Related Party Transactions Disclosure | NOTE 3 - RELATED PARTY TRANSACTIONS The following amounts were due to related parties as at: July 31, 2021 October 31, 2020 Due to a major shareholder for payments made on behalf of the Company (a) $ 1,297 $ 1,294 Notes payable to a major shareholder (b) 212 300,818 Due to the Chief Executive Officer (“CEO”) and Director of the Company (a) - 39,393 Due to a company controlled by the CEO and Director of the Company (a) 4,739 - Due to the Chief Financial Officer (“CFO”) and Director of the Company (a) 71,094 24,145 Due to a Director of the Company (a) 24,000 6,000 Due to the former Chief Technical Officer (“CTO”) of the Company’s subsidiary (a) 50,323 - Due to the Chief Strategy Officer (“CSO”) of the Company’s subsidiary (a) 40,040 - Total due to related parties $ 191,705 $ 371,650 (a) Amounts are unsecured, due on demand and bear no interest. (b) Amounts are unsecured, due on demand and bear interest at 4% per annum. During the nine-month period ended July 31, 2021, the Company recorded $5,435 (2020 - $6,047) in interest expense associated with its liabilities under the notes payable issued to the major shareholder. During the nine-month period ended July 31, 2021, the Company received $95,152 (2020 - $130,842) in exchange for the notes payable to Hampshire Avenue SDN BHD (“Hampshire Avenue”), a parent company of Hampshire Capital Limited and Hampshire Infotech SDN BHD. The loans bear interest at 4% per annum, are unsecured and payable on demand. During the second quarter of the Company’s Fiscal 2021, Hampshire Avenue agreed to convert a total of $385,950, the Company owed at January 31, 2021, consisting of principal amount of $368,961 and interest accrued of $16,989 into 514,600 shares of the Company’s common stock (Note 6). These shares were issued on March 9, 2021. During the third quarter of the Company’s Fiscal 2021, Hampshire Avenue agreed to convert a further $24,126, the Company owed at April 30, 2021, into 62,828 shares of the Company’s common stock (Note 6). These shares were issued on July 20, 2021. During the nine-month period ended July 31, 2020, the Company repaid $4,967 in loans advanced from Hampshire Avenue; these payments were made in cash. During the nine-month period ended July 31, 2021, the Company incurred $83,477 (2020 - $89,256) in wages and salaries to Mr. Lim Hun Beng, the Company’s CEO, President, and director. In addition, the Company incurred $21,878 (2020 - $18,864) in reimbursable expenses with Mr. Lim. During the second quarter of the Company’s Fiscal 2021, Mr. Lim agreed to convert a total of $77,103 the Company owed him at January 31, 2021, into 102,804 shares of the Company’s common stock (Note 6). These shares were issued on March 9, 2021. In addition, the Company advanced a total of $162,239 to Mr. Lim as prepayment of his future services. Of this amount, the Company applied $73,223 to the accrued salaries and reimbursable expenses the Company owed to Mr. Lim as at July 31, 2021; the remaining $89,016 advanced to Mr. Lim the Company recorded as part of prepaid expenses. During the nine-month period ended July 31, 2021, the Company incurred $63,946 (2020 - $71,405) in wages and salaries to Mr. Liong Fook Weng, the Company’s CFO, and director. In addition, the Company incurred $3,145 (2020 - $1,849) in reimbursable expenses with Mr. Liong. During the nine-month period ended July 31, 2021, the Company incurred $18,000 (2020 - $18,000) in management fees to its director, Mr. Ong See-Ming. During the nine-month period ended July 31, 2021, the Company incurred $57,823 (2020 - $Nil) in management fees to its CTO, Mr. Ian Thompson. Mr. Thompson resigned from his position as the CTO of the Company on May 11, 2021. Subsequent to July 31, 2021, the Company and Mr. Thompson reached an agreement to convert the full amount the Company owed to Mr. Thompson at his resignation, being $50,323, into 209,677 shares of the Company’s common stock. During the nine-month period ended July 31, 2021, the Company incurred $97,500 (2020 - $Nil) in management fees to its CSO, Mr. Brendan Norman. During the nine-month period ended July 31, 2021, the Company recognized $21,925 in revenue from licensing and maintenance of its SMART Systems applications to a non-arms’ length entity. On May 1, 2021, Duesenberg Malaysia Sdn Bhd., engaged Hampshire Automotive Sdn Bhd. (“Hampshire Automotive”) a private company of which Mr. Joe Lim is a 33% shareholder, to assist the Company with engineering and drafting of the Duesenberg Heritage vehicles. As part of the services, Hampshire Automotive agreed to convert the existing Duesenberg heritage car and parts the Company acquired into 3D digital drawing, which will then be used to manufacture new vehicles. During the nine-month period ended July 31, 2021, the Company paid Hampshire Automotive $154,217 for the services, which were recorded as part of research and development fees. |