Notes Payable Disclosure

9 Months Ended

Jul. 31, 2022

NOTE 5 - NOTES PAYABLE

The following amounts were due under third-party notes payable at July 31, 2022 and October 31, 2021:

	July 31, 2022		October 31, 2021
Balance, beginning of the period	$	106,892	$	67,429
Advances received		-		29,000
Interest accrued during the period		4,335		5,309
Foreign exchange		(2,666)		5,154
Balance, end of the period	$	108,561	$	106,892

During the nine-month period ended July 31, 2022, the Company accrued $3,428 in interest on the CAD$83,309 note payable accumulating 6% interest compounded monthly (2021 - $3,194), and $907 (2021 - $605) in interest on the notes payable totaling $29,000, which accumulate interest at 4% compounded monthly. All notes payable to third-parties are unsecured and due on demand. As at July 31, 2022, the Company owed a total of $77,750 under the 6% Note Payable (2021 - $76,987), and $30,811 under the 4% Notes Payable (2021 - $29,905).

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

DUESENBERG TECHNOLOGIES INC. 10-Q