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Note 12 - Commitments

9 Months Ended

Jul. 31, 2021

Notes to Financial Statements

Commitments Disclosure [Text Block]

Note 12 – Commitments

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, to whom we make rent payments totaling $15,000 per month.

We also have other operating leases for certain equipment. The components of our facilities and equipment operating lease expenses for the period ended July 31, 2021 were as follows (in thousands):

		Three Months Ended				Nine Months Ended
		July 31, 2021				July 31, 2021
Operating lease cost		$	248			$	739
Short-term lease cost			-				1

Other information related to leases was as follows (in thousands):

		July 31, 2021				October 31, 2020
Supplemental Cash Flows Information
ROU assets obtained in exchange for lease obligations:
Operating leases		$	1,482			$	1,421
Weighted Average Remaining Lease Term
Operating leases (in months)			26.74				22.94
Weighted Average Discount Rate
Operating leases			3.54	%			3.54	%

Future minimum lease payments under non-cancellable leases as of July 31, 2021 were as follows:

Year ending October 31,		Operating Leases
2021 (excluding nine months ended July 31, 2021)		$	244
2022			792
2023			429
2024			180
2025			13
Thereafter			7
Total future minimum lease payments			1,665
Less imputed interest			(119	)
Total		$	1,546

Reported as of July 31, 2021		Operating Leases
Other current liabilities		$	848
Operating lease liabilities			698
Finance lease liabilities			-
Total		$	1,546

As of July 31, 2021, operating lease ROU assets was $1.5 million and operating lease liability totaled $1.5 million, of which $848,000 is classified as current. There were no finance leases as of July 31, 2021.

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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

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- References

No definition available.

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