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Mortgages payable | 12 Months Ended
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Oct. 31, 2012
Debt Disclosure [Abstract] |
Mortgages payable | Note 15- Mortgages payable In January 2010, K&K acquired land and a building for $1,525,000. The purchase was financed through mortgage notes payable as follows:
| · | Mortgage payable with TFCU in the amount of $800,000, with interest at a rate per annum of 6.625%. Minimum monthly payments due of principal and interest of $5,490 commencing March 1, 2010 through February 2020. The agreement included a financial covenant which required K&K to maintain a minimum debt service coverage ratio. The note was guaranteed by Cables Unlimited and collateralized by K&K’s real property. In November 2011, TFCU released Cables Unlimited as a guarantor on the mortgage. In addition, the mortgage was paid in full through a refinancing in January 2012. The outstanding balance of $777,155 was classified as current in the consolidated balance sheet at October 31, 2011.
| · | In September 2010, K&K entered into a mortgage payable with the Small Business Administration (“SBA”) in the amount of $643,000, with interest at a rate per annum of 4.605%. Minimum monthly payments of principal and interest of $4,236 commencing October 1, 2010 through September 2030. The note was guaranteed by Cables Unlimited and the former owner of Cables Unlimited and was collateralized by K&K’s real property. The note included two provisions that required the prior written consent of the SBA for significant changes in ownership structure and/or the sale of property or assets not in the ordinary course of business. The former shareholder of Cables Unlimited did not obtain prior written consent prior to selling 100% of his interest. As a result, the loan was in default and was paid in full on November 7, 2011. The outstanding balance of $617,075 was classified as current in the consolidated balance sheet at October 31, 2011.
The following summarizes the information relative to the outstanding VIE debt at October 31, 2011:
Note payable - TFCU |  | $ | 777,155 |
Note payable - SBA |  |  | 617,075 |
Total |  | $ | 1,394,230

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 4 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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