Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Income and Comprehensive Income

v3.20.4
Consolidated Statements of Income and Comprehensive Income - USD ($)
12 Months Ended
Oct. 31, 2020
Oct. 31, 2019
Income Statement [Abstract]    
Net Revenues $ 20,043,810 $ 25,056,934
Cost of Revenues 7,314,362 8,627,615
Gross Profit 12,729,448 16,429,319
OPERATING EXPENSES    
Research & Development 3,188,389 2,801,331
Selling, General & Administrative 6,737,294 7,374,551
Total Operating Expenses 9,925,683 10,175,882
INCOME FROM OPERATIONS 2,803,765 6,253,437
OTHER INCOME (EXPENSE)    
Other Income 19,374 70,212
Funding from Paycheck Protection Program 648,871
Interest Expense (70,203) (91,096)
Total Other Income (Expense) 598,042 (20,884)
NET INCOME BEFORE INCOME TAXES 3,401,807 6,232,553
INCOME TAX BENEFIT (EXPENSE)    
Current Tax Benefit (50,663) (39,422)
Deferred Tax Expense (108,885) (1,046,776)
Total Income Tax Expense (58,222) (1,007,354)
NET INCOME $ 3,343,585 $ 5,225,199
NET INCOME PER SHARE:    
Basic $ 0.31 $ 0.49
Diluted $ 0.30 $ 0.49
WEIGHTED AVERAGE SHARES:    
Basic 10,733,799 10,680,007
Diluted 11,294,799 10,680,007
NET INCOME $ 3,343,585 $ 5,225,199
Foreign Currency Translation Adjustment (185,870) 93,255
Total Other Comprehensive Income (Loss) (185,870) 93,255
COMPREHENSIVE INCOME $ 3,157,715 $ 5,318,454