Quarterly report pursuant to Section 13 or 15(d)

Income Taxes

v3.20.4
Income Taxes
3 Months Ended
Jan. 31, 2021
Income Tax Disclosure [Abstract]  
Income Taxes

NOTE 17 – INCOME TAXES

 

The Company’s effective tax rate for the three months ended January 31, 2021 and 2020 was (11.8%) and 6.9%, respectively. The decrease in the effective tax rate for the three months ended January 31, 2021, as compared to January 31, 2020 resulted from the US companies having a taxable loss for the three months ended January 31, 2021 compared to a tax gain for the three months ended January 31, 2020.

 

As of January 31, 2021, we had U.S. federal net operating losses (“NOL”) carryforwards of $1,600,016, which expire in 2029.