Income Taxes |
6 Months Ended |
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Apr. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes |
NOTE 17 – INCOME TAXES
The Company’s effective tax rate for the three months ended April 30, 2021 and 2020 was (13.9%) and 28.3%, respectively. The decrease in the effective tax rate for the three months ended April 30, 2021, as compared to April 30, 2020 resulted from the US companies having a taxable loss for the three months ended April 30, 2020 compared to a taxable income for the three months ended April 30, 2021. We also recorded $311,966 related Employee Retention Credits which reduced the current income tax expense for the three months ended April 30,2021.
The Company’s effective tax rate for the six months ended April 30, 2021 and 2020 was (13.7%) and 2.4%, respectively. The decrease in the effective tax rate for the six months ended April 30, 2021, as compared to April 30, 2020 resulted from the US companies having a taxable loss for the six months ended April 30, 2020 compared to a taxable income for the six months ended April 30, 2021. We also recorded $311,966 related to Employee Retention Credits, which reduced the current income tax expense for the six months ended April 30,2021.
As of April 30, 2021, we had US federal net operating losses (“NOL”) carryforwards of $1,536,899, which expire in 2029. |