Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.20.4
Income Taxes (Tables)
 12 Months Ended
Oct. 31, 2020
Income Tax Disclosure [Abstract]  
Schedule of Provision (Benefit) for Income Taxes

The provision (benefit) for income taxes comprises:

 

    October 31, 2020     October 31, 2019  
Current federal benefit   $ (12,502 )   $ (75,004 )
Foreign tax (benefit) expense     (38,161 )     35,582  
                 
Total Current Tax Benefit     (50,663 )     (39,422 )
                 
Deferred federal expense     305,125       1,046,776  
Deferred foreign benefit     (196,240 )     -  
                 
Deferred Tax Expense     108,885       1,046,776  
                 
Total Income Tax Expense   $ 58,222     $ 1,007,354  
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, 2020     October 31, 2019  
Statutory tax rate     21.0 %     21.0 %
Change in deferred taxes     (17.1 )%     (4.2 )%
Alternative Minimum Tax (refund)     (1.1 )%     (1.2 )%
Foreign tax expense     (1.1 )%     0.5 %
                 
Total     1.7 %     16.1 %
Schedule of Components of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities are as follows:

 

    October 31, 2020     October 31, 2019  
Noncurrent deferred tax assets                
U.S. NOL carryforwards   $ 272,993     $ 670,787  
Other     -       (39,103 )
Stock option compensation     92,669       -  
Foreign R&D refunds     196,240       -  
                 
Total   $ 561,902     $ 631,684