Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

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INCOME TAXES (Tables)
12 Months Ended
Oct. 31, 2024
Income Tax Disclosure [Abstract]  
SCHEDULE OF INCOME TAX PROVISION (BENEFIT)

Income tax provision (benefit) consists of the following:

 

SCHEDULE OF INCOME TAX PROVISION (BENEFIT)

    2024     2023  
    Year Ended October 31,  
    2024     2023  
Federal:                
Current   $ -     $ -  
Deferred     (2,284,000 )     (739,000 )
State:                
Current     -       -  
Deferred     (754,000 )     (583,000 )
Adjustment to valuation allowance related to net deferred tax assets     3,038,000       1,322,000  
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, 2024 and 2023, are as follows:

 

SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES

    2024     2023  
    October 31,  
    2024     2023  
Long-term deferred tax assets:                
Federal and state NOL and tax credit carryforwards   $ 29,198,000     $ 26,532,000  
Deferred compensation     8,394,000       7,752,000  
Intangibles     161,000       218,000  
Subtotal     37,753,000       34,502,000  
Less: valuation allowance     (37,753,000 )     (34,502,000 )
Deferred tax asset, net   $ -     $ -  
SCHEDULE OF RECONCILIATION OF INCOME TAXES
    Year Ended October 31,  
    2024     2023  
Income tax benefit at U.S. Federal statutory income tax rate   $ (2,667,000 )     (21.00 )%   $ (2,085,000 )     (21.00 )%
State income taxes     (887,000 )     (6.99 )%     (693,000 )     (6.98 )%
Permanent differences     21,000       0.17 %     20,000       0.20 %
Expiring net operating losses, credits and other     495,000       3.90 %     1,436,000       14.46 %
Change in valuation allowance     3,038,000       23.92 %     1,322,000       13.32 %
Income tax provision   $ -       0.00 %   $ -       0.00 %