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<p style="margin: 0">&#160;</p>

<p style="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center">A UNITED STATES</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></p>

<p style="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">WASHINGTON, D.C. 20549</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center">F<span style="font-family: Times New Roman, Times, Serif">ORM
<span id="xdx_902_edei--DocumentType_c20201101__20210131_zM50aEGw5rK9"><ix:nonNumeric contextRef="From2020-11-01to2021-01-31" name="dei:DocumentType">10-Q</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

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<tr style="vertical-align: top">
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<td style="text-align: justify"><span style="font: 12pt Times New Roman, Times, Serif">QUARTERLY REPORT PURSUANT TO SECTION 13l
OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.</span></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify; text-indent: -27pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">For
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">OR</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0">
<tr style="vertical-align: top; text-align: justify">
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<td style="text-align: justify"><span style="font: 12pt Times New Roman, Times, Serif">TRANSITION REPORT PURSUANT TO SECTION 13
OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.</span></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify; text-indent: -27pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">For
the transition period from _______ to ________.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Commission
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 24pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_906_edei--EntityRegistrantName_c20201101__20210131_zbR4O2TEzwWd"><ix:nonNumeric contextRef="From2020-11-01to2021-01-31" name="dei:EntityRegistrantName">INNOVATIVE DESIGNS, INC.</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">(Exact
Name of Registrant as Specified in its Charter)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
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<tr style="vertical-align: top">
<td style="line-height: 115%; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">(State or other jurisdiction
of</span></td>
<td style="line-height: 115%; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">(I.R.S. Employer</span></td></tr>
<tr style="vertical-align: top">
<td style="line-height: 115%; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">incorporation or organization)</span></td>
<td style="line-height: 115%; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">Identification No.)</span></td></tr>
</table>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_902_edei--EntityAddressAddressLine1_c20201101__20210131_z4V9gP697Ceb"><ix:nonNumeric contextRef="From2020-11-01to2021-01-31" name="dei:EntityAddressAddressLine1">124 Cherry Street&#160;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90A_edei--EntityAddressCityOrTown_c20201101__20210131_zlcmpjcnYlr"><ix:nonNumeric contextRef="From2020-11-01to2021-01-31" name="dei:EntityAddressCityOrTown">Pittsburgh</ix:nonNumeric></span>,
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">(Address
of Principal Executive Offices, Zip Code)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">(<span id="xdx_903_edei--CityAreaCode_c20201101__20210131_zIOzXhjRgW93"><ix:nonNumeric contextRef="From2020-11-01to2021-01-31" name="dei:CityAreaCode">412</ix:nonNumeric></span>)
<span id="xdx_909_edei--LocalPhoneNumber_c20201101__20210131_zBFki2ZAcA5h"><ix:nonNumeric contextRef="From2020-11-01to2021-01-31" name="dei:LocalPhoneNumber">799-0350</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">(Issuer&#8217;s
Phone Number Including Area Code)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">N/A</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">(Former
Name or Former Address, if changed since last report)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">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 and
Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such
reports), and (2) has been subject to such filing requirements for the past 90 days.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">YES&#9;
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Indicate
by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive
Data File required to be submitted and posted pursuant to Rule 405 of regulation S-T during the preceding 12 months (or such shorter
period that the registrant was required to submit and post such files). <span id="xdx_907_edei--EntityInteractiveDataCurrent_c20201101__20210131_zpe3cc5ttmsj"><span style="-sec-ix-hidden: xdx2ixbrl0031">YES</span></span>&#9;&#9746;&#9;&#9;NO&#9;&#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<!-- Field: Page; Sequence: 1 -->
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    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting c<span style="font-family: Times New Roman, Times, Serif">ompany.
See definitions of &#8220;large accelerated filer&#8221;, &#8220;accelerated filer&#8221; and &#8220;smaller reporting Company&#8221;
in Rule 12b-2 of the Exchange Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif">(Check
One)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 55%"><span style="font: 10pt Times New Roman, Times, Serif; color: black">Large Accelerated Filer &#9744;</span></td>
<td style="width: 45%"><span style="font: 10pt Times New Roman, Times, Serif; color: black">Accelerated Filer &#9744;</span></td></tr>
<tr style="vertical-align: top">
<td><span style="font: 10pt Times New Roman, Times, Serif; color: black">&#160;</span></td>
<td><span style="font: 10pt Times New Roman, Times, Serif; color: black">&#160;</span></td></tr>
<tr style="vertical-align: top">
<td><span style="font: 10pt Times New Roman, Times, Serif; color: black"><span id="xdx_904_edei--EntityFilerCategory_c20201101__20210131_zKcB5miGOPb"><ix:nonNumeric contextRef="From2020-11-01to2021-01-31" format="ixt-sec:entityfilercategoryen" name="dei:EntityFilerCategory">Non-accelerated Filer</ix:nonNumeric></span> &#9744;</span></td>
<td><span style="font: 10pt Times New Roman, Times, Serif; color: black">Smaller reporting company <span id="xdx_90C_edei--EntitySmallBusiness_c20201101__20210131_zdVTop87Vhn7"><ix:nonNumeric contextRef="From2020-11-01to2021-01-31" format="ixt:booleantrue" name="dei:EntitySmallBusiness">&#9746;</ix:nonNumeric></span>&#9;&#9; </span></td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_904_edei--EntityEmergingGrowthCompany_c20201101__20210131_zaTblQzZmGTi" title="Entity Emerging Growth Company" style="display: none"><ix:nonNumeric contextRef="From2020-11-01to2021-01-31" format="ixt:booleanfalse" name="dei:EntityEmergingGrowthCompany">&#9744;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif">(Do not
check if a smaller reporting company)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif">Indicate
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">As
of September 13, 2021, there were <span id="xdx_90C_edei--EntityCommonStockSharesOutstanding_iI_pid_c20210913_zTL0ttBVbTEe"><ix:nonFraction name="dei:EntityCommonStockSharesOutstanding" contextRef="AsOf2021-09-13" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">32,741,560</ix:nonFraction></span> shares of the Registrant&#8217;s common stock, par value $.0001 per share, outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Transitional
Small Business Disclosure Format:&#9;YES&#9;&#9744;&#9;NO &#9746;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Innovative Designs, Inc.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Index</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Form 10-Q for the Quarter Ended January 31,
2021</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="padding: 0; width: 10%; line-height: 115%; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="padding: 0; width: 80%; line-height: 115%; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">Part I -- Financial Information</span></td>
<td style="border-bottom: Black 1pt solid; padding: 0; width: 10%; line-height: 115%; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><span style="text-decoration: none">Page
No.</span></span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0; line-height: 115%; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="padding: 0; line-height: 115%; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="padding: 0; line-height: 115%; text-indent: 0; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
<td style="padding: 0; line-height: 115%; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif">Item 1.</span></td>
<td style="padding: 0; line-height: 115%; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif">Condensed Financial Statements (Unaudited)</span></td>
<td style="padding: 0; line-height: 115%; text-indent: 0; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: top; background-color: White">
<td style="padding: 0; line-height: 115%; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="padding: 0; line-height: 115%; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="padding: 0; line-height: 115%; text-indent: 0; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
<td style="padding: 0; line-height: 115%; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="padding: 0; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif"><a href="#a_001">Condensed Balance Sheets as of January 31, 20 (Unaudited) And October 31, 2020</a></span></td>
<td style="padding: 0; line-height: 115%; text-indent: 0; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">1</span></td></tr>
<tr style="vertical-align: top; background-color: White">
<td style="padding: 0; line-height: 115%; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="padding: 0; line-height: 115%; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="padding: 0; line-height: 115%; text-indent: 0; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
<td style="padding: 0; line-height: 115%; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="padding: 0; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif"><a href="#a_002">Condensed Statements of Operations for the Three Month Periods Ended January 31, 2021 and 2020 (Unaudited)</a></span></td>
<td style="padding: 0; line-height: 115%; text-indent: 0; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">3</span></td></tr>
<tr style="vertical-align: top; background-color: White">
<td style="padding: 0; line-height: 115%; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="padding: 0; line-height: 115%; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="padding: 0; line-height: 115%; text-indent: 0; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
<td style="padding: 0; line-height: 115%; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="padding: 0; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif"><a href="#a_003">Condensed Statements of Changes in Stockholders&#8217; Equity as of January 31, 2021 (Unaudited) and October 31, 2020</a></span></td>
<td style="padding: 0; line-height: 115%; text-indent: 0; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">4</span></td></tr>
<tr style="vertical-align: top; background-color: White">
<td style="padding: 0; line-height: 115%; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="padding: 0; line-height: 115%; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="padding: 0; line-height: 115%; text-indent: 0; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
<td style="padding: 0; line-height: 115%; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="padding: 0; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif"><a href="#a_004">Condensed Statements of Cash Flows for the Three Month Periods Ended January 31, 2021 and 2020 (Unaudited)</a></span></td>
<td style="padding: 0; line-height: 115%; text-indent: 0; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">5</span></td></tr>
<tr style="vertical-align: top; background-color: White">
<td style="padding: 0; line-height: 115%; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="padding: 0; line-height: 115%; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="padding: 0; line-height: 115%; text-indent: 0; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
<td style="padding: 0; line-height: 115%; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="padding: 0; line-height: 115%; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif"><a href="#a_005">Notes to the Condensed Financial Statements</a></span></td>
<td style="padding: 0; line-height: 115%; text-indent: 0; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">6 - 11</span></td></tr>
<tr style="vertical-align: top; background-color: White">
<td style="padding: 0; line-height: 115%; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="padding: 0; line-height: 115%; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="padding: 0; line-height: 115%; text-indent: 0; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
<td style="padding: 0; line-height: 115%; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif">Item 2.</span></td>
<td style="padding: 0; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif"><a href="#a_006">Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations</a></span></td>
<td style="padding: 0; line-height: 115%; text-indent: 0; text-align: right">12<span style="font: 10pt Times New Roman, Times, Serif">
- 13</span></td></tr>
<tr style="vertical-align: top; background-color: White">
<td style="padding: 0; line-height: 115%; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="padding: 0; line-height: 115%; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="padding: 0; line-height: 115%; text-indent: 0; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
<td style="padding: 0; line-height: 115%; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="padding: 0; line-height: 115%; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">Part II -- Other Information</span></td>
<td style="padding: 0; line-height: 115%; text-indent: 0; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: top; background-color: White">
<td style="padding: 0; line-height: 115%; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="padding: 0; line-height: 115%; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="padding: 0; line-height: 115%; text-indent: 0; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
<td colspan="2" style="padding: 0; line-height: 115%; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif"><a href="#a_007">Items 1, 2, 3, 4, 4T and 5.</a></span></td>
<td style="padding: 0; line-height: 115%; text-indent: 0; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">14
- 15</span></td></tr>
<tr style="vertical-align: top; background-color: White">
<td style="padding: 0; line-height: 115%; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="padding: 0; line-height: 115%; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="padding: 0; line-height: 115%; text-indent: 0; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
<td style="padding: 0; line-height: 115%; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif">Item 6.</span></td>
<td style="padding: 0; line-height: 115%; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif"><a href="#a_008">Exhibits</a></span></td>
<td style="padding: 0; line-height: 115%; text-indent: 0; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">16</span></td></tr>
</table>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

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<tr style="vertical-align: bottom; font-size: 10pt">
<td style="font: 10pt/107% Calibri, Helvetica, Sans-Serif; padding: 0; white-space: nowrap; width: 100%; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>INNOVATIVE
DESIGNS, INC.</b></span></td></tr>
<tr style="vertical-align: bottom; font-size: 10pt">
<td style="font: 10pt/107% Calibri, Helvetica, Sans-Serif; padding: 0; white-space: nowrap; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="a_001"></span>CONDENSED
BALANCE SHEETS</b></span></td></tr>
<tr style="vertical-align: bottom; font-size: 10pt">
<td style="font: 10pt/107% Calibri, Helvetica, Sans-Serif; padding: 0; white-space: nowrap; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>JANUARY
31, 2021 (UNAUDITED) AND OCTOBER 31, 2020</b></span></td></tr>
</table>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b></b>&#160;</p>

<table cellpadding="0" cellspacing="0" id="xdx_304_111_zhiYWkKrnrJ8" summary="xdx: Statement - CONDENSED BALANCE SHEETS (UNAUDITED)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td id="xdx_49B_20210131" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_49A_20201031" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">January 31, 2021</td><td style="padding-bottom: 1pt">&#160;</td>
    <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">October 31, 2020</td></tr>
<tr id="xdx_40B_eus-gaap--AssetsAbstract_iB_zEiPcFHc7Rdh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td colspan="9" style="font-weight: bold; text-align: center">ASSETS</td></tr>
<tr id="xdx_40D_eus-gaap--AssetsCurrentAbstract_i01B_zwvQZLLP4rba" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">CURRENT ASSETS</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_404_eus-gaap--Cash_i02I_pp0p0_maCzHh8_zHf4GHADdlya" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr id="xdx_408_eus-gaap--AccountsReceivableNetCurrent_i02I_maCzHh8_zEMxkbUrtydi" style="vertical-align: bottom; background-color: White">
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<tr id="xdx_402_eus-gaap--InventoryNet_i02I_maCzHh8_zG8D74Mt8Xxa" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr id="xdx_405_ecustom--CurrentPortionOfRightOfUseAsset_i02I_maCzHh8_z5XZP4M78aa9" style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_40C_eus-gaap--PropertyPlantAndEquipmentNet_i01I_maCzqim_zIiHhkLl2px4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="vertical-align: bottom; background-color: White">
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<tr id="xdx_400_eus-gaap--OtherAssetsAbstract_i01B_zNA0tNKo8Eec" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr id="xdx_40E_ecustom--InventoryOnConsignmentCurrent_i02I_maCzx3z_zqlbMZyD5f3f" style="vertical-align: bottom; background-color: White">
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<tr id="xdx_40E_eus-gaap--DepositsAssetsCurrent_i02I_maCzx3z_z0zrBL6FuAEh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr id="xdx_409_ecustom--AdvanceToEmployeeNoncurrent_i02I_maCzx3z_z4Aiwx7kjnkj" style="vertical-align: bottom; background-color: White">
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<tr id="xdx_405_ecustom--RightOfUseAssetNetOfCurrentPortion_i02I_maCzx3z_zwECcX0UnEy7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr id="xdx_402_eus-gaap--DepositsOnFlightEquipment_i02I_maCzx3z_zTRkAoIV9iZ6" style="vertical-align: bottom; background-color: White">
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<tr id="xdx_407_eus-gaap--OtherAssets_i01TI_mtCzx3z_maCzqim_ze54SqguqrN1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="vertical-align: bottom; background-color: White">
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<tr id="xdx_40D_eus-gaap--Assets_i01TI_mtCzqim_z1FvmZUmAQCf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="7" style="text-align: center">The accompanying notes are an integral part of these condensed financial statements.</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
</table>


