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Note 12 - Commitments | 6 Months Ended
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Apr. 30, 2020
Notes to Financial Statements |
Commitments Disclosure [Text Block] | Note 1 2 – Commitments We adopted ASU 2016 - 02 on November 1, 2019, and elected the practical expedient modified retrospective method whereby the lease qualification and classification was carried over from the accounting for leases under ASC 840. The lease contracts for the corporate headquarters, RF Connector division manufacturing facilities, Cables Unlimited, Rel-Tech, and C Enterprises commenced prior to the effective date of November 1, 2019, and were determined to be operating leases. All other new contracts have been assessed for the existence of a lease and for the proper classification into operating leases. The rate implicit in the leases was undeterminable, and therefore, the discount rate used in all lease contracts is our incremental borrowing rate. We have operating leases for corporate offices, manufacturing facilities, and certain storage units. Our leases have remaining lease terms of 1 year to 3 years, some of which include options to extend the leases for up to 5 years. A portion of our operating leases are leased from K&K Unlimited, a company controlled by Darren Clark, the former owner and current President of Cables Unlimited, whom we make rent payments totaling $14,000 per month. We also have other operating leases for certain equipment. The components of our facilities and equipment operating lease expenses for the period ending April 30, 2020 were as follows (in thousands):
|  | Three Months Ended |  |  | Six Months Ended |
|  | April 30, 2020 |  |  | April 30, 2020 |
Operating lease cost |  | $ | 250 |  |  | $ | 504 |
Other information related to leases was as follows (in thousands):
|  | April 30, 2020 |
Supplemental Cash Flows Information |  |  |  |
Right of use assets obtained in exchange for lease obligations: |  |  |  |
Operating leases |  | $ | 1,904 |
Weighted Average Remaining Lease Term |  |  |  |
Operating leases (in months) |  |  | 30.31 |
Weighted Average Discount Rate |  |  |  |
Operating leases |  |  | 3.54 | %
Future minimum lease payments under non-cancellable leases as of April 30, 2020 were as follows:
Year ended October 31, |  | Operating Leases |
2020 (excluding six months ended April 30, 2020) |  | $ | 507 |
2021 |  |  | 919 |
2022 |  |  | 532 |
2023 |  |  | 166 |
2024 |  |  | - |
Thereafter |  |  | - |
Total future minimum lease payments |  |  | 2,124 |
Less imputed interest |  |  | (124 | )
Total |  | $ | 2,000 |
Reported as of April 30, 2020 |  | Operating Leases |
Other current liabilities |  | $ | 977 |
Operating lease liabilities |  |  | 1,023 |
Finance lease liabilities |  |  | - |
Total |  | $ | 2,000 |
As of April 30, 2020, operating lease ROU asset was $1.9 million and operating lease liability totaled $2.0 million, of which $977,000 is classified as current. There were no finance leases as of April 30, 2020.

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- Definition The entire disclosure for significant arrangements with third parties, which includes operating lease arrangements and arrangements in which the entity has agreed to expend funds to procure goods or services, or has agreed to commit resources to supply goods or services, and operating lease arrangements. Descriptions may include identification of the specific goods and services, period of time covered, minimum quantities and amounts, and cancellation rights. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 440 -URI http://asc.fasb.org/topic&trid=2144648 + Details
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