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Subsequent Events
6 Months Ended
Apr. 30, 2024
Subsequent Events [Abstract]  
Subsequent Events

Note 10 – Subsequent Events 

 

Insurance financing

 

On May 10, 2024, the Company obtained a nine-month loan from First Insurance Bank to finance the annual D&O insurance. The principal amount was $381,077 and subject to an effective interest rate of 7.45%.

 

On May 10, 2024, the Company obtained a nine-month loan from First Insurance Bank to finance the annual D&O insurance. The principal amount was $94,404 and subject to an effective interest rate of 11.15%.

 

International Trade Commission claims against the Company  

 

On June 11, 2024, RAI Strategic Holdings, Inc., R.J. Reynolds Vapor Company, R.J. Reynolds Tobacco Company, and RAI Services Company (collectively, the “RJ Reynolds Entities”) filed a patent infringement complaint with the International Trade Commission (the “ITC”) against Bidi, us, and forty (40) other respondents (the “ITC Complaint”) pursuant to Section 337 of the Tariff Act of 1930, as amended. Specifically, the ITC Complaint alleges that one or more components or elements of the Bidi Stick infringe U.S. Patent No. 11,925,202,   which is owned by one of the RJ Reynolds Entities. The ITC Complaint requests the ITC grant: (a) temporary and permanent limited exclusion orders pursuant to Section 337(e) of the Tariff Act of 1930, as amended, which would prohibit the importation of the Bidi Stick in the United States; and (b) issue temporary and permanent cease and desist orders pursuant to 337(f) of the Tariff Act of 1930, as amended, which would prohibit the sale and distribution of the Bidi Stick in the United States. No damages are recoverable in the proceedings before the ITC.   If the Company or Bidi is prohibited from importing the Bidi Stick, then our business, operations, financial results, and reputation would be significantly adversely impacted.