<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>&#160;</b></p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b></b></p>

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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>&#160;</b></p>

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<tr style="vertical-align: bottom; font-size: 10pt">
    <td style="font: 10pt/107% Calibri, Helvetica, Sans-Serif; padding: 0; white-space: nowrap; width: 100%; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>INNOVATIVE
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<tr style="vertical-align: bottom; font-size: 10pt">
    <td style="font: 10pt/107% Calibri, Helvetica, Sans-Serif; padding: 0; white-space: nowrap; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>CONDENSED
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<tr style="vertical-align: bottom; font-size: 10pt">
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</table>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>&#160;</b></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
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<tr id="xdx_40B_eus-gaap--LiabilitiesAndStockholdersEquityAbstract_iB_zzY4qhz6ajyl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td colspan="9" style="font-weight: bold; text-align: center">LIABILITIES AND STOCKHOLDERS' EQUITY</td></tr>
<tr id="xdx_40C_eus-gaap--LiabilitiesCurrentAbstract_i01B_zKjOHp6ptCa" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<tr id="xdx_40B_eus-gaap--AccountsPayableCurrent_i02I_maCzq5o_zXni5f5all84" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr id="xdx_40E_eus-gaap--NotesPayableCurrent_i02I_maCzq5o_zRi5dK9mptYc" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:NotesPayableCurrent" contextRef="AsOf2021-01-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">18,628</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<tr id="xdx_407_eus-gaap--InterestPayableCurrent_i02I_maCzq5o_zaENakarvsok" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Accrued interest expense</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:InterestPayableCurrent" contextRef="AsOf2021-01-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">11,907</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<tr id="xdx_40F_eus-gaap--DueToOfficersOrStockholdersCurrent_i02I_maCzq5o_zar8ZWeZF4m" style="vertical-align: bottom; background-color: White">
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<tr id="xdx_400_eus-gaap--OperatingLeaseLiabilityCurrent_i02I_maCzq5o_zpM3UqRoVAid" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Current portion of lease liability</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityCurrent" contextRef="AsOf2021-01-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">39,311</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<tr id="xdx_40C_eus-gaap--AccruedLiabilitiesCurrent_i02I_maCzq5o_zB7Jr1Jd17v5" style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right"><ix:nonFraction name="us-gaap:AccruedLiabilitiesCurrent" contextRef="AsOf2021-01-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">14,553</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
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<tr id="xdx_40B_eus-gaap--LiabilitiesCurrent_i02TI_mtCzq5o_maCz7gS_zzt67ed3Uyz6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Total current liabilities</td><td style="padding-bottom: 1pt">&#160;</td>
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<tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_402_eus-gaap--LiabilitiesNoncurrentAbstract_i01B" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold">LONG-TERM LIABILITIES</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<tr id="xdx_40E_eus-gaap--LongTermNotesPayable_i02I_maCzKBw_zkTu2y0AWTcd" style="vertical-align: bottom; background-color: White">
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<tr id="xdx_402_eus-gaap--OperatingLeaseLiabilityNoncurrent_i02I_maCzKBw_zQd7tblKSvZ7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Lease liability, net of current portion</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityNoncurrent" contextRef="AsOf2021-01-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">30,931</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
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<tr id="xdx_40B_eus-gaap--LiabilitiesNoncurrent_i01TI_mtCzKBw_maCz7gS_zWO7H79neS36" style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr id="xdx_406_eus-gaap--Liabilities_i01TI_mtCz7gS_maCzmLf_zp2dBB4HRhvf" style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr id="xdx_403_eus-gaap--StockholdersEquityAbstract_i01B_zjNVAgQ8mMN2" style="vertical-align: bottom; background-color: White">
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<tr id="xdx_40B_eus-gaap--PreferredStockValue_i02I_maSEzIXw_z7Oz8EmlUgQd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0139">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_402_eus-gaap--CommonStockValue_i02I_maSEzIXw_z54A8t2t6zze" style="vertical-align: bottom; background-color: White">
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<tr id="xdx_401_ecustom--CommonStockToBeIssued_i02I_pp0p0_maSEzIXw_zdD9VNz5lKOi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0169">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_40F_eus-gaap--AdditionalPaidInCapitalCommonStock_i02I_maSEzIXw_z1MjWS1ehdb9" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Additional paid-in capital</td><td>&#160;</td>
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<tr id="xdx_40B_eus-gaap--RetainedEarningsAccumulatedDeficit_i02I_maSEzIXw_zwlpneCGESlc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Accumulated deficit</td><td style="padding-bottom: 1pt">&#160;</td>
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<tr id="xdx_403_eus-gaap--StockholdersEquity_i02TI_maCzmLf_mtSEzIXw_zKQkGBZA0m1i" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Total stockholders' equity</td><td style="padding-bottom: 1pt">&#160;</td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_404_eus-gaap--LiabilitiesAndStockholdersEquity_i01TI_mtCzmLf_ztekyRlZ1Gr9" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY</td><td style="padding-bottom: 2.5pt">&#160;</td>
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<tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="7" style="text-align: center">The accompanying notes are an integral part of these condensed financial statements.</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
</table>


<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<!-- Field: Page; Sequence: 5; Value: 1 -->
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>&#160;</b></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
<tr style="vertical-align: bottom; font-size: 10pt">
<td style="font: 10pt/107% Calibri, Helvetica, Sans-Serif; padding: 0; white-space: nowrap; width: 100%; text-align: center; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif"><b>INNOVATIVE
DESIGNS, INC.</b></span></td></tr>
<tr style="vertical-align: bottom; font-size: 10pt">
<td style="font: 10pt/107% Calibri, Helvetica, Sans-Serif; padding: 0; white-space: nowrap; text-align: center; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="a_002"></span>CONDENSED
STATEMENTS OF OPERATIONS</b></span></td></tr>
<tr style="vertical-align: bottom; font-size: 10pt">
<td style="font: 10pt/107% Calibri, Helvetica, Sans-Serif; padding: 0; white-space: nowrap; text-align: center; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif"><b>THREE
MONTHS PERIODS ENDED JANURARY 31, 2021 AND 2020 (UNAUDITED)</b></span></td></tr>
</table>


<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="margin-top: 0; margin-bottom: 0"></p>

<table cellpadding="0" cellspacing="0" id="xdx_30F_113_zmbul2G9aBK5" summary="xdx: Statement - CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_49A_20201101__20210131_zppeLGQTZQhc" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_490_20191101__20200131_zUpXo6l6XnCc" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
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<tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
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<tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="3" style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="3" style="text-align: center">&#160;</td></tr>
<tr id="xdx_40E_eus-gaap--Revenues_maCzVcU_z8xmwBnkTF5k" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 56%; text-align: left">REVENUES - NET</td><td style="width: 8%">&#160;</td>
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<tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_405_eus-gaap--OperatingExpensesAbstract_iB_zvOLOw32pzii" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">OPERATING EXPENSES:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_409_eus-gaap--CostOfRevenue_i01_maCzdZ8_zWvzb6GFLBW8" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0 0 0 20pt">Cost of sales</td><td>&#160;</td>
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<tr id="xdx_409_eus-gaap--SellingGeneralAndAdministrativeExpense_i01_maCzdZ8_zDEBygDUKBJa" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 20pt; text-align: left">Selling, general and administrative expenses</td><td style="padding-bottom: 1pt">&#160;</td>
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<tr id="xdx_40A_eus-gaap--OperatingExpenses_i01T_mtCzdZ8_msCzVcU_z0Pjj3c4gef9" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0 0 0 20pt; text-align: left">Total Operating Expenses</td><td style="padding-bottom: 1pt">&#160;</td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr id="xdx_405_eus-gaap--EarningsPerShareAbstract_iB_zp9u1YHKtm96" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<tr id="xdx_40A_eus-gaap--WeightedAverageNumberOfShareOutstandingBasicAndDiluted_i01_zhyUoI0hQl09" style="vertical-align: bottom; background-color: White">
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</table>




<p style="margin-top: 0; margin-bottom: 0">&#160;<b>&#160;</b></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
<tr style="font-size: 10pt">
<td style="font: 10pt/107% Calibri, Helvetica, Sans-Serif; padding: 0; white-space: nowrap; width: 100%; text-align: center; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif">The accompanying notes are an integral part of these condensed financial statements.</span></td></tr>
</table>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>&#160;</b></p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b></b></p>

<!-- Field: Page; Sequence: 6; Value: 1 -->
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>&#160;</b>&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
<tr style="vertical-align: bottom; font-size: 10pt">
<td style="font: 10pt/107% Calibri, Helvetica, Sans-Serif; padding: 0; white-space: nowrap; width: 100%; text-align: center; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif"><b>INNOVATIVE
DESIGNS, INC.</b></span></td></tr>
<tr style="vertical-align: bottom; font-size: 10pt">
<td style="font: 10pt/107% Calibri, Helvetica, Sans-Serif; padding: 0; white-space: nowrap; text-align: center; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="a_003"></span>CONDENSED
STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY</b></span></td></tr>
<tr style="vertical-align: bottom; font-size: 10pt">
<td style="font: 10pt/107% Calibri, Helvetica, Sans-Serif; padding: 0; white-space: nowrap; text-align: center; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif"><b>JANUARY
31, 2021 (UNAUDITED) AND OCTOBER 31, 2020</b></span></td></tr>
</table>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>&#160;</b></p>

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<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom">
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<tr id="xdx_43A_c20201101__20210131_eus-gaap--StockholdersEquity_iS_zsFsYV4lUY3f" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<tr id="xdx_401_eus-gaap--NetIncomeLoss_pp0p0_zG0Qfme0MXUl" style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<tr id="xdx_430_c20201101__20210131_eus-gaap--StockholdersEquity_iE_zPz9LcKg2AIj" style="vertical-align: bottom; background-color: White">
    <td>Balance at January 31, 2021</td><td style="padding-bottom: 2.5pt">&#160;</td>
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</table>


<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>&#160;</b></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
<tr style="font-size: 10pt">
    <td style="font: 10pt/107% Calibri, Helvetica, Sans-Serif; padding: 0; white-space: nowrap; width: 100%; text-align: center; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif">The accompanying notes are an integral part of these condensed financial statements.</span></td></tr>
</table>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<!-- Field: Page; Sequence: 7; Value: 1 -->
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    <!-- Field: /Page -->

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>&#160;</b></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
<tr style="vertical-align: bottom; font-size: 10pt">
<td style="font: 10pt/107% Calibri, Helvetica, Sans-Serif; padding: 0; white-space: nowrap; width: 100%; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>INNOVATIVE
DESIGNS, INC.</b></span></td></tr>
<tr style="vertical-align: bottom; font-size: 10pt">
<td style="font: 10pt/107% Calibri, Helvetica, Sans-Serif; padding: 0; white-space: nowrap; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="a_004"></span>CONDENSED
STATEMENTS OF CASH FLOWS</b></span></td></tr>
<tr style="vertical-align: bottom; font-size: 10pt">
<td style="font: 10pt/107% Calibri, Helvetica, Sans-Serif; padding: 0; white-space: nowrap; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>THREE
MONTHS ENDED JANUARY 31, 2021 AND 2020 (UNAUDITED)</b></span></td></tr>
</table>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>&#160;</b></p>

