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Income Taxes (Tables)

12 Months Ended

Oct. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Tax

The Company’s provision for income taxes in 2019 and 2018 consisted of the following:

		2019				2018
Current
Federal		$	10,172			$	219,233
State and local			68,974				140,534
			79,146				359,767
Deferred
Federal			(45,323	)			98,400
State and local			(4,615	)			53,365
			(49,938	)			151,765
Income tax expense		$	29,208			$	511,532

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:

		2019				2018
Tax at the federal statutory rate		$	61,575			$	693,239
Other permanent differences			(45,107	)			(59,473	)
Effect of tax rate change							(224,283	)
State and local tax, net of federal			12,740				102,049
Provision for income taxes		$	29,208			$	511,532
Effective income tax rate			10	%			25	%

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, 2019 and 2018 are as follows:

		2019				2018
Deferred tax assets:
Accounts receivable		$	36,802			$	39,561
Unrealized loss							6,057
Deferred rent			49,442				66,524
Deferred compensation			96,720				146,356
Net operating loss			82,973				96,950
Stock-based compensation			121,880
Inventory			92,656				84,877
Total deferred tax asset		$	480,473			$	440,325
Deferred tax liability:
Intangible assets acquired			484,932				484,932
Unrealized gain			32,656
Fixed assets			354,644			$	397,090
Total deferred tax liabilities		$	872,232			$	882,022

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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