Quarterly report pursuant to Section 13 or 15(d)

Loans and Notes Payable

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Loans and Notes Payable
3 Months Ended
Jan. 31, 2018
Debt Disclosure [Abstract]  
Loans and Notes Payable

NOTE 9 – LOANS AND NOTES PAYABLE

 

    January 31,     October 31,  
    2018     2017  
             
Secured note payable to HSBC with interest payable on the 28th day of each month at 4.56% per annum and 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 additional 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, based on the payment scheduled in the Loan Agreement it is expected that the Loan will be repaid in full in approximately 45 months.   $ 6,912,837     $ 7,279,353  
                 
One of the subsidiaries has an unsecured working capital loan from the CEO of the Group. The note is due on November 30, 2018 and carries an interest rate of 4.5%.     1,000,000       1,000,000  
                 
Total     7,912,837       8,279,353  
Less: current portion     (3,238,256 )     (2,212,951 )
Total Long-Term Loans and Notes Payable   $ 4,674,581     $ 6,066,402