jva_10q.htm

0001354488-16-007725.txt : 20160603 0001354488-16-007725.hdr.sgml : 20160603 20160603091001 ACCESSION NUMBER: 0001354488-16-007725 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 44 CONFORMED PERIOD OF REPORT: 20160430 FILED AS OF DATE: 20160603 DATE AS OF CHANGE: 20160603 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COFFEE HOLDING CO INC CENTRAL INDEX KEY: 0001007019 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-GROCERIES & RELATED PRODUCTS [5140] IRS NUMBER: 113860760 STATE OF INCORPORATION: NV FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-32491 FILM NUMBER: 161694321 BUSINESS ADDRESS: STREET 1: 3475 VICTORY BLVD CITY: STATEN ISLAND STATE: NY ZIP: 10314 BUSINESS PHONE: 7188320800 MAIL ADDRESS: STREET 1: 3475 VICTORY BLVD CITY: STATEN ISLAND STATE: NY ZIP: 10314 FORMER COMPANY: FORMER CONFORMED NAME: TRANSPACIFIC INTERNATIONAL GROUP CORP DATE OF NAME CHANGE: 19960201 10-Q 1 jva_10q.htm QUARTERLY REPORT jva_10q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

þ	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: April 30, 2016

o	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______________ to _______________

Commission file number: 001-32491

Coffee Holding Co., Inc.

(Exact name of registrant as specified in its charter)

Nevada	11–2238111
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

3475 Victory Boulevard, Staten Island, New York	10314
(Address of principal executive offices)	(Zip Code)

(718) 832-0800

(Registrant’s telephone number including area code)

N/A

(Former name, former address and former fiscal year, if changed from last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such period that the registrant was required to submit and post such files). Yes þ No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	o	Accelerated filer	o
Non-accelerated filer	o	Smaller reporting company	þ

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No þ

Indicate the number of shares outstanding of each of the issuer’s classes of common stock as of the latest practicable date.

6,068,119 shares of common stock, par value $0.001 per share, are outstanding at June 4, 2016.

TABLE OF CONTENTS

PART I		Pages

ITEM 1.	FINANCIAL STATEMENTS	3

ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	15

ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	20

ITEM 4.	CONTROLS AND PROCEDURES	21

PART II

ITEM 1.	LEGAL PROCEEDINGS.	22

ITEM 1A.	RISK FACTORS.	22

ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.	22

ITEM 3.	DEFAULTS UPON SENIOR SECURITIES.	22

ITEM 4.	MINE SAFETY DISCLOSURES.	22

ITEM 5.	OTHER INFORMATION.	22

ITEM 6.	EXHIBITS.	22

ITEM 1. FINANCIAL STATEMENTS

COFFEE HOLDING CO., INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

APRIL 30, 2016 AND OCTOBER 31, 2015

	April 30, 2016			October 31, 2015
	(Unaudited)
- ASSETS -
CURRENT ASSETS:
Cash	$	3,198,097		$	3,853,816
Accounts receivable, net of allowances of $144,000 for 2015 and 2014		11,318,009			10,968,237
Inventories		12,333,449			13,862,818
Prepaid green coffee		344,439			620,452
Prepaid expenses and other current assets		273,395			256,202
Prepaid income taxes		931,727			1,434,577
Due from broker		205,253			-
Deferred income tax asset		53,595			997,720
TOTAL CURRENT ASSETS		28,657,964			31,993,822
Machinery and equipment, at cost, net of accumulated depreciation of $4,516,493 and $4,241,256 for 2016 and 2015, respectively		1,839,981			1,845,000
Customer list and relationships, net of accumulated amortization of $45,000 and $41,250 for 2016 and 2015, respectively		105,000			108,750
Trademarks		180,000			180,000
Goodwill		440,000			440,000
Equity method investment		96,327			96,571
Deposits and other assets		601,993			610,499
TOTAL ASSETS	$	31,921,265		$	35,274,642
- LIABILITIES AND STOCKHOLDERS’ EQUITY -
CURRENT LIABILITIES:
Accounts payable and accrued expenses	$	3,271,416		$	4,021,389
Line of credit		2,654,121			5,554,121
Due to broker		-			483,835
Income taxes payable		500			-
TOTAL CURRENT LIABILITIES		5,926,037			10,059,345

