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Customer Deposits
6 Months Ended
Apr. 30, 2022
Customer Deposits  
Customer Deposits

NOTE 10 – CUSTOMER DEPOSITS

 

The Company has two sources of customer deposits.

 

One source of deposits is from the Company’s customers participating in the Progressive Jackpot Games. The clients are required to provide the Company with a minimum deposit amount of $5,000, which serves as a deposit for the Progressive Contribution Fee. During the tenure of the client’s operation, the deposit will not be used to deduct or offset any invoices, and when the client decides not to operate, the deposit will be fully refunded to the client. As of April 30, 2022 and October 31, 2021, customer deposits relating to customers participating in the Progressive Jackpot Games amounted to $57,762 and $32,886, respectively.

The other source of deposits is the payment from customers in advance of any use of gaming content. As the gaming content is utilized by the customers, revenues are recognized. As of April 30, 2022 and October 31, 2021, a total of $58,289 and $35,749 of customer deposits are from this source.