<table cellpadding="0" cellspacing="0" id="xdx_300_112_zIVkX5BjOzif" summary="xdx: Statement - CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_49C_20201101__20210131_zTyh6CrAVD34" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_499_20191101__20200131_zf4hhUjXHIuh" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="7" style="text-align: center">For the Three Month Periods</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td colspan="7" style="border-bottom: Black 1pt solid; text-align: center">Ended</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">January 31, 2021</td><td style="padding-bottom: 1pt">&#160;</td>
    <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">January 31, 2020</td></tr>
<tr id="xdx_403_eus-gaap--NetCashProvidedByUsedInOperatingActivitiesAbstract_iB_zlV0kOVH9ua2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">CASH FLOWS FROM OPERATING ACTIVITIES:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_408_eus-gaap--NetIncomeLoss_i01_maCziSu_zGCsCGUKCUwg" style="vertical-align: bottom; background-color: White">
    <td style="width: 56%; text-align: left">Net loss</td><td style="width: 8%">&#160;</td>
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">(<ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2019-11-012020-01-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">68,890</ix:nonFraction></td><td style="width: 1%; text-align: left">)</td></tr>
<tr id="xdx_409_eus-gaap--AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_i01B_zWi6QwgBQ0Uc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_40D_eus-gaap--ProvisionForDoubtfulAccounts_i02_maCziSu_zz2phSnuKcgb" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0 0 0 20pt; text-align: left">Allowance for doubtful accounts</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0264">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<tr id="xdx_408_eus-gaap--InventoryWriteDown_i02_maCziSu_zuaoIcTxkqkg" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 20pt; text-align: left">Allowance for obsolete inventory</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0268">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_40C_eus-gaap--IssuanceOfStockAndWarrantsForServicesOrClaims_i02_maCziSu_zlinasYiI2eb" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0 0 0 20pt; text-align: left">Common stock issued for services</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IssuanceOfStockAndWarrantsForServicesOrClaims" contextRef="From2020-11-01to2021-01-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">25,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0271">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_40A_eus-gaap--AssetImpairmentCharges_i02_maCziSu_zeYh5RWa5Yk2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 20pt; text-align: left">Impairment loss on assets held for sale</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_40E_eus-gaap--Depreciation_i02_maCziSu_zVMobS7qzida" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0 0 0 20pt">Depreciation</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2020-11-01to2021-01-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,327</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<tr id="xdx_40B_eus-gaap--FinanceLeaseRightOfUseAssetAmortization_i02_maCziSu_z4sctH7mghF1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 20pt; text-align: left">Amortization of right of use asset</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:FinanceLeaseRightOfUseAssetAmortization" contextRef="From2020-11-01to2021-01-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">9,495</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<tr id="xdx_40C_eus-gaap--IncreaseDecreaseInOperatingAssetsAbstract_i01B_zEce0nL6Hlda" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">(Increase) decrease from changes in:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_40D_eus-gaap--IncreaseDecreaseInAccountsReceivable_i02N_di_msCziSu_zcqntvw4TcI6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr id="xdx_40E_eus-gaap--IncreaseDecreaseInOtherReceivables_i02N_di_msCziSu_zOcm4rViikk5" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0 0 0 20pt; text-align: left">Other receivable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0289">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_406_eus-gaap--IncreaseDecreaseInInventories_i02N_di_msCziSu_zycAIZiRQTVh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr id="xdx_402_ecustom--IncreaseDecreaseInInventoryOnConsignment_i02N_di_msCziSu_zoqhTy3lYw0j" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0 0 0 20pt; text-align: left">Inventory on consignment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0295">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_400_ecustom--IncreaseDecreaseInDepositsOnInventory_i02N_di_msCziSu_zKxLT2rH7YD1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 20pt; text-align: left">Deposits on inventory</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0298">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_408_eus-gaap--IncreaseDecreaseInPrepaidExpense_i02N_di_msCziSu_zAZG5NUN1Ts3" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0 0 0 20pt; text-align: left">Prepaid expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="color: White; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0300">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0301">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_40C_eus-gaap--IncreaseDecreaseInDueFromEmployeeCurrent_i02N_di_msCziSu_z0Jy0948yQJ" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<tr id="xdx_40C_eus-gaap--IncreaseDecreaseInOperatingAssetsAbstract_i01B_zYOi71qmZHFg" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_40D_eus-gaap--IncreaseDecreaseInAccountsPayable_i02_maCziSu_ztYhVSoV7C8d" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsPayable" contextRef="From2020-11-01to2021-01-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">36,500</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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<tr id="xdx_405_eus-gaap--IncreaseDecreaseInOperatingLiabilities_i02_maCziSu_zMxqHnAatLW7" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0 0 0 20pt; text-align: left">Lease liability</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInOperatingLiabilities" contextRef="From2020-11-01to2021-01-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">9,495</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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<tr id="xdx_409_eus-gaap--IncreaseDecreaseInInterestPayableNet_i02_maCziSu_zfzfbWqB7c08" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr id="xdx_405_eus-gaap--IncreaseDecreaseInOtherAccruedLiabilities_i02_maCziSu_zXh02J1p2XW8" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0 0 0 20pt; text-align: left">Accrued expenses</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0319">&#8212;</span></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr id="xdx_403_eus-gaap--NetCashProvidedByUsedInOperatingActivities_i01T_mtCziSu_maCzrpP_zaW96aLCFBUc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 10pt; text-align: left">Net cash used in operating activities</td><td>&#160;</td>
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<tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_40B_eus-gaap--NetCashProvidedByUsedInInvestingActivitiesAbstract_iB_zeAjpu2ySArj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">CASH FLOWS FROM INVESTING ACTIVITIES</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_40F_eus-gaap--PaymentsForOtherDeposits_i01N_di_msCzFHh_zhoSNW7YOI4g" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0 0 0 20pt; text-align: left">Deposits on equipment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="color: White; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0327">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0328">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_40F_eus-gaap--PaymentsToAcquirePropertyPlantAndEquipment_i01N_di_msCzFHh_zigQhvHhYjmc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 20pt; text-align: left">Capital expenditures</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: rgb(204,238,255); text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0330">&#8212;</span></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0331">&#8212;</span></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr id="xdx_40A_eus-gaap--NetCashProvidedByUsedInInvestingActivities_i01T_mtCzFHh_maCzrpP_zyiS4p4upcOg" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Net cash used in investing activities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0333">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0334">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_405_eus-gaap--NetCashProvidedByUsedInFinancingActivitiesAbstract_iB_zly80hTG1Fm9" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">CASH FLOWS FROM FINANCING ACTIVITIES:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_40C_eus-gaap--ProceedsFromIssuanceOfCommonStock_i01_maCzetW_zI1mOd8OukGi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 20pt; text-align: left">Proceeds from sale of stock</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0339">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfCommonStock" contextRef="From2019-11-012020-01-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">49,000</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_406_eus-gaap--ProceedsFromRelatedPartyDebt_i01_maCzetW_zXiHrer9bGVe" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0 0 0 20pt; text-align: left">Proceeds from shareholder advances</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ProceedsFromRelatedPartyDebt" contextRef="From2020-11-01to2021-01-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">200,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ProceedsFromRelatedPartyDebt" contextRef="From2019-11-012020-01-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">39,500</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_408_eus-gaap--RepaymentsOfRelatedPartyDebt_i01N_di_msCzetW_zUp9Qs1xH7d5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 20pt; text-align: left">Payments on shareholder advances</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:RepaymentsOfRelatedPartyDebt" contextRef="From2019-11-012020-01-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">10,400</ix:nonFraction></td><td style="text-align: left">)</td></tr>
<tr id="xdx_404_eus-gaap--OperatingLeasePayments_i01N_di_msCzetW_zL1UoxTr7kLf" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0 0 0 20pt; text-align: left">Payments on lease liability</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_40B_eus-gaap--RepaymentsOfNotesPayable_i01N_di_msCzetW_zgLQBhRlPAFe" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 20pt; text-align: left">Payments on notes payable</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(<ix:nonFraction name="us-gaap:RepaymentsOfNotesPayable" contextRef="From2020-11-01to2021-01-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,819</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(<ix:nonFraction name="us-gaap:RepaymentsOfNotesPayable" contextRef="From2019-11-012020-01-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,470</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr id="xdx_40E_eus-gaap--NetCashProvidedByUsedInFinancingActivities_i01T_mtCzetW_maCzrpP_z28UcOE5ylli" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0 0 0 10pt; text-align: left">Net cash provided by financing activities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInFinancingActivities" contextRef="From2020-11-01to2021-01-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">198,181</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInFinancingActivities" contextRef="From2019-11-012020-01-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">73,630</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_401_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect_i01T_mtCzrpP_z0GNhnREtp0c" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Net decrease in cash</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect" contextRef="From2019-11-012020-01-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">37,299</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_401_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iS_zKAYPCRrsEjk" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">CASH, BEGINNING OF YEAR</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="AsOf2020-10-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">48,009</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="AsOf2019-10-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">34,525</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_409_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iE_z9RhcDu8AOPc" style="vertical-align: bottom; background-color: White">
    <td>CASH, END OF THE PERIOD</td><td style="padding-bottom: 2.5pt">&#160;</td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_40C_eus-gaap--SupplementalCashFlowInformationAbstract_iB_zFbA1mXbkZGa" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Supplemental disclosure of cash flow information:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_408_eus-gaap--InterestPaidNet_i01_zNPaJWUvpZ8f" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 20pt; text-align: left">Cash paid for interest</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:InterestPaidNet" contextRef="From2020-11-01to2021-01-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">9,800</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:InterestPaidNet" contextRef="From2019-11-012020-01-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,706</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_407_eus-gaap--IncomeTaxesPaid_i01_zouwofJixuOh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 20pt; text-align: left">Cash paid for taxes</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0372">&#8212;</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0373">&#8212;</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td colspan="9" style="text-align: center">The accompanying notes are an integral part of these condensed financial statements.</td></tr>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>&#160;</b></p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b></b></p>

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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>&#160;</b></p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><b>INNOVATIVE DESIGNS, INC.</b></p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><span id="a_005"></span>NOTES TO THE CONDENSED FINANCIAL STATEMENTS</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="text-decoration: underline">Three Month Periods Ended January
31, 2021 and 2020 (Unaudited)</span></p>

<ix:nonNumeric contextRef="From2020-11-01to2021-01-31" escape="true" name="us-gaap:BasisOfAccounting"><p id="xdx_807_eus-gaap--BasisOfAccounting_zfDonZjE8TOa" style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left">&#160;</p>

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<tr style="vertical-align: top; font-size: 10pt">
<td style="padding: 0; width: 0px; font-size: 10pt; text-indent: 0">&#160;</td>
<td style="font: 10pt/107% Calibri, Helvetica, Sans-Serif; padding: 0; width: 60px; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif">NOTE 1.</span></td>
<td style="font: 10pt/107% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: justify; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif"><span style="text-decoration: underline"><span id="xdx_822_z52s9Ie5WOxb">BASIS OF PRESENTATION</span></span></span></td></tr>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">In the opinion of management,
the accompanying unaudited financial statements contain all adjustments necessary to present fairly Innovative Designs, Inc.'s
financial position as of January 31, 2021, the changes therein for the three periods then ended and the results of operations for
the three periods ended January, 2021 and 2020.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">The financial statements included
in the Form 10-Q are presented in accordance with the requirements of the Form and do not include all of the disclosures required
by accounting principles generally accepted in the United States of America. For additional information, reference is made to the
Innovative Designs, Inc.'s annual report on Form 10-K for the fiscal year ended October 31, 2020. The results of operations for
the three periods ended January, 2021 and 2020 are not necessarily indicative of operating results for the full year.</p>

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    <td style="font: 10pt/107% Calibri, Helvetica, Sans-Serif; padding: 0; width: 60px; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif">NOTE 2.</span></td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">During the quarter ended April
30, 2019, the Company implemented Accounting Standards Update 2016-02, Leases. Under the new guidance, a lessee must be recorded
a liability for lease payments (referred to as the lease liability) and an asset for the right to use the leased asset during the
lease term (referred to at the right of use asset) for all leases, regardless of whether they are designated as finance or operating
leases. This election requires the lessee to recognize lease expense on a straight-line basis over the lease term. The right of
use assets and corresponding right of use liabilities have been recorded using the present value of the leases. See Notes 11 and
12 within the financial statement for additional disclosure on leases</p>

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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">These financial statements
have been prepared on a going concern basis, which implies that the Company will continue to realize its assets and discharge its
liabilities in the normal course of business. The Company had a net loss of ($<span id="xdx_90A_eus-gaap--NetIncomeLoss_iN_pp0p0_di_c20201101__20210131_zowgPaXlJlb9" title="Net loss"><ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2020-11-01to2021-01-31" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="USD">35,965</ix:nonFraction></span>) and a negative cash flow from operations
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Management's plans include cash receipts through sales, sales of Company stock, and borrowings from private parties. These factors
raise substantial doubt regarding the Company's ability to continue as a going concern for a period of one year from the issuance
of these financial statements. These financial statements do not include any adjustments to the recoverability and classification
of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as
a going concern.</p>

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<tr style="vertical-align: top; font-size: 10pt">
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    <td style="font: 10pt/107% Calibri, Helvetica, Sans-Serif; padding: 0; width: 60px; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif">NOTE 4.</span></td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">Management evaluates its receivables
on a quarterly basis to assess the validity of remaining receivables. Management has determined that there is significant doubt
regarding the receivable balance over 90 days of $<span id="xdx_909_eus-gaap--AllowanceForDoubtfulAccountsReceivableCurrent_iI_pp0p0_c20210131_z3ZlXImvmRN2" title="Allowance for doubtful accounts"><span id="xdx_90D_eus-gaap--AllowanceForDoubtfulAccountsReceivableCurrent_iI_pp0p0_c20201031_zwtNBs1tGQBf"><ix:nonFraction name="us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent" contextRef="AsOf2021-01-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD"><ix:nonFraction name="us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent" contextRef="AsOf2020-10-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">5,860</ix:nonFraction></ix:nonFraction></span></span> January 31, 2021 and October 31, 2020, respectively. Management has applied
an allowance on all balances in excess of 90 days.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">&#160;</p>

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<ix:exclude><p id="xdx_231_zJ2CNpOBeTMf" style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">&#160;</p></ix:exclude>

<ix:exclude><p id="xdx_23F_zOFwxZ2wGNWj" style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><b>INNOVATIVE DESIGNS, INC.</b></p></ix:exclude>

<ix:exclude><p id="xdx_239_zeikf8mCUYb7" style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p></ix:exclude>

<ix:exclude><p id="xdx_236_zwx6QrL1lL11" style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">NOTES TO THE CONDENSED FINANCIAL STATEMENTS</p></ix:exclude>

<ix:exclude><p id="xdx_234_zFa96QmAN7N3" style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="text-decoration: underline">Three Month Periods Ended January
31, 2021 and 2020 (Unaudited)</span></p></ix:exclude>

</ix:nonNumeric><ix:nonNumeric contextRef="From2020-11-01to2021-01-31" escape="true" name="us-gaap:InventoryDisclosureTextBlock"><p id="xdx_80F_eus-gaap--InventoryDisclosureTextBlock_zfAGqsn1WUV1" style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left">&#160;</p>

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    <td style="font: 10pt/107% Calibri, Helvetica, Sans-Serif; padding: 0; width: 60px; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif">NOTE 5.</span></td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">Inventory consists principally
of purchased apparel inventory and House Wrap which is manufactured by the Company. Inventory is stated at the lower of cost or
net realizable value on a first-in, first-out basis. The Company has decided to discontinue the selling of its hunting and swimming
line of apparel. The Company has booked a reserve against apparel inventory at January 31, 2020 and October 31, 2019 of $<span id="xdx_908_eus-gaap--InventoryValuationReserves_iI_pp0p0_c20210131_za5vT8aygj4e"><span id="xdx_902_eus-gaap--InventoryValuationReserves_iI_pp0p0_c20201031_zajxZjfGWh0a"><ix:nonFraction name="us-gaap:InventoryValuationReserves" contextRef="AsOf2021-01-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD"><ix:nonFraction name="us-gaap:InventoryValuationReserves" contextRef="AsOf2020-10-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">75,468</ix:nonFraction></ix:nonFraction></span></span>.
Management has determined that no allowance is currently necessary on their House Wrap Inventory. Management will continue to evaluate
its obsolete inventory reserve throughout the year and make adjustments as needed.</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2020-11-01to2021-01-31" escape="true" name="us-gaap:EarningsPerShareTextBlock"><p id="xdx_80E_eus-gaap--EarningsPerShareTextBlock_zpfejwBVRby9" style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">&#160;&#160;</p>

