Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v2.4.1.9
INCOME TAXES (Tables)
12 Months Ended
Oct. 31, 2014
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

 

Year Ended October 31,

 

2014

 

2013

Federal:

 

 

 

 

 

Current

$

-

 

$

-

Deferred

 

(1,606,000)

 

 

(2,489,000)

State:

 

 

 

 

 

Current

 

-

 

 

-

Deferred

 

(1,000)

 

 

3,000

Adjustment to valuation allowance related to net deferred tax assets

 

1,607,000

 

 

2,486,000

Income tax provision (benefit) 

$

-

 

$

-

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

 

2014

 

2013

Long-term deferred tax assets:

 

 

 

 

 

Federal and state NOL and tax credit carryforwards

$

26,669,000

 

$

25,689,000

Deferred Compensation

 

4,517,000

 

 

3,484,000

Deferred Revenue

 

-

 

 

404,000

Other

 

298,000

 

 

300,000

Subtotal

 

31,484,000

 

 

29,877,000

 

 

 

 

 

 

Less: valuation allowance

 

(31,484,000)

 

 

(29,877,000)

Deferred tax asset, net

$

-

 

$

-

Federal Income Tax Note [Table Text Block]

 

Year Ended October 31,

 

2014

 

2013

Income tax benefit at U.S.

 

 

 

 

 

 

 

 

 

Federal statutory income Tax rate

$

(3,266,00)

 

(34.00%)

 

$

(3,427,000)

 

(34.00%)

State income taxes

 

(6,000)

 

(.06%)

 

 

(6,000)

 

(.06%)

Permanent differences

 

1,529,000

 

15.92%

 

 

294,000

 

2.92%

Expiring net operating losses, credits and other

 

115,000

 

1.19%

 

 

250,000

 

2.48%

Foreign rate difference on impairment

 

21,000

 

.22%

 

 

403,000

 

4.00%

Change in valuation allowance

 

1,607,000

 

16.73%

 

 

2,486,000

 

24.66%

Income tax provision

$

-

 

0%

 

$

-

 

0%