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Long-term Debt
12 Months Ended
Oct. 31, 2019
Long-term Debt

 

10. Long-term Debt

 

Transactions related to GR Unlimited’s unsecured promissory notes during the year ended October 31, 2019, include the following:

 

                       
  Face
value
    Carrying
amount
    Interest
payable
 
Balance - October 31, 2018   $ 50,000     $ 50,000     $ 10,444  
60% - October 2, 2019 (iii)     50,000       50,000       -  
60% - October 17, 2019 (iv)     50,000       50,000       -  
Interest expense on long-term debt     -       -       9,535  
Debt repayments     -       -       (12,000 )
Balance - October 31, 2019   $ 150,000     $ 150,000     $ 7,979  
Less: current portion     150,000       150,000       7,979  
Balance - October 31, 2019, net of current portion   $ -     $ -     $ -  

 

Transactions related to GR Unlimited’s unsecured promissory notes during the period ended October 31, 2018, include the following:

 

    Face
value
    Carrying
amount
    Interest
payable
 
Balance - October 31, 2017   $ 552,173     $ 552,173     $ 14,860  
Amortization of deferred financing costs     642       642       -  
Settled in exchange for convertible promissory note (Note 11)     (500,000 )     (500,000 )     (10,416 )
Interest expense on long-term debt     -       -       6,000  
Debt repayments     (2,815 )     (2,815 )     -  
Balance - October 31, 2018   $ 50,000     $ 50,000     $ 10,444  
Less: current portion     -       -       10,444  
Balance - net of current portion   $ 50,000     $ 50,000     $ -  

 

i) On February 1, 2017: Principal of $50,000 with simple interest accrued at a rate of 12% per annum. Interest only payments due on the following: (i) $6,000 on each of July 1, 2018 and July 1, 2019 and interest and principal payment, $56,000 due on July 1, 2020. As at October 31, 2019, accrued interest of $4,444 (October 31, 2018 - $10,444) was incurred.

 

ii) On October 1, 2017: Principal of $500,000 with simple interest accrued at a rate of 25% per annum. During the period ended October 31, 2018, this Company formalized this debt by way of a convertible promissory note (see note 11 (iii)).

 

iii) On October 2, 2019: Principal of $50,000 with simple interest accrued at a rate of 60% per annum and a maturity of 90 days. As at October 31, 2019, accrued interest of $2,384 was incurred. This amount is owed to a director and officer of the Company.

 

iv) On October 17, 2019: Principal of $50,000 with simple interest accrued at a rate of 60% per annum and a maturity of 90 days. As at October 31, 2019, accrued interest of $1,151 was incurred. This amount is owed to a key member of management.