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<tr style="vertical-align: top; font-size: 10pt">
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">The Company calculates net
income (loss) per share in accordance with Financial Accounting Standards Board ('FASB') Accounting Standard Codification ('ASC')
Topic 260&#160;<i>'Earnings per Share'</i>. Basic earnings (loss) per share is calculated by dividing income (loss) by the weighted
average number of common shares outstanding for the period. During the periods presented, the Company only has common stock outstanding.
As a result, diluted earnings per share was not calculated.</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2020-11-01to2021-01-31" escape="true" name="us-gaap:IncomeTaxDisclosureTextBlock"><p id="xdx_802_eus-gaap--IncomeTaxDisclosureTextBlock_z9nYXiVOXU7j" style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">&#160;</p>

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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">The Company accounts for income
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reporting purposes.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">Deferred income taxes are provided
for differences between the tax bases of assets and liabilities and the financial reporting amounts at the end of the period, and
for net operating loss and tax credit carryforwards available to offset future taxable income. Changes in enacted tax rates or
laws result in adjustments to recorded deferred tax assets and liabilities in the periods in which the tax laws are enacted or
tax rates are changed. The Company will continue to evaluate its income tax obligation throughout the year and will record a tax
provision when it is necessary.</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2020-11-01to2021-01-31" escape="true" name="ivdn:ShippingAndHandlingCostsTextBlock"><p id="xdx_807_ecustom--ShippingAndHandlingCostsTextBlock_ziiF8QqaUVid" style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">&#160;</p>

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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">The Company pays shipping and
handling costs on behalf of customers for purchased apparel merchandise. These costs are billed back to the customer through the
billing invoice. The shipping and handling costs associated with merchandise ordered by the Company are included as part of inventory
as these costs are allocated across the merchandise received. With House Wrap orders, the customer pays the shipping cost. The
shipping and handling costs associated with customer orders was approximately $<span id="xdx_909_ecustom--ShippingAndHandlingCosts_pp0p0_c20201101__20210131_zzvWWEye3TAl" title="Shipping and handling costs"><ix:nonFraction name="ivdn:ShippingAndHandlingCosts" contextRef="From2020-11-01to2021-01-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">3,007</ix:nonFraction></span> and $<span id="xdx_90D_ecustom--ShippingAndHandlingCosts_pp0p0_c20191101__20200131_zBIowZNpXg1b"><ix:nonFraction name="ivdn:ShippingAndHandlingCosts" contextRef="From2019-11-012020-01-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,800</ix:nonFraction></span> for the three month periods ended
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">&#160;</p>

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<ix:exclude><p id="xdx_23F_zEmH71jdSE84" style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><b>INNOVATIVE DESIGNS, INC.</b></p></ix:exclude>

<ix:exclude><p id="xdx_235_zl3doUO5V6Fa" style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p></ix:exclude>

<ix:exclude><p id="xdx_234_zOVtS5EvtZWf" style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">NOTES TO THE CONDENSED FINANCIAL STATEMENTS&#160;</p></ix:exclude>

<ix:exclude><p id="xdx_235_z2IE1yT3DDE8" style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="text-decoration: underline">Three Month Periods Ended January
31, 2021 and 2020 (Unaudited)</span></p></ix:exclude>

</ix:nonNumeric><ix:nonNumeric contextRef="From2020-11-01to2021-01-31" escape="true" name="us-gaap:StockholdersEquityNoteDisclosureTextBlock"><p id="xdx_80B_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_z4BgeujCKbAb" style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%; font-size: 10pt">
<tr style="vertical-align: top; font-size: 10pt">
    <td style="padding: 0; width: 0px; font-size: 10pt; text-indent: 0">&#160;</td>
    <td style="font: 10pt/107% Calibri, Helvetica, Sans-Serif; padding: 0; width: 60px; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif">NOTE 9.</span></td>
    <td style="font: 10pt/107% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: justify; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif"><span style="text-decoration: underline"><span id="xdx_825_z6tKUfIHhigj">COMMON STOCK</span></span></span></td></tr>
</table>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">During the three month period
ended January 31, 2021, the Company sold <span id="xdx_909_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20201101__20210131__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--OneIndividualMember_zz1hgNzGFo4g" title="Number of shares issued during the period"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2020-11-012021-01-31_custom_OneIndividualMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">100,000</ix:nonFraction></span> shares of common stock to one investors for total proceeds of $<span id="xdx_908_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pp0p0_c20201101__20210131__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--OneIndividualMember_zVYFSKcdx8Pj" title="Value of shares issued during the period"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2020-11-012021-01-31_custom_OneIndividualMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">25,000</ix:nonFraction></span>. The stock
was issued for $<span id="xdx_90A_eus-gaap--SharePrice_iI_c20210131__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--OneIndividualMember_zJi71I600uu3" title="Share price (in dollars per share)"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2021-01-31_custom_OneIndividualMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.25</ix:nonFraction></span> per share.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">During the three month period
ended January 31, 2020, the Company sold <span id="xdx_909_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20191101__20200131__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NineInvestorsMember_zDaTMWZBrZN9" title="Number of shares issued during the period"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2019-11-012020-01-31_custom_NineInvestorsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">300,000</ix:nonFraction></span> shares of common stock to nine investors for total proceeds of $<span id="xdx_90C_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pp0p0_c20191101__20200131__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NineInvestorsMember_zC9nH3rYYNAl" title="Value of shares issued during the period"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2019-11-012020-01-31_custom_NineInvestorsMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">49,000</ix:nonFraction></span>. The stock
was issued between $<span id="xdx_905_eus-gaap--SharePrice_iI_c20200131__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NineInvestorsMember__srt--RangeAxis__srt--MinimumMember_zkn0OeoxT5Y5" title="Share price (in dollars per share)"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2020-01-31_custom_NineInvestorsMember_srt_MinimumMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.15</ix:nonFraction></span> and $<span id="xdx_901_eus-gaap--SharePrice_iI_c20200131__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NineInvestorsMember__srt--RangeAxis__srt--MaximumMember_zOaEzD73XU9c" title="Share price (in dollars per share)"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2020-01-31_custom_NineInvestorsMember_srt_MaximumMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.17</ix:nonFraction></span> per share.</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2020-11-01to2021-01-31" escape="true" name="ivdn:DepositsOnEquipmentTextBlock"><p id="xdx_808_ecustom--DepositsOnEquipmentTextBlock_zOW1MZeNVFX1" style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%; font-size: 10pt">
<tr style="vertical-align: top; font-size: 10pt">
    <td style="padding: 0; width: 0px; font-size: 10pt; text-indent: 0">&#160;</td>
    <td style="font: 10pt/107% Calibri, Helvetica, Sans-Serif; padding: 0; width: 60px; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif">NOTE 10.</span></td>
    <td style="font: 10pt/107% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: justify; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif"><span style="text-decoration: underline"><span id="xdx_827_ztDIi8LgNF8i">DEPOSITS ON EQUIPMENT</span></span></span></td></tr>
</table>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">On July 12, 2015 the Company
reached an agreement with Ketut Jaya to purchase the machinery and equipment utilized to produce the INSULTEX material. <span id="xdx_906_eus-gaap--DepositContractsDescriptionOfAssetContracts_c20150711__20150712" title="Description of assets contract"><ix:nonNumeric contextRef="From2015-07-112015-07-12" name="us-gaap:DepositContractsDescriptionOfAssetContracts">The purchase
price is $<span id="xdx_90F_eus-gaap--PaymentsForPurchaseOfOtherAssets1_c20150711__20150712_pp0p0" title="Purchase price of equipment"><ix:nonFraction name="us-gaap:PaymentsForPurchaseOfOtherAssets1" contextRef="From2015-07-112015-07-12" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">700,000</ix:nonFraction></span> which was to be paid in four installments. The first installment of $<span id="xdx_90D_ecustom--FirstInstallmentForEquipment_c20150712_pp0p0" title="First installment for equipment"><ix:nonFraction name="ivdn:FirstInstallmentForEquipment" contextRef="AsOf2015-07-12" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">300,000</ix:nonFraction></span> was to be paid at the execution
of the agreement. The second installment of $<span id="xdx_90C_ecustom--SecondInstallmentForEquipment_c20150712_pp0p0" title="Second installment for equipment"><ix:nonFraction name="ivdn:SecondInstallmentForEquipment" contextRef="AsOf2015-07-12" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">200,000</ix:nonFraction> </span>was to be paid when the machinery and equipment is ready to be shipped to
the United States. The third installment of $<span id="xdx_90D_ecustom--ThirdInstallmentForEquipment_c20150712_pp0p0" title="Third installment for equipment"><ix:nonFraction name="ivdn:ThirdInstallmentForEquipment" contextRef="AsOf2015-07-12" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">100,000</ix:nonFraction></span> is to be paid once the machinery and equipment is producing INSULTEX, and
the fourth and final installment of $<span id="xdx_906_ecustom--FourthInstallmentForEquipment_c20150712_pp0p0" title="Fourth installment for equipment"><ix:nonFraction name="ivdn:FourthInstallmentForEquipment" contextRef="AsOf2015-07-12" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">100,000</ix:nonFraction></span> is to be made after the first commercial production run of INSULTEX is completed.</ix:nonNumeric></span>
As of January 31, 2021, the Company has made payments of $<span id="xdx_90B_ecustom--DepositsOnEquipment_c20210131_pp0p0" title="Deposits on equipment"><ix:nonFraction name="ivdn:DepositsOnEquipment" contextRef="AsOf2021-01-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">500,000</ix:nonFraction></span> in accordance with the agreement and made a $<span id="xdx_900_ecustom--AdvancedPaymentOnMachine_c20210131_pp0p0" title="Advanced payment on machine"><ix:nonFraction name="ivdn:AdvancedPaymentOnMachine" contextRef="AsOf2021-01-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">100,000</ix:nonFraction></span> pre-payment
as the machine is not yet producing INSULTEX. Additionally, the Company has incurred $<span id="xdx_907_ecustom--ShippingSiteImprovementsAndInstallationEquipmentExpenses_c20201101__20210131_pp0p0" title="Shipping, site improvements and installation of the equipment expenses"><ix:nonFraction name="ivdn:ShippingSiteImprovementsAndInstallationEquipmentExpenses" contextRef="From2020-11-01to2021-01-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">17,000</ix:nonFraction></span> of additional expenses related to
shipping, site improvements and installation of the equipment. Due to various environmental regulations regarding propane emitted
from the machine into the air and other costs to assemble the machine the Company expects to incur costs in excess of the current
deposit agreement. Management of the Company currently cannot reasonably estimate the costs. During the six month period ended
April 30, 2019 Management decided to sell the machine. The shipping and other purchase costs associated with the purchase of the
machine that were originally capitalized as part of the machine cost that were written off. The total loss on impairment for the
six month period ended April 30, 2019 was $<span id="xdx_90F_eus-gaap--AssetImpairmentCharges_pdp0_c20181101__20190430_zikc6kkPpZBg" title="Loss on impairment"><ix:nonFraction name="us-gaap:AssetImpairmentCharges" contextRef="From2018-11-012019-04-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">17,000</ix:nonFraction></span>. In July 2021, management has decided that it is no longer selling this equipment
and is moving forward with plans of putting it in service in the future.</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2020-11-01to2021-01-31" escape="true" name="ivdn:RightOfUseAssetsTextBlock"><p id="xdx_80D_ecustom--RightOfUseAssetsTextBlock_zjNWNmK6b4i9" style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%; font-size: 10pt">
<tr style="vertical-align: top; font-size: 10pt">
    <td style="padding: 0; width: 0px; font-size: 10pt; text-indent: 0">&#160;</td>
    <td style="font: 10pt/107% Calibri, Helvetica, Sans-Serif; padding: 0; width: 60px; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif">NOTE 11.</span></td>
    <td style="font: 10pt/107% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: justify; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif"><span style="text-decoration: underline"><span id="xdx_820_zkqxDRnNU4Kd">RIGHT OF USE ASSETS</span></span></span></td></tr>
</table>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">The Company entered into a
month to month verbal lease at the time the Company was formed that is classified as right of use asset and lease liability. The
lease for the Company's office space is estimated to be through June 2022. In accordance with ASU 2016-02, the Company calculated
the present value of the leases using the average commercial real estate interest rate of <span id="xdx_903_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_dp_c20210131_zHCKGjN2ZSj" title="Average commercial real estate interest rate"><ix:nonFraction name="us-gaap:OperatingLeaseWeightedAverageDiscountRatePercent" contextRef="AsOf2021-01-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5.50</ix:nonFraction></span>% at the commencement of the office
lease. Applying the commercial rate, the Company calculated the present value of $<span id="xdx_90A_ecustom--PresentValueOfLease_c20210131_pp0p0" title="Present value of lease"><ix:nonFraction name="ivdn:PresentValueOfLease" contextRef="AsOf2021-01-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">150,496</ix:nonFraction></span> for the office lease as of April 30,
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">&#160;</p>

<ix:exclude><!-- Field: Page; Sequence: 11; Value: 1 -->
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<ix:exclude><p id="xdx_239_zBZfqLAYuHM" style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">&#160;</p></ix:exclude>

<ix:exclude><p id="xdx_237_zCFA2ZnywGvd" style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><b>INNOVATIVE DESIGNS, INC.</b></p></ix:exclude>

<ix:exclude><p id="xdx_234_z4NCxCnQHiXj" style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p></ix:exclude>

