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Note 12 - Commitments

6 Months Ended

Apr. 30, 2022

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 5 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 $16,000 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 April 30, 2022 were as follows (in thousands):

		Three Months Ended				Six Months Ended
		April 30, 2022				April 30, 2022
Operating lease cost		$	313			$	571
Short-term lease cost			-				1

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

		April 30, 2022				October 31, 2021
Supplemental Cash Flows Information
ROU assets obtained in exchange for lease obligations:
Operating leases		$	1,568			$	1,453
Weighted Average Remaining Lease Term
Operating leases (in months)		20.83				25.26
Weighted Average Discount Rate
Operating leases			3.62	%			3.54	%

Future minimum lease payments under non-cancellable leases as of April 30, 2022 were as follows:

Year ending October 31,		Operating Leases
2022 (excluding six months ended April 30, 2022)		$	631
2023			755
2024			275
2025			29
2026			15
Thereafter			-
Total future minimum lease payments			1,705
Less imputed interest			(108	)
Total		$	1,597

Reported as of April 30, 2022		Operating Leases
Other current liabilities		$	1,073
Operating lease liabilities			524
Finance lease liabilities			-
Total		$	1,597

As of April 30, 2022, operating lease ROU asset was $1.6 million and operating lease liability totaled $1.6 million, of which $1 million is classified as current. There were no finance leases as of April 30, 2022.

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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 https://asc.fasb.org/topic&trid=2144648

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- References

No definition available.

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