Annual report pursuant to Section 13 and 15(d)

Notes Payable

v3.20.4
Notes Payable
 12 Months Ended
Oct. 31, 2020
Debt Disclosure [Abstract]  
Notes Payable

NOTE 8 - NOTES PAYABLE

 

Notes payable consisted of the following at:

 

    October 31, 2020     October 31, 2019  
             
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). The maturity of this Loan is December 28, 2021   $ 573,108     $ 1,059,574  
                 
Total     573,108       1,059,574  
Less: current portion     (509,769 )     (487,140 )
Total Long Term Notes Payable   $ 63,339     $ 572,434  

 

Years Ending October 31,   Amount  
2021     509,769  
2022     63,339  
         
Totals   $ 573,108  

 

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.

 

The Company concluded a $4,000,000 revolving line of credit facility with HSBC NA on November 27, 2019, with the interest rate established as the applicable prime rate. The outstanding balance on the line of credit was $0 as of October 31, 2020. This revolving credit line which is subject to renewal will expire on November 26, 2021.