Quarterly report pursuant to Section 13 or 15(d)

NOTES RECEIVABLE

v2.4.0.8
NOTES RECEIVABLE
3 Months Ended
Jan. 31, 2014
Receivables [Abstract]  
NOTES RECEIVABLE
NOTE 5 -   NOTES RECEIVABLE
 
Cash was issued in exchange for promissory notes from unrelated contractors, for the specific purpose of purchasing truck and trailers to be used in operations of Load Guard Transportation.
 
 
 
January 31, 2014
   
October 31, 2013
 
On July 8, 2013, we issued a one-year, secured $11,000 fixed rate Promissory Note (the "note") to an independent contractor, with an interest rate of 8%, which matures in July 2014.  The note was issued for the financing of a tractor and trailer we sold for $22,000. The note calls for weekly payments of $228.46, until the balance and accrued interest is paid in full, and can be repaid before maturity in whole or part, without penalty.
 
$
5,077
   
$
7,827
 
 
               
On July 8, 2013, we issued a one-year, secured $7,500 fixed rate Promissory Note (the "note") to an independent contractor, with an interest rate of 10%, which matures in July 2014.  The note was issued for the financing of a trailer valued at $7,500. The note calls for weekly payments of $144.23, until the balance and accrued interest is paid in full, and can be repaid before maturity in whole or part, without penalty.
   
3,317
     
5,192
 
 
               
Total notes receivable
 
$
8,394
   
$
13,019
 
Less current portion of notes receivable
   
(8,394
)
   
(13,019
)
 
               
Long-term portion of notes receivable
 
$
-
   
$
-
 
 
During the periods ended January 31, 2014 2013, the Company earned interest revenue of $407 and $143, respectively.