BORROWINGS

12 Months Ended

Oct. 31, 2022

Debt Disclosure [Abstract]

BORROWINGS

5. BORROWINGS

Borrowings at October 31, 2022 and 2021 consisted of the following:

	2022		2021
Due to Stockholders
Note Payable $8,000 - Roberta Riccelli, February 2012.
Due June 17, 2012; interest is 10% for 120 days. Note was extended through a verbal agreement with no set maturity date.	$	3,000	$	3,000
Note Payable $20,000 - Corinthian Development,
January 15, 2013. Due May 15, 2013; payable on demand; interest is 10%; Note was extended through a verbal agreement with no set maturity date.		10,000		10,000
Note Payable $36,500 - Joseph Riccelli, Sr., September 2019.
No set maturity date.		-0-		12,500
Note Payable $38,000 - Joseph Riccelli, Sr., December 2019.
Interest is 10% for 180 days; No set maturity date.		18,500		29,000
Note Payable $50,000 Antonio Costa, May 2021. Maturity date
May 2022. Interest is 8% per year. Convertible into one common shares for every $.50 of outstanding principal and interest.		-0-		50,000
Note Payable $200,000   Lawrence Fraser, December 2020
Interest is 12% per year. $66,666 is due annually until maturity at December 2023. Secured by one of the Company’s patents.		133,334		200,000
Note Payable $40,672 - Riccelli Properties, August 7, 2017.
Due February 7, 2018; interest is 10%. Note was extended through a verbal agreement with no set maturity date		12,464		17,464
Total Due to Stockholders	$	177,298	$	321,964

	2022		2021
Note Payable - U.S. Small Business Administration.
Due July 2035; payable in monthly installments of $1,820 including interest at 2.9% annum.
	$	84,675	$	90,350
Total Borrowings		261,973		412,314
Less Due to Stockholders   Current		110,631		188,630
Less Current Portion of Notes Payable		20,128		18,628
Total Long Term Portion of Notes Payable	$	131,214	$	205,056

Maturities of long-term debt are as follows:

Year Ending			Notes
October 31	Stockholders		Payable		Amount Due
2023	$	110,631		20,128		130,759
2024		66,667		20,239		86,906
2025				20,833		20,833
2025				21,449		21,449
2026				2,026		2,026
Total	$	177,298		84,675		261,973

DUE TO STOCKHOLDERS

In February 2012, the Company entered into a note payable with Roberta Riccelli for $8,000. This loan was to be used to fund operations of the Company. This loan is due on demand, including interest at 10% for 120 days. This note was extended through a verbal agreement. The loan balance as of October 31, 2022 and 2021 was $3,000.

In January 2013, the Company entered into a note payable with Corinthian Development for $20,000. This loan was to be used to fund operations of the Company. This loan is due on demand, including interest at 10% with an original repayment date of May 2013. This note was extended through a verbal agreement. The loan balance at October 31, 2022 and 2021 was $10,000.

During August 2017, the Company entered into a note payable agreement with Riccelli Properties, which is wholly owned and operated by the Company’s CEO, Joseph Riccelli, in the amount of $40,672. This amount reflects payments made by Riccelli Properties on the Small Business Association promissory note. Riccelli Properties sold the real estate that was collateral on the promissory note. The note has a term of 6 months and an interest rate of 10%. The loan balance at October 31, 2022 and 2021 was $12,464 and $17,964, respectively.

In August 2019, the Company entered into a note payable with its CEO, Joseph Riccelli, for $36,500. This loan was to be used to fund operations of the Company. This loan has no set maturity date. The loan balance at October 31, 2022 and 2021 was $-0- and $12,500, respectively.

In December 2019, the Company entered into a note payable with its CEO, Joseph Riccelli, for $38,000. This loan was to be used to fund operations of the Company. This loan is due on demand, including interest at 10% with an original repayment date of November 2013. This note was extended through a verbal agreement. The loan balance at October 31, 2022 and 2021 $18,500 and $29,000, respectively.

In December 2020, the Company entered into a note payable agreement with Lawrence Fraser for $200,000. This loan is secured by one of Company’s patent. The term of the loan is three years and with an interest rate of 12% per annum. The loan is to be repaid in yearly installments payable in December annually until maturity December 2023. The loan balance at October 31, 2022 and 2021 $133,334 and $200,000, respectively.

In May 2021, the Company issued a convertible promissory note to Antonio Costa for $50,000. The term of the note is one year with an interest rate of 8% per year. The principal of the loan and any accrued but unpaid interest may be converted into shares of the Company’s common stock. The conversion rate is one share of Company’s common stock for every $.50 of principal and unpaid interest. The loan balance at October 31, 2022 and 2021 $-0- and $50,000, respectively.

NOTES PAYABLE

In July 2005, the Company was approved for a low interest promissory note from the U.S. Small Business Administration in the amount of $280,100. In January 2006 the Company amended the promissory note with the Small Business Administration increasing the principal balance to $430,500. The note bears an annual interest rate of 2.9% and matures on July 13, 2035. Monthly payments, including principal and interest, of $1,820 are due monthly. A payment was made on the note of $40,672 during the year ended October 31, 2017 due to the sale of real estate by Riccelli Properties that was collateral on the promissory note. The loan balance was $84,675 and $90,350 at October 31, 2022 and 2021, respectively. This note is guaranteed by the Company’s CEO.