XML 80 R26.htm IDEA: XBRL DOCUMENT
v3.24.4

Income Taxes | 12 Months Ended
--- | ---
Oct. 31, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes A reconciliation of income before income taxes for domestic and foreign locations for the fiscal years ended October 31 are as follows (in thousands):
| 2024 |  | 2023 |  | 2022
United States | $ | 12,894 |  |  | $ | 14,395 |  |  | $ | 1,911 |
Foreign | (1,347) |  |  | (1,031) |  |  | (1,562) |
Income before income taxes | $ | 11,547 |  |  | $ | 13,364 |  |  | $ | 349 |
16. Income Taxes (continued) The components of the provision for income taxes for the fiscal years ended October 31 are as follows (in thousands):
| 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |
Federal | $ | (4,493) |  |  | $ | (5,696) |  |  | $ | (178) |
State | (1,972) |  |  | (498) |  |  | (93) |
Foreign | 5 |  |  | — |  |  | (4) |
Total current tax provision | (6,460) |  |  | (6,194) |  |  | (275) |
Deferred: |  |  |  |  |
Federal | 1,641 |  |  | 2,665 |  |  | (477) |
State | 446 |  |  | (717) |  |  | (127) |
Foreign | — |  |  | (1) |  |  | 56 |
Total deferred tax (provision) benefit | 2,087 |  |  | 1,947 |  |  | (548) |
Total income tax provision | $ | (4,373) |  |  | $ | (4,247) |  |  | $ | (823) |
Deferred income taxes reflect the net of temporary differences between the carrying amount of the assets and liabilities for financial reporting and income tax purposes. The components of deferred income tax assets as of October 31 are as follows (in thousands):
| 2024 |  | 2023
Deferred income tax assets: |  |  |
Reserves and other accruals | $ | 1,233 |  |  | $ | 698 |
Net operating losses | 1,645 |  |  | 1,970 |
Lease liabilities | 679 |  |  | 951 |
Other assets | 366 |  |  | 43 |
Stock-based compensation | 1,761 |  |  | 1,320 |
Total deferred income tax assets | 5,684 |  |  | 4,982 |
Valuation allowance | (1,973) |  |  | (2,299) |
Total net deferred income tax assets | 3,711 |  |  | 2,683 |
Deferred income tax liabilities: |  |  |
Property taxes | (193) |  |  | (19) |
Depreciation | (13,182) |  |  | (13,335) |
Amortization | (40) |  |  | (107) |
Land and other indefinite life assets | (4,207) |  |  | (4,138) |
Investment in joint ventures and other basis adjustments | (5,334) |  |  | (6,119) |
Right-of-use assets | (663) |  |  | (935) |
Prepaids and receivables | (174) |  |  | (178) |
Other | (2) |  |  | (24) |
Total deferred income tax liabilities | (23,795) |  |  | (24,855) |
Net deferred income tax liabilities | $ | (20,084) |  |  | $ | (22,172) |
Deferred income taxes — noncurrent assets | $ | — |  |  | $ | — |
Deferred income taxes — noncurrent liabilities | $ | (20,084) |  |  | $ | (22,172) |
16. Income Taxes (continued) The Company periodically evaluates the recoverability of the deferred tax assets. The Company recognizes deferred tax assets to the extent that it believes that these assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. The Company recorded a valuation allowance of $1,973,000 on the net deferred tax assets of its subsidiaries in Argentina, Chile and Holland as of October 31, 2024 as the Company does not believe it is more likely than not that these deferred tax assets will be realized due to the recent history of cumulative pre-tax book losses and lack of objectively verifiable future sources of taxable income. As of October 31, 2024, the Company recorded a deferred tax asset of $1,645,000 related to its state and foreign net operating loss carryforwards. The net operating losses begin to expire as follows (in thousands):
Jurisdiction | Gross Amount |  | Begin to Expire
State | 866 |  |  | 10/31/2040
Chile | 3,292 |  |  | Indefinite
Holland | 171 |  |  | 10/31/2025
Argentina | 2,703 |  |  | 10/31/2025
The provision for income taxes differs from the amount of income tax determined by applying the U.S. statutory federal income tax rate to pretax income as a result of the following differences for the fiscal years ended October 31 (in thousands):
| 2024 |  | 2023 |  | 2022
| Amount |  | % |  | Amount |  | % |  | Amount |  | %
Provision at statutory rates | $ | (2,425) |  |  | (21.0) | % |  | $ | (2,806) |  |  | (21.0) | % |  | $ | (73) |  |  | (21.0) | %
State income tax, net of federal benefit | (1,201) |  |  | (10.4) | % |  | (814) |  |  | (6.2) | % |  | (74) |  |  | (21.1) | %
Share-based compensation | 243 |  |  | 2.1 | % |  | 20 |  |  | 0.2 | % |  | (110) |  |  | (31.2) | %
Executive compensation | (561) |  |  | (4.9) | % |  | (395) |  |  | (3.0) | % |  | (98) |  |  | (27.9) | %
Tax law change | — |  |  | — | % |  | 137 |  |  | 1.0 | % |  | — |  |  | — | %
State rate adjustment | (64) |  |  | (0.6) | % |  | (95) |  |  | (0.7) | % |  | (59) |  |  | (16.9) | %
Valuation allowance | (80) |  |  | (0.7) | % |  | (436) |  |  | (3.3) | % |  | (357) |  |  | (101.8) | %
Foreign rate differential | (85) |  |  | (0.7) | % |  | 66 |  |  | 0.5 | % |  | 74 |  |  | 21.1 | %
Noncontrolling interest | (114) |  |  | (1.0) | % |  | (48) |  |  | (0.4) | % |  | (41) |  |  | (11.8) | %
Other permanent items | (86) |  |  | (0.7) | % |  | 247 |  |  | 1.9 | % |  | (12) |  |  | (3.5) | %
Tax credit and others | — |  |  | — | % |  | (123) |  |  | (0.8) | % |  | (73) |  |  | (20.7) | %
Total income tax provision | $ | (4,373) |  |  | (37.9) | % |  | $ | (4,247) |  |  | (31.8) | % |  | $ | (823) |  |  | (234.8) | %
As of October 31, 2024 and 2023, the Company had no unrecognized tax benefits. The Company files income tax returns in the U.S., California, Arizona, Chile, Argentina and Holland. The Company is no longer subject to significant U.S., state and Chilean income tax examinations for years prior to the statutory periods of three years for federal, four years for state and three years for Chilean tax jurisdictions. The Company recognizes interest expense and penalties related to income tax matters as a component of income tax expense. There was no accrued interest or penalties associated with uncertain tax positions as of October 31, 2024.

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for income tax. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477891/740-270-50-1 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480990/946-20-50-13 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/740/tableOfContent Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-14 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-21 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-17 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482603/740-30-50-2 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration