Quarterly report pursuant to Section 13 or 15(d)

INCOME TAXES

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INCOME TAXES
9 Months Ended
Jul. 31, 2021
Income Tax Disclosure [Abstract]  
INCOME TAXES

NOTE 18 – INCOME TAXES

 

The Company’s effective tax rate for the three months ended July 31, 2021 and 2020 was (15.2%) and 19.1%, respectively. The decrease in the effective tax rate for the three months ended July 31, 2021, as compared to July 31, 2020 resulted from the US companies having a taxable loss for the three months ended July 31, 2021 compared to a taxable income for the three months ended July 31, 2020. We also recorded $184,519 related Employee Retention Credits, which reduced the current income tax expense for the three months ended July 31, 2021.

 

The Company’s effective tax rate for the nine months ended July 31, 2021 and 2020 was (14.2%) and 12.9%, respectively. The decrease in the effective tax rate for the nine months ended July 31, 2021, as compared to July 31, 2020 resulted from the US companies having a taxable loss for the nine months ended July 31, 2020 compared to a taxable income for the nine months ended July 31, 2021. We also recorded $496,485 related to Employee Retention Credits, which reduced the current income tax expense for the nine months ended July 31, 2021.

 

As of July 31, 2021, we had US federal net operating losses carryforwards of $1,376,727, which expire in 2029.