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 U.S. SECURITIES AND EXCHANGE
COMMISSION

W ashington, D.C. 20549

 FORM 10-K

 Annual
 report under section 13 or 15(d) of the Securities Act of 1934. For the fiscal year ended
 October 31, 2024

 Transition
 report under section 13 or 15(d) of the Securities Act of 1934. For the T ransition
 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 Incorporation or Organization)

 (I.R.S. Employer Identification Number)

 124 Cherry Street

 15223

 Pittsburgh, Pennsylvania

 (Zip Code)

 (Address of Principal Executive Offices)

 (412) 799-0350

 (Registrant ' s
telephone number including area code)

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

________________

 T itle of each class

 T rading Symbol(s)

 Name of each exchange on which r egiste r ed

 ________________

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

( T itle of Class)

 Common Stock, $.0001 par value per share

 Indicate by check mark if the registrant is a well-known seasoned issue r,
as defined in Rule 405 of the Securities Act.

 Yes
 No

 Indicate by check mark if the registrant is not required to file reports
pursuant to section 13 or Section 15 (d) of the Act.

 Yes
 No

 Check
whether the issuer (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 past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes No

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

 Indicate
by check mark if disclosure of delinquent filers to Item 405 of Regulation S-K (sec. 229.405) is not contained herein, and will not be
contained, to the best of registrant ' s knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.

 Indicate
by check mark whether the registrant is a la r ge accelerated file r,
an accelerated file r, a non-accelerated file r,
or a smaller reporting compan y. (Check One)

 Large accelerated filer

 Accelerated filer

 Non-accelerated filer

 Smaller reporting company

 Eme r ging
reporting Company

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

 No

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

 Yes
 No

 The issuer's revenues for its most recent fiscal year were $ 1,362,538

 The aggregate market value of the voting and non-voting
stock held by non-affiliates of the registrant computed by reference to the price at which the common equity was sold, or the average
bid and asked price of such common equity, as of the last business day of the registrant's most recently completed second fiscal
quarter was $ 11,108,160. This calculation does not reflect a determination that certain persons are affiliates of the registrant for
any other purposes.

 The number
of shares of the registrant's common stock outstanding on February 17, 2025 was 38,304,003

 Transitional
Small Business Disclosure Format: Y es No

 ITEM
1. DESCRIPTION OF BUSINESS.

 The Company was incorporated in the State of Delaware
on June 25, 2002. W e operate in two separate business segments: a house wrap for the building
construction industry and cold weather clothing. Both of our segment lines use products made from Insultex, which is a low-density polyethylene
semi-crystalline, closed cell foam in which the cells are totally evacuated. with buoyanc y,
scent block, and thermal resistant properties. W e have a license agreement directly with
the owner of the Insultex technolog y. In December 2015, we took delivery of equipment capable
of producing Insultex. Given the time and cost of bringing the equipment into production mode and our current financial condition until
we are able to begin manufacturing Insultex, we will continue to operate under the license agreement for the manufacture of Insultex used
in our products.

 Other companies are free to purchase Insultex from us assuming that it
is a company within the distribution jurisdiction that we have, which is worldwide with the exception of Korea and Japan. Other than Korea
and Japan, we are the sole worldwide supplier/distributor of the Insultex material.

 W e o f fer
the following products containing Insultex:

 House W rap: Our house wrap product is designed for the home building construction
industr y. This product, made from Insultex provides barrier protection plus moisture vapor
transmission and approximately R-3 and R-6 value insulation. W e no longer manufacture the
R-3 product line and are only selling it from our inventor y. House W rap
is a multi-ply weatherization membrane that provides a protective layer under a building ' s
outer covering that resists water and air infiltration, preventing mold and mildew buildup that could cause structural rotting. What di f ferentiates
Insultex from its competition is the fact that it o f fers an R- V alue,
the term used to measure thermal resistance, and is most commonly used when referring to the insulating qualities of a building structure,
thus increasing ene r gy e f ficienc y.
 W e are currently working on developing a House W rap
product line for the commercial building construction industr y.

 In December 2016, we temporarily suspended any advertising of our House W rap product line.
 W e took this action as a result of a lawsuit brought by the Federal T rade
Commission ('FTC"). On September 24, 2020, a judgment was entered in favor of the Company against the FTC as to all claims
by the FTC. The judgment was upheld on appeal by the FTC on July 22, 2021. In March of 2021, we resumed advertising for our House W rap
products. W e also sell a tape that is designed to be used with the House W rap.

 Floating Swimwear: Product under our product
name "Swimeez". Our swimwear is designed to be a swim aid. The interior lining of our swimwear product is made from INSU L TEX,
which enhances floatabilit y. This product was discontinued during 2010 and we are only selling
from our existing inventor y.

 Hunting Apparel Line: Our hunting apparel provides almost total block from odors provided by the INSU L TEX
material. This product was discontinued during 2010 and we are only selling from our existing inventor y.

 Arctic Armor Line: The Arctic Armor line, introduced in April of 2006, consists of a jacket, bib
and gloves. The suit contains 3 layers of INSU L TEX for uncompromised warmth and provides the
user with guaranteed buoyanc y. The gloves contain a single layer of INSU L TEX
and are windproof, waterproof and good to sub-zero temperatures as are the jacket and bibs. W e
are currently only selling from our existing inventor y.

 Insultex Material: W e
 sell Insultex material in bulk to non-competing customers.

 W e also o f fer
a product that helps restore the waterproof character of the outer side of our Arctic Armor clothing. In addition, we o f fer
cold weather headgear and base insulation clothing product.

 W e no longer manufacture our
apparel products containing Insultex. W e only sell from our existing inventor y..

 For financial information regarding each segment, please see Note 10 of
the Notes to Financial Statements appearing elsewhere in this Report.

 The Insultex License and Manufacturing Agreement

 Under the terms of the agreement between us and the
Ketut Group, Ketut Group agrees to promptly deliver to Innovative Designs, Inc. within twenty-eight (28) days of receiving an orde r,
all Insultex ordered by us. Under the terms of the agreement, we are required to pay a fixed amount per meter of Insultex. This fixed
amount will not change under the agreement for a period of ten (10) years after the date of the agreement was signed, which was April
1, 2006. The agreement provides that after the ten (10) year period, the price of the Insultex shall be adjusted for a subsequent ten
(10) year term, no more than twelve percent (12%) for the subsequent ten (10) year period. W e
order Insultex from time to time as needed and are not required to purchase any minimum amount of Insultex during the term of the agreement,
and we are not required to make any minimum annual payment. Howeve r, should we place an order;
any quantity ordered must be a minimum of 100,000 yards of Insultex. W e are not required
to pay any part of any sublicense fee that we receive from third party sub-licensees, and we are not required to pay any fees to the Ketut
Group. This agreement will be in full legal force and e f fect for an initial term of ten (10)
years from the date of its execution. W e have the option to renew this agreement for up to
three (3) successive terms of ten (10) years each by giving notice of our intention to so renew not less than ninety (90) days prior to
the expiration of the then-current term. The Company has exercised the first ten-year renewal option. W e
purchased the equipment capable of producing Insultex from the Ketut Group.

 COLD WE A THER CLOTHING PRODUCTS

 Arctic Armor Line

 Our Arctic Armor line products are intended for use by the following consumer
groups that are in the Company ' s ta r get
market for these products: W e are currently only selling these products form our existing
inventor y.

 Ice fisherman

 Snowmobilers

 Utility workers

 Oil/gas pipeline workers

 Railroad workers

 Construction workers

 Ski resort workers; and

 Police and First Responders.

 W ebsite and Retailers

 W e sell
both wholesale and retail products on our web site. Our web site, located at ww w.idigea r.com,
contains information on our products, technical information on Insultex insulation, e-commerce capabilities with "shopping cart",
wholesaler information and order forms, company contact information, and links to retailers that carry our products. W e
have obtained the services of The Hive Agency who assists us in designing and continually developing our website. Our products are o f fered
and sold by retailers, distributors and through our web site in all states and Canada. Except for products sold through our web site,
others who purchase our products do so at wholesale prices which they plan to sell at their retail prices or use within their industr y.

 Sales

 W e sell
our products online, to distributors and through independent sales agents and agencies. Once we have made contact with a potential sales
agency or solo agent, we evaluate their existing accounts, the capacity and potential for them to e f fectively
push our products. W e also look at their current product lines through the sales channel.
Our primary market area is the outdoor industry which includes all activity done in cold weathe r.
These activities include recreational such as hunting, ice fishing, snowmobiling, and industries such as oil and gas, utilities and construction.
Once we agree to bring on an independent sales agent or agenc y, we en t er
into a standard agreement.

 A typical sales representative agreement will have a term of one year with
the right of either party to terminate upon thirty days written notice. W e do not provide
any free samples of our products and all sales expenses are the sole obligation of the sales agent.

 Certain retailers buy directly from us.
 W e have no verbal or written agreements with them. These retailers purchase our products
strictly on a purchase order basis.

 Swimeez Products

 W e distribute our Swimeez products
through our web site.

 Hunting Apparel Line

 W e distribute our hunting apparel
through our web site.

 Arctic Armor Line

 W e distribute the Arctic Armor
Line through our web site, to retailers and to distributors across the United States and Canada. These products are also marketed to utility
companies, oil/gas pipeline workers, railroad workers, police and first responders, and to construction workers.

 HOUSE WRAP

 House W rap

 In early January 2008, we announced that we had completed
our research and development e f fort on a new use for Insultex as a house wrap for the home
building construction industr y. This house wrap provides barrier protection plus moisture
vapor transmission and the feature of approximately R-3 and R-6 value insulation. The Insultex House W rap
was designed to specifically add enhanced insulating characteristics. In addition, the House W rap
is priced competitively with existing house wraps that do not provide any insulation. The development e f forts
were conducted by our own personnel and an outside consultant. In December 2016, we temporarily suspended any advertising for our House
 W rap product line as we were in litigation with the Federal T rade
Commission ("FTC"). The litigation has concluded as to the matters set forth in the FTC complaint and in March 2021, we resumed
advertising for our House W rap products.