Deferred income tax liabilities		20,995			92,370
Deferred rent payable		226,636			222,055
Deferred compensation payable		489,826			482,499
TOTAL LIABILITIES		6,663,494			10,856,269
STOCKHOLDERS’ EQUITY:
Coffee Holding Co., Inc. stockholders’ equity:
Preferred stock, par value $.001 per share; 10,000,000 shares authorized; no shares issued and outstanding		-			-
Common stock, par value $.001 per share; 30,000,000 shares authorized, 6,456,316 shares issued; 6,068,119 and 6,162,207 shares outstanding at April 30, 2016 and October 31, 2015, respectively		6,456			6,456
Additional paid-in capital		15,904,109			15,904,109
Retained earnings		10,936,310			9,665,940
Less: Treasury stock, 388,197 and 294,109 common shares, at cost for six months ended April 30, 2016 and 2015, respectively		(1,881,031	)		(1,494,712	)
Total Coffee Holding Co., Inc. Stockholders’ Equity		24,965,844			24,081,793
Non-controlling interest		291,927			336,580
TOTAL EQUITY		25,257,771			24,418,373
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	31,921,265		$	35,274,642

See notes to Condensed Consolidated Financial Statements.

COFFEE HOLDING CO., INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	Six Months Ended April 30,						Three Months Ended April 30,
	2016			2015			2016			2015
NET SALES	$	44,212,334		$	68,669,033		$	21,406,939		$	30,263,054

COST OF SALES (including $5.6 and $14.9 million of related party costs for the six months ended April 30, 2016 and 2015, respectively. Including $2.0 and $5.1 million for the three months ended April 30, 2016 and 2015, respectively.)		38,251,840			67,824,859			18,097,486			31,340,321

GROSS PROFIT (LOSS)		5,960,494			844,174			3,309,453			(1,077,267	)

OPERATING EXPENSES:
Selling and administrative		3,466,440			3,563,835			1,789,489			1,897,480
Officers’ salaries		327,700			325,585			163,850			172,850
TOTAL		3,794,140			3,889,420			1,953,339			2,070,330

INCOME (LOSS) FROM OPERATIONS		2,166,354			(3,045,246	)		1,356,114			(3,147,597	)

OTHER INCOME (EXPENSE)
Interest income		21,000			13,228			10,988			4,930
(Loss) gain from equity method investment		(244	)		448			212			(267	)
Interest expense		(73,473	)		(118,612	)		(33,670	)		(64,633	)
TOTAL		(52,717	)		(104,936	)		(22,470	)		(59,970	)

INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES AND NON-CONTROLLING INTEREST IN SUBSIDIARY		2,113,637			(3,150,182	)		1,333,644			(3,207,567	)

Provision (benefit) for income taxes		787,920			(1,189,825	)		485,356			(1,158,721	)

NET INCOME (LOSS) BEFORE NON-CONTROLLING INTEREST IN SUBSIDIARY		1,325,717			(1,960,357	)		848,288			(2,048,846	)
Less: Net (income) attributable to the non-controlling interest		(55,347	)		(20,402	)		(17,487	)		(3,714	)

NET INCOME (LOSS) ATTRIBUTABLE TO COFFEE HOLDING CO., INC.	$	1,270,370		$	(1,980,759	)	$	830,801		$	(2,052,560	)

Basic and diluted earnings (loss) per share	$	.21		$	(.32	)	$	.14		$	(.33	)

Weighted average common shares outstanding:
Basic and diluted		6,148,039			6,215,894			6,133,557			6,215,894

See notes to Condensed Consolidated Financial Statements.

COFFEE HOLDING CO., INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

SIX MONTHS ENDED APRIL 30, 2016 AND 2015

(Unaudited)

	2016			2015
OPERATING ACTIVITIES:
Net income (loss)	$	1,325,717		$	(1,960,357	)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		278,987			274,022
Unrealized gain on commodities		(689,088	)		(489,696	)
Loss (gain) loss on equity method investment		244			(448	)
Deferred rent		4,581			6,206
Deferred income taxes		872,750			(1,143,650	)
Changes in operating assets and liabilities:
Accounts receivable		(349,772	)		2,263,522
Inventories		1,529,369			2,536,227
Prepaid expenses and other current assets		(17,193	)		82,747
Prepaid green coffee		276,013			346,043
Prepaid and refundable income taxes		502,850			(1,387,393	)
Deposits and other assets		15,833			-
Accounts payable and accrued expenses		(749,970	)		(3,215,641	)
Income taxes payable		500			(331,051	)
Net cash provided by (used in) operating activities		3,000,821			(3,019,469	)

