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Notes Payable | 12 Months Ended
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Oct. 31, 2020
Debt Disclosure [Abstract] |
Notes Payable | NOTE 8 - NOTES PAYABLE Notes payable consisted of the following at:
|  | October 31, 2020 |  |  | October 31, 2019 |
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). The maturity of this Loan is December 28, 2021 |  | $ | 573,108 |  |  | $ | 1,059,574 |
Total |  |  | 573,108 |  |  |  | 1,059,574 |
Less: current portion |  |  | (509,769 | ) |  |  | (487,140 | )
Total Long Term Notes Payable |  | $ | 63,339 |  |  | $ | 572,434 |
Years Ending October 31, |  | Amount |
2021 |  |  | 509,769 |
2022 |  |  | 63,339 |
Totals |  | $ | 573,108 |
The HSBC loan is secured by a blanket lien on all of the Company’s US subsidiaries. The foreign subsidiaries are each guarantors of the obligations undertaken in the loan agreement. The Company concluded a $4,000,000 revolving line of credit facility 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 October 31, 2020. This revolving credit line which is subject to renewal will expire on November 26, 2021.

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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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