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INCOME TAXES (Tables)

12 Months Ended

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

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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

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- 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

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