INVESTING ACTIVITIES:
Purchases of machinery and equipment		(270,221	)		(341,337	)
Net cash used in investing activities		(270,221	)		(341,337	)

FINANCING ACTIVITIES:
Advances under bank line of credit		600,000			9,272,578
Principal payments under bank line of credit		(3,500,000	)		(6,000,000	)
Purchase of treasury stock		(386,319	)		-
Payment of dividend		(100,000	)		(80,000	)
Net cash (used in) provided by financing activities		(3,386,319	)		3,192,578


NET DECREASE IN CASH		(655,719	)		(168,228	)

CASH, BEGINNING OF PERIOD		3,853,816			3,782,639

CASH, END OF PERIOD	$	3,198,097		$	3,614,411

SUPPLEMENTAL DISCLOSURE OF CASH FLOW DATA:
Interest paid	$	81,276		$	112,585
Income taxes paid	$	25,008		$	1,641,197

See notes to Condensed Consolidated Financial Statements.

COFFEE HOLDING CO., INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

APRIL 30, 2016 AND 2015

(Unaudited)

NOTE 1 - BUSINESS ACTIVITIES:

Coffee Holding Co., Inc. (the “Company”) conducts wholesale coffee operations, including manufacturing, roasting, packaging, marketing and distributing roasted and blended coffees for private labeled accounts and its own brands, and it sells green coffee. The Company’s core product, coffee, can be summarized and divided into three product categories (“product lines”) as follows:

Wholesale Green Coffee: unroasted raw beans imported from around the world and sold to large and small roasters and coffee shop operators;

Private Label Coffee: coffee roasted, blended, packaged and sold under the specifications and names of others, including supermarkets that want to have their own brand name on coffee to compete with national brands; and

Branded Coffee: coffee roasted and blended to the Company’s own specifications and packaged and sold under the Company’s seven proprietary and licensed brand names in different segments of the market.

The Company’s private label and branded coffee sales are primarily to customers that are located throughout the United States with limited sales in Canada and certain countries in Asia. Such customers include supermarkets, wholesalers, and individually-owned and multi-unit retailers. The Company’s unprocessed green coffee, which includes over 90 specialty coffee offerings, is sold primarily to specialty gourmet roasters and to coffee shop operators in the United States with limited sales in Australia, Canada, England and China.

The Company’s wholesale green, private label, and branded coffee product categories generate revenues and cost of sales individually but incur selling, general and administrative expenses in the aggregate. There are no individual product managers and discrete financial information is not available for any of the product lines. The Company’s product portfolio is used in one business and it operates and competes in one business activity and economic environment. In addition, the three product lines share customers, manufacturing resources, sales channels, and marketing support. Thus, the Company considers the three product lines to be one single reporting segment.

NOTE 2 - BASIS OF PRESENTATION:

The following (a) condensed consolidated balance sheet as of October 31, 2015, which has been derived from audited financial statements, and (b) the unaudited interim condensed financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles (“U.S. GAAP”) have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. It is suggested that these condensed consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s latest shareholders’ annual report on Form 10-K filed with the SEC on January 26, 2016 for the fiscal year ended October 31, 2015 (“Form 10-K”).

In the opinion of management, all adjustments (which include normal and recurring nature adjustments) necessary to present a fair statement of the Company’s financial position as of April 30, 2016, and results of operations for the three and six months ended April 30, 2016 and the cash flows for the six months ended April 30, 2016 as applicable, have been made.

COFFEE HOLDING CO., INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

APRIL 30, 2016 AND 2015

(Unaudited)

NOTE 2 - BASIS OF PRESENTATION (cont’d):

The results of operations for the three and six months ended April 30, 2016 are not necessarily indicative of the operating results for the full fiscal year or any future periods.

The condensed consolidated financial statements include the accounts of the Company, the Company’s subsidiary, Organic Products Trading Company, LLC (“OPTCO”) and Generations Coffee Company, LLC (“GCC”), the entity formed as a result of the Company’s joint venture with Caruso’s Coffee, Inc. The Company owns a 60% equity interest in GCC. All significant inter-company transactions and balances have been eliminated in consolidation.

NOTE 3 - RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS AFFECTING THE COMPANY:

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (ASU) No. 2014-09, (“ASU 2014-09”) “Revenue from Contracts with Customers,” which requires an entity to recognize revenue representing the transfer of promised goods or services to customers in an amount that reflects the consideration which the company expects to receive in exchange for those goods or services. ASU 2014-09 is intended to establish principles for reporting useful information to users of financial statements about the nature, amount, timing and uncertainty of revenues and cash flows arising from the entity’s contracts with customers. ASU 2014-09 will replace most existing revenue recognition guidance in GAAP when it becomes effective. The original standard was effective for the Company on January 1, 2017, however, in April 2015, the FASB proposed a one-year deferral of this standard with a new effective date for the Company of January 1, 2018. Early application is not permitted. The Company is currently evaluating the effect that ASU 2014-09 will have on its condensed consolidated financial statements and related disclosures.

In July 2015, the FASB issued ASU 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory,” which applies to inventory that is measured using first-in, first-out (“FIFO”) or average cost. Under the updated guidance, an entity should measure inventory that is within scope at the lower of cost and net realizable value, which is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Subsequent measurement is unchanged for inventory that is measured using last-in, last-out (“LIFO”). This ASU is effective for annual and interim periods beginning after December 15, 2016, and should be applied prospectively with early adoption permitted at the beginning of an interim or annual reporting period. The Company is currently evaluating the impact of adopting this guidance.

The FASB issued ASU 2016-02, Leases (Topic 842). ASU 2016-01 requires that a lessee recognize the assets and liabilities that arise from operating leases. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. Public business entities should apply the amendments in ASU 2016-02 for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years (i.e., January 1, 2019, for a calendar year entity). Nonpublic business entities should apply the amendments for fiscal years beginning after December 15, 2019 (i.e., January 1, 2020, for a calendar year entity), and interim periods within fiscal years beginning after December 15, 2020. Early application is permitted for all public business entities and all nonpublic business entities upon issuance. The Company is currently evaluating the impact of adopting this guidance.

On March 17, 2016 the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-08 that amends the guidance for Principle versus Agent Considerations (Reporting Revenue Gross versus Net) in ASC 2014-09, Revenue from Contracts with Customers (Topic 606), issued in May 2014. The ASU clarifies that the principal or agent determination is based on whether the entity controls the goods or services before they are transferred to its customer. Public entities must apply ASU 2016-08 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Nonpublic entities will be required to adopt the amendments for annual reporting periods beginning after December 15, 2018, and interim periods within annual reporting periods beginning after December 15, 2019. Earlier application is permitted for both types of entities only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. Early adoption prior to that date is not permitted. The Company is evaluating the effect that ASU 2016-08 will have on its results of operations, financial position or cash flows.

COFFEE HOLDING CO., INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

APRIL 30, 2016 AND 2015

(Unaudited)

NOTE 4 - PREPAID GREEN COFFEE:

The balance represents advance payments made by OPTCO to several coffee growing cooperatives for the purchase of green coffee. Interest is charged to the cooperatives for these advances. Interest earned was $21,000 and $10,988 for the six months ended April 30, 2016 and 2015, respectively. The prepaid coffee balance was $344,439 at April 30, 2016 and $620,452 at October 31, 2015.

NOTE 5 - ACCOUNTS RECEIVABLE:

Trade accounts receivable are stated at the amount the Company expects to collect. The Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. Management considers the following factors when determining the collectability of specific customer accounts: customer credit-worthiness, past transaction history with the customer, current economic industry trends, and changes in customer payment terms. Past due balances over 60 days and other higher risk amounts are reviewed individually for collectability. If the financial condition of the Company’s customers were to deteriorate, adversely affecting their ability to make payments, additional allowances would be required. Based on management’s assessment, the Company provides for estimated uncollectible amounts through a charge to earnings and a credit to a valuation allowance. Balances that remain outstanding after the Company has used reasonable collection efforts are written off through a charge to the valuation allowance and a credit to accounts receivable.

