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Note 6 - Related-Party Transactions
12 Months Ended
Oct. 31, 2020
Related Party Transactions [Abstract]  
Related-Party Transactions

Note 6 – Related-Party Transactions 

 

Revenue and Accounts Receivable

 

During the year ended October 31, 2020, the Company recognized revenue of $233,955 from seven companies owned by Nirajkumar Patel, the Chief Executive Officer and Chief Financial Officer of the Company, and/or his wife. As of October 31, 2020, the Company has accounts receivable from the related party in the amount of $15,360.

 

Purchases and Accounts Payable

 

During the year ended October 31, 2020, the Company purchased Products with a value of $53,981,351 from Bidi a related party company that is also owned by Nirajkumar Patel, our Chief Executive Officer and Chief Financial Officer. As of October 31, 2020, the Company had accounts payable to Bidi of $1,409,561.

 

Contributed Capital

 

During the year ended October 31, 2020, the Company’s Chief Executive Officer / Chief Financial Officer and Chief Operating Officer provided contributed capital of $16,257 and $10,900, respectively, to the Company.

 

During the year ended October 31, 2019, the Company’s Chief Executive Officer/Chief Financial Officer, Chief Operating Office, and former officer and director paid expenses on behalf of the Company for $6,000, $13,628, and $7,335, respectively. For additional information, see Note 4, Additional Paid-in Capital.

 

Office Space

 

On August 1, 2020, the Company began leasing office space for its main corporate office in Grant, Florida. The five-year lease agreement is with a related party, Just Pick, LLC (“Just Pick”). The Company’s Chief Executive Officer is an officer of Just Pick.

 

Prior to this, the Company utilized the home office space and warehouse of its management at no cost through July 31, 2020.