LONG-TERM BUSINESS LOAN |
12 Months Ended |
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Oct. 31, 2025 | |
| Debt Disclosure [Abstract] | |
| LONG-TERM BUSINESS LOAN | Note 11 – LONG-TERM BUSINESS LOAN
On November 13, 2024, the Company entered into a long-term business loan agreement with NEWLAN PLLC, under which it received principal proceeds of $70,000.
The full amount was received on the effective date of the agreement.
Key terms of the loan are as follows:
Principal Amount: $70,000
Initial Interest Terms: Interest-free for the first three (3) months
Subsequent Interest: Beginning February 13, 2025, simple interest accrues at an annual rate of 15%, calculated on the outstanding principal
Total Repayment Obligation: $119,875, including total interest of $49,875 over the loan term
Repayment Schedule:
$7,875 due on November 13, 2025
Four equal annual installments of $10,500 due each year through November 13, 2029
Prepayment: Permitted at any time without penalty. Payments are first applied to accrued interest, then to principal
Late Payment Penalty: $250 or 5% of the overdue amount, whichever is greater
Governing Law: State of New York
As of October 31, 2025, the loan is recorded as a long-term liability, with $7,875 in accrued interest payable. The first scheduled principal and interest payment is due on November 13, 2025.
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