Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

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Income Taxes (Tables)
 12 Months Ended
Oct. 31, 2019
Income Tax Disclosure [Abstract]  
Schedule of Federal and Foreign Income Taxes

The provision for federal and foreign income taxes consisted of the following:

 

    October 31, 2019     October 31, 2018  
Current income tax expense (benefit)                
                 
Federal   $ (75,004 )   $ 7,840  
Foreign     35,582       (139,303 )
                 
Deferred income tax expense (benefit)                
                 
Federal     1,046,776       (1,754,169 )
Foreign     -       -  
                 
Total   $ 1,007,354     $ (1,885,632 )

Schedule of Reconciliation of Income Tax Benefit

The expense for income taxes differed from the U.S. statutory rate due to the following:

 

    October 31, 2019     October 31, 2018  
Statutory tax rate     21.0 %     21.0 %
Change in deferred taxes     (4.2 %)     (77.5 %)
Alternative Minimum Tax (refund)     (1.2 %)     0.3 %
Foreign tax (benefit) expense     0.5 %     (4.5 %)
                 
Total     16.1 %     (60.7 %)

Schedule of Components of Deferred Tax Assets

Deferred tax assets consisted of the following on October 31:

 

    2019     2018  
Noncurrent deferred tax assets                
U.S. NOL carryforwards   $ 670,787     $ 1,754,169  
Other Foreign deferred tax liabilities     (39,103 )     -  
                 
Total   $ 631,684     $ 1,754,169  

Schedule of Net Operating Loss Carryforwards

As of October 31, 2019, we had U.S. federal net operating loss (NOL) carryforwards of $3,368,538, which will expire at various dates as follows:

 

2028   $ 2,707,158  
2029     661,380  
         
Total   $ 3,368,538