(a) Holders

At January 25,September 12, 2023 there were approximately 131,386 active holders of record of our common stock, although we believe that there are other persons who are beneficial owners of our common stock held in street name.

Transfer Agent

The transfer agent and registrar for our common stock is Pacific Stock Transfer Company, 6725 Via Austi Pkwy, Suite 300, Las Vegas, Nevada 89119.89119. Their telephone number is (800) 785-7782.

(b) Dividends.

We have not paid any cash dividends to date and do not anticipate or contemplate paying dividends in the foreseeable future. It is the present intention of management to utilize all available funds for the development of the Registrant’s business.

(c) Securities authorized for issuance under equity compensation plans

None

Recent Issuances of Unregistered Securities

During the year ended October 31, 2022,2023, the Company sold 2,560,0000 shares of common stock, for total cash proceeds of $187,520.$0.

On October 3, 2022,August 10, 2023, Device Corp converted $6,500$8,000 of the amount due in Series A preferred stock to 1,300,00020,000,000 (based on stock price of $0.0004) shares of common stock.

On September 21, 2023, Device Corp converted $7,000 of the amount due in Series A preferred stock to 20,000,000 (bases on stock price of $0.00035) shares of common stock

On October 16, 2023, the 20,000,000 shares from September 21, 2023 were cancelled and returned to the company

On November 6, 2023, Device converted $27,000 of the amount due in Series A preferred stock to 30,000,000 (based on stock price of $0.0009) shares of common stock. These shares are still being held at the transfer agent.

During Q1 2023, Quick Capital LLC, converted $33,830 and $4,176 of principal and $4,034 of interest, respectively, into 10,337,727 shares of common stock.

During Q2 2023, Quick Capital LLC, converted $50,483 of principal and $1,212 of interest, respectively, into 56,000,149 shares of common stock.

During Q3 2023, Quick Capital LLC, converted $8,108 of principal and $69.19 of interest, respectively, into 18,020,890 shares of common stock.

During Q4 2023, Quick Capital LLC, converted $56,565 of principal and $1,700 of interest, respectively, into 36,443,955 shares of common stock.

During 2023, Quick Capital LLC, converted $101,987 of principal and $7,014 of interest, respectively, into 120,802,721 shares of common stock.

During Q1 2023, 1800 Diagonal Lending, converted $0 of principal and $0 of interest, respectively, into 0 shares of common stock.

During Q2 2023, 1800 Diagonal Lending, converted $44,250 of principal and $2,655 of interest, respectively, into 43,165,536 shares of common stock.

During Q3 2023, 1800 Diagonal Lending, converted $5,050 of principal and $0 of interest, respectively, into 10,019,841 shares of common stock.

During Q4 2023, 1800 Diagonal Lending, converted $37,800 of principal and $0 of interest, respectively, into 90,672,016 shares of common stock.

During 2023, 1800 Diagonal Lending, converted $87,100 of principal and $2,655 of interest, respectively, into 143,857,393 shares of common stock.

Issuer Purchases of Equity Securities

None.

ITEM 6. [Reserved]

Not applicable since we are a smaller reporting company as defined under the applicable SEC rules.

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Results of Operations for the Year Ended October 31, 2022,2023, compared to the Year Ended October 31, 20212022

Revenue

We had $0$20 in revenue for the year ended October 31, 2022,2023, compared to $3,450$0 for the year ended October 31, 2021. The large decrease2022. This is a very small increase in revenue and the overall lack of sales is due to a loss in retail food service customers. As the Company reorganized, it sold through its remaining inventory and did not produce additional product while it worked on plans to relaunch the Yuengling’s Ice Cream brand.

Cost of Goods Sold

We incurred $0$56,211 in costs of goods sold for the year ended October 31, 2022,2023, compared to $148,014$0 for the year ended October 31, 2021.2022. In the priorcurrent period we had a large write down of our inventory of approximately $136,000 due to expired or goods sold below cost.

General and administrative expenses

We had $89,687$23,200 of general and administrative expenses (“G&A”) for the year ended October 31, 2022,2023, compared to $90,223$89,687 for the year ended October 31, 2021,2022, a decrease of $536$66,487 or 0.6%.74.13%

Bad debt expense

DuringWe had $0 in bad debt expense during the year ended October 31, 2022, due2023 compared to the uncertainty of the collection of our note receivable the Company has written the receivable off and recognized $80,000 of bad debt expense.

