Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.20.4
Income Taxes (Tables)
12 Months Ended
Oct. 31, 2020
Income Tax Disclosure [Abstract]  
Schedule of Income Tax Provision (Benefit)

Income tax provision (benefit) consists of the following:

 

    Year Ended October 31,  
    2020     2019  
Federal:                
Current   $ -     $ -  
Deferred     404,000       (948,000 )
State:                
Current     -       -  
Deferred     (800,000 )     (995,000 )
Adjustment to valuation allowance related to net deferred tax assets     396,000       1,943,000  
    $ -     $ -  
Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax asset, net, at October 31, 2020 and 2019, are as follows:

 

    October 31,  
    2020     2019  
Long-term deferred tax assets:                
Federal and state NOL and tax credit carryforwards   $ 19,727,000     $ 19,593,000  
Deferred compensation     8,009,000       7,619,000  
Intangibles     828,000       943,000  
Other     192,000       205,000  
Subtotal     28,756,000       28,360,000  
Less: valuation allowance     (28,756,000 )     (28,360,000 )
Deferred tax asset, net   $ -     $ -  
Schedule of Reconciliation of Income Taxes

The following is a reconciliation of income taxes at the Federal statutory tax rate to income tax expense (benefit):

 

    Year Ended October 31,  
    2020     2019  
Income tax benefit at U.S. Federal statutory income tax rate   $ (2,119,000 )     (21.00 )%   $ (2,482,000 )     (21.00 )%
State income taxes     (705,000 )     (6.98 )%     (1,045,000 )     (8.84 )%
Permanent differences     32,000       0.32 %     30,000       0.25 %
Expiring net operating losses, credits and other     2,396,000       23.74 %     1,554,000       13.15 %
Change in valuation allowance     396,000       3.92 %     1,943,000       16.44 %
Income tax provision   $ -       0.00 %   $ -       0.00 %