The reserve for sales discounts represents the estimated discount that customers will take upon payment. The reserve for other allowances represents the estimated amount of returns, slotting fees and volume based discounts estimated to be incurred by the Company from its customers. The allowances are summarized as follows:

	April 30,		October 31,
	2016		2015
Allowance for doubtful accounts	$	65,000	$	65,000
Reserve for other allowances		35,000		35,000
Reserve for sales discounts		44,000		44,000
Totals	$	144,000	$	144,000

COFFEE HOLDING CO., INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

APRIL 30, 2016 AND 2015

(Unaudited)

NOTE 6 - INVENTORIES:

Inventories at April 30, 2016 and October 31, 2015 consisted of the following:

	April 30, 2016		October 31, 2015
Packed coffee	$	1,815,454	$	1,441,451
Green coffee		9,766,891		11,730,006
Packaging supplies		751,104		691,361
Totals	$	12,333,449	$	13,862,818

NOTE 7 - COMMODITIES HELD BY BROKER:

The Company has used, and intends to continue to use in a limited capacity, short term coffee futures and options contracts primarily for the purpose of partially hedging and minimizing the effects of changing green coffee prices and to reduce our cost of sales. The commodities held at broker represent the market value of the Company’s trading account, which consists of options and future contracts for coffee held with a brokerage firm. The Company uses options and futures contracts, which are not designated or qualifying as hedging instruments, to partially hedge the effects of fluctuations in the price of green coffee beans. Options and futures contracts are recognized at fair value in the condensed consolidated financial statements with current recognition of gains and losses on such positions. The Company's accounting for options and futures contracts may increase earnings volatility in any particular period.

The Company has open position contracts held by the broker, which are summarized as follows:

	April 30, 2016		October 31, 2015

Option Contracts		2,647		(134,613	)
Future Contracts		202,606		(349,222	)
Total Commodities		205,253		(483,835	)

The Company classifies its options and future contracts as trading securities and accordingly, unrealized holding gains and losses are included in earnings and not reflected as a net amount as a separate component of stockholders’ equity.

At April 30, 2016, the Company held 50 futures contracts (generally with terms of three to four months) for the purchase of 1,875,000 pounds of green coffee at a weighted average price of $1.243 per pound. The fair market value of coffee applicable to such contracts was $1.215 per pound at that date.

At October 31, 2015, the Company held 38 futures contracts (generally with terms of three to four months) for the purchase of 1,425,000 pounds of green coffee at a weighted average price of $1.23 per pound. The fair market value of coffee applicable to such contracts was $1.21 per pound at that date. At October 31, 2015, the Company held 20 options covering an aggregate of 750,000 pounds of green coffee beans at $1.25 per pound. The fair market value of these options, which was obtained from observable market data of similar instruments was $42,750.

The Company recorded realized and unrealized gains and losses respectively, on these contracts as follows:

COFFEE HOLDING CO., INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

APRIL 30, 2016 AND 2015

(Unaudited)

NOTE 7 - COMMODITIES HELD BY BROKER (cont’d):

	Three Months Ended April 30,
	2016			2015
Gross realized gains	$	445,314		$	52,670
Gross realized losses		(368,745	)		(5,259,865	)
Unrealized gain (losses)		687,536			1,851,504
Total	$	764,105		$	(3,355,691	)

	Six Months Ended April 30,
	2016			2015
Gross realized gains	$	565,912		$	698,267
Gross realized losses		(901,128	)		(6,240,545	)
Unrealized gains		689,088			489,695
Total	$	353,872		$	(5,052,583	)

COFFEE HOLDING CO., INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

APRIL 30, 2016 AND 2015

(Unaudited)

NOTE 8 - LINE OF CREDIT:

On March 10, 2015, the Company entered into a loan modification agreement (the “Modification Agreement”) with its lender Sterling National Bank (“Sterling”) which modified the terms of the financing agreement with Sterling previously entered into on February 17, 2009 (the “Financing Agreement”). Prior to the Modification Agreement, the Financing Agreement, as amended, provided for a credit facility in which the Company had a revolving line of credit for a maximum of $7,000,000 (the “Loan Facility”). On February 3, 2011, the Company amended the Financing Agreement to create a sublimit within the revolving line of credit in the form of a $300,000 term loan for the benefit of GCC. The Financing Agreement was set to expire on March 31, 2015. Pursuant to the Modification Agreement, the Financing Agreement was modified to, among other things, (i) extend the term of the Financing Agreement until February 28, 2017; (ii) increase the maximum amount of the Loan Facility from $7,000,000 to $9,000,000; (iii) reduce the interest rate on the average unpaid balance of the line of credit from an interest rate equal to a per annum reference rate of 3.75% to an interest rate per annum equal to the Wall Street Journal Prime Rate; and (iv) require the Company to pay, upon the occurrence of certain termination events, a prepayment premium of 0.50% of the maximum amount of the credit facility in effect as of the date of the termination event.