Consulting – related party

We had $0 of related party consulting expenses forexpense written off in the year ended October 31, 2022, compared to $85,000 for the year ended October 31, 2021. In the prior period we made a payment of $40,000 to Everett Dickson, our former CEO and two payments totaling $45,000 to Robert Bohorad, YICA’s former Chief Operating Officer and our current CEO.2022.

Officer compensation

We had $7,000 in officer compensation for the year ended October 31, 2023 compared to $63,000 of officer compensation for the year ended October 31, 2022, compared to $0 for year ended October 31, 2021. In the current2022. During this period, we began to compensatecompensated Mr. Bohorad, CEO, $5,000 per month. The remaining $53,000 in accrued compensation was forgiven by Mr. Bohorad during the year ended October 31, 2023.

Professional fees

We incurred $107,583$79,522 of professional fees for the year ended October 31, 2022,2023, compared to $171,692$107,583 for the year ended October 31, 2021,2022, a decrease of $64,109$28,061 or 37.3%26.08%. Professional fees generally consist of audit, legal, accounting and investor relation service fees. The decrease is due to a decrease in investor relation expense of approximately $70,000, which was offset by small increases in allexpenses and other professional fees.

Other income (expense)

For the year ended October 31, 2022,2023, we had total other expense of $141,082,$258,118, compared to total other incomeexpenses of $110,973$141,082 for the year ended October 31, 2021.2022. In the current period we incurred $336,465 of interest expense, a gain of $60,833 for the change in the fair value of derivatives, a $38,477 loss on issuance of convertible notes, a loss on the write-off of $30,300 fixed asset, a $7,608 gain on debt conversion, and a gain on forgiveness of debt of $78,683.

In the prior period we incurred $108,677 of interest expense, which included $27,978 of debt discount amortization, earned $174 of interest income and recognized a gain on forgiveness of debt of $80,637. We also incurred additional expense of $186,886 for the issuance of convertible debt and a gain of $73,670 for the change in the fair value of derivatives. In the prior period we incurred $176,157 of interest expense, which included $93,750 on debt discount amortization, earned $738 of interest income, recognized a gain on forgiveness of debt of $151,418derivatives and aan 186,886 loss on conversion of debt of $26,000. We also incurred additional expense of $59,028 for the issuance of convertible debt and a prepayment penalty on that debt of $17,819.notes.

Net loss

We incurred a net loss of $424,031 for the year ended October 31, 2023, compared to a net loss of $481,352 for the year ended October 31, 2022, compared to a net loss of $602,452 for the year ended October 31, 2021.2022. Our net loss decreased due to reasons discussed above.

Liquidity and Capital Resources

Cash flow from operations

Cash used in operating activities for the year ended October 31, 20222023 was $268,238$120,832 compared to $416,801$268,238 of cash used in operating activities for the year ended October 31, 2021.2022.

Cash Flows from Investing

We used $0 for investing activities for the year ended October 31, 2023, compared to $80,000 for investing activities for the year ended October 31, 2022, which was paid to Revolution Desserts (Note 5).

Cash Flows from Financing

For the year ended October 31, 2023, we netted $116,085 from financing activities. We received $85,175 from proceeds from notes payable and $55,000 from proceeds from convertible notes payable. We repaid $35,500 on convertible debt and $6,000 on payments on notes payable. We received $17,410 on proceeds from related party loans.

For the year ended October 31, 2022, we netted $2,080 from financing activities. We received $187,520 from proceeds from the sale of common stock and $113,500 for the issuance of convertible promissory notes. We repaid $153,411 on our notes payable and $106,201 towards our LOC. We also returned $39,328 that was previously received for the purchase of preferred stock. For the year ended October 31, 2021, we netted $655,472 from financing activities. We received $114,582 from proceeds from notes payable, $86,250 from the issuance of convertible debt, $168,600 from the sale of preferred stock, $540,000 from the sale of common stock and $30,570 from related party loans. We repaid $142,391 of a note payable, $111,569 back for the convertible debt and the related partly loans of $30,570 during the same period.

Critical Accounting Policies

Refer to Note 2 of our financial statements contained elsewhere in this Form 10-K for a summary of our critical accounting policies and recently adopting and issued accounting standards.

ItemITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable to smaller reporting companies.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

YUENGLING’S ICE CREAM CORPORATION

Index to Financial Statements

Report of Independent Registered Public Accounting Firm

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Shareholders of

Yuengling’s Ice Cream CorporationCorp.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Yuengling’s Ice Cream CorporationCorp. and Subsidiary (“the Company”) as of October 31, 20222023 and 2021,2022, and the related consolidated statements of operations, stockholders’ deficit, and cash flows for each of the years in the two-year period ended October 31, 2022,2023, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of October 31, 20222023 and 20212022 and the results of its operations and its cash flows for each of the years in the two-year period ended October 31, 2022,2023, in conformity with accounting principles generally accepted in the United States of America.

Going Concern

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 3 to the financial statements, the Company has an accumulated deficit, net losses, and negative cash flows from operations. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans in regard to these matters are also described in Note 3. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

The criticalCritical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that:that (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication ofWe determined that there were no critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

matters.

Accounting for Embedded Conversion Features on Notes Payable — Refer to Notes 2 and 8 to the financial statements

Description of the Critical Audit Matter

The Company has issued several notes payable during the year with conversion rates that are adjustable at a discounted rate to public trading prices near the conversion date. The terms allow for variable amounts of shares to be converted for a set dollar value; this and other factors require the embedded conversion feature to be accounted for as a derivative and revalued at the conversion date or each period end if still outstanding. Calculations and accounting for the notes payable and embedded conversion features require management’s judgments related to initial and subsequent recognition of the debt and related features, use of a valuation model, and value of the inputs used in the selected valuation model.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to evaluating the Company’s accounting for embedded conversion features on notes payable included the following:

Fruci & Associates II, PLLC – PCAOB ID #05525

We have served as the Company’s auditor since 2019.

Spokane, Washington

February 14, 2023

15, 2024

YUENGLING’S ICE CREAM CORPORATION

CONSOLIDATED BALANCE SHEETS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

OCTOBER 31, 20222023

NOTE 1 – ORGANIZATION AND BUSINESS

Yuengling’s Ice Cream Corporation, (f/k/a Aureus, Inc.) (“Yuengling’s,” “YCRM,” “we,” “us,” or the “Company”) was incorporated in Nevada on April 19, 2013, under the name “Aureus Incorporated.” We were initially organized to develop and explore mineral properties in the state of Nevada. Effective December 15, 2017, we changed our name to “Hohme, Inc.,” and, effective February 7, 2019, we changed our name to “Aureus, Inc. and on September 14, 2021, the Company changed their name to Yuengling’s Ice Cream Corporation”. We are currently active in the state of Nevada.

We areIn November, 2023, after the close of the 2023 fiscal year, YCRM completed its acquisition of ReachOut Technology Corp. (“ReachOut”). ReachOut is a food brand development companyManaged Service Provider (MSP) that buildsprovides cybersecurity and represents popular food concepts throughout the United States and international markets.IT services to Small to Medium Sized Businesses (SMBs). Management is highly experienced atexperiences with business integrationoperation as well as acquisition and re-branding potential. With little territory availableintegration. After the closing of the ReachOut transaction, the Company agreed to assign the ice cream assets to Mid Penn Bank in return for the older brands, we intend to bring to our customers fresh innovative brands that have great potential. Allcancellation of our brands will be unique in nature as we focus on niche markets that are still in need of development.

We operate two lines of business. Through our subsidiary, YIC Acquisitions Corp. (“YICA”), we acquired the assets of Yuengling’s Ice Cream in June 2019. YICA produces and sells high-quality ice cream without artificial colors, flavoring, or preservatives and no added hormones.

In September 2020, we entered into the micro market segment and launched our second business line,bank debt. The Company also ceased its Aureus Micro Markets (“AMM”). Closely tiedoperations at the time the ReachOut agreement was signed.

ReachOut is on a relentless pursuit to revolutionize the vending machine industry, Micro Markets look and feel like modern convenience stores while functioningCybersecurity & IT Service Provider landscape for SMBs, with the easegoal of creating the first nationwide brand in its sector. The company is leveling the playing field, ensuring that businesses, regardless of size or location, have access to top-tier security solutions.

