Bank Loan (Tables)

12 Months Ended

Oct. 31, 2022

Bank Loan [Abstract]

Schedule of Bank Loan

Bank loan consisted of the following loans:

	October 31, 2022		October 31, 2021
Loan from DBS Bank (due on May 13, 2025) (1)	$	2,330,334	$	3,352,464
Revolving credit for keyman insurance (2)		916,923		916,923
Total	$	3,247,257	$	4,269,387
Less: current maturity of long-term bank loan		880,631		899,581
Long term of bank loan	$	2,366,626	$	3,369,806

(1) On April 9, 2020, the Group signed a loan agreement with DBS Bank Ltd. to obtain a five-year loan of $3,533,319 (or SGD 5,000,000). The loan bears a fixed interest rate of 3% per annum. The bank loan was secured by Mr. Dong Zhang. The Group is required to pay interest for the first twelve months and repay monthly instalments comprising principal and interest thereafter. As of October 31, 2022 and 2021, the balance was $2,330,334 and $3,352,464, respectively.

(2) On February 14, 2020, the Group obtained a revolving credit facility I (RCF I) from DBS Bank Ltd. of $916,923 and used to settle the premium of Insurance Policy. The weighted average effective interest rate is 1.87% per annum. The revolving credit facility is secured by way of first legal assignment of Insurance Policy of all rights, title, interests and benefits under and arising out of the Insurance Policy including all proceeds payable under the Insurance Policy and all proceeds of any repayment or refund of premium by the Insurer, with notification of the assignment to be served and acknowledged by the Insurer.

Schedule of Repayment for Bank Loans

The repayment schedule for the bank loans are as follows:

Twelve months ending October 31,	Repayment
2023	$	880,631
2024		907,381
2025		542,322
2026		-
2027		-
Thereafter		916,923
Total	$	3,247,257