Other than as described above, the Financing Agreement remains in full force and effect. Pursuant to the Modification Agreement, the Company is able to draw on the loan Facility up to an amount of 85% of eligible accounts receivable and 25% of eligible inventory consisting of green coffee beans and finished coffee not to exceed $1,000,000. The Loan Facility is secured by all tangible and intangible assets of the Company.

The Loan Facility contains covenants that place annual restrictions on our operations, including covenants related to debt restrictions, capital expenditures, minimum deposit restrictions, tangible net worth, net profit, leverage, employee loan restrictions, distribution restrictions (common stock and preferred stock), dividend restrictions, and restrictive transactions. The Loan Facility also requires that the Company maintain a minimum working capital at all times. The Company was in compliance with all required financial covenants at April 30, 2016 and October 31, 2015.

As of April 30, 2016 and October 31, 2015, the outstanding balance under the bank line of credit was $817,121 and $4,317,121, respectively.

Also on March 10, 2015, the Company, as guarantor, and OPTCO (the “Borrower”), as borrower, entered into a new loan facility agreement with Sterling. The new loan facility is a revolving line of credit for a maximum of $3,000,000 (the “New Loan Facility”). The New Loan Facility terminates on February 28, 2017. The Borrower is able to draw on the New Loan Facility at an amount up to 85% of eligible accounts receivable, not to exceed 25% of all accounts of the Borrower. The New Loan Facility is payable monthly in arrears on the average unpaid balance of the line of credit at an interest rate per annum equal to the Wall Street Journal Prime Rate (currently 3.25%). The New Loan Facility is secured by all tangible and intangible assets of the Company. In connection with the New Loan Facility, the Company entered into a security agreement with Sterling and provided Sterling with a guarantee of the Borrower’s obligations. As of April 30, 2016 and October 31, 2015, the outstanding balance under the New Loan Facility was $1,837,000 and $1,237,000, respectively.

COFFEE HOLDING CO., INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

APRIL 30, 2016 AND 2015

(Unaudited)

NOTE 9 - INCOME TAXES:

The Company accounts for income taxes pursuant to the asset and liability method which requires deferred income tax assets and liabilities to be computed for temporary differences between the financial statement and tax basis of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. The income tax provision or benefit is the tax incurred for the period plus or minus the change during the period in deferred tax assets and liabilities.

The Company adopted FASB authoritative guidance for accounting for uncertainty in income taxes. As of April 30, 2016 and October 31, 2015, the Company did not have any unrecognized tax benefits or open tax positions. The Company’s practice is to recognize interest and/or penalties related to income tax matters in income tax expense. As of April 30, 2016 and October 31, 2015, the Company had no accrued interest or penalties related to income taxes. The Company currently has no federal or state tax examinations in progress.

The Company files a U.S. federal income tax return and California, Colorado, New Jersey, New York, Kansas, Oregon, Rhode Island, South Carolina, Rhode Island, Virginia, Connecticut, Michigan and Texas state tax returns. The Company’s federal income tax return is no longer subject to examination by the federal taxing authority for the years before fiscal 2013. The Company’s California, Colorado and New Jersey income tax returns are no longer subject to examination by their respective taxing authorities for the years before fiscal 2009. The Company’s Oregon and New York income tax returns are no longer subject to examination by their respective taxing authorities for the years before fiscal 2010.

NOTE 10 - EARNINGS PER SHARE:

The Company presents “basic” and “diluted” earnings per common share pursuant to the provisions included in the authoritative guidance issued by FASB, “Earnings per Share,” and certain other financial accounting pronouncements. Basic earnings per common share were computed by dividing net income by the sum of the weighted-average number of common shares outstanding. Diluted earnings per common share is computed by dividing the net income by the weighted-average number of common shares outstanding plus the dilutive effect of common shares issuable upon exercise of potential sources of dilution.

The weighted average common shares outstanding used in the computation of basic and diluted earnings per share were 6,148,039 and 6,133,557 for the six and three months ended April 30, 2016, respectively, and 6,215,894 for the six and three months ended April 30, 2015.