Founded in 2010 by Rick Jordan to fill a critical gap in the IT services market, ReachOut is evolving into a formidable nationwide cybersecurity entity. The Company’s innovative approach and efficiencyresolute commitment to superior solutions have established ReachOut as industry trailblazers, redefining standards and crafting extraordinary client experiences. ReachOut’s, clients are more than just clients; they are integral members of vending foodservice and refreshment services.a movement that is reshaping the future of cybersecurity.

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

The Company’s financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Use of Estimates

The preparation of consolidated financial statements in conformity with generally accepted accounting principlesGAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosuredisclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include the allowance for bad debt on accounts receivable, reserves on inventory, valuation of intangible assets for impairment analysis, valuation of the lease liability and related right-of-use asset, valuation of stock-based compensation, valuation of redeemable preferred stock and the valuation allowance on deferred tax assets.

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiary YIC Acquisitions Corp. All material intercompany transactions and balances have been eliminated on consolidation.

Concentrations of Credit Risk

We maintain our

The Company maintains cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. WeThe Company continually monitor ourmonitors the banking relationships and consequently have not experienced any losses in our accounts. We believe we areThe Company believes it is not exposed to any significant credit risk on cash.

Cash Equivalents

The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. There were no cash equivalents for the years ended October 31, 20222023 or 2021.2022.

Restricted Cash

The Company no longer has an obligation to transfer $50,000 to Mid Penn Bank as security pursuant to the Agreement of Sale and Security Agreement between Mid Penn Bank and Yuengling’s Ice Cream Corp., last amended July 31, 2023. On January 9, 2024, the Company signed an agreement with Mid Penn Bank and Yuenglingassigning the ice cream-related assets to Mid Penn Bank in return for Mid Penn Bank cancelling the two bank loans with Yuengling’s Ice Cream Corp, by February 28, 2023. If the funds are not transferred by February 28, 2023, the Bank the has option to call the loan and to require the Company to pay any attorney’s fees incurred.Corporation.

Reclassifications

Certain reclassifications have been made to the prior period financial information to conform to the presentation used in the financial statements for the year ended October 31, 2022.

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiary YIC Acquisitions Corp. All material transactions and balances have been eliminated on consolidation.2023.

InventoryDeferred Financing Costs

Inventories

All unamortized deferred financing costs related to the Company’s borrowings are presented in the consolidated balance sheets as a direct deduction from the related debt. Amortization of these costs is reported as interest and financing costs included in the consolidated statement of operations.

Inventory

Inventory is stated at the lower of cost or market.and net realizable value on a first-in, first-out basis. Cost is principally determined using the last-in, first-out (LIFO) method. The Company periodically assesses if any of the inventory has expired or if the value has fallen below cost. When this occurs, the Company recognizes an expense for inventory write down. Total inventories at October 31, 20222023 and 20212022 were $56,2120 and $56,212, respectively. Inventory consists of lids for pint size containers. They are stored in plastic bags insideDuring the year ended October 31, 2023, $56,190 of sealed cardboard boxes so are considered usable.  The company’s plan is to run production and use them in the next 6-9 months.expired inventory was written off.

Property and Equipment

Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation of property and equipment is calculated using the straight-line method over the estimated useful lives of the assets, which range from three to seven years. Leasehold improvements are amortized over the lesser of the remaining term of the lease or the estimated useful life of the asset. Expenditures for repairs and maintenance are expensed as incurred. During the year ended October 31, 2023, $30,300 of property related to an abandoned business venture were written off.

Net Loss Per Share

Basic and Diluted Earnings Per Share

Net income (loss)loss per common share is computed pursuantcalculated by dividing the loss attributable to section 260-10-45stockholders by the weighted-average number of shares outstanding for the period. Diluted loss per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that shared in the earnings (loss) of the FASB Accounting Standards Codification.  Basic net income (loss)Company. Diluted loss per common share is computed by dividing net income (loss)the loss available to stockholders by the weighted average number of shares of common stock outstanding duringfor the period.  Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stockperiod and potentially outstanding shares of common stock during the period. The weighted average number of commondilutive potential shares outstanding and potentially outstanding commonunless such dilutive potential shares assumes that the Company incorporated as of the beginning of the first period presented.would result in anti-dilution. As of October 31, 2022 and 2021,2023, there are obligations to issued Series A Preferred Stock which are convertible into 44,490,2341,020,062,029 and 20,472,145shares of common stock. The total potentially dilutive shares respectively, ifcalculated is 1,020,062,029. It should be noted that contractually the limitations on obligation to issue Series A Preferred Stock that limit the number of shares converted to either 9.99% of the then outstanding shares. The Company’s Chairman of the Board of Directors holds a control block of Series A werePreferred Stock which confers upon him a majority vote in all Company matters including authorization of additional common shares or to be converted.reverse split the stock. As of October 31, 2023, and 2022, and 2021,potentially dilutive securities consisted of the Company’s diluted loss per share is the same as the basic loss per share, as the inclusion of any potential shares would have had an anti-dilutive effect due to the Company generating a loss.following:

