Quarterly report pursuant to Section 13 or 15(d)

Notes Payable

Notes Payable

9 Months Ended

Jul. 31, 2020

NOTE 11 – NOTES PAYABLE

	July 31,			October 31,
	2020			2019
Notes Payable

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).	$	696,798		$	1,059,574
Unsecured Paycheck Protection Program loans which carries an interest rate of 1%. Principal payments begin on October 1, 2020 in the amount of $36,048.		648,871			-

Total		1,345,669			1,059,574
Less: current portion		(864,315	)		(487,140	)
Total Long Term Notes Payable	$	481,354		$	572,434

The Company entered into a $4,000,000 revolving line of credit with HSBC NA on November 27, 2019, with the interest rate established as the applicable prime rate. The outstanding balance on the line of credit was $0 as of July 31, 2020. The credit line which is subject to renewal expires on November 26, 2020.

The Company availed itself to the Paycheck Protection Program scheme (“PPP”) in the second and third quarter of this fiscal year. All the PPP amounts received have been utilized in accordance with the purpose and objective of the program. Where these conditions are met, i.e. utilization of the amounts for the designated purpose of the scheme the borrower is eligible for the forgiveness of these amounts. We believe we have met these qualifying conditions and would anticipate the forgiveness of these amounts in due course. We have submitted our application for the forgiveness.