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13. SUBSEQUENT EVENTS | 12 Months Ended
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Oct. 31, 2012
Subsequent Events [Abstract] |
13. SUBSEQUENT EVENTS | In November 2011, the Company acquired a 40% interest in GM. On December 10, 2012, the Company entered into an agreement with GM and the other members of GM, whereby the Company withdrew as a member of GM. As a result of GM’s inability to successfully develop a significant customer base (other than the Company) and the Company’s evaluation of the long term prospects of the GM relationship, the Company, GM and the other members of GM mutually determined that it was in the best interests of the parties to terminate the relationship. In connection with withdrawing from GM, the Company received assets comprised of cash, receivables and inventory equal to approximately $1.7 million, resulting in a write down of approximately $130,000, which was recognized as of October 31, 2012. Due to the impact of Hurricane Sandy that affected the northeastern United States, the Company sustained damage to inventory maintained in a public warehouse in New Jersey. The Company is insured for losses up to $500,000. The Company has submitted a claim for $353,000. The October 31, 2012 inventory has been reduced for this amount and a corresponding receivable has been recorded. The insurance carrier has acknowledged the claim and has confirmed that payment of the claim will be forthcoming.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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