Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.21.4
INCOME TAXES (Tables)
12 Months Ended
Oct. 31, 2021
Income Tax Disclosure [Abstract]  
SCHEDULE OF INCOME TAX PROVISION (BENEFIT)

Income tax provision (benefit) consists of the following:

 

   

Year Ended October 31,

 
   

2021

   

2020

 
Federal:                
Current   $ -     $ -  
Deferred     604,000       404,000  
State:                
Current     -       -  
Deferred     (129,000 )     (800,000 )

Adjustment to valuation allowance related to net deferred tax assets

    (475,000 )     396,000  
    $ -     $ -  
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, 2021 and 2020, are as follows:

 

   

2021

   

2020

 
   

October 31,

 
   

2021

   

2020

 
Long-term deferred tax assets:                
Federal and state NOL and tax credit carryforwards   $ 20,230,000     $ 19,727,000  
Deferred compensation     7,502,000       8,009,000  
Intangibles     330,000       828,000  
Other     219,000       192,000  
Subtotal     28,281,000       28,756,000  
Less: valuation allowance     (28,281,000 )     (28,756,000 )
Deferred tax asset, net   $ -     $ -  
SCHEDULE OF RECONCILIATION OF INCOME TAXES

 

   

Year Ended October 31,

 
   

2021

   

2020

 

Income tax benefit at U.S. Federal statutory income tax rate

  $ (2,757,000 )     (21.00 )%   $ (2,119,000 )     (21.00 )%
State income taxes     (917,000 )     (6.98 )%     (705,000 )     (6.98 )%
Permanent differences     23,000       0.17 %     32,000       0.32 %

Expiring net operating losses, credits and other

    4,126,000       31.43 %     2,396,000       23.74 %
Change in valuation allowance     (475,000 )     (3.62 )%     396,000       3.92 %
Income tax provision   $ -       0.00 %   $ -       0.00 %