Quarterly report pursuant to Section 13 or 15(d)

Loans and Notes Payable (Tables)

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Loans and Notes Payable (Tables)
9 Months Ended
Jul. 31, 2017
Debt Disclosure [Abstract]  
Schedule of Loans and Notes Payable

Loans and notes payable consisted of the following at July 31, 2017 and October 31, 2016:

 

    2017     2016  
                 
On April 28, 2017, the Company repaid in full all outstanding amounts due under the Secured Debentures which was issued on February 21, 2008 and all security interest was released. The Secured Debentures were paid using the $8,000,000 proceeds of the Secured Loan from HSBC Bank NA (see below for further information) and the accrued and unpaid interest under the Debentures of approximately $1,133,261 was satisfied through the issuance to CCM of 1,000 shares of Series C Convertible Preferred Stock, par value $0.001, with a stated value of $1,000 each (the “Preferred Stock”). The Company paid the balance in cash.   $ -     $ 9,744,123  
                 
Secured note in the principal amount of $8,000,000 payable to HSBC with interest payable on the 28th day of each month at 4.56% per annum. The Company is required to make monthly principal and interest payment of $149,350. Additionally, within 150 days of the end of each fiscal year the Company is required to pay an amount of $700,000 which will be applied to reduce the principal outstanding under the Secured Loan. The loan is scheduled to mature on April 28, 2022. However, based on the payment schedule under the Loan Agreement it is expected that the Loan will be repaid in full in approximately 45 months from May 28, 2017 (when the first scheduled payment was made).     7,641,724          -
                 
One of the subsidiaries has an unsecured working capital loan from the CEO of the Group. The note is due on May 31st, 2018 and carries an annual interest rate of 4.5%.     1,000,000       -  
                 
The Company had a 10-year secured mortgage for $527,675, secured by a building in the UK that required monthly principal payments of $4,018 along with interest at 2.75%, and was due to mature in October 2023. The conversion rate varied according to exchange rates fluctuations. This mortgage was secured by our building, located in Portland UK. This mortgage was repaid in full on December 13, 2016 and all security interest was released by the Bank.     -       281,801  
                 
Total     8,641,724       10,025,924  
Less: current portion     (3,187,932 )     (846,994 )
Total Long-Term Loans and Notes Payable   $ 5,453,792     $ 9,178,930