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Business Acquisition (Tables) | 12 Months Ended
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Oct. 31, 2018
Business Combinations [Abstract] |
Summary of Assets Purchased | The following table summarizes the amounts of assets purchased:
Assets acquired: |  |  |
Accounts receivable |  | $ | 86,442 |
Inventory |  |  | 1,116,021 |
Equipment |  |  | 221,283 |
Prepaid expenses |  |  | 28,913 |
Non-compete |  |  | 99,000 |
Customer lists |  |  | 245,000 |
Tradename |  |  | 668,000 |
Goodwill |  |  | 363,396 |
Assets acquired: |  | $ | 2,828,055 |
Purchase of assets funded by: |  |  |  |
Cash paid |  | $ | 2,677,335 |
Liability assumed |  |  | 10,210 |
Note payable to seller |  |  | 140,510 |
|  | $ | 2,828,055 |
Schedule of Pro Forma Results of Operations | The following pro forma results of operations for the twelve months ended October 31, 2018 and 2017 have been prepared as though the business acquisition had occurred as of October 31, 2017. This pro forma financial information is not indicative of the results of operations that the Company would have attained had the acquisition occurred at the beginning of the periods presented, nor is the pro forma financial information indicative of the results of operations that may occur in the future:
|  | Twelve Months Ended October 31, |
|  | 2018 |  |  | 2017 |
Pro forma sales |  | $ | 95,900,631 |  |  | $ | 88,923,392 |
Pro forma net income (loss) |  | $ | 940,437 |  |  | $ | 523,577 |
Pro forma basic and diluted earnings per share |  | $ | .17 |  |  | $ | .09 |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=84161108&loc=d3e4845-128472 + Details
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