 Insultex House W rap

 During our last fiscal year, the following customers each accounted for
more than ten percent of our total sales of our House Wrap product, A-Team Building Supplies, LLC (10.3%), and Built Link Solutions (77%).

 Competition

 Many companies o f fer
a type of house wrap, some with insulating properties. These companies have la r ge operations
and are well financed. Some of the la r ger companies are DuPont, and Kimberly Clark. The Company
expects to face intense competition with others who have much greater resources in the building construction supply industr y.

 Our marketing program consists of the following:

 MARKETING COMPONENT

 W ebsite Development
and Internet Marketin g

 W e contract with marketing
consultants to:

 (a) increase visitation to our website.

 (b) link with other established websites.

 (c) issue press releases to on-line publications.

 (d) conduct banner advertising.

 (e) develop arrangements with online retailers that purchase
our products on a wholesale basis.

 Sales Representatives

 Our V ice President of sales
and marketing works to:

 (a) sell our merchandise to retail chain stores.

 (b) initiate relationships with local and national recreational
o r ganizations; and

 (c) provide support to our distributor representatives

 Contract with Manufacturer

 W e utilize the services of
sales agencies to represent our products in the United States and Canada.

 Design and Develop

 W e presently
use our own sta f f for services related to literature, displays, develop brochures, point-of-sale
displays, mailers, media materials, and literature and sales tools for our sales representatives and manufacturer representatives. At
such time as we have su f ficient funding, we intend to contract out some of these services.
 W e no longer manufacture the R-3 House W rap.

 Establish Wholesale

 W e are
and continue to develop relationships or distribution relationships with retail points for our products to retail chain outlets and mass
merchandisers to sell our products. W e currently have two domestic distributors.. Each distributor
has a certain territor y. Our domestic distributors collectively cover the following jurisdictions:
 T exas, Oklahoma, Louisiana, North and South Dakota, Minnesota, Iowa, Michigan, Ohio, Pennsylvania,
New Y ork, W est V i r ginia,
Maryland, Colorado, Illinois, Maine, New Hampshire, New Jersey, Oregon, Vermont, Washington, Wisconsin, New Mexico and V i r ginia.

 W e ship
wholesale product orders by United Parcel Service or trucking companies. Retail orders from our website are shipped United Parcel Ground
Service or Federal Express overnight. The costs of shipping our finished goods are paid by our customers. W e
have not instituted any formal arrangements or agreements with United Parcel Service, Federal Express or trucking companies, and we do
not intend to do so.

 Any apparel inventory we maintain is stored at our warehousing facilit y.
Our warehouse facility has the capacity to hold 250,000 units of finished products in inventor y.
Our House W rap inventory is stored in our facility and in the facility that manufactures it.

 In 2004, we were granted a trademark for our name "idigear"
with the United States Patent and T rademark O f fice.

 In 2007, we were granted the mark "Insultex" by the United
States Patent and T rademark O f fice.

 In 20 1 1, we were granted a
trademark for "Insultex House W rap" by the United States Patent and T rademark
O f fice.

 The Company has rights under a U.S Patent titled "Composite Fabric
Material and Apparel Made Therefrom" which issued April 30, 2013.

 The Company has rights under a U.S. Paten titled "Composite Materials"
which issued February 21, 2017, published on September 5, 2013.

 The Company caused to have filed a utility patent
application on December 18, 2009, titled "Composite House W rap" which claimed
priority to provisional patent application titled "Composite House W rap" on December
18, 2008. A patent application was published on June 24, 2010. Although no patent issued from this original disclosure, this publication
prevents third parties from patenting concepts obvious over these original teaching of the Compan y.

 The Company caused to have filed a utility patent
application on May 31, 2017, titled "Process for Forming Closed Cell Expanded Low density Polyethylene Foam and Products Formed
Thereby", published January 24, 2018. The Company then caused to have filed a utility patent application on July 31, 2020, which
application was published February 1 1, 2021. In January 2023, the U.S Patent and T rademark
O f fice issue a Notice of Allowance and a patent shall issue in due course.

 Additional patent application on other property concepts are also being
planned.

 Our production costs are limited to the invoices we receive for Insultex
from Ketut Group and our House W rap product from the manufacture r.

 Although we are not aware of the need for any government approval of our
principal products, we may be subject to such approvals in the future.

 United States and foreign regulations may subject us to increased regulation
costs, and possibly fines or restrictions on conducting our business. W e are subject, directly
or indirectl y, to governmental regulations pertaining to the following government agencies:

 United States Customs Service

 W e are required to pay a 6.5%
importation duty to the United States Customs Service on all imported products. W e import
Insultex from Indonesia from the Ketut Group, in accordance with our agreement with the Ketut Group.

 United States Department of Labo r' s
Occupational Safety and Health Administration

 Because our sub-manufacturers manufacture our completed products, we and
our sub-manufacturers will be subject to the regulations of the United States Department of Labo r' s
Occupational Safety and Health Administration.

 W e are
not aware of any governmental regulations that will a f fect the Internet aspects of our business.
Howeve r, due to increasing usage of the Internet, a number of laws and regulations may be
adopted relating to the Internet covering user privac y, pricing, and characteristics and
quality of products and services. Furthermore, the growth and development of Internet commerce may prompt more stringent consumer protection
laws imposing additional burdens on those companies' conducting business over the Internet. The adoption of any additional laws
or regulations may decrease the growth of the Internet, which, in turn, could decrease the demand for Internet services and increase the
cost of doing business on the Internet. These factors may have an adverse e f fect on our business,
results of operations, and financial condition.

 Moreove r,
the interpretation of sales tax, libel, and personal privacy laws applied to Internet commerce is uncertain and unresolved. W e
may be required to qualify to do business as a foreign corporation in each such state or foreign countr y.
Our failure to qualify as a foreign corporation in a jurisdiction where we are required to do so could subject us to taxes and penalties.
Any such existing or new legislation or regulation, including state sales tax, or the application of laws or regulations from jurisdictions
whose laws do not currently apply to our business, could have a material adverse e f fect on
our business, results of operations and financial condition.

 W e currently
have no costs associated with compliance with environmental regulations. Because we do not manufacture our products, but rather they are
manufactured by our sub-manufacturers, we do not anticipate any costs associated with environmental compliance. Moreove r,
the delivery and distribution of our products will not involve substantial discha r ge of environmental
pollutants. Howeve r, there can be no assurance that we will not incur such costs in the future.

 W e estimate
that all of our revenues will be from the sale of our products. W e will sell our products
at prices above our original cost to produce our products. W e expect our product prices to
be lower than network marketing companies, but higher compared with retail establishments that directly manufacture their own products.

 W e currently have a total of
two full time employees. W e hire part-time personnel as needed.

 W e have no collective ba r gaining
or employment agreements.

 Reports and Other Information to Shareholders

 W e are
subject to the informational requirements of the Securities Exchange Act of 1934. Accordingl y,
we file annual, quarterly and other reports and information with the Securities and Exchange Commission. Y ou
may read and copy these reports and other information we file at the Securities and Exchange Commission ' s
public reference rooms in W ashington, D.C., New Y ork,
New Y ork, and Chicago, Illinois. Our filings are also available to the public from commercial
document retrieval services and the Internet worldwide website maintained by the Securities and Exchange Commission at ww w.sec.go v.

 ITEM
1A RISK F AC T ORS.

 Lack of Sufficient Operating Funds-Going Concern

 With unprecedented sales, the company is concerned about possible cash
flow issues going forward. This problem exists due to the current payment terms with their manufacturers versus account payable terms
that are issued to accounts. The company is attempting to negotiate better terms with its manufacturers in an attempt to avoid purchase
order financing or obtaining a commercial loan.

 Competition

 The markets served by the Company are highly competitive. Competitive pricing
pressure could result in loss of customers or decreased profit ma r gins. Competition by product
type includes the following:

 The markets for our products are increasingly competitive.
Our competitors have substantially longer operating histories, greater brand name and company name recognition, la r ger
customer bases and greater financial, operating, and technical resources than us. Because we are financially and operationally smaller
than our competitors, we may encounter di f ficulties
in capturing market share. Our competitors are able to conduct extensive marketing campaigns and create more attractive pricing of their
ta r get markets than we are.

 Some of our biggest competitors for our House W rap
product line are;

 Dupont

 Kimberly Clark.

 Some of our biggest competitors in the Arctic Armor line are:

 Ice Clam Corporation

 V exilar

 Mustang Survival

 Frabill

 Stryker

 W e compete in the following
ways:

 A. Emphasize the Advantages of
our Products.

 Arctic Armor Line

 W e emphasize the following
characteristics and advantages of ou r Arctic Armor line products:

 light weight

 waterproof

 windproof

 sub-zero protection

 buoyancy

 Insultex provides a scent barrier which we had a permeation
test performed on at the T exas Research Institute Austin, Inc. The product was subjected to
gas stimulant for an eight-hour period. The product was tested for permeation of the gas every three minutes for the duration of the test
with almost no detection of the gas throughout the test. The testing was based upon accepted industry practices as well as the test method
used.

 HOUSE WRAP

 Our House W rap product

 Utilize our web site to promote, market, and sell
our products to consumers.

 Utilize professional sales representatives, distributors and manufacturer representatives to sell our products to established retailers,
contractors and end users.

 Our products have the following disadvantages in comparison to the products
of our competitors:

 Lack of brand name recognition or recognition of the properties of Insultex and its advantages. W e,
as well as our products, have little brand name recognition compared to our competitors. And we may encounter di f ficulties
in establishing product recognition. Also, although our products have insulation properties, the material "down" has a widespread
and established reputation as being the superior insulation in the market, while the properties and advantages of Insultex has little
public recognition.

 Cyclicality

 The Company ' s
Arctic Armor apparel sales fluctuate based on temperature and weather conditions. Our products are suitable primarily for cold weather
conditions. This will have a cyclical e f fect on sales. It also makes our revenues totally
dependent on cold weather for this product line. For the fiscal year ended October 31, 2023, our cold weather products accounted for approximately
10% of our total revenue. Sales of the company's Insultex House Wrap may fluctuate during the colder months as builders and contractors
attain less business. Sales in the typically warmer states will see no changes.

 Material Acquisition

 The Company has only one supplier of Insultex, the
special material which is manufactured within the apparel of our cold weather products and our House W rap
product. Additionall y, we have one manufacturer that produces the apparel on behalf of the
Compan y, located in Indonesia. Currentl y, we
are only selling apparel from our inventor y. Any delays in getting Insultex will adversely
a f fect our revenue stream. Once we have our own equipment operating, we will be able to produce
Insultex. W e intend to use such Insultex for our House W rap
product.at the present time.

 Geographic Concentration

 Most of the Company ' s
sales for its cold weather clothing products to retailers are concentrated in colder climates of the United States and Canada.

 Management

 The Company is dependent on the management of Joseph Riccelli Jr,
our Chief Executive Officer. The loss of Mr. Riccelli Jr's services could have a negative effect on the performance and growth of
the Company for some period of time.

 Penny Stock Considerations

 Our shares are "penny stocks" as that
term is generally defined in the Securities Exchange Act of 1934 as equity securities with a price of less than $5.00. Our shares may
be subject to rules that impose sales practice and disclosure requirements on broke r -dealers
who engage in certain transactions involving a penny stock.

 Under the penny stock regulations, a broke r -dealer
selling a penny stock to anyone other than an established customer or "accredited investor" must make a special suitability
determination regarding the purchaser and must receive the purchase r' s
written consent to the transaction prior to the sale, unless the broke r -dealer is otherwise
exempt. Generall y, an individual with a net worth, exclusive of one ' s
residence, in excess of $1,000,000 or annual income exceeding $200,000 individually or $300,000 together with his or her spouse is considered
an accredited investo r. In addition, under the penny stock regulations the broke r -dealer
is required to:

 Delive r, prior to any transaction involving a penny stock,
a disclosure schedule prepared by the Securities and Exchange Commission relating to the penny stock market, unless the broke r -dealer
or the transaction is otherwise exempt;

 Disclose commissions payable to the broke r -dealer
and its registered representatives and current bid and o f fer quotations for the securities;

 Send monthly statements disclosing recent price information pertaining to the penny stock held in a
custome r' s account, the account ' s
value and information regarding the limited market in penny stocks; and

 Make a special written determination that the penny stock is a suitable investment for the purchaser
and receive the purchase r' s written agreement
to the transaction, prior to conducting any penny stock transaction in the custome r' s
account.

 Because of these regulations, broke r -dealers
may encounter di f ficulties in their attempt to sell shares of our stock, which may a f fect
the ability of shareholders or other holders to sell their shares in the secondary market and have the e f fect
of reducing the level of trading activity in the secondary market. These additional sales practice and disclosure requirements could impede
the sale of our securities if our securities become publicly traded. In addition, the liquidity of our securities may be adversely a f fected,
with a corresponding decrease in the price of our securities.

 ITEM
1B Unresolved Sta f f Comments.

 None.

 ITEM
1C Cybersecurity

 W e do not maintain
any information systems that would be subject to a cybersecurity threat. Our credit card processing is outsourced to a third party that
uses a double authentication protocol.

 ITEM
2. PROPE R TIES.

 W e lease warehouse space for
our inventory and raw materials at 124 Cherry Street, Etna, Pennsylvania. W e also use this
space as our principal executive o f fices. This facility encompasses 13,000 square feet of
storage space on the first floor and 2,000 square feet for our sales department o f fices located
on the second floo r. W e have entered into a
verbal agreement with the owner of the building, and we pay $3,500 per month for the space. This facility is composed of: (a) warehouse
and storage areas including four (4) shipping bays and a distribution area consisting of square footage to store upward of 250,000 finished
goods products; and (b) four (4) offices, one (1) conference room, with presentation area and sample display and (2) bathrooms totaling
approximately 2,000 square feet located on the second floor. Mr. Frank Riccelli is the uncle to our Chief Executive Officer and the owner
of the property. The condition of our leased property is good and suitable for our needs.

 ITEM
3. LEGAL PROCEEDINGS.

 See Note 15 of the Notes to Financial Statement appearing elsewhere
in this Report.

 ITEM
4.

 P A R T
II

 ITEM
5. MARKET FOR REGISTRANT'S COMMON EQUIT Y; REL A TED
S T OCKHOLDER M A TTERS AND ISSUER PURCHASES OF
EQUITY SECURITIES.

 Our Common Stock is traded on the OTCQB tier under the symbol IVDN. As
of February 17, 2025, we had 263 holders of record of our common stock (not including beneficial holders of stock held in street names).

 W e have one class of stock
outstanding. W e have no shares of our preferred stock outstanding.

 Dividends

 W e have
not declared any cash dividends on our stock since our inception and do not anticipate paying such dividends in the foreseeable future.
 W e plan to retain any future earnings for use in our business. Any decisions as to future
payment of dividends will depend on our earnings and financial position and such other factors as the Board of Directors deems relevant.

 ITEM
6. SELECTED FINANCIAL D AT A.

 As a smaller reporting compan y,
under SEC regulations, we are not required to furnish selected financial data.

 Item 7. 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 appearing elsewhere in this report.

 Disclosure Regarding Forward-Looking Statements

 Certain statements made in this report, and other
written or oral statements made by or on behalf of the Company, may constitute "forward-looking statements" within the meaning
of the federal securities laws. When used in this report, the words "believes," "expects," "estimates,"
"intends," and similar expressions are intended to identify forward-looking statements. Statements regarding future events
and developments and our future performance, as well as our expectations, beliefs, plans, intentions, estimates, or projections relating
to the future, are forward-looking statements within the meaning of these laws. Examples of such statements in this report include descriptions
of our plans and strategies with respect to developing certain market opportunities, and our overall business plan. All forward-looking
statements are subject to certain risks and uncertainties that could cause actual events to differ materially from those projected we
believe that these forward-looking statements are reasonable; however, you should not place undue reliance on such statements. These statements
are based on current expectations and speak only as of the date of such statements. We undertake no obligations to publicly update or
revise any forward-looking statement, whether as a result of future events, new information or otherwise.

 Background

 Innovative Designs, Inc. (hereafter referred to as
the "Company", "we" or "our") produces and sells a house wrap product using Insultex a material with
thermal resistance and buoyancy properties. We also offer a cold weather product line called "Artic Armor" which also uses
Insultex. We no longer produce any Artic Armor products. We are only selling from our existing inventory. We obtain Insultex through a
license agreement with the owner and manufacturer of the material. In December 2015, we took delivery of equipment capable of producing
our own Insultex. At such time as we have sufficient funding, we intend to put the equipment into production and use the Insultex from
this equipment in the production of our House Wrap product and for the sale of Insultex to others.

 Results of Operations

 Comparison of the fiscal year ended October 31, 2024,
with the fiscal year ended October 31, 2023.

 The following table shows a comparison of the results
of operations between the fiscal years ended October 31, 2024, and October 31, 2023:

 Fiscal Year

 Fiscal Year

 Ended

 %

 Ended

 %

 Increase

 10/31/2024

 of sales

 10/31/2023

 of sales

 (Decrease)

 % Change

 REVENUE - NET

 1,382,734

 347,763

 1,034,971

 297.61
 %

 OPERATING EXPENSES

 Cost of sales

 753,723

 54.5
 %

 167,788

 48.2
 %

 585,935

 349.21
 %

 Selling and G&A expenses

 490,838

 35.5
 %

 464,065

 133.4
 %

 26,773

 5.77
 %

 Total Operating Expenses

 1,244,561

 90.0
 %

 631,853

 181.7
 %

 612,708

 96.97
 %

 Income (loss) from operations

 138,173

 10.0
 %

 (284,090
)

 -81.7
 %

 422,263

 148.6
 %

 Other income (expenses)

 Gain (loss) on sale of equipment

 —

 —

 7,519

 2.2
 %

 (7,519
)

 -100.0
 %

 Interest expense

 (36,272
)

 -2.6
 %

 (24,807
)

 -7.1
 %

 (9,478
)

 38.2
 %

 Depreciation

 (4,977
)

 -0.4
 %

 —

 0.0
 %

 (4,977
)

 100.0
 %

 Total other income (expense)

 (41,249
)

 -3.0
 %

 (17,288
)

 -5.0
 %

 (14,455
)

 83.6
 %

 Net income (loss)

 96,923

 7.0
 %

 (301,378
)

 -86.7
 %

 398,302

 132.2
 %

 Weight average common shares outstanding - undiluted

 37,276,150

 35,478,572

 Income (loss) per common share - undiluted

 0.002

 (0.010
)

 Results of Operations

 Revenues for the fiscal year ended October 31, 2024,
were $1,382,734 compared to revenues of $347,763 for the comparable period ending October 31, 2023. House Wrap product revenue totaled
$1,324,127 for the period compared to $312,983 for fiscal year ended October 31, 2023. All of the remaining revenues were derived from
our Arctic Armor and related product lines which totaled $51,602 for the period compared to revenues of $34,780 for the fiscal year ended
October 31, 2023. Revenues are net of returns and discounts. We continue to work on rebuilding our House Wrap product line brand.

 Cost of goods sold for the fiscal year ended October 31, 2024, was $753,723,
compared to $167,788 for the fiscal year ended October 31, 2023. The increase of $585,935 was due to the significant increase of the sales.

 Selling, general
and administrative expenses increased from $464,065 in fiscal year ended October 31, 2023, $490,838 in the fiscal year ended October
31, 2024. This increase reflects was also due to the increase of sales with more activities, specifically reflected in the
professional fees of $86,557, payroll expenses of $147,906, shipping and storage of $61,124, etc.

 During the
fiscal year ended October 31, 2024, we funded our operations from revenues and the private sales of our common stock and the stock issuance
for services which helped the cash flows. We received a total of $115,920 from the sale of stock. We will continue to fund our operations
from revenues, private borrowings and the sale of our common stock until we are able to produce sales sufficient to cover our cost structure
or to secure commercial lending arrangements.

