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Note 12 - Commitments

6 Months Ended

Apr. 30, 2023

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 one year to three years, some of which include options to extend the leases for up to five 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, 2023 were as follows (in thousands):

		Three Months Ended				Six Months Ended
		April 30, 2023				April 30, 2023
Operating lease cost		$	703			$	1,467

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

		April 30, 2023				October 31, 2022
Supplemental Cash Flows Information
ROU assets obtained in exchange for lease obligations:
Operating leases		$	141			$	13,352
Weighted Average Remaining Lease Term
Operating leases (in months)			111.7				113.72
Weighted Average Discount Rate
Operating leases			3.75	%			3.75	%

Future minimum lease payments under non-cancellable leases as of April 30, 2023 were as follows:

Year ending October 31,		Operating Leases
2023 (excluding six months ended April 30, 2023)		$	1,245
2024			1,991
2025			1,796
2026			1,835
2027			1,874
Thereafter			10,619
Total future minimum lease payments			19,360
Less imputed interest			(3,175	)
Total		$	16,185

Reported as of April 30, 2023		Operating Leases
Other current liabilities		$	1,692
Operating lease liabilities			14,493
Total		$	16,185

As of April 30, 2023, operating lease ROU asset was $12.4 million and operating lease liability totaled $16.2 million, of which $1.7 million is classified as current. There were no finance leases as of April 30, 2023.

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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
-Topic 440
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//440/tableOfContent

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- References

No definition available.

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