Related Party Transactions Disclosure | NOTE 3 - RELATED PARTY TRANSACTIONS The following amounts were due to related parties as at: January 31, 2023 October 31, 2022 Due to the Chief Executive Officer (“CEO”) and Director of the Company (a) $ 26,100 $ 31,455 Due to a company controlled by the CEO and Director of the Company (a) - 82,477 Notes payable to the CEO and Director of the Company (b) 121,817 112,160 Due to the Chief Financial Officer (“CFO”) and Director of the Company (a) 164,473 148,481 Due to the Chief Strategy Officer (“CSO”) of the Company’s subsidiary (a) 10,000 250,675 Due to a Director of the Company (a) 30,000 24,000 Due to a Director of the Company (a) 30,000 24,000 Due to a Director of the Company (a) 12,000 6,000 Due to a former Director of the Company (c) - 16,000 Due to a major shareholder for payments made on behalf of the Company (d) - 507 Total due to related parties $ 394,390 $ 695,755 (a) Amounts are unsecured, due on demand and bear no interest. (b) Amounts are unsecured, due on demand and bear interest at 4%. (c) Mr. Chee Wai Hong resigned from his position as a director of the Company on July 6. 2022, therefore as at January 31, 2023, the amount owed to Mr. Chee Wai Hong, being $16,000 has been included with trade payables. (d) this Company ceased to be related party, therefore the amount owed has been included with trade payables. During the three-month period ended January 31, 2023, the Company incurred $30,012 (2022 - $30,000) in wages and salaries to Mr. Lim Hun Beng, the Company’s CEO, President, and director. In addition, the Company incurred $10,753 (2022 - $7,155) in reimbursable expenses with Mr. Lim. During the three-month period ended January 31, 2022, Mr. Lim advanced the Company $14,220 in the form of vendor payments made by him on behalf of the Company. The Company did not have similar transactions during the three-month period ended January 31, 2023. During the three-month period ended January 31, 2023, the Company accrued $1,163 in interest expense on the MYR510,000 note payable due to Mr. Lim Hun Beng. The note payable accumulates interest at 4% per annum compounded monthly, and is due on demand (2022 - $Nil). During the three-month period ended January 31, 2023, the Company incurred $24,010 (2022 - $24,000) in wages and salaries to Mr. Liong Fook Weng, the Company’s CFO and director. In addition, the Company incurred $3,921 (2022 - $1,817) in reimbursable expenses with Mr. Liong. During the three-month period ended January 31, 2023, the Company incurred a total of $18,000 in management/director fees to its directors (2022 - $18,000). During the three-month period ended January 31, 2023, the Company incurred $15,000 (2022 - $45,000) in wages and salaries to its CSO, Mr. Brendan Norman. On December 1, 2022, Mr. Norman and the Company reached an agreement to amend his employment agreement by reducing his monthly fee from $15,000 per month, to $5,000 per month, the amended fees are reported as consulting fees included in general and administrative expenses. During the three-month period ended January 31, 2023, the Company incurred a total of $10,000 in consulting fees with Mr. Norman (2022 - $Nil). In addition, on December 12, 2022, Mr. Norman agreed to convert $265,674 the Company owed him on account of unpaid salary and reimbursable expenses into 2,415,222 shares of the Company’s common stock. These shares were issued on December 28, 2022 (Note 6) and resulted in $311,564 loss on conversion of debt. On January 18, 2023, the Company entered into a subscription agreement with Mr. Norman to issue 333,333 Shares at $0.15 per Share for total proceeds of $50,000. As at January 31, 2023, the Company had received $28,290, which were recorded as obligation to issue shares. The remining $21,710 were received subsequent to January 31, 2023, and the Shares were issued on February 17, 2023. During the three-month period ended January 31, 2022, the Company recognized $7,155 in revenue from licensing and maintenance of its SMART Systems applications to a company of which Mr. Lim is a 50% shareholder. Due to the unfavorable economic conditions following the COVID-19 pandemic, the customer was unable to continue paying for the services, and therefore the Company did not record any revenue from this customer during the three-month period ended January 31, 2023. During the three-month period ended January 31, 2023, the Company incurred $45,533 (2022 - $190,803) to Hampshire Automotive Sdn Bhd. (“Hampshire Automotive”) a private company of which Mr. Joe Lim is a 33% shareholder, for engineering and drafting of the Duesenberg Heritage vehicles, which fees were recorded as part of research and development fees. |