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INCOME TAXES (Tables) | 12 Months Ended
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Oct. 31, 2022
Income Tax Disclosure [Abstract] |
SCHEDULE OF PROVISION FOR INCOME TAX | The Company’s provision/(benefit) for income taxes in 2022 and 2021 consisted of the following: SCHEDULE OF PROVISION FOR INCOME TAX
|  | 2022 |  |  | 2021 |
Current |  |  |  |  |  |  |  |
Federal |  | $ | - |  |  | $ | 427,210 |
State and local |  |  | - |  |  |  | 90,771 |
Total |  |  | - |  |  |  | 517,981 |
Deferred |  |  |  |  |  |  |  |
Federal |  |  | (933,489 | ) |  |  | (50,451 | )
State and local |  |  | (62,304 | ) |  |  | (127,350 | )
Total |  |  | (995,793 | ) |  |  | (177,801 | )
Income tax (benefit) |  | $ | (995,793 | ) |  | $ | 340,180 |
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: SCHEDULE OF EFFECTIVE INCOME TAX RATE
|  | 2022 |  |  | 2021 |
(Benefit) from provision for tax at the federal statutory rate |  | $ | (1,175,507 | ) |  | $ | 253,650 |
Goodwill impairment |  |  | 265,796 |  |  |  |  |
Other permanent differences |  |  | 135,025 |  |  |  | 19,736 |
State and local tax, net of federal |  |  | (221,107 | ) |  |  | 66,794 |
(Benefit from) provision for income taxes |  | $ | (995,793 | ) |  | $ | 340,180 |
Effective income tax rate |  |  | 18 | % |  |  | 28 | %
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, 2022 and 2021 are as follows: SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES
|  | 2022 |  |  | 2021 |
Deferred tax assets: |  |  |  |  |  |  |  |
Accounts receivable |  | $ | 34,547 |  |  | $ | 34,203 |
Unrealized loss |  |  | 173,058 |  |  |  | - |
Deferred rent |  |  | 15,643 |  |  |  | 20,652 |
Deferred compensation |  |  | 58,355 |  |  |  | 74,075 |
Net operating loss |  |  | 547,570 |  |  |  | 57,576 |
Stock-based compensation |  |  | 602,237 |  |  |  | 499,841 |
Inventory |  |  | 107,298 |  |  |  | 77,579 |
Total deferred tax asset |  |  | 1,538,708 |  |  |  | 763,926 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Intangible assets acquired |  |  | 70,021 |  |  |  | 346,892 |
Unrealized gain |  |  | - |  |  |  | 111,068 |
Buildings, machinery and equipment |  |  | 395,500 |  |  |  | 228,572 |
Total deferred tax liabilities |  |  | 465,521 |  |  |  | 686,532 |
Net deferred tax asset |  | $ | 1,073,187 |  |  | $ | 77,394 |

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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 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
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- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
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