Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.23.4
INCOME TAXES (Tables)
12 Months Ended
Oct. 31, 2023
Income Tax Disclosure [Abstract]  
SCHEDULE OF INCOME TAX PROVISION (BENEFIT)

Income tax provision (benefit) consists of the following: 

 

             
    Year Ended October 31,  
    2023     2022  
Federal:                
Current   $ -     $ -  
Deferred     (1,739,000 )     (1,021,000 )
State:                
Current     -       -  
Deferred     (583,000 )     (350,000 )
Adjustment to valuation allowance related to net deferred tax assets     1,322,000       1,371,000  
Total   $ -     $ -  
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, 2023 and 2022, are as follows: 

 

             
    October 31,  
    2023     2022  
Long-term deferred tax assets:                
Federal and state NOL and tax credit carryforwards   $ 26,532,000     $ 22,196,000  
Deferred compensation     7,752,000       6,851,000  
Intangibles     218,000       274,000  
Other     -       281,000  
Subtotal     34,502,000       29,602,000  
Less: valuation allowance     (34,502,000 )     (29,602,000 )
Deferred tax asset, net   $ -     $ -  
SCHEDULE OF RECONCILIATION OF INCOME TAXES

 

    Year Ended October 31,  
    2023     2022  
Income tax benefit at U.S. Federal statutory income tax rate     (2,085,000 )     (21.00 )%   $ (2,892,000 )     (21.00 )%
State income taxes     (693,000 )     (6.98 )%     (962,000 )     (6.98 )%
Permanent differences     20,000       0.20 %     14,000       0.10 %
Expiring net operating losses, credits and other     1,436,000       14.46 %     2,469,000       17.93 %
Change in valuation allowance     1,322,000       13.32 %     1,371,000       9.95 %
Income tax provision   $ -       0.00 %   $ -       0.00 %