Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.10.0.1
Income Taxes (Tables)
 12 Months Ended
Oct. 31, 2018
Income Tax Disclosure [Abstract]  
Schedule of Components of Deferred Tax Assets

Components of deferred tax assets as of October 31, 2018 and 2017 are as follows:

 

    October 31, 2018     October 31, 2017  
             
Net operating loss carry-forward benefit   $ 1,754,169     $ 4,172,200  
Valuation allowance             (4,172,200 )
                 
Net deferred tax (liability) asset   $ 1,754,169     $ -  

Schedule of Reconciliation of Income Tax Expense Benefit

A reconciliation between the amounts of income tax benefit determined by applying applicable U.S. statutory tax rate to pre-tax income is as follows:

 

    October 31, 2018     October 31, 2017  
Federal statutory rate of 21% as of October 31, 2018 and 35% as of October 31, 2017   $ 651,609     $ 1,169,799  
                 
Alternative Minimum Tax     7,840       27,192  
                 
Foreign tax expense (benefit)     (139,303 )     (24,571 )
                 
Recognition of deferred tax benefit     (1,754,169 )     -  
                 
Use of NOL losses on consolidated tax returns     (651,609 )     (1,169,799 )
                 
Total income tax expense (benefit)   $ (1,885,632 )   $ 2,621