 On July 12,
2015, the Company reached an agreement with Ketut Jaya to purchase machinery and equipment utilized to produce the INSULTEX material.
The purchase price is $700,000 and to be made in four installments. The first installment of $300,000 is to be made at the execution of
the agreement. The second installment of $200,000 is to be made when the machinery and equipment is ready to be shipped to the United
States. The third installment of $100,000 is to be made 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 October 31, 2016, the
Company has made payments of $600,000. In addition to the final payments, the Company will have to have the equipment and machines installed
and ensure that the machine can be operated in compliance with environmental regulations. The Company has not made an estimate of the
costs required for bringing the machine into compliance, but it is considered to be substantial. Given the expected time and cost of bringing
the equipment into production mode and our current financial condition we are unable to estimate when we will be able to do so.

 We also must
purchase new quality control testing equipment for use in testing Insultex. The testing equipment is finished, and we are in discussions
with the vendor regarding certain charges. Once we take delivery of the equipment it will have to go through a certification process.
Once the testing equipment is certified, we intend to begin the process of having Insultex certified by ICC Evaluation Services, LLC ("ICC-ES").
ICC-ES certifies, among other items, building materials and products of which our House Wrap falls under. The reason we need to have ICC-ES
certification is that we believe in order to get large orders for House Wrap ICC-ES certification will be required. The other component
part of the House Wrap produced by a third party is ICC-Es certified. Getting ICC-ES certification is costly and time consuming.

 During the
period we paid $10,396 on our loans. Short Term: We funded our operations with revenues from sales, private sales of our common stock
and from a legal settlement.

 The Company
intends to repay these debt obligations with funds it generates from revenues, from the possible sale of its securities, either debt or
equity, from advances from our stockholders or others. Because we cannot currently access commercial lending facilities, should we not
be able to continue to obtain funding from these sources should our revenues decrease, our operations would be severely affected as we
would not be able to fund our purchase orders to our suppliers for finished goods. The Company continues to pay its creditors when payments
are due.

 Long Term:
The Company will continue to fund operations from revenues, borrowings and the possible sale of its securities. Should we not be able
to continue to rely on these sources our operations would be severely affected as we would not be able to fund our purchase orders to
our suppliers for finished goods.

 Item 7A. Quantitative and Qualitative Disclosures
about Market Risk

 As
a smaller reporting company under SEC Regulation, we are not required to provide this information.

 Item 8. Financial Statements and Supplementary
Data

 FINANCIAL STATEMENTS

 Fiscal Years Ended October 31, 2024 and 2023

 Page

 REPORT OF REGISTERRED PUBLIC ACCOUNTING FIRM

 BALANCE SHEETS

 STATEMENTS OF OPERATIONS

 STATEMENTS OF CHANGES IN STOCKJOLDER'S EQUITY

 STATEMENTS OF CASH FLOWS

 NOTES TO THE FINANCIAL STATEMENTS

 F- 1

 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM

 To Board of Directors and Shareholders of

 Innovative Designs, Inc

 Opinion on the Financial Statements:

 We have audited the accompanying balance sheets Innovative Designs, Inc
(the Company), for the fiscal period ended October 31, 2024 and 2023, the corresponding statement of operations, statement of changes
in stockholders' equity and cash flow statement, for the period ended October 31, 2024 and 2023, and the related notes to the financial
statements (collectively the Financial Statements). In our option, the financial statements present fairly, in all material respects,
the financial position of the Company as of October 31, 2024 and 2023, and the results of its operations, changes in stockholders'
equity and its cash flows for periods ended October 31, 2024 and 2023, in conformity with accounting principles in relation to Generally
Accepted Accounting Principles in the United States of America (USGAAP).

 Basis for the issuance of opinion:

 The Company's management is responsible for the preparation and fair presentation
of the financial statements in accordance with Generally Accepted Accounting Principles in the United States of America. This responsibility
includes: Designing, implementing and maintaining internal control relevant to the preparation and fair presentation of the financial
statements so that they are free from material misstatements, whether due to fraud or error, selecting appropriate accounting policies
and making such estimates as are reasonable in the circumstances.

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

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

 Except as referred to in subparagraphs (a) and (b), we conduct our review
in accordance with generally accepted accounting principles in the United States of America. These standards require us to comply with
ethical requirements and to plan and execute the audit in such a way that we can obtain reasonable assurance that the financial statements
are free from material misstatement. Auditing includes, based on selective testing, examination of the evidence supporting the figures
and disclosures in the financial statements; the evaluation of Generally Accepted Accounting Principles in the United States of America
and the significant estimates made by management. It also includes the evaluation of the presentation of the financial statements in general.
We believe that our audit provides a reasonable basis for our opinion.

 Critical Audit Matters

 The critical audit matters communicated below are matters arising from
the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and
that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging,
subjective or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements,
taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit
matters or on the accounts or disclosures to which they relate.

 Substantial Doubt About the Company's Ability to Continue as
a Going Concern

 Critical Audit Matter Description

 Due to the results of cumulative losses and the risk of dependency regarding
the concentration of sales in two customers, the Company evaluates it ability to continue as a going concern and has a plan in place to
be able to conclude that it will be able to continue as a going concern for one year from the issuance date of the financial statements.

 How the Critical Audit Matter Was Addressed in the Audit

 Our procedures included an evaluation of management's plans to continue
as a going concern and a conclusion as to whether management's plans appear reasonable and achievable.

 Asesoria Global, S.A.

 We have served as the Company's auditor since 2024

 Guatemnala City, Guatemala

 February 19, 2025

 7184

 F- 2

 BALANCE SHEETS

 October 31,
 2024

 October 31,
 2023

 ASSETS

 Current Assets

 Cash

 $
 185,675

 $
 238,677

 Accounts receivable, net

 321,893

 31,050

 Inventory, net

 498,758

 549,277

 Total Current Assets

 1,006,326

 819,004

 PROPERTY AND EQUIPMENT

 28,060

 23,479

 OTHER ASSETS

 Advance to employees

 5,500

 8,200

 Deposits on equipment

 652,944

 652,944

 TOTAL ASSETS

 $
 1,692,830

 $
 1,503,627

 LIABILITIES & STOCKHOLDERS' DEFICIT

 Current Liabilities

 Accounts Payable

 $
 65,267

 $
 216,626

 Current portion of notes payable

 20,934

 20,397

 Accrued interest

 29,083

 42,873

 Shareholder's loans

 50,000

 70,668

 Accrued expenses

 51,175

 —

 Total Current Liabilities

 216,459

 350,564

 Long-term Liabilities

 Long-term portion of note payable

 23,495

 Long-term portion of shareholder's loans

 —

 Total Liabilities

 249,954

 394,993

 Commitments and Contingencies (Note 5)

 —

 Stockholders' Deficit

 Preferred stock, par value $ 0.0001; 25,000,000 shares authorized

 —

 —

 Common stock, par value $ 0.0001; 100,800,000 shares authorized, 37,924,003 and 36,617,560 shares issued and outstanding as of October 31, 2024 and 2023, respectively

 3,792

 3,662

 Additional Paid-In-Capital

 11,979,117

 11,741,928

 Accumulated Deficit

 ( 10,540,033
)

 ( 10,636,957
)

 Total Stockholders' equity

 1,442,876

 1,108,634

 TOTAL LIABILITIES & STOCKHOLDERS' EQUITY

 $
 1,692,830

 $
 1,503,627

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

 F- 3

 STATEMENTS OF OPERATIONS

 For the years ended October 31,

 2024

 2023

 REVENUES, net

 $
 1,382,733

 $
 347,763

 OPERATING EXPENSES

 Cost of sales

 753,723

 167,788

 Selling, general and administrative expenses

 495,815

 464,065

 TOTAL OPERATING EXPENSES

 1,249,538

 631,853

 Income (loss) from operations

 133,195

 ( 248,090
)

 OTHER INCOME (EXPENSES)

 Gain (loss) on sale of property and equipment

 —

 7,519

 Interest expense

 ( 36,272
)

 ( 24,807
)

 Total other income (expense)

 ( 36,272
)

 ( 17,288
)

 PROVISION FOR INCOME TAXES

 —

 —

 NET INCOME (LOSS)

 96,923

 $
 ( 301,378
)

 PER SHARE INFORMATION: UNDILUTED

 Net income (loss) per common share

 $
 0.00

 $
 ( 0.01
)

 Weighted average number of common shares

 37,276,150

 35,487,572

 PER SHARE INFORMATION: DILUTED

 Net income (loss) per common share

 $
 0.00

 $
 ( 0.01
)

 Weighted average number of common shares

 37,276,150

 36,529,252

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

 F- 4

 STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY

 Shares

 Amount

 Additional Paid-In- Capital

 Accumulated Deficit

 Total Stockholders' Deficit

 Balance, October 31, 2022

 34,735,560

 $
 3,474

 $
 11,335,117

 $
 ( 10,335,579
)

 $
 1,003,072

 Sale of stock

 1,635,000

 354,836

 —

 355,000

 Exercise of warrants

 40,000

 9,996

 —

 Shares issued for services

 207,000

 41,919

 —

 41,940

 Net loss

 —

 —

 —

 ( 301,378
)

 ( 301,378
)

 Balance, October 31, 2023

 36,617,560

 $
 3,662

 $
 11,741,928

 $
 ( 10,636,957
)

 $
 1,108,633

 Sale of stock

 636,443

 115,856

 —

 115,920

 Shares issued for services

 670,000

 121,333

 —

 121,400

 Net income (loss)

 —

 —

 —

 96,923

 73,114

 Balance, October 31, 2024

 37,924,003

 $
 3,792

 $
 11,979,117

 $
 ( 10,540,033
)

 $
 1,419,067

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

 F- 5

 STATEMENTS OF CASH FLOWS

 For the years ended October 31,

 2024

 2023

 OPERATING ACTIVITIES

 Net income (loss)

 $
 96,923

 $
 ( 301,378
)

 Adjustments to reconcile net loss to net cash used in operations:

 Stock payment for services

 121,400

 41,940

 Depreciation

 4,977

 3,074

 Gain on sale of assets

 —

 ( 7,519
)

 (Increase) decrease from changes in:

 Accounts receivable

 ( 290,844
)

 ( 19,847
)

 Inventory

 50,519

 ( 53,072
)

 Deposit in inventory

 —

 80,000

 Increase (decrease) from changes in:

