Note 13 - Line of Credit

6 Months Ended

Apr. 30, 2020

Notes to Financial Statements

Debt Disclosure [Text Block]

Note

13

– Line of credit

In

November 2019,

we entered into an agreement for a revolving line of credit (“LOC”) in the amount of

$5.0

million. Amounts outstanding under the LOC shall bear interest at a rate of

2.0%

plus LIBOR Daily Floating Rate (“base interest rate”), with interest payable on the

first

day of each month. Borrowings under the LOC are secured by a security interest in certain assets of the Company. The LOC contains certain loan covenants. Failure to maintain the loan covenants

may

constitute an event of default, resulting in all outstanding amounts of principal and interest becoming immediately due and payable. All outstanding principal and interest is due and payable on

December 1, 2021.

As of

April 30, 2020,

we are in compliance with all loan covenants. Additionally, as of

April 30, 2020,

no

amounts were outstanding under the line of credit.