<ix:exclude><p id="xdx_239_zO1FmdXsjBZf" style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">NOTES TO THE CONDENSED FINANCIAL STATEMENTS&#160;</p></ix:exclude>

<ix:exclude><p id="xdx_23C_zlrBgOmINT3h" style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="text-decoration: underline">Three Month Periods Ended January
31, 2021 and 2020 (Unaudited)</span></p></ix:exclude>

<ix:exclude><p id="xdx_23B_ztMxR8chH5cb" style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p></ix:exclude>

<ix:exclude><table cellspacing="0" cellpadding="0" id="xdx_23F_znjtG7zJXKd7" style="width: 100%; font-size: 10pt">
<tr style="vertical-align: top; font-size: 10pt">
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    <td style="font: 10pt/107% Calibri, Helvetica, Sans-Serif; padding: 0; width: 60px; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif">NOTE 11.</span></td>
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<ix:exclude><p id="xdx_23F_zAPjahulJBQ9" style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">&#160;</p></ix:exclude>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">As of January 31, 2021, the
right of use assets associated with future operating lease is as follows:</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">&#160;</p>

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<tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 70%; text-align: left">Total present value of right of use asset under lease agreement</td><td style="width: 10%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_988_ecustom--TotalPresentValueOfRightOfUseAssetsUnderLeaseAgreements_c20210131_pp0p0" title="Total present value of right of use assets under lease agreements" style="width: 18%; text-align: right"><ix:nonFraction name="ivdn:TotalPresentValueOfRightOfUseAssetsUnderLeaseAgreements" contextRef="AsOf2021-01-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">150,496</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
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    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Amortization of right of use asset</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td id="xdx_985_ecustom--OperatingLeaseRightOfUseAssetAmortization_c20201101__20210131_pp0p0" title="Amortization of right of use assets" style="border-bottom: Black 1pt solid; text-align: right">(<ix:nonFraction name="ivdn:OperatingLeaseRightOfUseAssetAmortization" contextRef="From2020-11-01to2021-01-31" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="USD">80,254</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Total right of use asset as of January 31, 2021</td><td>&#160;</td>
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<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td id="xdx_98E_ecustom--CurrentPortionOfRightOfUseAsset_c20210131_pp0p0" title="Less current portion due within one year" style="border-bottom: Black 1pt solid; text-align: right"><ix:nonFraction name="ivdn:CurrentPortionOfRightOfUseAsset" contextRef="AsOf2021-01-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">39,311</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Long-term right of use asset</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_989_ecustom--OperatingLeaseRightOfUseAssetNoncurrent_c20210131_pp0p0" title="Long-term right of use asset" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="ivdn:OperatingLeaseRightOfUseAssetNoncurrent" contextRef="AsOf2021-01-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">30,931</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
</table></ix:nonNumeric>


<p id="xdx_8A9_zHJ7ktFuswlh" style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">Total amortization expense
related to the right of use assets under the verbal lease agreement was $<span id="xdx_908_ecustom--AmortizationExpenseRelatedToRightOfUseAssets_pp0p0_c20201101__20210131_zZB7TW2zWsSh" title="Amortization expense related to right of use assets"><ix:nonFraction name="ivdn:AmortizationExpenseRelatedToRightOfUseAssets" contextRef="From2020-11-01to2021-01-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">9,495</ix:nonFraction></span> and $<span id="xdx_90B_ecustom--AmortizationExpenseRelatedToRightOfUseAssets_pp0p0_c20191101__20200131_z5BQd6XjgxJi" title="Amortization expense related to right of use assets"><ix:nonFraction name="ivdn:AmortizationExpenseRelatedToRightOfUseAssets" contextRef="From2019-11-012020-01-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">8,825</ix:nonFraction></span> for the three month periods ended January
31, 2021 and 2020, respectively.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">Future amortization of the
right of use asset as of January 31, 2021 is as follows:</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="From2020-11-01to2021-01-31" escape="true" name="ivdn:FutureAmortizationOfRightOfUseAssetsTableTextBlock"><table cellpadding="0" cellspacing="0" id="xdx_88C_ecustom--FutureAmortizationOfRightOfUseAssetsTableTextBlock_z5b5pbw8YrQd" summary="xdx: Disclosure - RIGHT OF USE ASSETS (Details 1)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span id="xdx_8BC_zJ5SawDMql2j" style="display: none">Future amortization of right of use assets</span></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">2023</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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</table></ix:nonNumeric>


<p id="xdx_8A4_zOGQqjxrqgi9" style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2020-11-01to2021-01-31" escape="true" name="ivdn:RightOfUseLeaseLiabilitiesTextBlock"><p id="xdx_802_ecustom--RightOfUseLeaseLiabilitiesTextBlock_zXRRmY3zZvK6" style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%; font-size: 10pt">
<tr style="vertical-align: top; font-size: 10pt">
    <td style="padding: 0; width: 0px; font-size: 10pt; text-indent: 0">&#160;</td>
    <td style="font: 10pt/107% Calibri, Helvetica, Sans-Serif; padding: 0; width: 60px; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif">NOTE 12.</span></td>
    <td style="font: 10pt/107% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: justify; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif"><span style="text-decoration: underline"><span><span id="xdx_827_zSO1NQ6D15i8">RIGHT OF USE LEASE LIABILITY</span></span></span></span></td></tr>
</table>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">As disclosed in Note 11, the
Company entered into a verbal lease for office space prior to the quarter ended January 31, 2020 that is classified as a right
of use asset and lease liability.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">As of January 31, 2021, the
lease liability associated with future payments due under the verbal lease is as follows:</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="From2020-11-01to2021-01-31" escape="true" name="us-gaap:ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock"><table cellpadding="0" cellspacing="0" id="xdx_891_eus-gaap--ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock_zBBxOehHKWle" summary="xdx: Disclosure - RIGHT OF USE LEASE LIABILITY (Details)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom; background-color: White">
    <td><span id="xdx_8B9_z7M5mMKaomD" style="display: none">Schedule of future minimum lease payments</span></td><td>&#160;</td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Total right of use lease liability as of January 31, 2021</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_982_eus-gaap--OperatingLeaseLiability_c20210131_pp0p0" title="Total right of use lease liabilities" style="text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseLiability" contextRef="AsOf2021-01-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">70,242</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Less current portion due within one year</td><td style="padding-bottom: 1pt">&#160;</td>
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<tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</table>


</ix:nonNumeric><p id="xdx_8AB_zvRNL63TBC1i" style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">&#160;</p>

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<ix:exclude><p id="xdx_23E_zvNh1jP0X2s" style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">&#160;</p></ix:exclude>

<ix:exclude><p id="xdx_236_zBhVaJQD6FNd" style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><b>INNOVATIVE DESIGNS, INC.</b></p></ix:exclude>

<ix:exclude><p id="xdx_238_zQmnEreudaCb" style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p></ix:exclude>

<ix:exclude><p id="xdx_237_zpCGDRoQ9YLc" style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">NOTES TO THE CONDENSED FINANCIAL STATEMENTS&#160;</p></ix:exclude>

<ix:exclude><p id="xdx_235_zYFMHx0jV5Xd" style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="text-decoration: underline">Three Month Periods Ended January
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<ix:exclude><p id="xdx_236_zwuVleIjFAB4" style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&#160;</p></ix:exclude>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">Total maturities of lease liability
as of January 31, 2021 are as follows:</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="From2020-11-01to2021-01-31" escape="true" name="us-gaap:LesseeOperatingLeaseLiabilityMaturityTableTextBlock"><table cellpadding="0" cellspacing="0" id="xdx_898_eus-gaap--LesseeOperatingLeaseLiabilityMaturityTableTextBlock_zXklbLQcp1xk" summary="xdx: Disclosure - RIGHT OF USE LEASE LIABILITY (Details 1)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">&#160;</td><td style="text-align: center"><span id="xdx_8B8_zPpngrs5gKxf" style="display: none">Schedule of maturities of lease liabilities</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<tr style="vertical-align: bottom">
    <td colspan="3" style="text-align: center">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
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<tr style="vertical-align: bottom">
    <td colspan="3" style="text-align: center">&#160;</td><td>&#160;</td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">&#160;</td><td style="text-align: left">2022</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">&#160;</td><td style="text-align: left">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_981_ecustom--OperatingLeasesFutureMinimumPaymentDue_iI_pp0p0_c20210131_zGRc5CXz3D35" title="Total future minimum lease payments" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="ivdn:OperatingLeasesFutureMinimumPaymentDue" contextRef="AsOf2021-01-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">73,500</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_986_eus-gaap--OperatingLeaseLiability_iI_pp0p0_c20210131_zFV2GLoh8e77" title="Right of use lease liablilties" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseLiability" contextRef="AsOf2021-01-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">70,242</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
</table>


</ix:nonNumeric><p id="xdx_8A6_zbxSSDrFencc" style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2020-11-01to2021-01-31" escape="true" name="us-gaap:SegmentReportingDisclosureTextBlock"><p id="xdx_800_eus-gaap--SegmentReportingDisclosureTextBlock_zRa3yIs8peKa" style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%; font-size: 10pt">
<tr style="vertical-align: top; font-size: 10pt">
    <td style="padding: 0; width: 0px; font-size: 10pt; text-indent: 0">&#160;</td>
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</table>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">We have organized our operations
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financial decisions and allocating resources.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">The following tables present
our business segment information for the three month periods ended January 31, 2021 and 2020:</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">&#160;&#160;</p>

<ix:nonNumeric contextRef="From2020-11-01to2021-01-31" escape="true" name="us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock"><table cellpadding="0" cellspacing="0" id="xdx_88B_eus-gaap--ScheduleOfSegmentReportingInformationBySegmentTextBlock_zIBbUsTpbPwb" summary="xdx: Disclosure - SEGMENT INFORMATION (Details)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="vertical-align: bottom; background-color: White">
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">&#160;</p>

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<ix:exclude><p id="xdx_23D_z4KeDlTtD8i" style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><b>INNOVATIVE DESIGNS, INC.</b></p></ix:exclude>

<ix:exclude><p id="xdx_239_zht3be9SJIec" style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p></ix:exclude>

<ix:exclude><p id="xdx_230_z2BO6l5AfxD3" style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">NOTES TO THE CONDENSED FINANCIAL STATEMENTS&#160;</p></ix:exclude>

<ix:exclude><p id="xdx_237_zrNFk3KtARlb" style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="text-decoration: underline">Three Month Periods Ended January
31, 2021 and 2020 (Unaudited)</span></p></ix:exclude>

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<tr style="vertical-align: top; font-size: 10pt">
<td style="padding: 0; width: 0px; font-size: 10pt; text-indent: 0">&#160;</td>
<td style="font: 10pt/107% Calibri, Helvetica, Sans-Serif; padding: 0; width: 60px; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif">NOTE 14.</span></td>
<td style="padding: 0; font-size: 10pt; text-indent: 0"><span style="text-decoration: underline"><span id="xdx_824_z4K1C9F8mj11">LEGAL PROCEEDINGS</span></span> &#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&#160;On November 4, 2016,
the FTC filed a complaint against the Company in the U.S. District Court Western District of Pennsylvania, Case number 16-1669.
In the complaint, the FTC alleges that, among other matters, the Company did not have substantiation of claims made by the Company
regarding the R value and energy efficiency of its INSULTEX House Wrap products. The complaint asks as to redress a rescission
of revenue the Company received from the sale of House Wrap and a permanent injunction.&#160;On September 24, 2020, a judgment
was entered in favor of the Company as to all claims set forth in the FTC complaint. It was further ordered that as there were
no remaining claims in the action the case shall be marked as closed.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">On November 23, 2020,
the Company was informed that the FTC had filed a notice of appeal in regard to the case. The appeal is from the District Court's
September 24, 2020, Order granting the Company's Motion for Judgment on Partial Findings Pursuant to Fed. R. Civ. P. 52(c) and
subsequent Judgment in favor of the Company and from the District Court's February 14, 2020, striking Dr. David Yarbrough's expert
testimony made on behalf of the FTC. The FTC filed its appeal and on March 24, 2021, the Company filed its answer and on July 22,
2021, the Company was informed that the United States Court of Appeals for the Third District affirmed the District Court's ruling
in favor of the Company. The case number is No.20-3379.</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2020-11-01to2021-01-31" escape="true" name="us-gaap:SubsequentEventsTextBlock"><p id="xdx_801_eus-gaap--SubsequentEventsTextBlock_zoBNn2jjbjqk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&#160;</p>

