Quarterly report pursuant to Section 13 or 15(d)

Income Taxes

v3.20.1
Income Taxes
6 Months Ended
Apr. 30, 2020
Income Tax Disclosure [Abstract]  
Income Taxes

NOTE 15 – INCOME TAXES

 

The Company’s effective tax rate for the three months ended April 30, 2020 and 2019 was 12.6% and 17.8%, respectively. The decrease in the effective tax rate for the six months ended April, 2020, as compared to April 30, 2019 was an increase in our AMT tax refund percentage from 5.2% in 2019 to 8.4% in 2020.

 

As of April 30, 2020, we had U.S. federal net operating losses (NOL) carryforwards of $3,011,790, which expire at various dates as follows:

 

2029   $ 2,707,158  
2028     304,632  
         
Total   $ 3,011,790