Quarterly report pursuant to Section 13 or 15(d)

NOTE PAYABLE

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NOTE PAYABLE
 3 Months Ended
Jan. 31, 2022
Debt Disclosure [Abstract]  
NOTE PAYABLE

NOTE 11 – NOTE PAYABLE

 

    January 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. Our monthly repayment obligation under this loan is $43,777 (comprising both principal and interest repayment). The maturity of this Loan was December 28, 2021   $ -     $ 63,559  
             
Total     -       63,559  
Less: current portion     -       (63,559 )
Total Long Term Note Payable   $ -     $ -  

 

The HSBC loan was satisfied in full in the Current Quarter.

 

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 2022. The outstanding balance on the line of credit was $0 as of January 31, 2022 and October 31, 2021.