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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has evaluated subsequent
events in accordance with ASC Topic 855, '<i>Subsequent Events</i>', through, which is the date financial statements were available
to be issued. The Company identified the below subsequent event.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">In June 2021, the Company's PPP Loan
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>INNOVATIVE DESIGNS,
INC.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt">
<tr style="vertical-align: top; text-align: justify">
<td style="padding: 0; width: 55pt; text-align: left; text-indent: 0">ITEM&#160;2.</td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span id="a_006"></span>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify; text-indent: -45pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><b>General</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">The following information should be
read in conjunction with the financial statements and the notes thereto and in conjunction with Management&#8217;s Discussion and
Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the fiscal year ended October 31,
2020.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><b>Forward-Looking Statements</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">This Quarterly Report on Form 10-Q
includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements
other than statements of historical fact, including statements regarding future results of operation, made in this Quarterly Report
on Form 10-Q are forward-looking statements. We use words such as expects, believes, intends, and similar expressions to identify
forward-looking statements. Forward looking-looking statements reflect management&#8217;s current expectations and are inherently
uncertain. Actual results could differ materially for a variety of reasons, including, among others, , competition in our cold
weather markets, our ability to sell out HouseWrap product line, our inability to secure sufficient funding to maintain and/or
expand our current level of operations and the seasonality of our cold weather product line. These risks and uncertainties, as
well as other risks and uncertainties that could cause our actual results to differ significantly from management&#8217;s expectations,
are described in greater detail in our Annual Report on Form 10-K for the fiscal year ended October 31, 2020. The Company undertakes
no obligation to publicity update or revise any forward-looking statement, whether as a result of new information, future events
or otherwise except as required by law.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><b>Background</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">Innovative Designs, Inc. (hereinafter
referred to as the &#8220;Company&#8221;, &#8220;we&#8221; or &#8220;our&#8221;) was formed on June 25, 2002. We market and sell
clothing products such as outdoor apparel, and cold weather gear called &#8220;Arctic Armor&#8221; that are made from INSULTEX,
a material with buoyancy, scent block and thermal resistant properties. We also market our House Wrap product line which is a building
material with thermal qualities. House Wrap is also made from INSULTEX. We obtain INSULTEX through a license agreement with the
owner and manufacturer of the material. Since our formation we have devoted our efforts to:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0">
<tr style="vertical-align: top">
<td style="width: 20pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="width: 18pt"><span style="font: 10pt Times New Roman, Times, Serif">&#9679;</span></td>
<td style="text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Completing the development, design and
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<tr style="vertical-align: top">
<td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td>&#9679;<span style="font: 10pt Times New Roman, Times, Serif"></span></td>
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<tr style="vertical-align: top">
<td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
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</table>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><b>INNOVATIVE DESIGNS,
INC.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><b>Results of Operations</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><span style="text-decoration: underline">Comparison of the Three Month Period
Ended January 31, 2021 with the Three Month Period Ended January 31, 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">Revenues for the three month period
ended January 31, 2021 were $40,017 compared to revenues of $47,426 for the three month period ended January 31, 2020. The decrease
in revenue is attributable a decrease in our apparel products revenue, $33,937 for the period compared to $ 43,661 for the three
month period ended January 31, 2020. The decrease in revenue for our apparel products is attributable, in part, to the fact that
during the period we devoted a significant portion of our limited resources to the Federal Trade Commission legal matter. HouseWrap
sales were $6,080 for the period compared to $3,765 in sales for the period ended January 31, 2020. We believe our HouseWrap sales
were adversely affected by the COVID pandemic as many contractors could not access other building materials on account of supply
chain bottlenecks. See Note 13 of the Notes to the Condensed Financial Statements appearing elsewhere in this Report for a description
of our segment products sales. Our net loss for the three month period ended January 31, 2021 was ($35,965).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">Our Cost of Goods sold expenses were
$18,635 for the three month period ended January 31, 2021 compared to $20,388 for the three month period ended January 31, 2020.
Professional fees for the three month period ended January 31, 2021 were $24,555 compared to $6,660 for the three month period
ended January 31, 2020. The majority of our professional fees relate to the legal fees incurred in connection to the FTC matter.
We expect our professional fees to decrease going forward.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><b>INNOVATIVE DESIGNS,
INC.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><b>Liquidity and
Capital Resources</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">During the three month period ended
January 31, 2021, we funded our operations from revenues from sales, a loan of $200,000 and sale of our common stock in the amount
of $25,000. In May of 2020, we were granted a Paycheck Protection Program loan in the amount of $ 33, 652. The loan
was forgiven in June 2021.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">Short Term: We will continue to fund
our operations from sales and the sale of our securities. We continue to pay our creditors when payments are due. We will require
more funds to be able to order the material for our INSULTEX products and to purchase equipment needed for the manufacture of the
INSULTEX product. The Company reached an agreement with the manufacturer of the INSULTEX material to purchase a machine capable
of producing the INSULTEX material. Also included in the proposed agreement will be the propriety formula that creates INSULTEX.
The Company took delivery of the equipment in December 2015. The Company will have to have the machine installed and ensure that
it can be operated in compliance with all environmental rules and regulations. It is the Company intentions to have the equipment
operational but cannot currently provide a time estimate. Among the factors affecting the time estimate are financial resources
available to the Company, finding a suitable facility and bringing technical personal from abroad to install the equipment. The
Company has currently made deposits of $600,000 on the equipment. The Company has incurred $17,000 of additional expenses related
to shipping. The Company will produce INSULTEX under its own brand name. See Note 10 of the Notes to the Condensed Financial Statements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">Long Term: The Company will continue
to fund its operations from revenues, borrowings from private parties and the possible sale of our securities. Should we not be
able to rely on the private sources for borrowing and /or increased sales, our operations would be severely affected as we would
not be able to fund our purchase orders to our suppliers for finished goods and our efforts to produce our own INSULTEX would be
delayed.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">PART II &#8211; OTHER INFORMATION</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><span id="a_007"></span>ITEM 1.&#9;&#160;&#160;&#160;LEGAL PROCEEDING</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">See Legal Proceedings set
forth in Part I Item 3 of the Company&#8217;s Annual Report on Form 10-K for the fiscal year ended October 31, 2020.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">ITEM 1A &#160;Risk Factors</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">See Risk factors set forth
in in Part I Item 1A of the Company&#8217;s Annual report on Form 10-K for the fiscal year ended October 31, 2020.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><b>INNOVATIVE DESIGNS, INC.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">ITEM 2.&#9;&#160;&#160;&#160;UNREGISTERED
SALES OF EQUITY SECURITIES AND USE OF PROCEEDS</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">See Part II Item 5 of the Company&#8217;s
Annual Report on Form 10-K for the fiscal year ended October 31, 2020.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">ITEM 3.&#9;&#160;&#160;&#160;Defaults upon Senior Securities</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">None</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">Item 4 &#160;&#160;&#160;&#160;&#160;&#160;&#160;Mine Safety Disclosures</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">Not applicable</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">ITEM 4T.&#9;CONTROLS AND
PROCEDURES</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">Management has developed and implemented
a policy and procedures for reviewing, on a quarterly basis, our disclosure controls and procedures. During the period ended January
31, 2021, our principle executive/financial officer concluded that these controls and procedures were ineffective. At this time,
we do not have the financial resources to employ a financial staff with accounting and financial expertise. Once we have the necessary
financial resources, we plan to hire and designate an individual responsible for identifying reportable developments and to implement
procedures designed to remediate the material weakness by focusing additional attention and resources in our internal accounting
functions.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">Changes in Internal Control Over Financial
Reporting</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">During the most recent fiscal quarter,
there were no changes in the Company&#8217;s internal control over financial reporting identified in connection with the evaluation
required by paragraph (d) of Exchange Act Rules 13(a)-15 or 15d-15 that have materially affected, or are reasonably likely to materially
affect, the Company&#8217;s internal control over financial reporting.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">Until the Company has the financial
resources to employ a financial staff with accounting and financial expertise, to be able to properly account for internal financial
reporting, errors that may have a material effect on the financial statements have the potential to occur.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify; text-indent: -27pt">ITEM 5. &#160;&#160;&#160;Other
Information</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify; text-indent: -27pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify; text-indent: -27pt">None</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><b>INNOVATIVE DESIGNS, INC.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify; text-indent: -27pt"><span id="a_008"></span>ITEM 6. &#9;&#160;&#160;EXHIBITS</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify; text-indent: -27pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify; text-indent: -27pt"></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
<td style="width: 10%; line-height: 115%"><span style="font: 10pt Times New Roman, Times, Serif">*3.1</span></td>
<td style="width: 90%; line-height: 115%"><span style="font: 10pt Times New Roman, Times, Serif"><a href="http://www.sec.gov/Archives/edgar/data/1190370/000114420415008465/v400742_ex3-1.htm">Revised Certificate of Incorporation</a></span></td></tr>
<tr style="vertical-align: top; background-color: White">
<td style="line-height: 115%">&#160;</td>
<td style="line-height: 115%">&#160;</td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
<td style="line-height: 115%"><span style="font: 10pt Times New Roman, Times, Serif">**3.2</span></td>
<td style="line-height: 115%"><span style="font: 10pt Times New Roman, Times, Serif"><a href="http://www.sec.gov/Archives/edgar/data/1190370/000118206303000046/idex32bylaws.htm">By-Laws</a></span></td></tr>
<tr style="vertical-align: top; background-color: White">
<td style="line-height: 115%">&#160;</td>
<td style="line-height: 115%">&#160;</td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
<td style="line-height: 115%"><span style="font: 10pt Times New Roman, Times, Serif">31.1</span></td>
<td style="line-height: 115%"><span style="font: 10pt Times New Roman, Times, Serif"><a href="e3097_ex31-1.htm">Rule 13a - 14a Certification of Chief Executive Officer</a></span></td></tr>
<tr style="vertical-align: top; background-color: White">
<td style="line-height: 115%">&#160;</td>
<td style="line-height: 115%">&#160;</td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
<td style="line-height: 115%"><span style="font: 10pt Times New Roman, Times, Serif">31.2</span></td>
<td style="line-height: 115%"><span style="font: 10pt Times New Roman, Times, Serif"><a href="e3097_ex31-2.htm">Rule 13a-14a Certification of Chief Financial Officer and Principal Accounting Officer</a></span></td></tr>
<tr style="vertical-align: top; background-color: White">
<td style="line-height: 115%">&#160;</td>
<td style="line-height: 115%">&#160;</td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
<td style="line-height: 115%"><span style="font: 10pt Times New Roman, Times, Serif">32.1</span></td>
<td style="line-height: 115%"><span style="font: 10pt Times New Roman, Times, Serif"><a href="e3097_ex32-1.htm">Section 1350 Certification of Chief Executive Officer and Chief Financial Officer</a></span></td></tr>
<tr style="vertical-align: top; background-color: White">
<td style="line-height: 115%">&#160;</td>
<td style="line-height: 115%">&#160;</td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
<td style="line-height: 115%"><span style="font: 10pt Times New Roman, Times, Serif">31.2</span></td>
<td style="line-height: 115%"><span style="font: 10pt Times New Roman, Times, Serif"><a href="e3097_ex32-2.htm">Section 1350 Certification of Chief Financial Officer and Chief Accounting Officer</a></span></td></tr>
<tr style="vertical-align: top; background-color: White">
<td style="line-height: 115%">&#160;</td>
<td style="line-height: 115%">&#160;</td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
<td style="line-height: 115%"><span style="font: 10pt Times New Roman, Times, Serif">*</span></td>
<td style="line-height: 115%"><span style="font: 10pt Times New Roman, Times, Serif">Incorporated by reference to the Company&#8217;s Form 10-K filed February 12, 2015</span></td></tr>
<tr style="vertical-align: top; background-color: White">
<td style="line-height: 115%">&#160;</td>
<td style="line-height: 115%">&#160;</td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
<td style="line-height: 115%"><span style="font: 10pt Times New Roman, Times, Serif">**</span></td>
<td style="line-height: 115%"><span style="font: 10pt Times New Roman, Times, Serif">Incorporated by reference to the Company&#8217;s registration statement on Form SB-2, filed&#160;March 11, 2003</span></td></tr>
<tr style="vertical-align: top; background-color: White">
<td style="line-height: 115%">&#160;</td>
<td style="line-height: 115%">&#160;</td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
<td style="line-height: 115%"><span style="font: 10pt Times New Roman, Times, Serif">99***</span></td>
<td style="line-height: 115%"><span style="font: 10pt Times New Roman, Times, Serif"></span><a href="http://www.sec.gov/Archives/edgar/data/1190370/000161577416008027/s104562_8k.htm">Incorporated by reference to the Company&#8217;s Current Report on Form 8-k, filed November 4, 2016</a></td></tr>
</table>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify; text-indent: -27pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify; text-indent: -27pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: center">SIGNATURES</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">Pursuant to the requirements of
the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"></p>

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<tr style="vertical-align: top">
<td style="width: 50%; line-height: 115%"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="width: 5%; line-height: 115%"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="border-bottom: Black 1pt solid; width: 45%; line-height: 115%"><span style="font: 10pt Times New Roman, Times, Serif">Innovative Designs, Inc.</span></td></tr>
<tr style="vertical-align: top">
<td style="line-height: 115%"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="line-height: 115%"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="line-height: 115%"><span style="font: 10pt Times New Roman, Times, Serif">Registrant</span></td></tr>
<tr style="vertical-align: top">
<td style="line-height: 115%"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="line-height: 115%"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="line-height: 115%"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: top">
<td style="line-height: 115%"><span style="font: 10pt Times New Roman, Times, Serif">Date: September 17, 2021</span></td>
<td style="line-height: 115%"><span style="font: 10pt Times New Roman, Times, Serif">by:</span></td>
<td style="border-bottom: Black 1pt solid; line-height: 115%"><span style="font: 10pt Times New Roman, Times, Serif">/s/ Joseph Riccelli</span></td></tr>
<tr style="vertical-align: top">
<td style="line-height: 115%"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="line-height: 115%"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="line-height: 115%"><span style="font: 10pt Times New Roman, Times, Serif">Joseph Riccelli, Chief Executive Officer</span></td></tr>
<tr style="vertical-align: top">
<td style="line-height: 115%"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="line-height: 115%"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="line-height: 115%"><span style="font: 10pt Times New Roman, Times, Serif">and Chief Financial Officer</span></td></tr>
</table>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">-16-</p>

