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NOTE PAYABLE
 12 Months Ended
Oct. 31, 2021
Debt Disclosure [Abstract]  
NOTE PAYABLE

NOTE 8 - NOTE PAYABLE

 

Note payable consisted of the following at:

 

   October 31,   October 31, 
   2021   2020 
         
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  $63,559   $573,108 
           
Total   63,559    573,108 
Less: current portion   (63,559)   (509,769)
Total Long Term Note Payable  $-   $63,339 

 

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 HSBC Loan is due to be repaid in full by December 2021. After this payment is satisfied the blanket lien and guarantees will be released against the Business and its assets.

 

The Company entered into 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. This revolving line of credit facility is subject to annual renewal and has been extended to November 2022. The outstanding balance on the line of credit was $0 as of October 31, 2021 and 2020.

 

 

CODA OCTOPUS GROUP, INC.

Notes to the Consolidated Financial Statements

October 31, 2021 and 2020