Quarterly report pursuant to Section 13 or 15(d)

Income Taxes

v3.20.1
Income Taxes
3 Months Ended
Jan. 31, 2020
Income Tax Disclosure [Abstract]  
Income Taxes

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:

 

2029     $ 2,707,158  
2028       124,463  
           
Total     $ 2,831,621