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7. INCOME TAXES (Tables) | 12 Months Ended
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Oct. 31, 2012
Income Taxes Tables |
Schedule of income taxes |
|  | 2012 |  |  | 2011 |
Current |  |  |  |  |  |
Federal |  | $ | 1,145,145 |  |  | $ | 1,036,645 |
State and local |  |  | 134,736 |  |  |  | 15,377 |
|  |  | 1,279,881 |  |  |  | 1,052,022 |
Deferred |  |  |  |  |  |  |  |
Federal |  |  | 211,000 |  |  |  | (782,000 | )
State and local |  |  | (20,500 | ) |  |  | (40,500 | )
|  |  | 190,500 |  |  |  | (822,500 | )
Income tax expense |  | $ | 1,470,381 |  |  | $ | 229,522 |
Schedule of income tax reconciliation |
|  | 2012 |  |  | 2011 |
Tax at the federal statutory rate of 34% |  | $ | 1,378,625 |  |  | $ | 365,672 |
Non controlling interest |  |  | (33,600 | ) |  |  | (11,600 | )
Amortization |  |  | (14,900 | ) |  |  | (14,900 | )
Section 199 |  |  | (23,100 | ) |  |  | (40,000 | )
Accrual adjustments |  |  | 50,430 |  |  |  | – |
Other permanent differences |  |  | 24,000 |  |  |  | (25,600 | )
State and local tax, net of federal |  |  | 88,926 |  |  |  | (44,050 | )
Provision for income taxes |  | $ | 1,470,381 |  |  | $ | 229,522 |
Effective income tax rate |  |  | 36 | % |  |  | 21 | %
Schedule of tax effects of temporary differences |
|  | 2012 |  |  | 2011 |
Current deferred tax assets: |  |  |  |  |  |
Accounts receivable |  | $ | 77,543 |  |  | $ | 91,400 |
Unrealized loss |  |  | 580,390 |  |  |  | 758,000 |
Inventory |  |  | 44,722 |  |  |  | 47,000 |
Total current deferred tax asset |  | $ | 702,655 |  |  | $ | 896,400 |
Non-current deferred tax assets: |  |  |  |  |  |  |  |
Deferred rent |  |  | 60,484 |  |  |  | 50,600 |
Deferred compensation |  |  | 191,861 |  |  |  | 190,500 |
Total non-current deferred tax asset |  | $ | 252,345 |  |  | $ | 241,100 |
Total deferred tax asset |  | $ | 955,000 |  |  | $ | 1,137,500 |
Non-current deferred tax liability: |  |  |  |  |  |  |  |
Fixed assets |  |  | 285,000 |  |  |  | 277,000 |
Total deferred tax liabilities |  | $ | 285,000 |  |  | $ | 277,000 |

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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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319 + Details
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