 Accounts payable and accrued expenses

 ( 151,362
)

 50,785

 Accrued expenses

 ( 33,281
)

 ( 3,472
)

 Net cash used in Operating Activities

 ( 201,668
)

 ( 209,489
)

 INVESTING ACTIVITIES

 Purchase of Equipment

 ( 9,558
)

 ( 20,593
)

 Deposits on equipment

 —

 ( 45,574
)

 Proceeds from sale of equipment

 —

 7,519

 Advances to employees

 2,700

 5,000

 Net cash provided by (used in) investing activities

 ( 6,858
)

 ( 53,648
)

 FINANCING ACTIVITIES

 Proceeds from sale of stock

 115,920

 355,000

 Proceeds from exercise of warrants

 —

 Proceeds from notes payable

 50,000

 —

 Payments on stockholder loans

 —

 ( 106,630
)

 Payments on notes payable

 ( 10,396
)

 ( 190,849
)

 Net cash provided by Financing Activities

 155,524

 238,521

 Net cash increase (decrease) for period

 ( 53,002
)

 ( 24,616
)

 Cash at beginning of period

 238,677

 263,293

 Cash at end of period

 $
 185,675

 $
 238,677

 SUPPLEMENTAL

 Cash paid for taxes

 $
 —

 $
 —

 Cash paid for interest

 $
 35,272

 $
 28,279

 Noncash Investing and Financing Information

 Stock issued for services

 $
 121,400

 $
 41,940

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

 F- 6

 NOTE 1. NATURE OF ORGANIZATION AND SUMMARY OF
SIGNIFICANT ACCOUNTING POLICIES

 Innovative Designs, Inc. (the "Company"),
which was incorporated in the State of Delaware on June 25, 2002, markets cold weather recreational and industrial clothing products,
as well as house wrap, which are made from INSULTEX, a low-density foamed polyethylene, a material with buoyancy, scent block, and thermal
resistant properties. The Company's clothing and house wrap is offered and sold by retailers, distributors, and companies throughout
the United States and Canada.

 The Company operates two reportable
segments: apparel and house wrap. The apparel segment offers a wide variety of extreme cold weather apparel and related items. The house
wrap segment offers the INSULTEX house wrap which has an R-value of 3 and an R-value of 6, as well as the Company's seam tape.

 Basis of Accounting

 The accompanying financial statements have been prepared
in accordance with accounting principles generally accepted in the United States of America, (GAAP).

 Fiscal Year End

 The Company's year-end is October 31.

 Use of Estimates

 The preparation of financial statements in conformity
with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure
of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the
reporting period. Actual results could differ from those estimates.

 Cash and Cash Equivalents

 The Company considers all highly liquid investments
with the original maturities of three months or less to be cash equivalents.

 Estimated Uncollectible Accounts

 Management evaluates its receivables
on a quarterly basis to assess the validity of remaining receivables. Management has determined that there is a significant doubt regarding
the receivable balance of $ 1,280 as of October 31, 2024. Management has determined that there is not a significant doubt regarding the
receivable balance for fiscal year ended October 31, 2023.

 Accounts Receivable

 The opening balance of accounts receivable
was $ 31,050 which was net of the allowance for doubtful accounts of $ 0. The ending balance of accounts receivable was $ 321,894 net
of the allowance for doubtful accounts.

 Inventory

 Inventory consists primarily of finished
goods. Inventory is stated at the lower of cost or net realizable value and is valued based on first-in first-out. Net realizable value
is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation.

 During the fiscal year ended October
31, 2010, the Company discontinued its hunting and swimming lines of apparel. Therefore, a reserve of $ 65,600 was recorded as of
October 31, 2024 and 2023.

 F- 7

 Deposits on Inventory

 The
Company has one manufacturer located in Indonesia that produces the apparel on behalf of the Company. The Company sends deposits to
the manufacturer for future production of the apparel based on approved purchase orders between the Company and the manufacturer.
Once finished, purchase orders are received by the Company and the deposits associated with the purchase orders are transferred into
inventory. As of October 31, 2024, the Company made the deposits of $ 0
on inventory, and 0
zero balance of deposits on inventory as of October 31, 2023.

 Property and equipment

 Property and equipment are carried at cost less accumulated
depreciation. Depreciation is provided over the assets' estimated useful lives, using the straight-line method. Estimated useful
lives of the plant and equipment are as follows:

 Schedule of Estimated useful lives of plant and equipment

 Equipment, Furniture and fixtures

 5 - 10 years

 The cost and related accumulated depreciation of assets
sold or otherwise retired are eliminated from the accounts and any gain or loss is included in the statements of operations. The cost
of maintenance and repairs is charged to the statements of operations as incurred, whereas significant renewals and betterments are capitalized.

 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 and to be made in four installments. The first installment of $300,000 is to be made at the execution of the agreement.
The second installment of $200,000 is to be made when the machinery and equipment is ready to be shipped to the United States. The third
installment of $100,000 is to be made 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 October 31, 2018, 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. During 2019, the Company determined the shipping costs of $ 17,000 were impaired and these costs were written off
the balance due. In February 2023 and August 2023, the Company made an additional prepayment of $ 10,000 and $ 6,000, respectively,
on the equipment.

 During the fiscal year ended October
31, 2022, the Company made deposits on a separate piece of equipment of $ 7,370. During the fiscal year ended October 31, 2023, the Company
made additional deposits of $ 29,574 on this piece of equipment. Total deposits for this piece equipment as of October 31, 2023 total
$ 36,944. The Company did not make any payments for the equipment.

 Total deposits made were $ 652,944 as
of October 31, 2024 and 2023.

 Impairment of Long-lived Assets.

 Management
considers the valuation and depreciation of property and equipment. Management considers both the current and future levels of undiscounted
cash flow generated by the Company and the continuing value of property and equipment to determine when and if an impairment has occurred.
Any write-downs due to impairment are charged to operations at the time the impairment is identified. No such write-downs due to impairment
have been recorded for the fiscal years ended October 31, 2024 and 2023.

 Fair Value of Financial Instruments

 ASC 820 Fair Value Measurements and Disclosures establish
a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. The hierarchy prioritizes the inputs into three
levels based on the extent to which inputs used in measuring fair value are observable in the market.

 F- 8

 These tiers include:

 Level 1:

 defined as observable inputs such as quoted prices in active markets;

 Level 2:

 defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and

 Level 3:

 defined as unobservable inputs in which little or no market
data exists, therefore requiring an entity to develop its own assumptions.

 The carrying value of the Company's cash, other
current assets, accounts payable, accrued expenses and advances from related parties approximates its fair value due to their short-term
maturity

 Income Taxes

 The Company accounts for its income taxes in accordance
with ASC 740, Income Taxes, which requires recognition of deferred tax assets and liabilities for future tax consequences attributable
to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases and
tax credits and carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable
income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and
liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date.

 Revenue Recognition

 Revenues are measured based on the
amount of consideration specified in a contract with a customer. The Company recognizes revenue when and as performance obligations (i.e.,
obligations to transfer goods and/or services) are satisfied, which generally occurs with the transfer of control of the goods or services
to the customer.

 To determine proper revenue recognition,
the Company evaluates whether two or more contracts should be combined and accounted for as a single contract and whether a combined or
single contract should be accounted for as more than one performance obligation. This evaluation requires significant judgment, and the
decision to combine contracts or separate a combined or single contract into multiple performance obligations could change the amount
of revenue and profit recorded in a given period. Contracts are considered to contain a single performance obligation if the promise to
transfer individual goods or services is not separately identifiable from other promises in the contracts.

 For contracts with multiple performance
obligations, the Company allocates the transaction price to each performance obligation using the best estimate of the standalone selling
price of each distinct good or service in the contract.

 Concentration of Credit Risk

 The Company maintains its cash balances
with a financial institution which management believes to be of high credit quality. The accounts are insured by the Federal Deposit Insurance
Company ("FDIC") up to $ 250,000 in coverage. The balances in the accounts may, at times, exceed the federally insured
limits. The Company has not experienced any losses on deposits and management believes the Company is not exposed to any significant credit
risk related to these accounts.

 Shipping and Handling

 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 $ 61,124 and $ 32,962 for the fiscal years ended October 31, 2024 and 2023,
respectively.

 F- 9

 Warrants

 The Company provides a ten-year limited
warranty covering defects in workmanship. These warranties are included in the contract and do not provide customers with a service in
addition to assurance of compliance with agreed-upon specifications. The Company does not consider these assurance-type warranties to
be separate performance obligations.

 Management has determined that no
warranty reserve is currently necessary on the Company's products. Management will continue to evaluate the need for a warranty
reserve throughout the year and make adjustments as needed

 Stock-Based Compensation

 The Company accounts for share-based compensation
awards in accordance with ASC 718, "Compensation - Stock Compensation". The cost of services received from employees and non-employees
in exchange for awards of equity instruments is recognized in the statement of operations based on the estimated fair value of those awards
on the grant date and amortized on a straight-line basis over the requisite service period or vesting period. The Company records forfeitures
as they occur.

 Earnings (Loss) Per Share

 The Company calculates net loss per
share in accordance with FASB ASC Topic 260 "Earnings Per Share". Basic earnings (loss) per share is calculated
by dividing net income (loss) by the weighted average number of common shares outstanding for the fiscal year. During the fiscal years
presented, the Company only has common stock outstanding. In 2021, the Company issued a convertible debt instrument. In addition, the
Company also has stock warrants of 954,000 and 994,000 as of October 31, 2024 and 2023. The Company has calculated
diluted earnings (loss) per share utilizing the outstanding stock warrants and convertible debt.

 Recent Accounting Pronouncements

 There have been no recent accounting pronouncements
or changes in accounting pronouncements during the year ended October 31, 2024 that are of significance or potential significance to the
Company.

