$($C$)$ Each year on October $31,$ $$200,000($principal$)$ is payable in respect of the debenture loans until the debentures are repaid. The amount due for October $31,2022,$ was paid on that date and the amount due for October $31,2021,$ was paid on time. The interest on the debenture loans is payable on a quarterly basis, on January $31,$ April $30,$ July $31,$ and October $31.$ The interest for the quarter ended October $31,2022,$ was not paid until November $3,2022.$ No accrual was made at the year end for the October $31,2022,$ outstanding interest. The interest for the October $31,2021,$ quarter was paid on November $4,2021,$ and is included in the interest expense account for the current year. The interest for the October $31,2021,$ quarter was properly accrued in the prior year accounts. The debentures are unsecured. Interest is calculated on the reducing balance basis.