STOCKHOLDER LOAN |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| STOCKHOLDER LOAN | NOTE 6. STOCKHOLDER LOAN
ROBERTA RICCELLI
In February 2012, the Company entered into a loan agreement with Robert Riccelli for $8,000 to fund operations of the Company. This loan is due on demand, including interest at an annual rate of 10% with an original maturity date of June 2012. The loan was extended through a verbal agreement and currently has no set maturity date. The loan was paid off as of fiscal year end October 31, 2024.
CORINTHIAN DEVELOPMENT
In January 2013, the Company entered into a loan agreement with Corinthian Development for $20,000 to fund operations of the Company. This loan is due on demand, including interest at an annual rate of 10% with an original maturity date of May 2013. This loan was extended through a verbal agreement and currently has no set maturity date. As of October 31, 2025, the balance of the loan was $10,000.
LAWRENCE FRASER
In December 2020, the Company entered into a loan agreement with Lawrence Fraser for $200,000. The loan is payable in yearly installments of $66,666, with the balance due and payable in December 2023 at an annual interest rate of 12%. The loan is secured by one of the Company’s patents. As of October 31, 2024, the loan was paid in full.
Waxman Foundation
In December 2023, the Company entered into a loan agreement with Waxman Foundation for $50,000. The loan was payable in December 2024 and was extended through June 2025. The annual interest rate is 6% per annum. The loan is secured by the inventory. As of June 23, 2025, the loan balance was paid off in full.
As of October 31, 2025 and 2024, the shareholder loans had the following balances:
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