Quarterly report pursuant to Section 13 or 15(d)

Loans and Notes Payable

v3.19.2
Loans and Notes Payable
9 Months Ended
Jul. 31, 2019
Debt Disclosure [Abstract]  
Loans and Notes Payable

NOTE 11 – LOANS AND NOTES PAYABLE

 

    July 31, 2019     October 31, 2018  
             
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).   $ 1,177,797     $ 1,524,239  
One of the subsidiaries had an unsecured working capital loan from the CEO of the Group. The note was repaid in full in December 2018 and carried an interest rate of 4.5%.     -       500,000  
                 
Total     1,177,797       2,024,239  
Less: current portion     (481,633 )     (964,695 )
Total Long Term Loans and Notes Payable   $ 696,164     $ 1,059,544