Annual report pursuant to Section 13 and 15(d)

Loans and Notes Payable

Loans and Notes Payable
12 Months Ended
Oct. 31, 2019
Debt Disclosure [Abstract]  
Loans and Notes Payable



Loans and notes payable consisted of the following at:


    October 31, 2019     October 31, 2018  
Secured note payable to HSBC NA with interest payable on the 28th day of each month at 4.56% per annum. Our monthly repayment obligation under this loan is $43,777 (comprising both principal and interest repayment).   $ 1,059,574     $ 1,524,239  
One of the subsidiaries had an unsecured working capital loan from the CEO of the Group. The note was repaid in full in December 2018 and carried an interest rate of 4.5%.     -       500,000  
Total     1,059,574       2,024,239  
Less: current portion     (487,140 )     (964,695 )
Total Long Term Loans and Notes Payable   $ 572,434     $ 1,059,544  


The remaining payments on the HSBC NA loan at October 31, 2019 are as follows:


Years Ending October 31,   Amount  
2020   $ 487,140  
2021     509,807  
2022     62,627  
Totals   $ 1,059,574  


The HSBC loan is secured by a blanket lien on all of the Company’s US subsidiaries. The foreign subsidiaries are each guarantors of the obligations undertaken in the loan agreement.


We have an unused line of credit for up to $455,000 with HSBC UK to use specifically for bank guarantees and performance bonuses. As of October 31, 2019, the balance is $0.


Subsequent to the end of the financial year 2019, we secured a new line of credit of $4 million which is unused. See Note 14 (Subsequent Events)