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Business activities and summary of significant accounting policies (Tables) | 12 Months Ended
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Oct. 31, 2012
Accounting Policies [Abstract] |
Intangible assets | Intangible assets consist of the following as of October 31:
|  | 2012 |  |  | 2011 |
Amortizable intangible assets: |  |  |  |  |  |  |  |
Non-compete agreements (estimated life 5 years) |  | $ | 200,000 |  |  | $ | 200,000 |
Accumulated amortization |  |  | (55,000 | ) |  |  | (15,000 | )
|  |  | 145,000 |  |  |  | 185,000 |
Customer relationships (estimated life 9.6 years) |  |  | 1,730,000 |  |  |  | 1,730,000 |
Accumulated amortization |  |  | (247,787 | ) |  |  | (67,579 | )
|  |  | 1,482,213 |  |  |  | 1,662,421 |
Backlog (estimated life 6 months) |  |  | 75,000 |  |  |  | 75,000 |
Accumulated amortization |  |  | (75,000 | ) |  |  | (56,250 | )
|  |  | - |  |  |  | 18,750 |
Total |  | $ | 1,627,213 |  |  | $ | 1,866,171 |
Non-amortizable intangible assets: |  |  |  |  |  |  |  |
Trademarks |  | $ | 410,000 |  |  | $ | 410,000 |
Estimated amortization expense related to finite lived intangible assets | Estimated amortization expense related to finite lived intangible assets are as follows:
Year ending October 31, |  | Amount |
2013 |  | $ | 220,208 |
2014 |  |  | 220,208 |
2015 |  |  | 220,208 |
2016 |  |  | 205,208 |
2017 |  |  | 180,208 |
Thereafter |  |  | 581,173 |
Total |  | $ | 1,627,213 |
Calculation of basic and diluted earnings per share | The following table summarizes the calculation of basic and diluted earnings per share:
|  | 2012 |  |  | 2011 |
Numerators: |  |  |  |  |  |  |  |
Consolidated net income (A) |  | $ | 2,612,422 |  |  | $ | 773,011 |
Denominators: |  |  |  |  |  |  |  |
Weighted average shares outstanding for basic earnings per share (B) |  |  | 6,908,890 |  |  |  | 6,382,845 |
Add effects of potentially dilutive securities - assumed exercise of stock options |  |  | 771,853 |  |  |  | 909,003 |
Weighted average shares for diluted earnings per share (C) |  |  | 7,680,743 |  |  |  | 7,291,848 |
Basic net earnings per share (A)÷(B) |  | $ | 0.38 |  |  | $ | 0.12 |
Diluted net earnings per share (A)÷(C) |  | $ | 0.34 |  |  | $ | 0.11 |

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