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Note 12 - Income Taxes (Tables)

12 Months Ended

Oct. 31, 2015

Notes Tables

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

Fiscal year ended October 31, 2015		Current				Deferred				Total
U.S. Federal		$	(624,825	)		$	2,098,615			$	1,473,790
State			(120,917	)			129,509				8,592
Totals		$	(745,742	)		$	2,228,124			$	1,482,382

Fiscal year ended October 31, 2014		Current				Deferred				Total
U.S. Federal		$	666,517			$	(370,553	)		$	295,964
State			24,680				(52,971	)			(28,291	)
Totals		$	691,197			$	(423,524	)		$	267,673

Fiscal year ended October 31, 2013		Current				Deferred				Total
U.S. Federal		$	(640,652	)		$	930,956			$	290,304
State			(10,307	)			67,791				57,484
Totals		$	(650,959	)		$	998,747			$	347,788

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

		Years ended October 31,
		2015				2014				2013
“Expected” tax expense (benefit)		$	(957,121	)		$	302,797			$	93,605
Increase (reduction) in income tax expense (benefit) resulting from:
Benefits from domestic manufacturing deduction			—				(61,024	)			—
Nondeductible compensation			—				—				93,886
State income taxes, net of federal benefit			(78,880	)			(23,031	)			39,331
Loss of permanent deductions due to NOL carryback			35,636				—				54,907
Other differences, net			67,491				48,931				66,059
Change in valulation allowance			2,415,256				—				—
Reported income tax expense		$	1,482,382			$	267,673			$	347,788

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

		October 31,
		2015				2014
Deferred tax assets:
Accounts receivable, due to allowances for doubtful accounts and sales returns		$	53,316			$	87,381
Inventories, due to allowance for damaged and slow-moving inventories and additional costs inventoried for tax purposes pursuant to the Tax Reform Act of 1986			1,118,735				1,127,226
Liabilities recorded for accrued expenses, deductible for tax purposes when paid			65,213				527,806
Share-based compensation expense			131,487				163,928
Investment in Centric Solutions			114,118				125,555
Net operating loss carryforwards			1,437,611				573,926
Other			57,413				75,940
Total gross deferred tax assets			2,977,893				2,681,762
Valuation allowance			(2,415,256	)			—
Net deferred tax assets			562,637				2,681,762
Deferred tax liabilities:
Plant and equipment, due to differences in depreciation and capital gain recognition			(558,222	)			(442,870	)
Other receivables, due to accrual for financial reporting purposes			(4,415	)			(10,768	)
Total gross deferred tax liabilities			(562,637	)			(453,638	)
Net deferred tax asset		$	—			$	2,228,124

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

		October 31,
		2015				2014
Unrecognized tax benefits balance at beginning of year		$	168,756			$	198,307
Gross decreases for tax positions of prior years			(88,050	)			(41,853	)
Gross increases for current year tax positions			—				12,302
Settlements with taxing authorities			(1,384	)			—
Unrecognized tax benefits balance at end of year		$	79,322			$	168,756

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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