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RELATED PARTY TRANSACTIONS
 12 Months Ended
Oct. 31, 2021
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 10 - RELATED PARTY TRANSACTIONS:

 

The Company has engaged its 40% partner in Generation Coffee Company, LLC as an outside contractor (the “Partner”). Included in contract labor expense, which is a component of cost of sales, are expenses incurred from the Partner during the years ended October 31, 2021 and 2020 of $349,760 and $380,838, respectively.

 

An employee of one of the top two vendors is a director of the Company. Purchases from that vendor totaled approximately $3,500,000 and $5,300,000 for the years ended October 31, 2021 and 2020, respectively. The corresponding accounts payable balance to this vendor was approximately $1,014,000 and $0 at October 31, 2021 and 2020, respectively.

 

In January 2005, the Company established the “Coffee Holding Co., Inc. Non-Qualified Deferred Compensation Plan.” Currently, there is only one participant in the plan: Andrew Gordon, the CEO. The deferred compensation payable represents the liability due to this employee of the Company upon his retirement. The deferred compensation liability at October 31, 2021 and 2020 was $311,872 and $276,548, respectively. Deferred compensation expenses included in officers’ salaries were $0 during the years ended October 31, 2021 and 2020, respectively as no amounts were contributed to this plan during the years ended October 31, 2021 and 2020.

 

 

COFFEE HOLDING CO., INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

OCTOBER 31, 2021 AND 2020