Quarterly report [Sections 13 or 15(d)]

INCOME TAXES

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INCOME TAXES
 6 Months Ended
Apr. 30, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES

NOTE 17 – INCOME TAXES

 

Our tax provision or benefit from income taxes for interim periods is determined using an estimate of our annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter we may update our estimate of the annual effective tax rate, and if our estimated tax rate changes, we make a cumulative adjustment.

 

Our quarterly tax provision, and our quarterly estimate of our annual effective tax rate, is subject to significant variation, due to several factors including variability in accurately predicting our pre-tax income and/or loss and the mix of jurisdictions to which they relate. Our effective tax rate can be more or less volatile based on the amount of pre-tax income or loss.

 

We estimate that the Company’s effective tax rate for the three months ended April 30, 2025, and 2024, was 28.2% and 17.2%, respectively and for the six months ended April 30, 2025, and 2024, was 9.5% and 15.6%, respectively. In the three and six months ended April 30, 2025, we made an income tax provision of $374,701 and $423,575, respectively. In the three and six months ended April 30, 2024, we made an income tax provision of $191,073 and $157,058, respectively.

 

In the three and six months ended April 30, 2025, the Company made awards of restricted stock and recorded a deferred tax benefit of $17,853 and $44,842 respectively, compared to a deferred tax expense in the previous three and six months to April 30, 2024, of $34,904 and $221,975 respectively.