683)	(4,238)
Net cash provided by financing activities	214,323	5,945
Increase in cash and cash equivalents	206,562	5,437
Cash, beginning balance	10,079	11,643
Cash, ending balance	216,641	17,080
Supplementary information
Interest	11,424	12,896
Income taxes
Non-cash investing and financing activities
Note payable issued for financed insurance	$ 13,107

Consolidated Balance Sheets (UNAUDITED) - USD ($)	Jul. 31, 2020	Oct. 31, 2019
Current Assets:
Cash	$ 216,641	$ 10,079
Accounts receivable	39,381	50,645
Accounts receivable - related parties	100,417	86,319
Inventory	10,613	14,337
Prepaid expenses	23,678	16,972
Total current assets	390,730	178,352
Total assets	390,730	178,352
Current liabilities:
Accounts payable and accrued expenses	21,144	23,764
Accounts payable related party	4,000	5,375
Deferred revenue	500
Bank line of credit	23,065	27,308
Related party note payable - current portion	6,260	12,444
Promissory note payable - current portion	57,341	11,822
Total current liabilities	112,310	80,713
Long term liabilities
Deferred revenue	3,625	4,000
Related party note payable		3,067
Promissory note payable, net of discount	242,111	42,970
Total long term liabilities	245,736	50,037
Total liabilities	358,046	130,750
Shareholders' equity
Preferred stock, $0.001 par value, 20,000,000 shares authorized; None issued and outstanding as of July 31, 2020 and October 31, 2019, respectively
Common stock, $0.001 par value, 80,000,000 shares authorized; 31,195,000 and 31,845,000 shares issued and outstanding as of July 31, 2020 and October 31, 2019, respectively	31,195	31,845
Additional paid-in capital	372,355	371,705
Accumulated deficit	(370,866)	(355,948)
Total stockholders' equity	32,684	47,602
Total liabilities and stockholders' equity	$ 390,730	$ 178,352