|3 Months Ended|
Jan. 31, 2020
|Income Tax Disclosure [Abstract]|
NOTE 15 – INCOME TAXES
The Company's effective tax rate for the three months ended January 31, 2020 and 2019 was 6.9 percent and 8.2 percent, respectively. The increase in the effective tax rate for the three months ended January 31, 2020, as compared to January 31, 2019 was a reduction in our AMT tax refund from $75,004 in 2019 to $37,502 in 2020.
As of January 31, 2020, we had U.S. federal net operating losses (NOL) carryforwards of $2,831,621, which expire at various dates as follows:
The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef