XML 57 R31.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Oct. 31, 2017
Income Tax Disclosure [Abstract] |
Schedule of Provision for Income Tax | The Company’s provision for income taxes in 2017 and 2016 consisted of the following:
|  | 2017 |  |  | 2016 |
Current |  |  |  |  |  |  |  |
Federal |  | $ | 392,354 |  |  | $ | 219,562 |
State and local |  |  | 35,717 |  |  |  | 155,083 |
|  |  | 428,071 |  |  |  | 374,645 |
Deferred |  |  |  |  |  |  |  |
Federal |  |  | (199,550 | ) |  |  | 941,150 |
State and local |  |  | 15,575 |  |  |  | 50,125 |
|  |  | (183,975 | ) |  |  | 991,275 |
Income tax (benefit) expense |  | $ | 244,096 |  |  | $ | 1,365,920 |
Schedule of Effective Income Tax Rate | A reconciliation of the difference between the expected income tax rate using the statutory U.S. federal tax rate and the Company’s effective tax rate is as follows:
|  | 2017 |  |  | 2016 |
Tax at the federal statutory rate of 34% |  | $ | 241,862 |  |  | $ | 1,263,427 |
Other permanent differences |  |  | (21,289 | ) |  |  | (32,944 | )
State and local tax, net of federal |  |  | 23,523 |  |  |  | 135,437 |
Provision for income taxes |  | $ | 244,096 |  |  | $ | 1,365,920 |
Effective income tax rate |  |  | 34 | % |  |  | 37 | %
Schedule of Deferred Tax Assets and Liabilities | The tax effects of the temporary differences that give rise to the deferred tax assets and liabilities as of October 31, 2017 and 2016 are as follows:
|  | 2017 |  |  | 2016 |
Current deferred tax assets: |  |  |  |  |  |  |  |
Accounts receivable |  | $ | 57,904 |  |  | $ | 67,034 |
Unrealized loss |  |  | 138,963 |  |  |  |  |
Inventory |  |  | 142,881 |  |  |  | 64,384 |
Total current deferred tax asset |  | $ | 339,748 |  |  | $ | 131,418 |
Non-current deferred tax assets: |  |  |  |  |  |  |  |
Deferred rent |  |  | 96,659 |  |  |  | 107,635 |
Deferred compensation |  |  | 196,443 |  |  |  | 227,947 |
Total non-current deferred tax asset |  | $ | 293,102 |  |  | $ | 335,582 |
Total deferred tax asset |  | $ | 632,850 |  |  | $ | 467,000 |
Current deferred tax liability: |  |  |  |  |  |  |  |
Unrealized gain |  | $ |  |  |  | $ | 49,873 |
Non-current deferred tax liability: |  |  |  |  |  |  |  |
Intangible assets acquired |  |  | 387,982 |  |  |  |  |
Fixed assets |  |  | 534,800 |  |  | $ | 503,052 |
Total deferred tax liabilities |  | $ | 922,782 |  |  | $ | 552,925 |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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=84230637&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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=84230637&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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=84230637&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration