Annual report pursuant to Section 13 and 15(d)

NOTE PAYABLE

v3.22.4
NOTE PAYABLE
12 Months Ended
Oct. 31, 2022
Debt Disclosure [Abstract]  
NOTE PAYABLE

NOTE 9 - NOTE PAYABLE

 

Note payable consisted of the following at:

 

    October 31,     October 31,  
    2022     2021  
             
Secured note payable to HSBC NA with interest payable on the 28th day of each month at 4.56% per annum. Monthly repayment obligation under this loan was $43,777 (comprising both principal and interest repayment). The Loan reached maturity and was repaid in full in December 2021.   $ -     $ 63,559  
              .  
Total     -       63,559  
Less: current portion     -       (63,559 )
Total Long Term Note Payable   $ -     $ -  

 

The HSBC Loan was repaid in full in December 2021.

 

The Company entered into 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. This revolving line of credit facility is subject to annual renewal and has been extended to November 2023. We have not utilized this line of credit and the outstanding balance on the line of credit was $0 as of October 31, 2022 and 2021.

 

 

CODA OCTOPUS GROUP, INC.

Notes to the Consolidated Financial Statements

October 31, 2022 and 2021