DEBT (Tables)

12 Months Ended

Oct. 31, 2023

Due to the Q2 FY23 payoff of the Xiamen Project loans, as of October 31, 2023, the Current portion of long-term debt and the Long-term debt balances were comprised of finance leases as described below:

As of October 31, 2023	Xiamen Project Loans			Finance Leases			Total
Principal due:
Next 12 months	$	-		$	6,621		$	6,621
Months 13 – 24	$	-		$	17,972		$	17,972
Months 25 – 36		-			12			12
Months 37 – 48		-			13			13
Months 49 – 60		-			1			1
Long-term debt		-			17,998			17,998
Total debt	$	-		$	24,619		$	24,619

Interest rate at balance sheet date	N/A		%	N/A
Basis spread on interest rates	0.00			N/A
Interest rate reset	Quarterly			N/A
Maturity date	December 2025			N/A
Periodic payment amount	Varies as loans mature⁽¹⁾			Varies as Lease mature
Periodic payment frequency	Semiannual, on individual loans			Monthly
Loan collateral (carrying amount)	$	N/A		$	35,165	⁽²⁾

⁽¹⁾

During Q2 FY23, we repaid the entire balance of RMB 26.4 million (approximately $3.9 million) remaining on the loan, of which, RMB 2.0 million was due to be paid in June 2025 and RMB 24.4 million was due to be paid in December 2025.

⁽²⁾

Represents the carrying amount at the balance sheet date of the related ROU assets, in which the lessors have secured interests.

The tables below provide information on our long-term debt as of October 31, 2022.

As of October 31, 2022	Xiamen Project Loans			Xiamen Working Capital Loans			Hefei Equipment Loan		Finance Leases			Total
Principal due:
Next 12 months	$	-		$	3,512		$	-	$	6,512		$	10,024
Months 13 – 24	$	-		$	-		$	-	$	6,610		$	6,610
Months 25 – 36		1,098			-			-		17,961			19,059
Months 37 – 48		6,641			-			-		-			6,641
Long-term debt	$	7,739		$	-		$	-	$	24,571		$	32,310

Interest rate at balance sheet date		4.30% - 4.45	%		4.46	%		N/A			⁽²⁾
Basis spread on interest rates		0.00			76.00			N/A		N/A
Interest rate reset	Quarterly			Monthly/Annually				N/A		N/A
Maturity date	December 2025			July 2023			Paid July 2022				⁽²⁾
Periodic payment amount	Varies as loans mature⁽¹⁾			Increases as loans mature				N/A			⁽²⁾
Periodic payment frequency	Semiannual, on individual loans			Semiannual, on individual loans				N/A	Monthly
Loan collateral (carrying amount)	$	70,705			N/A			N/A	$	37,976	⁽³⁾

⁽¹⁾

During the three month period ended October 31, 2022, we repaid RMB 81.0 million (approximately $11.5 million) that had contractual maturity dates ranging from December 2023 through June 2025.

⁽²⁾

See Note 10 for interest rates on lease liabilities, maturity dates, and periodic payment amounts.

⁽³⁾

Represents the carrying amount at the balance sheet date of the related ROU assets, in which the lessors have secured interests.