Annual report pursuant to Section 13 and 15(d)

Employee Benefit Plans

Employee Benefit Plans
12 Months Ended
Oct. 31, 2020
Retirement Benefits [Abstract]  
Employee Benefit Plans



The Company’s U.S. subsidiaries maintain a 401(k) retirement plan. The plan allows the Company to make matching contributions of 4% of employee compensation, subject to IRS contribution limits. U.S. employees who have at least six months of service with the Company are eligible. In addition, the Company’s UK subsidiaries operate statutory pension schemes which provide for the payment of certain contribution by the Company and the Employee. These schemes in the UK operate on a defined contribution money purchase basis and the contributions are charged to operations as they arise. Finally, the Company is obligated to provide pension funding according the laws in which it operates including in both Denmark and Australia. The Company has an arrangement that fulfills this requirement. Employee benefit costs for the years ended October 31, 2020 and 2019 were $140,271 and $59,927, respectively.