 NOTE 2. 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 very limited net income of $ 73,114
for the year ended October 31, 2024, and net loss of ($ 301,378)
for the year ended October 31, 2023. The Company also had negative cash flows from operations of ($ 201,668)
and ($ 163,960)
for the fiscal year ended October 31, 2024 and 2023, respectively. In addition, the Company has an accumulated deficit of 10,540,033
($10,563,842). 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. Management's plans include cash receipts through sales, sales of Company stock, and
borrowings from private parties. 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 3. LEASE

 FASB ASC Topic 842, "Leases",
establishes a right of use ("ROU") model that requires a lessee to recognize a ROU asset and lease liability on the balance
sheets. ROU assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the
lease term. ROU assets are reduced each period by an amount equal to the difference between the lease expense and the amount of interest
expense on the lease liability, using the effective interest method. The Company used the average commercial real estate interest rate
of 5.50 % to calculate the present value of the lease. The Company recognizes lease expense on a straight-line basis over the leased
term on the statements of operations.

 F- 10

 The Company entered into a lease for
office space at the time the Company was formed through June 2022. Effective July 2022, the Company is leasing the office space on a month
to month basis. As a result, the Company has elected to apply the short-term lease exemption to its lease of the facilities and therefore
has not recorded a ROU asset and related lease liability.

 NOTE 4 – PROPERTY AND EQUIPMENT

 Property and equipment are
summarized by major classifications as follows:

 Schedule of property
and equipment

 October 31, 2024

 October 31, 2023

 Equipment

 $
 12,593

 $
 1,500

 Container

 24,400

 24,400

 Automobile

 9,558

 11,093

 Total

 46,551

 36,993

 Accumulated depreciation

 18,491

 13,514

 $
 28,060

 $
 23,479

 For the years ended October
31, 2024 and 2023, the Company recognized depreciation expense in the amount of $ 4,977 and 3,074, respectively.

 NOTE 5. NOTE PAYABLE

 In July 2005, the Company was approved
for a low interest promissory note from the U.S. Small Business Administration in the amount of $ 280,100. In January 2006, the Company
amended the promissory note to increase the principal balance to $ 430,500. The note calls for monthly payments of $ 1,820, bears interest
at an annual rate of 2.9 %, and matures on July 13, 2035. A payment of $ 40,672 was made on the note during the fiscal year ended
October 31, 2017, due to the sale of real estate by Riccelli Properties that was collateral on the promissory note.

 As of October 31, 2024 and 2023, the
note payable had the following balances:

 Schedule of note payable

 2024

 2023

 U.S. Small Business Administration

 64,826

 64,826

 Less current portion

 20,934

 20,397

 Long-tem portion of note payable

 23,495

 Schedule of long term debt maturity

 Years Ending October 31,

 Amount

 2025

 20,934

 2026

 21,485

 2027

 2,010

 Total

 F- 11

 NOTE 6. STOCKHOLDER LOAN

 ROBERTA RICCELLI

 In February 2012, the Company
entered into a loan agreement with Robert Riccelli for $ 8,000 to fund operations of the Company. This loan is due on demand, including
interest at an annual rate of 10 % with an original maturity date of June 2012. The loan was extended through a verbal agreement and
currently has no set maturity date. As of October 31, 2024, the loan was paid off.

 CORINTHIAN DEVELOPMENT

 In
January 2013, the Company entered into a loan agreement with Corinthian Development for $ 20,000 to fund operations of the Company.
This loan is due on demand, including interest at an annual rate of 10 % with an original maturity date of May 2013. This loan was
extended through a verbal agreement and currently has no set maturity date. As of October 2024, the balance of the loan was $ 10,000.

 LAWRENCE
FRASER

 In December 2020, the Company
entered into a loan agreement with Lawrence Fraser for $ 200,000. The loan is payable in yearly installments of $ 66,666, with the balance
due and payable in December 2023 at an annual interest rate of 12 %. The loan is secured by one of the Company's patents. As
of October 31, 2024, the loan was paid in full.

 Waxman Foundation

 In December 2023,
the Company entered into a loan agreement with Waxman Foundation for $ 50,000. The loan was payable in December 2024 and was extended through
June 2025. The annual interest rate is 6 % per annum. The loan is secured by the inventory. As of October 31, 2024, the loan balance was
$ 50,000.

 As of October 31, 2024 and 2023, the shareholder
loans had the following balances:

 Schedule of stockholder loans

 2024

 2023

 Roberta Riccelli

 $
 —

 $
 2,000

 Corinthian Development

 Lawrence Fraser

 —

 58,668

 Waxman Foundation

 50,000

 —

 $
 60,000

 $
 70,668

 Schedule of maturity of stockholder loans

 Years Ending October 31,

 Amount

 2025

 60,000

 Total

 60,000

 NOTE 7. OTHER INCOME (EXPENSES)

 For the year ended October 31, 2024, the Company incurred
interest expenses of ($ 36,272). For the year ended October 31, 2023, the Company had interest expenses of ($ 24,807), and had a gain of
$ 7,519 on sale of assets.

 F- 12

 NOTE 8. EXCLUSIVE LICENSING AND MANUFACTURING
AGREEMENT

 On
April 16, 2006, the Company entered into an exclusive licensing and manufacturing agreement with the Ketut Group, with an effective date
of April 1, 2006, whereby the Company acquired an exclusive license to develop, use, sell, manufacture, and market products related
to or utilizing the INSULTEX brand, Korean patent number 0426429, or any INSULTEX technology. At the behest of the Board of Directors,
the INSULTEX trademark was chosen as the mark to identify the product utilized by the Company since its inception and was originally registered
to Joseph Riccelli, Sr. on February 17, 2005. The new trademark, intended to avoid confusion arising from the use of the old Eliotex trademark
in association with a new, subsequent, different, and separately patented product, was assigned by Joseph Riccelli to the Company on April
25, 2006, with that assignment to become effective upon final approval of the statement of use by the United States Patent and Trademark
Office. The license was awarded by the Korean inventor, an individual who is part of the Ketut Group, and the manufacturer of INSULTEX.
The Company received an exclusive forty year worldwide license, except for Korea and Japan, with an initial term of ten years and an
option to renew the license for up to three successive ten year terms. The first ten year option was exercised. Additionally, the Company
was granted the exclusive rights to any current or future inventions, improvements, discoveries, patent applications, and letters of patent
which the Ketut Group controls, or may control, related to INSULTEX. Furthermore, the Company has the right to grant sub-licenses to other
manufacturers for the use of INSULTEX or any INSULTEX technology.

 NOTE 9. CONCENTRATION

 Revenues from two customers were approximately
 87.3 % and 45 % of the Company's revenues for the fiscal years ended October 31, 2024 and 2023, respectively.

 The
Company only has one supplier of INSULTEX, the special material which is manufactured for the Company. Additionally, the Company only
has one manufacturer in Massachusetts that produces house wrap on behalf of the Company.

 This poses a concentration risk on
both the customer and supplier side.

 NOTE 10. INCOME TAXES

 In
prior years, the Company incurred net operating losses and, accordingly, no provision for income taxes has been recorded. In addition,
no benefit for income taxes has been recorded due to the uncertainty of the realization of any tax assets. For the 2023 tax year, fiscal
year ended October 31, 2024, the Company had net operating loss carryforwards of approximately $ 7,537,366 for tax purposes. The carryforwards
are available to offset taxable income of future periods and begin to expire after the Company's 2038 tax year, fiscal year ending October
31, 2039. Effective for tax years ending in 2019 or later, net operating losses cannot be carried back, but can be carried forward to
future tax years indefinitely. Realization of the deferred tax benefit related to the carryforward is dependent on the Company generating
sufficient taxable income in the future, against which the loss can be offset, which is not guaranteed.

 Deferred income taxes reflect the
net tax effect of temporary differences between carrying amounts of assets and liabilities for financial reporting purposes and the amounts
used for income tax purposes, as well as tax benefits of net operating loss carryforwards. The significant components of the Company's
deferred tax assets and liabilities relate to the following:

 Schedule of deferred tax assets and liabilities

 As of
 October 31, 2024

 As of
 October 31, 2023

 Net operating loss carryforward

 $
 7,537,366

 $
 7,911,858

 Effective tax rate (Fed: 21 %, State: 7.99 %)

 28.99
 %

 28.99
 %

 Deferred tax assets

 2,188,082

 2,293,648

 Less: Valuation allowance

 ( 2,185,082
)

 ( 2,293,648
)

 Net deferred asset

 $
 —

 $
 —

 F- 13

 NOTE 11. COMMITMENTS

 The
Company leases its executive offices/warehouse space from Frank Riccelli, a stockholder and brother of Joseph Riccelli, Sr., the Company's
consultant, for $ 3,500 a month. The lease is based on a verbal agreement with month-to-month terms. For the fiscal years ended
October 31, 2024 and 2023, rent expense was $ 42,000 and $ 35,000, respectively.

 NOTE 12. SEGMENT INFORMATION

 The Company has organized operations
into two segments as discussed in Note 1 to the financial statements, based on an internal management reporting process that provides
segment information for purposes of making financial decisions and allocating resources.

 The following tables present the Company's
business segment information for the fiscal years ended October 31, 2024 and 2023:

 Schedule of business segment information

 Revenue

 2024

 2023

 Apparel

 $
 51,602

 $
 34,780

 House wrap

 1,324,127

 32,983

 Total revenue

 $
 1,375,729

 $
 347,763

 Capital expenditures

 Apparel

 $
 —

 $
 —

 House wrap

 9,558

 20,593

 Total Assets

 $
 6,558

 $
 20,593

 Depreciation

 Apparel

 $
 —

 $
 —

 House wrap

 4,977

 3,074

 Total depreciation

 $
 4,977

 $
 3,074

 NOTE 13. COMMON STOCK

 During the fiscal
year ended October 31, 2023, the Company sold 1,635,000 shares of common stock to sixteen investors for total proceeds of $ 355,000,
one investor exercised 40,000 warrants for stock for total proceeds of $ 10,000, and 230,000 shares were issued to
two investors for services valued at $ 41,940. The stock was issued between $ 0.20 and $ 0.25 per share. Management believes that
Section 4(2) of the Securities Act of 1933, as amended, was available because these transactions did not involve a public offering and
there was no general solicitation of general advertising involved in these transactions. The Company placed legends on the stock certificate
stating that the securities were not registered under the Securities Act and set for the restrictions on their transferability and sale.

