Loans and Notes Payable
|12 Months Ended|
Oct. 31, 2019
|Debt Disclosure [Abstract]|
|Loans and Notes Payable||
NOTE 8 - LOANS AND NOTES PAYABLE
Loans and notes payable consisted of the following at:
The remaining payments on the HSBC NA loan at October 31, 2019 are as follows:
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)
The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef