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Loans and Notes Payable | 12 Months Ended
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Oct. 31, 2018
Debt Disclosure [Abstract] |
Loans and Notes Payable | NOTE 8 - LOANS AND NOTES PAYABLE Loans and notes payable consisted of the following at:
|  | October 31, 2018 |  |  | October 31, 2017 |
Secured note payable to HSBC NA with interest payable on the 28th day of each month at 4.56% per annum. On March 28, 2018 the Company prepaid a portion of the principal and thereby reducing the principal outstanding under this loan to $1,917,602 resulting in the repayment obligations (principal and interest payments) being reduced to $43,777 per month. There was no prepayment penalty associated with the reduction of the principal. It is now expected that the Loan will be repaid within 41 months. |  | $ | 1,524,239 |  |  | $ | 7,279,353 |
One of the subsidiaries has an unsecured working capital loan from the CEO of the Company. The note is due on November 30, 2018 and carries an interest rate of 4.5%. The loan was paid in full on December 24, 2018 and all obligations under this agreement have now been extinguished. |  |  | 500,000 |  |  |  | 1,000,000 |
Total |  |  | 2,024,239 |  |  |  | 8,279,353 |
Less: current portion |  |  | (964,695 | ) |  |  | (2,212,951 | )
Total Long-Term Loans and Notes Payable |  | $ | 1,059,544 |  |  | $ | 6,066,402 |
The HSBC loan is secured by a blanket lien on all of the Company’s US subsidiaries. The foreign subsidiaries are guarantor of the obligations undertaken in the loan agreement. We have an unused line of credit for up to $455,000 with HSBC UK to use specifically for performance bonds and bank guarantees. As of October 31, 2018, the balance is $0. This table shows the principal maturities on the HSBC NA Senior Note as of October 31, 2018:
Years Ending October 31, |  | Amount |
2019 |  | $ | 464,695 |
2020 |  |  | 486,624 |
2021 |  |  | 509,588 |
2022 |  |  | 63,332 |
Totals |  | $ | 1,524,239 |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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