Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.22.4
INCOME TAXES (Tables)
12 Months Ended
Oct. 31, 2022
Income Tax Disclosure [Abstract]  
SCHEDULE OF INCOME TAX PROVISION (BENEFIT)

Income tax provision (benefit) consists of the following:

 

 

    2022     2021  
    Year Ended October 31,  
    2022     2021  
Federal:                
Current   $ -     $ -  
Deferred     (1,021,000 )     604,000  
State:                
Current     -       -  
Deferred     (350,000 )     (129,000 )
Adjustment to valuation allowance related
to net deferred tax assets
    1,371,000       (475,000 )
Income tax provision (benefit)   $ -     $ -  
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, 2022 and 2021, are as follows:

 

 

    2022     2021  
    October 31,  
    2022     2021  
Long-term deferred tax assets:                
Federal and state NOL and tax credit carryforwards   $ 22,196,000     $ 20,230,000  
Deferred compensation     6,851,000       7,502,000  
Intangibles     274,000       330,000  
Other     281,000       219,000  
Subtotal     29,602,000       28,281,000  
Less: valuation allowance     (29,602,000 )     (28,281,000 )
Deferred tax asset, net   $ -     $ -  
SCHEDULE OF RECONCILIATION OF INCOME TAXES
    Year Ended October 31,  
    2022     2021  
Income tax benefit at U.S. Federal statutory income tax rate     (2,892,000 )     (21.00 %)   $ (2,757,000 )     (21.00 %)
State income taxes     (962,000 )     (6.98 %)     (917,000 )     (6.98 %)
Permanent differences     14,000       0.10 %     23,000       0.17 %
Expiring net operating losses, credits and other     2,469,000       17.93 %     4,126,000       31.43 %
Change in valuation allowance     1,371,000       9.95 %     (475,000 )     (3.62 %)
Income tax provision   $ -       0.00 %   $ -       0.00 %