BORROWINGS

12 Months Ended

Oct. 31, 2021

Debt Disclosure [Abstract]

BORROWINGS

5. BORROWINGS

Borrowings at October 31, 2021 and 2020 consisted of the following:

			Restated
	2021		2020
Due to Stockholders
Note Payable $8,000 - Roberta Riccelli, February 2012.
Due June 17, 2012; interest is 10% for 120 days. Note was extended through a verbal agreement with no set maturity date.	$	3,000	$	3,000
Note Payable $20,000 - Corinthian Development,
January 15, 2013. Due May 15, 2013; payable on demand; interest is 10%; Note was extended through a verbal agreement with no set maturity date.		10,000		10,000
Note Payable $90,000 - Joseph Riccelli, Sr., May 2013.
Due November 22, 2013; interest is 10% for 180 days. Note was extended through a verbal agreement with no set maturity date.		-0-		4,236
Note Payable $4,500 - Joseph Riccelli, Sr., August 2019.
Interest is 10% for 180 days; No set maturity date.		-0-		4,500
Note Payable $36,500 - Joseph Riccelli, Sr., September 2019.
No set maturity date.		12,500		27,500
Note Payable $3,000 - Joseph Riccelli, Sr., October 2019.
Interest is 10% for 180 days; No set maturity date.		-0-		3,000
Note Payable $38,000 - Joseph Riccelli, Sr., December 2019. Interest is 10% for 180 days; No set maturity date.		29,000		29,000
Note Payable $50,000 – Antonio Costa, May 2021. Maturity date  May 2022. Interest is 8% per year. Convertible into one common  shares for every $.50 of outstanding principal and interest.		50,000		-0-
Note Payable $200,000 – Lawrence Fraser, December 2020
Interest is 12% per year. $66,666 is due annually until maturity  at December 2023. Secured by one of the Company’s patents.		200,000		-0-
Note Payable $40,672 - Riccelli Properties, August 7, 2017.
Due February 7, 2018; interest is 10%. Note was extended through a verbal agreement with no set maturity date		17,464		20,964
Total Due to Stockholders	$	321,964	$	102,200

	2021		2020
Notes Payable
Note Payable – U.S. Small Business Administration.
PPP Loan proceeds received on May 5, 2020		-0-		33,652
Note Payable - U.S. Small Business Administration.
Due July 2035; payable in monthly installments of $1,820 including interest at 2.9% annum.
	$	90,350	$	92,608
Total Borrowings		412,314		228,460
Less Due to Stockholders – Current		188,630		102,200
Less Current Portion of Notes Payable		18,628		18,628
Total Long Term Portion of Notes Payable	$	205,056	$	107,632

Maturities of long-term debt are as follows:

Year Ending				Notes
October 31		Stockholders		Payable		Amount Due
	2022	$	188,630		18,628		207,258
	2023		66,667		19,739		86,406
	2024		66,667		20,319		86,986
	2025			20,916		20,916
	2026 & thereafter			10,748		10,748
	Total	$	321,964		90,350		412,314

DUE TO STOCKHOLDERS

In February 2012, the Company entered into a note payable with Roberta Riccelli for $8,000. This loan was to be used to fund operations of the Company. This loan is due on demand, including interest at 10% for 120 days. This note was extended through a verbal agreement. The loan balance as of October 31, 2021 and 2020 was $3,000.

In January 2013, the Company entered into a note payable with Corinthian Development for $20,000. This loan was to be used to fund operations of the Company. This loan is due on demand, including interest at 10% with an original repayment date of May 2013. This note was extended through a verbal agreement. The loan balance at October 31, 2021 and 2020 was $10,000.

In May 2013, the Company entered into a note payable with its CEO, Joseph Riccelli, for $90,000. This loan was to be used to fund operations of the Company. This loan is due on demand, including interest at 10% with an original repayment date of November 2013. This note was extended through a verbal agreement. The loan balance at October 31, 2021 and 2020 was $-0- and $4,236, respectively.

During August 2017, the Company entered into a note payable agreement with Riccelli Properties, which is wholly owned and operated by the Company’s CEO, Joseph Riccelli, in the amount of $40,672. This amount reflects payments made by Riccelli Properties on the Small Business Association promissory note. Riccelli Properties sold the real estate that was collateral on the promissory note. The note has a term of 6 months and an interest rate of 10%. The loan balance at October 31, 2021 and 2020 was $17,464 and $20,964, respectively.

In August 2019, the Company entered into a note payable with its CEO, Joseph Riccelli, for $36,500. This loan was to be used to fund operations of the Company. This loan has no set maturity date. The loan balance at October 31, 2021 and 2020 was $12,500 and $27,500, respectively.

In September 2019, the Company entered into a note payable with its CEO, Joseph Riccelli, for $4,500. This loan was to be used to fund operations of the Company. This loan has no set maturity date, including interest at 10%. The loan balance at October 31, 2021 and 2020 was $-0- and $4,500, respectively.

In October 2019, the Company entered into a note payable with its CEO, Joseph Riccelli, for $3,000. This loan was to be used to fund operations of the Company. This loan is due on demand, including interest at 10% with an original repayment date of November 2013. This note was extended through a verbal agreement. The loan balance at October 31, 2021 and 2020 was $-0- and $3,000, respectively

In December 2019, the Company entered into a note payable with its CEO, Joseph Riccelli, for $38,000. This loan was to be used to fund operations of the Company. This loan is due on demand, including interest at 10% with an original repayment date of November 2013. This note was extended through a verbal agreement. The loan balance at October 31, 2021 and 2020 was $29,000.

In December 2020, the Company entered into a note payable agreement with Lawrence Fraser for $200,000. This loan is secured by one of Company’s patent. The term of the loan is three years and with an interest rate of 12% per annum. The loan is to be repaid in yearly installments payable in December annually until maturity December 2023.

In May 2021, the Company issued a convertible promissory note to Antonio Costa for $50,000. The term of the note is one year with an interest rate of 8% per year. The principal of the loan and any accrued

but unpaid interest may be converted into shares of the Company’s common stock. The conversion rate is one share of Company’s common stock for every $.50 of principal and unpaid interest.

NOTES PAYABLE

In July 2005, the Company was approved for a low interest promissory note from the U.S. Small Business Administration in the amount of $280,100. In January 2006 the Company amended the promissory note with the Small Business Administration increasing the principal balance to $430,500. The note bears an annual interest rate of 2.9% and matures on July 13, 2035. Monthly payments, including principal and interest, of $1,820 are due monthly. A payment was made on the note of $40,672 during the year ended October 31, 2017 due to the sale of real estate by Riccelli Properties that was collateral on the promissory note. The loan balance was $90,350 and $92,608 at October 31, 2021 and 2020, respectively. This note is guaranteed by the Company’s CEO.

In May 2020, the Company was approved for a PPP Loan from the U.S. Small Business Administration in the amount of $32,652. The loan was forgiven in the fiscal year ending October 31, 2021. The Company has recognized the forgiveness of debt as other income in the financial statements.