 During the fiscal year ended October 31, 2022, the Company
sold 460,000 shares of common stock to seven investors for total proceeds of $ 86,200, and 875,000 shares of common
stock were issued to eight individuals for services valued at $ 210,000. The stock was issued between $ 0.17 and $ 0.25 per share.
Management believes that Section 4(2) of the Securities Act of 1933, as amended, was available because these transactions did not involve
a public offering and there was no general solicitation of general advertising involved in these transactions. The Company placed legends
on the stock certificate stating that the securities were not registered under the Securities Act and set for the restrictions on their
transferability and sale.

 During the year ended October 31, 2024, the Company sold 580,888 shares
of common stock to eight investors for total proceeds of $ 105,920, and 670,000 shares were issued to two individuals for
services. The stock was issued between $ 0.18 and $ 0.20 per share. Additionally, the Company sold 55,555 shares of common stock
to one investor for total proceeds of $ 10,000. The stock was issued at $ 0.18 per share.

 F- 14

 NOTE 14. RELATED PARTY TRANSACTIONS

 The Company has entered into various loan agreements with
related parties. These agreements are classified as stockholder loans as described in Note 6 to the financial statements.

 The Company has also entered into a verbal lease agreement
as described in Notes 3 and 11 to the financial statements.

 NOTE 15. LEGAL PROCEEDINGS

 On November 4, 2016, the Federal Trade Commission ("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 to redress a rescission of revenue the Company received
from the sale of the 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.

 On July 22, 2021,
the Registrant was informed that the U.S. Court of Appeals for the Third District affirmed the District Court's ruling in favor
of the Registrant. The ruling was in connection with the FTC complaint filed against the Registrant in November 2016, alleging, among
other matters, that the Registrant did not have substantiation for claims made by the Registrant regarding the R-value and energy efficiency
of its INSULTEX house wrap products.

 In November 2021, in connection with the FTC litigation,
the Company filed an application for attorney fees, expenses and cost in the U.S. District Court for the Western District of Pennsylvania,
Case No.2:16-cv-01669-NBF. On June 29, 2022, a settlement order was signed by the Court. Pursuant to the Order, the FTC paid the Company
$ 260,000 to resolve all such claims. The parties agreed to waive all rights to appeal or otherwise challenge or contest the validity
of the Order

 NOTE 16. SUBSEQUENT EVENTS

 In accordance with
SFAS 165 (ASC 855), Subsequent Events, the Company has analyzed its operations subsequent to February 19, 2025 to the date these financial
statements were issued, and has determined that it does not have any material subsequent events to disclose.

 F- 15

 ITEM
9. CHANGES IN AND DISAGREEMENTS WITH ACCOUN T ANTS AND FINANCIAL DISCLOSURE.

 Previously reported.

 ITEM
9A. CONTROLS AND PROCEDURES.

 Evaluation of Disclosure Controls and Procedures

 Management of Innovative Designs, Inc.
is responsible for maintaining disclosure controls and procedures that are designed to ensure that information required to be disclosed
in the reports that the Company files or submits under the Securities Exchange Act of 1934, as amended (the "Exchange Act")
is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission ' s
rules and forms. In addition, the disclosure controls and procedures must ensure that such information is accumulated and communicated
to the Company ' s management, including its Chief Executive O f ficer/Chief
Financial O f fice r, as appropriate, to allow timely
decisions regarding required financial and other required disclosures.

 At the end of the period covered by this report, an
evaluation of the e f fectiveness of our disclosure controls and procedures (as defined in Rules
13(a)-15(e) and 15(d)-15(e) of the Securities Exchange Act of 1934 (the "Exchange Act")) was carried out under the supervision
and with the participation of our Chief Executive O f ficer/Chief Financial O f fice r.
Based on his evaluation of our disclosure controls and procedures and in connection with the audit of our financial statement, he concluded
that during the period covered by this report, such disclosure controls and procedures were not effective. This conclusion is based on
the identification of the deficiency in internal controls over financial reporting described below. Notwithstanding the deficiency that
existed as of October 31,

 2024, our Chief Executive Officer/Chief Financial Officer has
concluded that the financial statements included in this Annual report on Form 10-K present fairly, in all material respects, the financial
position, results of operations and cash flows of the Company in conformity with accounting generally accepted in the United States of
America.

 Our Chief Executive O f ficer
is also our Chief Financial O f fice r.

 Management ' s Annual Report
on Internal Control over Financial Reporting

 Our management is responsible for establishing
and maintaining adequate internal control over our financial reporting. Internal control over financial reporting is a process designed
to provide reasonable assurance to our management and board of directors regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with U.S. generally accepted accounting principles.

 Our
internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that in
reasonable detail accurately and fairly reflect our transactions; (ii) provide reasonable assurance that transactions are recorded as
necessary for preparation of our financial statements; (iii) provide reasonable assurance that receipts and expenditures of company assets
are made in accordance with management authorization; and (iv) provide reasonable assurance that unauthorized acquisition, use or disposition
of company assets that could have a material e f fect on our financial statements would be prevented
or detected on a timely basis.

 Because of its inherent limitations, internal
control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of e f fectiveness
to future periods are subject to the risk that controls may become inadequate because changes in conditions may occur or the degree of
compliance with the policies or procedures may deteriorate.

 Our management assessed the e f fectiveness
of our internal control over financial reporting as of October 31, 2021. This evaluation was based on criteria set forth by the
Committee of Sponsoring O r ganizations of the T readway
Commission, or COSO, Internal Control-Integrated Framework. Based upon such assessment, our Chief Executive Officer/Chief Financial
Officer concluded that our internal controls over financial reporting were not effective as of October 31, 2024. In particular, our
controls over financial reporting were not effective in the specific areas described in the paragraphs below.

 As of October 31, 2024, our Chief Executive Officer/Chief Financial
Officer identified the following specific material weaknesses in the Company's internal controls over its financial reporting processes:

 The Company does not utilize an internal accounting system that captures all the Company's activity
on a timely basis. Certain transactions, such as sales and receivables, are maintained in one system and disbursements and accounts payable
are maintained manually. On a quarterly basis this information is sent to an external accountant to retroactively enter the information
into a general ledger system and then prepare the financial statements. The lack of a single accounting system presents multiple opportunities
for errors to occur and further contributes to the lack of timely internal and external financial reporting.

 The Company's accounting system is not being utilized to track inventory costs on a FIFO method.
This results in either the inventory being carried over or under its cost or net realizable value depending on whether there were price
increases or decreases.

 This w as due to
our limited resources, including the absence of an internal financial sta f f member with accounting
and financial expertise and deficiencies in the design or operation of our internal control over financial reporting that adversely a f fected
our disclosure controls.

 Management plans to address these matters by among actions,
meeting more with its external accountant to ensure that issues such as described above are correct going forward. The Company will also
look at hiring an external bookkeeper in order to have a single accounting system.

 Howeve r, the material
weakness will not be considered remediated until the applicable remedial controls operate for a su f ficient
period of time and management has concluded, through testing, that these controls are operating effectively.

 There
have been no significant changes in our internal control over financial reporting during the fiscal year ended October 31, 2024, and 2023,
or subsequent to October 31, 2023, that has materially affected or is reasonably likely to materially affect, our internal control over
financial reporting, except as discussed above.

 P A R T
III

 Name

 Age

 Position

 Term

 Joseph Riccelli Sr

 Chairman

 Joseph A Riccelli Jr

 Chief Executive Officer, Chief Financial Officer, Director

 Daniel P. Rains

 Donald V. Garlotta, PhD.

 John Spagnolo Jr

 ITEM
10. DIREC T ORS, EXECUTIVE OFFICERS AND CORPOR A TE
GOVERNANCE.

 Directors and Executive O f ficers

 Our executive o f ficers
are elected annually by our board of directors. A majority vote of the directors who are in o f fice
is required to fill vacancies on the board. Each director shall be elected for the term of one (1) year and until his successor is elected
and qualified, or until his earlier resignation or removal. The directors named below will serve until the next annual meeting of our
shareholders or until a successor is elected and has accepted the position.

 Our directors and executive o f ficers
are as follows:

 Name Age Position T erm

 Mr. Riccelli Sr has been our Chairman of the Board since our inception
in June 2002. Mr. Riccelli was the owner of Pittsburgh Foreign and Domestic, a sole proprietor car dealership located in Glenshaw, Pennsylvania.
He attended Point Park College located in Pittsburgh, Pennsylvania from 1971 to 1972.

 Mr. Riccelli Jr has been with the company since our
inception in June 2002. Mr. Riccelli was Vice President of Operations form 2002 till he was named acting CEO on October 3, 2024, and was
unanimously elected by the Board of Directors to become CEO and a Board Member on January 10, 2025. He replace the seat left open when
Mr. Kolocouris resigned on October 3, 2024. He attended the University of Pittsburgh from 2000 to 2002.

 Mr.
Rains has been a director since March 2007. Mr. Rains is currently Vice President of business development at McCarl's,
Inc., a mechanical contracting firm. He has held this position for over fifteen years. From 1981 through 1987, Mr. Rains was a professional
football player for the Chicago Bears. He is a graduate of the University of Cincinnati. Mr. Rains has been in professional sports and
in business for over twenty years. His experience and knowledge of these fields are helpful to the Company. As the Company enters the
building construction market with its House Wrap product, Mr. Rains' experience in
that industry will be especially helpful.

 Dr. Garlotta has been a director since February 2022.
He is currently the Technical Director at Airex Rubber Products Corporation as well as a technical advisor for the Company. Prior to his
role at Airex Rubber Products Corporation, he worked at Lowe's Home Improvement. He
earned a Ph. D. in Polymer Science /Plastics Engineering from the University of Massachusetts
at Lowell. He also holds a Master of Science Degree in Polymer Science from the University of Massachusetts at Lowell and a Baccalaureate
Degree in Polymer Science from Pennsylvania State University.

 Dr. Garlotta is an author or co-author of several peer-reviewed
publications and patents related to biopolymers. He also has experience developing elastomers, water-soluble polymers, syntactic polymer
foams and hands-on experience with extrusion and injection molding of plastics.

