Subsequent Events |
3 Months Ended |
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Jan. 31, 2019 | |
| Subsequent Events [Abstract] | |
| Subsequent Events |
NOTE 16 - SUBSEQUENT EVENTS
On or around March 5, 2019, we sold residential property located in Orlando (purchased by the Company in February 2016) to one of our executive officers for $725,000 in cash. The sale price was deemed fair market value based on a review of comparable sales and was approved by the Company’s board of directors. The proceeds of this sale will be used to purchase business property in Orlando (Offices and Manufacturing Plant) for our expansion activities.
The Company has signed a contract for the purchase of new business property in Orlando (for a purchase price of $684,000 and it is expected that this transaction will close on or around March 31, 2019. |
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- References No definition available.
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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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