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CERTIFIED DEPOSIT INTEREST BEARING ACCOUNTS

9 Months Ended

Jul. 31, 2023

Other Income and Expenses [Abstract]

CERTIFIED DEPOSIT INTEREST BEARING ACCOUNTS

NOTE 17 – CERTIFIED DEPOSIT INTEREST BEARING ACCOUNTS

The Company established certified deposit interest-bearing accounts with its current bankers HSBC NA and Jyske Bank in February 2023. These interest-bearing accounts are for rolling fixed short-term periods not exceeding 3 months and are classified in our financial statements as “cash equivalent”. In addition, we have an interest-bearing deposit account in the UK that tracks the Bank of England base rate which has no restrictions on access and has a current rate of 5.0%. The table below indicates the applicable interest rates and amounts which are held in certified deposit and unrestricted interest-bearing accounts at the date hereof:

 SCHEDULE OF INTEREST RATES AND AMOUNT HELD IN CERTIFIED DEPOSIT INTEREST BEARING ACCOUNTS

Currency Denomination		Amount				HSBC					Jyske Bank (Denmark)
USD		$	13,256,709				5.17	%
GBP		£	750,000				4.80	%
GBP (Unrestricted access)		£	1,248,151				5.00	%
Euro		€	795,000								1.9	%
British Pound		£	414,000								3.2	%
Danish Kroner		DKK	3,190,000								1.6	%
USD		$	1,094,000								3.8	%

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- Definition

The entire disclosure for interest and other income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 610
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//610/tableOfContent

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- References

No definition available.

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