 Mr. Spagnolo
Jr. was unanimously elected to the Board of Directors on January 10, 2025 to fill the seat left open after Robert Adams resigned. An accomplished
real estate investor and developer. For over 20 years Mr. Spagnolo, Jr. has been successful in building high end homes, residential and
commercial properties and other development projects. Most notably, over the course of his career, Mr. Spagnolo, Jr. has nurtured relationships
with key contacts at some of the most important companies in the multi-billion dollar homebuilding and construction industry.

 Delinquent Section 16(a) Reports.

 John Spagnolo Jr filed a Form 3 late.

 Audit Committee

 W e do not have a
separate standing Audit Committee. Therefore, our entire Board of Directors acts as the Audit Committee.

 Nominating
and Compensation Committees

 We
do not have either a nominating committee or a compensation committee. The basis for the Board of Directors to not have a nominating committee
is the fact that our principal stockholder who is also our CEO and Chairman of the Board controls approximately thirty-four percent of
the voting stock. And the Company has never held an Annual Meeting of stockholders. New board members are recommended to the Board by
the Chairman of the Board.

 Board of Directors Meetings

 During the last full fiscal year, there were 3 meetings of the
Board of Directors.

 Code of Ethics

 W e have not, as
yet adopted a code of ethics. W e have only one full time executive officer/
chief financial officer who also acts as our principal accounting officer. To date, our operations have been so minimal and our staff
so small that we have not considered a formal standard relating to the conduct of our personnel.

 ITEM 11. EXECUTIVE COMPENS A TION.

 The following Executive Compensation Chart highlights the terms
of compensation for our Executives.

 Summary Compensation Table

 Nonqualified

 Option

 Non-Equity

 Deferred

 Name and

 Stock

 Awards

 Incentive

 Compensation

 All Other

 Principal

 Salary

 Bonus

 Awards

 Compensation

 Plan

 Earnings

 Compensation

 Total

 Position

 Year

 ($)

 ($)

 ($)

 ($)

 ($)

 ($)

 ($)

 ($)

 Joseph Riccelli Sr

 Chairman, (Retired as CEO Oct.2024)

 2024

 $
 78,000

 $
 78,000

 Joseph Riccelli Jr

 CEO, Director

 2025

 $
 115,000

 $
 115,000

 There
is employment agreements between us and our Chairman Joseph Riccelli Sr. He has been brought on as a consultant to work with our manufacturer
of the Insultex insulation because of his close working relationship with Ketut Jaya and his company. There is employment agreements between
us and our new CEO Joseph Riccelli Jr.. There are no automobile lease agreements or key man lif e
insurance policies that are to the benefit of our executive officers of February 17, 2025 in which we would make such payments. There
are no standard or other arrangements i n which our directors are compensated for any services
as a director, including any additional amounts payable for committee participation or specia l
assignments. There are no other arrangements in which any of our directors were compensated during our last fiscal year for any service
provided as a director.

 Other than Mr. Riccelli Jr., who is our CEO, Mr. Riccelli Sr.,
who is our Chairman and consultant, and Dr. Garlotta who serves as a consultant to the Company we consider the remaining Directors to
be independent.

 Securities Authorized for Issuance under Equity Compensation Plans.

 Equity Compensation Plan Information

 Plan Category

 Number of securities to be issued upon exercise of outstanding options, warranties and rights

 Weighted-average exercise price of outstanding options, warranties and rights

 Number of securities remaining available for future issuance under equity compensation plans (excluding those reflected in column (a))

 (a)

 (b)

 (c)

 Equity compensation plans approved by security holders

 $

 $
 0.90
 (1)

 400,000

 (1)
 W eighted average price was based on market value of the
shares on or about the date the service was performed. Market value of the price per share ranged from $1.90 to $0.76 per share over the
period of time in which the various services were performed.

 (2)
 All stock that has been issued by the Company out of the equity compensation plan was for the exchange
of professional services. were sold for cash.

 Use of Proceeds from Registered Securities

 Not Applicable

 ITEM
12. SECURITY OWNERSHIP OF CE RT AIN BENEFICIAL
OWNERS AND MANAGEMEN T, AND REL A TED S T OCKHOLDER
M A TTERS.

 The following table sets forth the ownership as of February 9, 2024, (a)
by each person known by us to be the beneficial owner of more than five percent (5%) of our outstanding common stock, and/or (b) by each
of our directors, by all executive o f ficers and our directors and executive o f ficers
as a group.

 T o the best of our knowledge,
all persons named have sole voting and investment power with respect to such shares, except as otherwise noted. There are not any pending
or anticipated arrangements that may cause a change in our control.

 Security Ownership of Management

 Title of Class

 Name and Address

 Amount

 Nature

 Percent

 Joseph Riccelli

 7,655,000

 21.1
 %

 Chairman
 (1)

 421,478

 Indirect

 Joseph A Riccelli Jr.

 50,000

 *

 Chief Executive Officer Director

 Daniel P. Rains

 160,000

 *

 Donald V. Garlotta

 190,000

 *

 John Spagnolo Jr.

 *

 All Directors and Executive
 Officers as a Group

 8,486,467

 22.2
 %

 * Represents less than
one percent.

 (1)
 Represents shares of common stock held in the Gino A. Riccelli T rust. The T rust
is for a son of our Chief Financial O f fice r. M r.
Joseph Riccelli is the trustee of the trust.

 By virtue of his stock ownership or control over our stock, M r.
Riccelli may be deemed to "control" the Compan y.

 ITEM
13. CE RT AIN REL A TIONSHIPS
AND REL A TED TRANSACTIONS AND DIREC T OR INDEPENDENCE.

 Our officers and directors may encounter conflicts
of interest between our business objectives and their own interests. W e have not formulated
a policy for t he evolution of such conflicts.
Future transactions or arrangements between or among our officers, directors and shareholders, and businesses they control, m ay
result in conflicts of interest, and the conflicts may be resolved in favor of businesses that our officers or directors are affiliated,
which may have an advers e effect on our revenues.

 Our officers and directors have the following conflicts of interests:

 W e lease our
warehouse and office space from the Uncle of our Chief Executive Officer. W e pay $3,500
per month for a total of $42,000 per year.. Dr. Donal Garlotta,
a director, serves as a technical advisor to the Company.. During the fiscal year ended October 31, 2024, Dr. Garlotta we issued him
80,000 shares of our restricted common stock.at a price of $ 0.20 per share for services done during the year. W e
do not have a formal policy regarding related party transactions.

 Independence of Board Members

 The Company has adopted the NASDAQ Listing Rules;
Rule 5605 and 5605 (a) (20, for determining the independence of its directors. Directors are deemed independent only if the Board a f firmatively
determines that the director has no material relationship with the Company directly or as an o f fice r,
share owner or partner of an entity that has a relationship with the Company or any other relationship which, in the opinion of the Board,
would interfere with the exercise of independent judgment in carrying out the responsibilities of a directo r.

 ITEM
14. PRINCI P A L ACCOUN T ANT
FEES AND SE R VICES.

 Our independent principal account for part of fiscal year 20 24
was RW Group, LLC for the first quarter. Elkana Amitai CPA for the second and Asesoria Global,
S.A for the third quarter and year end audit.

 Audit Related Fees

 Fiscal year 2023, RW Group, LLC $29,250

 Fiscal year 2024. Fees paid to RW Group; LLC were $25,060. Fees
paid to Elkana Amitai CPA were $2,500

 Tax
Fees

 None.

 All Other Fees

None.

 ITEM 15.

 Exhibit

 Number

 Description

 3.1

 Revised Certificate of Incorporation****

 3.2

 Bylaws*

 Specimen Stock Certificate*

 10.1

 Exclusive License and Manufacturing Agreement by and between Ko-Myung Kim, Ketut Jaya and Innovative Designs, Inc. [Confidential Treatment Requested] **

 10.2

 Authorization dated April 1, 2008 by and between Jordan Outdoor Enterprises, Ltd and Innovative Designs, Inc.***

 10.3

 License Agreement effective May 30, 2005 by and between Haas outdoors, Inc. and Innovative Designs, Inc.***

 10.4

 Loan Authorization Agreement, dated July 12, 2005 between the U. S. Small Business Administration and Innovative Designs, Inc.***

 10.6

 Motor Vehicle Installment Sale Contract dated September 26, 2005. ***

 10.7

 Machinery Purchase Agreement *****

 23.1

 Consent of RW Group, LLC (filed herewith)

 31.1

 Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

 31.2

 Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

 32.1

 Certification Pursuant To 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

 32.2

 Certification Pursuant To 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

 Test Results from Vartest Lab.*

 Test Results from Texas Research Institute Austin, Inc.*

 Interactive data files pursuant to Rule 405 of Regulation S-T: (i) the Statement of Operations for the years ended October 31, 2020 and 2019, (ii) the Balance Sheets at October 31, 2020 and 2019, (iii) the Statements of Cash Flows for the years ended October 31, 2020 and 2019 and (iv) the notes to the Financial Statements.

 *

 Previously filed as exhibits to Registration Statement on Form SB-2 filed on March 11, 2003

 **

 Previously filed as exhibit to Form 10-KSB filed on February 8, 2008

 ***

 Previously filed as exhibits to Form 10-K/A filed November 23, 2009

 ****

 Previously filed as exhibit to Form 10-K filed February 12, 2015

 *****

 Previously filed as exhibit to Form 10-K filed January 28, 2016

 SIGN A TURES

 In accordance with Section 13 or 15(d) of the Exchange Act, the registrant
has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 (Registrant)

 Date:

 by:

 /s/ Joseph Riccelli

 Joseph Riccelli

 Chief Executive Officer

 In accordance with the Exchange Act, this report has been signed
below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 Date:

 by:

 /s/ JosephA Riccelli Jr.

 Joseph Riccelli

 Chief Executive Officer,

 Chief Financial Officer, Principal

 Accounting Officer, Director

 Date:

 By:

 /s/ Joseph Riccelli Sr.

 Joseph Riccelli Sr. Chairman of the Board of Directors

 Date:

 By:

 * Daniel P. Rains

 Daniel P. Rains

 Date:

 By;

 /s/ Donald V. Garlotta

 Donald V. Garlotta Director

 Date:

 By:

 /s/ John Spagnolo Jr.

 John Spagnolo Jr. Director