Annual report pursuant to Section 13 and 15(d)

Loans and Notes Payable (Tables)

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Loans and Notes Payable (Tables)
12 Months Ended
Oct. 31, 2018
Debt Disclosure [Abstract]  
Schedule of Loans and Notes Payable

Loans and notes payable consisted of the following at:

 

    October 31, 2018     October 31, 2017  
             
Secured note payable to HSBC NA with interest payable on the 28th day of each month at 4.56% per annum. On March 28, 2018 the Company prepaid a portion of the principal and thereby reducing the principal outstanding under this loan to $1,917,602 resulting in the repayment obligations (principal and interest payments) being reduced to $43,777 per month. There was no prepayment penalty associated with the reduction of the principal. It is now expected that the Loan will be repaid within 41 months.   $ 1,524,239     $ 7,279,353  
One of the subsidiaries has an unsecured working capital loan from the CEO of the Company. The note is due on November 30, 2018 and carries an interest rate of 4.5%. The loan was paid in full on December 24, 2018 and all obligations under this agreement have now been extinguished.     500,000       1,000,000  
                 
Total     2,024,239       8,279,353  
Less: current portion     (964,695 )     (2,212,951 )
Total Long-Term Loans and Notes Payable   $ 1,059,544     $ 6,066,402  

Schedule of Principal Maturities of Notes and Loans Payable

This table shows the principal maturities on the HSBC NA Senior Note as of October 31, 2018:

 

Years Ending October 31,   Amount  
2019   $ 464,695  
2020     486,624  
2021     509,588  
2022     63,332  
         
Totals   $ 1,524,239