Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.19.3.a.u2
INCOME TAXES (Tables)
12 Months Ended
Oct. 31, 2019
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

 

Year Ended October 31,

 

2019

 

 2018

Federal:

 

 

 

 

 

Current

$

-

 

$

-

Deferred

 

(948,000)

 

 

(1,784,000)

State:

 

 

 

 

 

Current

 

-

 

 

-

Deferred

 

(995,000)

 

 

(1,206,000)

Adjustment to valuation allowance related

    to net deferred tax assets

 

1,943,000

 

 

2,990,000

 

$

-

 

$

-

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

 

2019

 

 2018

Long-term deferred tax assets:

 

 

 

 

 

Federal and state NOL and tax credit carryforwards

$

19,593,000

 

$

19,282,000

Deferred compensation

 

7,619,000

 

 

6,176,000

Intangibles

 

943,000

 

 

754,000

Other

 

205,000

 

 

205,000

Subtotal

 

28,360,000

 

 

26,417,000

Less: valuation allowance

 

(28,360,000)

 

 

(26,417,000)

Deferred tax asset, net

$

-

 

$

-

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

 

Year Ended October 31,

 

2019

 

 2018

Income tax benefit at U.S.

   Federal statutory income tax rate

$

(2,482,000)

 

(21.00)%

 

$

(3,276,000)

 

(23.00)%

State income taxes

 

(1,045,000)

 

(8.84)%

 

 

(1,259,000)

 

(8.84)%

Permanent differences

 

30,000

 

0.25%

 

 

14,000

 

0.10%

Expiring net operating 

   losses, credits and other

 

1,554,000

 

13.15%

 

 

1,246,000

 

9.12%

Rate changes

 

-

 

-

 

 

285,000

 

2.00%

Change in valuation

   allowance

 

1,943,000

 

16.44%

 

 

2,990,000

 

20.62%

Income tax provision

$

-

 

0.00%

 

$

-

 

0.00%