Annual report pursuant to section 13 and 15(d)

Income Taxes (Tables)

v2.4.0.6
Income Taxes (Tables)
 12 Months Ended
Oct. 31, 2012
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

 

Year Ended October 31,

 

2012

 

2011

Federal:

 

 

 

Current

$ -

 

$ -

Deferred

992,000

 

5,653,000

State:

 

 

 

Current

-

 

-

Deferred

32,000

 

(10,000)

Foreign:

 

 

 

Current

-

 

600,000

Adjustment to valuation allowance related

to net deferred tax assets

(1,024,000)

 

(5,643,000)

Income tax provision (benefit)

$ -

 

$ 600,000

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

 

2012

 

2011

Long-term deferred tax assets:

 

 

 

Federal and state NOL and tax credit carryforwards

$ 24,284,000

 

$ 25,062,000

Unrealized gain (loss) on available for sale securities

-

 

-

Deferred Compensation

2,255,000

 

2,244,000

Other

448,000

 

385,000

Subtotal

26,987,000

 

27,691,000

 

 

 

 

Less: valuation allowance

(26,987,000)

 

(27,691,000)

Deferred tax asset, net

$ -

 

$ -

Federal Income Tax Note [Table Text Block]

 

Year Ended October 31,

 

2012

2011

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

$(1,446,000)

 

 

(34%)

 

 

$(2,305,000)

(34%)

State income taxes

(2,000)

(.06%)

(4,000)

(.06%)

Permanent differences

8,000

.19%

10,000

.15%

Credits

(63,000)

(1.48%)

(89,000)

(1.31%)

Expiring net operating losses, credits and other

 

2,527,000

 

59.44%

 

7,444,000

 

109.83%

Foreign rate difference on impairment

 

-

 

-

 

587,000

 

8.65%

Foreign withholding tax

-

-

600,000

8.85%

Change in valuation allowance

 

(1,024,000)

 

(24.09%)

 

(5,643,000)

 

(83.26%)

Income tax provision

$ -

0%

$600,000

8.85%