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{"company-data": {"conformed-name": "INNOVATIVE DESIGNS INC", "cik": "0001190370", "assigned-sic": "2390", "irs-number": "030465528", "state-of-incorporation": "DE", "fiscal-year-end": "1031"}, "filing-values": {"form-type": "10-Q", "act": "34", "file-number": "000-51791", "film-number": "211262480"}, "business-address": {"street1": "124 CHERRY ST.", "street2": "STE 1", "city": "PITTSBURGH", "state": "PA", "zip": "15223", "phone": "4127990350"}, "mail-address": {"street1": "124 CHERRY ST.", "street2": "STE 1", "city": "PITTSBURGH", "state": "PA", "zip": "15223"}}
A UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
F
ORM
10-Q
☒
QUARTERLY REPORT PURSUANT TO SECTION 13l
OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
For
the quarterly period ended
January 31, 2021
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:
000-51791
INNOVATIVE DESIGNS, INC.
(Exact
Name of Registrant as Specified in its Charter)
Delaware
03-0465528
(State or other jurisdiction
of
(I.R.S. Employer
incorporation or organization)
Identification No.)
124 Cherry Street
Pittsburgh
,
Pennsylvania
15223
(Address
of Principal Executive Offices, Zip Code)
(
412
)
799-0350
(Issuer's
Phone Number Including Area Code)
N/A
(Former
Name or Former Address, if changed since last report)
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 and
Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such
reports), and (2) has been subject to such filing requirements for the past 90 days.
YES	
☐	NO
☒
Indicate
by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive
Data File required to be submitted and posted pursuant to Rule 405 of regulation S-T during the preceding 12 months (or such shorter
period that the registrant was required to submit and post such files).
YES
☒		NO	☐
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting c
ompany.
See definitions of "large accelerated filer", "accelerated filer" and "smaller reporting Company"
in Rule 12b-2 of the Exchange Act.
(Check
One)
Large Accelerated Filer ☐
Accelerated Filer ☐
Non-accelerated Filer
☐
Smaller reporting company
☒
(Do not
check if a smaller reporting company)
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES	☐
NO
☒
As
of September 13, 2021, there were
32,741,560
shares of the Registrant's common stock, par value $.0001 per share, outstanding.
Transitional
Small Business Disclosure Format:	YES	☐	NO ☒
Innovative Designs, Inc.
Index
Form 10-Q for the Quarter Ended January 31,
2021
Part I -- Financial Information
Page
No.
Item 1.
Condensed Financial Statements (Unaudited)
Condensed Balance Sheets as of January 31, 20 (Unaudited) And October 31, 2020
1
Condensed Statements of Operations for the Three Month Periods Ended January 31, 2021 and 2020 (Unaudited)
3
Condensed Statements of Changes in Stockholders' Equity as of January 31, 2021 (Unaudited) and October 31, 2020
4
Condensed Statements of Cash Flows for the Three Month Periods Ended January 31, 2021 and 2020 (Unaudited)
5
Notes to the Condensed Financial Statements
6 - 11
Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
12
- 13
Part II -- Other Information
Items 1, 2, 3, 4, 4T and 5.
14
- 15
Item 6.
Exhibits
16
i
INNOVATIVE
DESIGNS, INC.
CONDENSED
BALANCE SHEETS
JANUARY
31, 2021 (UNAUDITED) AND OCTOBER 31, 2020
January 31, 2021
October 31, 2020
ASSETS
CURRENT ASSETS
Cash
$
209,291
$
48,009
Accounts receivable - net of allowance for doubtful accounts of $
5,860
28,598
19,900
Inventory - net of obsolete inventory reserve of $
75,468
562,008
576,785
Current portion of right of use asset
39,311
38,775
Total current assets
839,208
683,469
PROPERTY AND EQUIPMENT - NET
56,860
65,187
OTHER ASSETS
Inventory on consignment
1,625
1,625
Deposits on inventory
57,330
57,330
Advance to employees
8,200
8,200
Right of use asset, net of current portion
30,931
40,962
Deposits on equipment
600,000
600,000
Total other assets
698,086
708,117
TOTAL ASSETS
$
1,594,154
$
1,456,773
The accompanying notes are an integral part of these condensed financial statements.
-
1
-
INNOVATIVE
    DESIGNS, INC.
CONDENSED
    BALANCE SHEETS
JANUARY
    31, 2021 (UNAUDITED) AND OCTOBER 31, 2020
January 31, 2021
October 31, 2020
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable
$
234,292
$
270,792
Current portion of notes payable
18,628
18,628
Accrued interest expense
11,907
15,747
Due to shareholders
302,200
102,200
Current portion of lease liability
39,311
38,775
Accrued expenses
14,553
14,553
Total current liabilities
620,891
460,695
LONG-TERM LIABILITIES
Long-term portion of notes payable
105,374
107,193
Lease liability, net of current portion
30,931
40,962
Total long-term liabilities
136,305
148,155
TOTAL LIABILITIES
757,196
608,850
STOCKHOLDERS' EQUITY
Preferred stock, $
0.0001
par value,
25,000,000
shares authorized
—
—
Common stock, $
0.0001
par value,
100,800,000
shares authorized, and
31,311,560
and
31,211,560
issued and outstanding
3,133
3,123
Common stock to be issued
—
Additional paid-in capital
10,599,818
10,574,828
Accumulated deficit
(
9,765,993
)
(
9,730,028
)
Total stockholders' equity
836,958
847,923
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$
1,594,154
$
1,456,773
The accompanying notes are an integral part of these condensed financial statements.
-
2
-
INNOVATIVE
DESIGNS, INC.
CONDENSED
STATEMENTS OF OPERATIONS
THREE
MONTHS PERIODS ENDED JANURARY 31, 2021 AND 2020 (UNAUDITED)
Three Months Ended January 31,
2021
2020
REVENUES - NET
$
40,017
$
47,426
OPERATING EXPENSES:
Cost of sales
18,635
20,388
Selling, general and administrative expenses
81,210
91,545
Total Operating Expenses
99,845
111,933
LOSS FROM OPERATIONS
(
59,828
)
(
64,507
)
OTHER INCOME (EXPENSE)
Miscellaneous income (expense)
28,823
833
Interest expense
(
4,960
)
(
5,216
)
Total other income (expense)
23,863
(
4,383
)
NET LOSS
$
(
35,965
)
$
(
68,890
)
PER SHARE INFORMATION
Net Loss Per Common Share
$
(
0.001
)
$
(
0.002
)
Weighted Average Number of Common Shares Outstanding
31,261,560
30,260,473
The accompanying notes are an integral part of these condensed financial statements.
-
3
-
INNOVATIVE
DESIGNS, INC.
CONDENSED
STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
JANUARY
31, 2021 (UNAUDITED) AND OCTOBER 31, 2020
Common Stock
Common Stock
Additional Paid-in
Accumulated
Shares
Amount
To be Issued
Capital
Deficit
Total
Balance at October 31, 2020
31,211,560
$
3,123
$
—
$
10,574,828
$
(
9,730,028
)
$
847,923
Sale of stock
100,000
10
—
24,990
—
25,000
Net loss
—
—
—
—
(
35,965
)
(
35,965
)
Balance at January 31, 2021
31,311,560
3,133
—
10,599,818
(
9,765,993
)
836,958
The accompanying notes are an integral part of these condensed financial statements.
-
4
-
INNOVATIVE
DESIGNS, INC.
CONDENSED
STATEMENTS OF CASH FLOWS
THREE
MONTHS ENDED JANUARY 31, 2021 AND 2020 (UNAUDITED)
For the Three Month Periods
Ended
January 31, 2021
January 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss
$
(
35,965
)
(
68,890
)
Adjustments to reconcile net loss to net cash used in operating activities:
Allowance for doubtful accounts
—
(
4,163
)
Allowance for obsolete inventory
—
Common stock issued for services
25,000
—
Impairment loss on assets held for sale
Depreciation
8,327
8,327
Amortization of right of use asset
9,495
8,947
(Increase) decrease from changes in:
Accounts receivable
(
8,698
)
9,296
Other receivable
—
Inventory
14,777
20,129
Inventory on consignment
—
Deposits on inventory
—
Prepaid expenses
—
—
Advance to employees
—
Increase (decrease) from changes in:
Accounts payable
(
36,500
)
2,460
Lease liability
(
9,495
)
(
8,947
)
Accrued interest expense
(
3,840
)
(
3,490
)
Accrued expenses
—
Net cash used in operating activities
(
36,899
)
(
36,331
)
CASH FLOWS FROM INVESTING ACTIVITIES
Deposits on equipment
—
—
Capital expenditures
—
—
Net cash used in investing activities
—
—
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sale of stock
—
49,000
Proceeds from shareholder advances
200,000
39,500
Payments on shareholder advances
(
10,400
)
Payments on lease liability
Payments on notes payable
(
1,819
)
(
4,470
)
Net cash provided by financing activities
198,181
73,630
Net decrease in cash
161,282
37,299
CASH, BEGINNING OF YEAR
48,009
34,525
CASH, END OF THE PERIOD
$
209,291
$
71,824
Supplemental disclosure of cash flow information:
Cash paid for interest
$
9,800
$
8,706
Cash paid for taxes
$
—
$
—
The accompanying notes are an integral part of these condensed financial statements.
-
5
-
INNOVATIVE DESIGNS, INC.
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
Three Month Periods Ended January
31, 2021 and 2020 (Unaudited)
NOTE 1.
BASIS OF PRESENTATION
In the opinion of management,
the accompanying unaudited financial statements contain all adjustments necessary to present fairly Innovative Designs, Inc.'s
financial position as of January 31, 2021, the changes therein for the three periods then ended and the results of operations for
the three periods ended January, 2021 and 2020.
The financial statements included
in the Form 10-Q are presented in accordance with the requirements of the Form and do not include all of the disclosures required
by accounting principles generally accepted in the United States of America. For additional information, reference is made to the
Innovative Designs, Inc.'s annual report on Form 10-K for the fiscal year ended October 31, 2020. The results of operations for
the three periods ended January, 2021 and 2020 are not necessarily indicative of operating results for the full year.
NOTE 2.
RIGHT OF USE ASSETS AND LEASE LIABILITIES
During the quarter ended April
30, 2019, the Company implemented Accounting Standards Update 2016-02, Leases. Under the new guidance, a lessee must be recorded
a liability for lease payments (referred to as the lease liability) and an asset for the right to use the leased asset during the
lease term (referred to at the right of use asset) for all leases, regardless of whether they are designated as finance or operating
leases. This election requires the lessee to recognize lease expense on a straight-line basis over the lease term. The right of
use assets and corresponding right of use liabilities have been recorded using the present value of the leases. See Notes 11 and
12 within the financial statement for additional disclosure on leases
NOTE 3.
GOING CONCERN
These financial statements
have been prepared on a going concern basis, which implies that the Company will continue to realize its assets and discharge its
liabilities in the normal course of business. The Company had a net loss of ($
35,965
) and a negative cash flow from operations
of ($
36,899
) for the three month period ended January 31, 2021. In addition, the Company has an accumulated deficit of ($
9,765,993
).
Management's plans include cash receipts through sales, sales of Company stock, and borrowings from private parties. These factors
raise substantial doubt regarding the Company's ability to continue as a going concern for a period of one year from the issuance
of these financial statements. These financial statements do not include any adjustments to the recoverability and classification
of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as
a going concern.
NOTE 4.
ACCOUNTS RECEIVABLE
Management evaluates its receivables
on a quarterly basis to assess the validity of remaining receivables. Management has determined that there is significant doubt
regarding the receivable balance over 90 days of $
5,860
January 31, 2021 and October 31, 2020, respectively. Management has applied
an allowance on all balances in excess of 90 days.
-
6
-
INNOVATIVE DESIGNS, INC.
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
Three Month Periods Ended January
31, 2021 and 2020 (Unaudited)
NOTE 5.
INVENTORY
Inventory consists principally
of purchased apparel inventory and House Wrap which is manufactured by the Company. Inventory is stated at the lower of cost or
net realizable value on a first-in, first-out basis. The Company has decided to discontinue the selling of its hunting and swimming
line of apparel. The Company has booked a reserve against apparel inventory at January 31, 2020 and October 31, 2019 of $
75,468
.
Management has determined that no allowance is currently necessary on their House Wrap Inventory. Management will continue to evaluate
its obsolete inventory reserve throughout the year and make adjustments as needed.
NOTE 6.
EARNINGS PER SHARE
The Company calculates net
income (loss) per share in accordance with Financial Accounting Standards Board ('FASB') Accounting Standard Codification ('ASC')
Topic 260
'Earnings per Share'
. Basic earnings (loss) per share is calculated by dividing income (loss) by the weighted
average number of common shares outstanding for the period. During the periods presented, the Company only has common stock outstanding.
As a result, diluted earnings per share was not calculated.
NOTE 7.
INCOME TAXES
The Company accounts for income
taxes in accordance with ASC Topic 740
'Income Taxes'
, which requires an asset and liability approach for financial
reporting purposes.
Deferred income taxes are provided
for differences between the tax bases of assets and liabilities and the financial reporting amounts at the end of the period, and
for net operating loss and tax credit carryforwards available to offset future taxable income. Changes in enacted tax rates or
laws result in adjustments to recorded deferred tax assets and liabilities in the periods in which the tax laws are enacted or
tax rates are changed. The Company will continue to evaluate its income tax obligation throughout the year and will record a tax
provision when it is necessary.
NOTE 8.
SHIPPING AND HANDLING COSTS
The Company pays shipping and
handling costs on behalf of customers for purchased apparel merchandise. These costs are billed back to the customer through the
billing invoice. The shipping and handling costs associated with merchandise ordered by the Company are included as part of inventory
as these costs are allocated across the merchandise received. With House Wrap orders, the customer pays the shipping cost. The
shipping and handling costs associated with customer orders was approximately $
3,007
and $
2,800
for the three month periods ended
January 31, 2021 and 2020, respectively.
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7
-
INNOVATIVE DESIGNS, INC.
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
Three Month Periods Ended January
31, 2021 and 2020 (Unaudited)
NOTE 9.
COMMON STOCK
During the three month period
ended January 31, 2021, the Company sold
100,000
shares of common stock to one investors for total proceeds of $
25,000
. The stock
was issued for $
0.25
per share.
During the three month period
ended January 31, 2020, the Company sold
300,000
shares of common stock to nine investors for total proceeds of $
49,000
. The stock
was issued between $
0.15
and $
0.17
per share.
NOTE 10.
DEPOSITS ON EQUIPMENT
On July 12, 2015 the Company
reached an agreement with Ketut Jaya to purchase the machinery and equipment utilized to produce the INSULTEX material.
The purchase
price is $
700,000
which was to be paid in four installments. The first installment of $
300,000
was to be paid at the execution
of the agreement. The second installment of $
200,000
was to be paid when the machinery and equipment is ready to be shipped to
the United States. The third installment of $
100,000
is to be paid once the machinery and equipment is producing INSULTEX, and
the fourth and final installment of $
100,000
is to be made after the first commercial production run of INSULTEX is completed.
As of January 31, 2021, the Company has made payments of $
500,000
in accordance with the agreement and made a $
100,000
pre-payment
as the machine is not yet producing INSULTEX. Additionally, the Company has incurred $
17,000
of additional expenses related to
shipping, site improvements and installation of the equipment. Due to various environmental regulations regarding propane emitted
from the machine into the air and other costs to assemble the machine the Company expects to incur costs in excess of the current
