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6. Notes Payable	12 Months Ended
Oct. 31, 2014
Notes
6. Notes Payable	6. Notes Payable During fiscal year 2013, the Company paid fiscal year 2013 interest to G.S. Beckwith Gilbert, the Company’s significant shareholder and Chairman, of $288,000287564, representing the entire fiscal year 2013 interest due, thereby meeting the payment requirements of the loan agreement. In the fourth quarter of 2013, the Company made $400,000 in principal payments, bringing the principal amount of the note payable due to G.S. Beckwith Gilbert to $4,364,880 on October 31, 2013. During fiscal year 2014, the Company paid fiscal year 2014 interest to G.S. Beckwith Gilbert of $241,000240572, representing the entire fiscal year 2014 interest due, thereby meeting the payment requirements of the loan agreement. During fiscal year 2014, the Company made $500,000 in principal payments, bringing the principal amount of the note payable due to G.S. Beckwith Gilbert to $3,864,880 on October 31, 2014. On June 11, 2014, the Company entered into a Debt Extension Agreement with G.S. Beckwith Gilbert, effective June 11, 2014, pursuant to which the Company and Mr. Gilbert agreed to modify certain terms and conditions of the Gilbert Note. The maturity date of the Gilbert Note was due on November 1, 2014, and the total amount of principal and interest due and owing as of June 11, 2014 was $3,891,934. Pursuant to the Debt Extension Agreement, the Company issued a new note to Mr. Gilbert in the principal amount of $3,864,880 (the “New Gilbert Note”) in exchange for the Gilbert Note and the Company agreed to pay the accrued interest under the Gilbert Note as of June 11, 2014, in an amount equal to $27,054, at the time and on the terms set forth in the Gilbert Note. Under the terms of the New Gilbert Note, the maturity date was extended to November 1, 2016 and the annual interest rate remained at 6%. Interest payments under the New Gilbert Note shall be made annually at October 31 of each year. The note payable is secured by the Company’s assets.

6. Notes Payable

12 Months Ended

Oct. 31, 2014

6. Notes Payable

During fiscal year 2013, the Company paid fiscal year 2013 interest to G.S. Beckwith Gilbert, the Company’s significant shareholder and Chairman, of $288,000287564, representing the entire fiscal year 2013 interest due, thereby meeting the payment requirements of the loan agreement. In the fourth quarter of 2013, the Company made $400,000 in principal payments, bringing the principal amount of the note payable due to G.S. Beckwith Gilbert to $4,364,880 on October 31, 2013.

During fiscal year 2014, the Company paid fiscal year 2014 interest to G.S. Beckwith Gilbert of $241,000240572, representing the entire fiscal year 2014 interest due, thereby meeting the payment requirements of the loan agreement. During fiscal year 2014, the Company made $500,000 in principal payments, bringing the principal amount of the note payable due to G.S. Beckwith Gilbert to $3,864,880 on October 31, 2014.

On June 11, 2014, the Company entered into a Debt Extension Agreement with G.S. Beckwith Gilbert, effective June 11, 2014, pursuant to which the Company and Mr. Gilbert agreed to modify certain terms and conditions of the Gilbert Note. The maturity date of the Gilbert Note was due on November 1, 2014, and the total amount of principal and interest due and owing as of June 11, 2014 was $3,891,934. Pursuant to the Debt Extension Agreement, the Company issued a new note to Mr. Gilbert in the principal amount of $3,864,880 (the “New Gilbert Note”) in exchange for the Gilbert Note and the Company agreed to pay the accrued interest under the Gilbert Note as of June 11, 2014, in an amount equal to $27,054, at the time and on the terms set forth in the Gilbert Note. Under the terms of the New Gilbert Note, the maturity date was extended to November 1, 2016 and the annual interest rate remained at 6%. Interest payments under the New Gilbert Note shall be made annually at October 31 of each year. The note payable is secured by the Company’s assets.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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