Stock-based Compensation

In June 2018, the FASB issued ASU 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. ASU 2018-07 allows companies to account for nonemployee awards in the same manner as employee awards. The guidance is effective for fiscal years beginning after December 15, 2018, and interim periods within those annual periods. We adopted this ASU on January 1, 2019. The adoption of ASU 2018-07 did not have a material impact on our consolidated financial statements.

Convertible Notes with Fixed Rate Conversion Options

The Company may enter into convertible notes, some of which contain, predominantly, fixed rate conversion features, whereby the outstanding principal and accrued interest may be converted by the holder, into common shares at a fixed discount to the market price of the common stock at the time of conversion. This results in a fair value of the convertible note being equal to a fixed monetary amount. The Company records the convertible note liability at its fixed monetary amount by measuring and recording a premium, as applicable, on the Note date with a charge to interest expense in accordance with ASC 480 - “Distinguishing Liabilities from Equity”.

Derivative Financial Instruments

The Company evaluates its convertible notes to determine if such instruments have derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. For stock-based derivative financial instruments, instruments, the Company uses a weighted-average Black-Scholes-Merton option pricing model to value the derivative instruments at inception and on subsequent valuation dates. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period.

Fair Value Measurements

The Company follows the FASB Fair Value Measurements standard, as they apply to its financial instruments. This standard defines fair value, outlines a framework for measuring fair value, and details the required disclosures about fair value measurements.

Fair value is defined as the exchange price that would be received forto sell an asset, or paid to transfer a liability, (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants onat the measurement date. ASC Topic No. 820The standard establishes a hierarchy in determining the fair value of an asset or liability. The fair value hierarchy has three levels of inputs, both observable and unobservable. Level 1 inputs include quoted market prices for identical assets or liabilities in an active market that prioritizes the Company has the ability to access at the measurement date. Level 2 inputs are market data, other than Level 1, that are observable either directly or indirectly. Level 2 inputs include quoted market prices for similar assets or liabilities, quoted market prices in an inactive market, and other observable information that can be corroborated by market data. Level 3 inputs are unobservable and corroborated by little or no market data. The standard requires the utilization of the lowest possible level of input to valuation techniques used to measuredetermine fair value into three broad levels,and carrying amounts of current liabilities approximate fair value due to their short-term nature.

The estimated fair value of certain financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and accrued expenses are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments.

The Company’s non-financial assets, such as described below:property and equipment, are adjusted to fair value only when an impairment is recognized. Such fair value measurements are based predominantly on Level 3 inputs.

Level 1: Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2: Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable, either directly or indirectly.

Level 2 inputs include quoted prices for similar assets, quoted prices in markets that are not considered to be active, and observable inputs other than quoted prices such as interest rates.

Level 3: Level 3 inputs are unobservable inputs.

The following required disclosure of the estimated fair value of financial instruments has been determined by the Company using available market information and appropriate valuation methodologies. However, considerable judgment is required to interpret market data to develop the estimates of fair value. Accordingly, the use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts.

The methods and assumptions used to estimate the fair values of each class of financial instruments are as follows: Cash and Cash Equivalents, Accounts Receivable, and Accounts Payable. The items are generally short-term in nature, and accordingly, the carrying amounts reported on the consolidated balance sheets are reasonable approximations of their fair values.

The carrying amounts of Notes Payable approximate the fair value as the notes bear interest rates that are consistent with current market rates.

The following table classifiesbelow classify the Company’s liabilities measured at fair value on a recurring basis into the fair value hierarchy as of October 31, 2022 and 2021: 

2022.

The following table classifies the Company’s liabilities measured at fair value on a recurring basis into the fair value hierarchy as of October 31, 2021:2022: