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Debt
3 Months Ended
Jan. 31, 2017
Debt Disclosure [Abstract]  
Debt

6. Debt:

 

The Company has a $1,650,000 line of credit agreement with First Merchants Bank of Muncie, Indiana that was entered into on February 26, 2015. The line of credit allows the Company to borrow at an interest rate equal to the sum of the LIBOR Rate applicable to each interest period plus 2.39%. The line of credit is secured by all assets of the Company and expires on May 15, 2017. The line of credit had no outstanding balance at January 31, 2017 and at October 31, 2016.

 

In July 2014 the Company financed a service truck by entering into a loan agreement with Ford Credit for $41,254. The note had a term of forty-eight months at an interest rate of 3.8%. The loan balance of $27,382 was paid off in January 2016.