deposit agreement. Management of the Company currently cannot reasonably estimate the costs. During the six month period ended
April 30, 2019 Management decided to sell the machine. The shipping and other purchase costs associated with the purchase of the
machine that were originally capitalized as part of the machine cost that were written off. The total loss on impairment for the
six month period ended April 30, 2019 was $
17,000
. In July 2021, management has decided that it is no longer selling this equipment
and is moving forward with plans of putting it in service in the future.
NOTE 11.
RIGHT OF USE ASSETS
The Company entered into a
month to month verbal lease at the time the Company was formed that is classified as right of use asset and lease liability. The
lease for the Company's office space is estimated to be through June 2022. In accordance with ASU 2016-02, the Company calculated
the present value of the leases using the average commercial real estate interest rate of
5.50
% at the commencement of the office
lease. Applying the commercial rate, the Company calculated the present value of $
150,496
for the office lease as of April 30,
2020.
-
8
-
INNOVATIVE DESIGNS, INC.
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
Three Month Periods Ended January
31, 2021 and 2020 (Unaudited)
NOTE 11.
RIGHT OF USE ASSETS (CONTINUED)
As of January 31, 2021, the
right of use assets associated with future operating lease is as follows:
Total present value of right of use asset under lease agreement
$
150,496
Amortization of right of use asset
(
80,254
)
Total right of use asset as of January 31, 2021
$
70,242
Less current portion due within one year
39,311
Long-term right of use asset
$
30,931
Total amortization expense
related to the right of use assets under the verbal lease agreement was $
9,495
and $
8,825
for the three month periods ended January
31, 2021 and 2020, respectively.
Future amortization of the
right of use asset as of January 31, 2021 is as follows:
2022
$
35,951
2023
34,291
$
70,242
NOTE 12.
RIGHT OF USE LEASE LIABILITY
As disclosed in Note 11, the
Company entered into a verbal lease for office space prior to the quarter ended January 31, 2020 that is classified as a right
of use asset and lease liability.
As of January 31, 2021, the
lease liability associated with future payments due under the verbal lease is as follows:
Total future minimum lease payments
$
150,496
Principal payments made as of the period ended January 31, 2021
(
80,254
)
Total right of use lease liability as of January 31, 2021
70,242
Less current portion due within one year
39,311
Long-term right of use liability
$
30,931
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9
-
INNOVATIVE DESIGNS, INC.
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
Three Month Periods Ended January
31, 2021 and 2020 (Unaudited)
Total maturities of lease liability
as of January 31, 2021 are as follows:
Total future minimum lease payments
Present value discount
Right of use lease liability
2021
$
38,500
$
2,548
$
35,952
2022
35,000
710
34,290
$
73,500
$
3,258
$
70,242
NOTE 13.
SEGMENT INFORMATION
We have organized our operations
into two
segments. We rely on an internal management reporting process that provides segment information for purposes of making
financial decisions and allocating resources.
The following tables present
our business segment information for the three month periods ended January 31, 2021 and 2020:
2021
2020
Revenues:
Apparel
$
33,937
$
43,661
House Wrap
6,080
3,765
Total Revenues
$
40,017
$
47,426
Assets:
Apparel
$
140,857
$
459,131
House Wrap
1,453,297
1,104,142
Total
$
1,594,154
$
1,563,273
Depreciation:
Apparel
$
2,372
2,372
House Wrap
5,955
5,955
Total
$
8,327
$
8,327
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10
-
INNOVATIVE DESIGNS, INC.
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
Three Month Periods Ended January
31, 2021 and 2020 (Unaudited)
NOTE 14.
LEGAL PROCEEDINGS
On November 4, 2016,
the FTC filed a complaint against the Company in the U.S. District Court Western District of Pennsylvania, Case number 16-1669.
In the complaint, the FTC alleges that, among other matters, the Company did not have substantiation of claims made by the Company
regarding the R value and energy efficiency of its INSULTEX House Wrap products. The complaint asks as to redress a rescission
of revenue the Company received from the sale of House Wrap and a permanent injunction. On September 24, 2020, a judgment
was entered in favor of the Company as to all claims set forth in the FTC complaint. It was further ordered that as there were
no remaining claims in the action the case shall be marked as closed.
On November 23, 2020,
the Company was informed that the FTC had filed a notice of appeal in regard to the case. The appeal is from the District Court's
September 24, 2020, Order granting the Company's Motion for Judgment on Partial Findings Pursuant to Fed. R. Civ. P. 52(c) and
subsequent Judgment in favor of the Company and from the District Court's February 14, 2020, striking Dr. David Yarbrough's expert
testimony made on behalf of the FTC. The FTC filed its appeal and on March 24, 2021, the Company filed its answer and on July 22,
2021, the Company was informed that the United States Court of Appeals for the Third District affirmed the District Court's ruling
in favor of the Company. The case number is No.20-3379.
NOTE 15.
SUBSEQUENT EVENTS
The Company has evaluated subsequent
events in accordance with ASC Topic 855, '
Subsequent Events
', through, which is the date financial statements were available
to be issued. The Company identified the below subsequent event.
In June 2021, the Company's PPP Loan
was forgiven by the Small Business Administration. The Company will recognized $
33,652
in income from the forgiveness of debt
at this time.
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11
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INNOVATIVE DESIGNS,
INC.
ITEM 2.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
General
The following information should be
read in conjunction with the financial statements and the notes thereto and in conjunction with Management's Discussion and
Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the fiscal year ended October 31,
2020.
Forward-Looking Statements
This Quarterly Report on Form 10-Q
includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements
other than statements of historical fact, including statements regarding future results of operation, made in this Quarterly Report
on Form 10-Q are forward-looking statements. We use words such as expects, believes, intends, and similar expressions to identify
forward-looking statements. Forward looking-looking statements reflect management's current expectations and are inherently
uncertain. Actual results could differ materially for a variety of reasons, including, among others, , competition in our cold
weather markets, our ability to sell out HouseWrap product line, our inability to secure sufficient funding to maintain and/or
expand our current level of operations and the seasonality of our cold weather product line. These risks and uncertainties, as
well as other risks and uncertainties that could cause our actual results to differ significantly from management's expectations,
are described in greater detail in our Annual Report on Form 10-K for the fiscal year ended October 31, 2020. The Company undertakes
no obligation to publicity update or revise any forward-looking statement, whether as a result of new information, future events
or otherwise except as required by law.
Background
Innovative Designs, Inc. (hereinafter
referred to as the "Company", "we" or "our") was formed on June 25, 2002. We market and sell
clothing products such as outdoor apparel, and cold weather gear called "Arctic Armor" that are made from INSULTEX,
a material with buoyancy, scent block and thermal resistant properties. We also market our House Wrap product line which is a building
material with thermal qualities. House Wrap is also made from INSULTEX. We obtain INSULTEX through a license agreement with the
owner and manufacturer of the material. Since our formation we have devoted our efforts to:
●
Completing the development, design and
prototypes of our products,
●
Obtaining retail stores or sales agents
to offer and sell our products,
●
Developing our website to sell more of
our products.
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12
-
INNOVATIVE DESIGNS,
INC.
Results of Operations
Comparison of the Three Month Period
Ended January 31, 2021 with the Three Month Period Ended January 31, 2020.
Three Month
Three Month
Period Ended
Period Ended
Januray 31,
% of
Januray 31,
% of
Increase
2021
Sales
2020
Sales
(Decrease)
% Change
REVENUE - NET
$
40,017
100
%
$
47,426
100
%
$
(7,409
)
-16
%
OPERATING EXPENSES
Cost of sales
18,635
47
%
20,388
43
%
(1,753
)
-9
%
Selling, general and
administrative expenses
72,883
182
%
83,218
175
%
(10,335
)
-12
%
91,518
229
%
103,606
218
%
(12,088
)
-12
%
Loss from operations
(51,501
)
-129
%
(56,180
)
-118
%
4,679
-8
%
Other income (expense)
28,823
72
%
833
2
%
27,990
3360
%
Other Expense
Interest expense
(4,960
)
-12
%
(5,216
)
-11
%
256
-5
%
Depreciation expense
(8,327
)
-21
%
(8,327
)
-18
%
—
0
%
Net Loss
$
(35,965
)
-90
%
$
(68,890
)
-145
%
$
32,925
-48
%
Revenues for the three month period
ended January 31, 2021 were $40,017 compared to revenues of $47,426 for the three month period ended January 31, 2020. The decrease
in revenue is attributable a decrease in our apparel products revenue, $33,937 for the period compared to $ 43,661 for the three
month period ended January 31, 2020. The decrease in revenue for our apparel products is attributable, in part, to the fact that
during the period we devoted a significant portion of our limited resources to the Federal Trade Commission legal matter. HouseWrap
sales were $6,080 for the period compared to $3,765 in sales for the period ended January 31, 2020. We believe our HouseWrap sales
were adversely affected by the COVID pandemic as many contractors could not access other building materials on account of supply
chain bottlenecks. See Note 13 of the Notes to the Condensed Financial Statements appearing elsewhere in this Report for a description
of our segment products sales. Our net loss for the three month period ended January 31, 2021 was ($35,965).
Our Cost of Goods sold expenses were
$18,635 for the three month period ended January 31, 2021 compared to $20,388 for the three month period ended January 31, 2020.
Professional fees for the three month period ended January 31, 2021 were $24,555 compared to $6,660 for the three month period
ended January 31, 2020. The majority of our professional fees relate to the legal fees incurred in connection to the FTC matter.
We expect our professional fees to decrease going forward.
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13
-
INNOVATIVE DESIGNS,
INC.
Liquidity and
Capital Resources
During the three month period ended
January 31, 2021, we funded our operations from revenues from sales, a loan of $200,000 and sale of our common stock in the amount
of $25,000. In May of 2020, we were granted a Paycheck Protection Program loan in the amount of $ 33, 652. The loan
was forgiven in June 2021.
Short Term: We will continue to fund
our operations from sales and the sale of our securities. We continue to pay our creditors when payments are due. We will require
more funds to be able to order the material for our INSULTEX products and to purchase equipment needed for the manufacture of the
INSULTEX product. The Company reached an agreement with the manufacturer of the INSULTEX material to purchase a machine capable
of producing the INSULTEX material. Also included in the proposed agreement will be the propriety formula that creates INSULTEX.
The Company took delivery of the equipment in December 2015. The Company will have to have the machine installed and ensure that
it can be operated in compliance with all environmental rules and regulations. It is the Company intentions to have the equipment
operational but cannot currently provide a time estimate. Among the factors affecting the time estimate are financial resources
available to the Company, finding a suitable facility and bringing technical personal from abroad to install the equipment. The
Company has currently made deposits of $600,000 on the equipment. The Company has incurred $17,000 of additional expenses related
to shipping. The Company will produce INSULTEX under its own brand name. See Note 10 of the Notes to the Condensed Financial Statements.
Long Term: The Company will continue
to fund its operations from revenues, borrowings from private parties and the possible sale of our securities. Should we not be
able to rely on the private sources for borrowing and /or increased sales, our operations would be severely affected as we would
not be able to fund our purchase orders to our suppliers for finished goods and our efforts to produce our own INSULTEX would be
delayed.
PART II – OTHER INFORMATION
ITEM 1.	   LEGAL PROCEEDING
See Legal Proceedings set
forth in Part I Item 3 of the Company's Annual Report on Form 10-K for the fiscal year ended October 31, 2020.
ITEM 1A  Risk Factors
See Risk factors set forth
in in Part I Item 1A of the Company's Annual report on Form 10-K for the fiscal year ended October 31, 2020.
-
14
-
INNOVATIVE DESIGNS, INC.
ITEM 2.	   UNREGISTERED
SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
See Part II Item 5 of the Company's
Annual Report on Form 10-K for the fiscal year ended October 31, 2020.
ITEM 3.	   Defaults upon Senior Securities
None
Item 4        Mine Safety Disclosures
Not applicable
ITEM 4T.	CONTROLS AND
PROCEDURES
Management has developed and implemented
a policy and procedures for reviewing, on a quarterly basis, our disclosure controls and procedures. During the period ended January
31, 2021, our principle executive/financial officer concluded that these controls and procedures were ineffective. At this time,
we do not have the financial resources to employ a financial staff with accounting and financial expertise. Once we have the necessary
financial resources, we plan to hire and designate an individual responsible for identifying reportable developments and to implement
procedures designed to remediate the material weakness by focusing additional attention and resources in our internal accounting
functions.
Changes in Internal Control Over Financial
Reporting
During the most recent fiscal quarter,
there were no changes in the Company's internal control over financial reporting identified in connection with the evaluation
required by paragraph (d) of Exchange Act Rules 13(a)-15 or 15d-15 that have materially affected, or are reasonably likely to materially
affect, the Company's internal control over financial reporting.
Until the Company has the financial
resources to employ a financial staff with accounting and financial expertise, to be able to properly account for internal financial
reporting, errors that may have a material effect on the financial statements have the potential to occur.
ITEM 5.    Other
Information
None
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15
-
INNOVATIVE DESIGNS, INC.
ITEM 6. 	  EXHIBITS
*3.1
Revised Certificate of Incorporation
**3.2
By-Laws
31.1
Rule 13a - 14a Certification of Chief Executive Officer
31.2
Rule 13a-14a Certification of Chief Financial Officer and Principal Accounting Officer
32.1
Section 1350 Certification of Chief Executive Officer and Chief Financial Officer
31.2
Section 1350 Certification of Chief Financial Officer and Chief Accounting Officer
*
Incorporated by reference to the Company's Form 10-K filed February 12, 2015
**
Incorporated by reference to the Company's registration statement on Form SB-2, filed March 11, 2003
99***
Incorporated by reference to the Company's Current Report on Form 8-k, filed November 4, 2016
SIGNATURES
Pursuant to the requirements of
the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
Innovative Designs, Inc.
Registrant
Date: September 17, 2021
by:
/s/ Joseph Riccelli
Joseph Riccelli, Chief Executive Officer
and Chief Financial Officer
-16-