COFFEE HOLDING CO., INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

APRIL 30, 2016 AND 2015

(Unaudited)

NOTE 11 - ECONOMIC DEPENDENCY:

Approximately 37% of the Company’s sales were derived from one customer during the six months ended April 30, 2016. This customer also accounted for approximately $5,118,000 of the Company’s accounts receivable balance at April 30, 2016. Approximately 61% of the Company’s sales were derived from one customer during the six months ended April 30, 2015. This customer also accounted for approximately $4,113,000 of the Company’s accounts receivable balance at October 31, 2015. Concentration of credit risk with respect to other trade receivables is limited due to the short payment terms generally extended by the Company, by ongoing credit evaluations of customers, and by maintaining an allowance for doubtful accounts that management believes will adequately provide for credit losses.

For the six months ended April 30, 2016, approximately 56% of the Company’s purchases were from four vendors. These vendors accounted for approximately $1,422,000 of the Company’s accounts payable at April 30, 2016. For the six months ended April 30, 2015, approximately 64% of the Company’s purchases were from four vendors. These vendors accounted for approximately $3,442,000 of the Company’s accounts payable at April 30, 2015. Management does not believe the loss of any one vendor would have a material adverse effect of the Company’s operations due to the availability of many alternate suppliers.

Approximately 37% of the Company’s sales were derived from one customer during the three months ended April 30, 2016. Approximately 55% of the Company’s sales were derived from one customer during the three months ended April 30, 2015.

For the three months ended April 30, 2016, approximately 59% of the Company’s purchases were from four vendors. For the three months ended April 30, 2015, approximately 65% of the Company’s purchases were from four vendors.

NOTE 12 - RELATED PARTY TRANSACTIONS:

The Company has engaged its 40% partner in GCC as an outside contractor (the “Partner”). Included in contract labor expense are expenses incurred from the Partner during the three and six months ended April 30, 2016 of $152,833 and $227,851, respectively, for the processing of finished goods.

An employee of one of the top four vendors is a director of the Company. Purchases from that vendor totaled approximately $5,556,000 and $2,023,000 for the six and three months ended April 30, 2016, respectively, and $14,900,000 and $5,100,000 for the six and three months ended April 30, 2015, respectively. The corresponding accounts payable balance to this vendor was approximately $319,000 and $586,000 at April 30, 2016 and October 31, 2015, respectively.

In January 2005, the Company established the “Coffee Holding Co., Inc. Non-Qualified Deferred Compensation Plan.” Currently, there is only one participant in the plan: Andrew Gordon, the Company’s Chief Executive Officer. Within the plan guidelines, this employee is deferring a portion of his current salary and bonus. The assets are held in a separate trust. The deferred compensation payable represents the liability due to an officer of the Company. The assets are included in the Deposits and other assets in the accompanying balance sheets. The deferred compensation asset and liability at April 30, 2016 and October 31, 2015 were $489,826 and $482,499, respectively.

COFFEE HOLDING CO., INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

APRIL 30, 2016 AND 2015

(Unaudited)

NOTE 13 - STOCKHOLDERS’ EQUITY:

Treasury Stock. The Company utilizes the cost method of accounting for treasury stock. The cost of reissued shares is determined under the last-in, first-out method. The Company purchased 94,088 shares for $386,319 during the three months ended April 30, 2016. The Company purchased 53,687 shares for $226,850 during the year ended October 31, 2015.

Share Repurchase Program. On January 24, 2014, the Company announced that the Board of Directors had approved a share repurchase program (the “2014 Share Repurchase Program”) pursuant to which the Company may repurchase up to $1 million of its outstanding shares of common stock from time to time on the open market and in privately negotiated transactions subject to market conditions, share price and other factors. The 2014 Share Repurchase Program may be discontinued or suspended at any time. As of April 30, 2016, pursuant to the terms of the 2014 Share Repurchase Program, the Company had repurchased 156,415 shares of outstanding common stock in an amount equal in value to $995,729. On September 29, 2015, the Company announced that the Board of Directors had approved a share repurchase program (the “2015 Share Repurchase Program”) pursuant to which the Company may repurchase up to $2 million of the outstanding common stock from time to time on the open market and in privately negotiated transactions subject to market conditions, share price and other factors. The timing and amount of any shares repurchased will be determined based on the Company’s evaluation of market conditions and other factors. The 2015 Share Repurchase Program may be discontinued or suspended at any time. Pursuant to the terms of the 2015 Share Repurchase Program, the Company purchased 94,088 shares during the three months ended April 30, 2016 for $386,319. Also pursuant to the terms of the 2015 Share Repurchase Program, the Company had repurchased 53,687 shares of outstanding common stock in an amount equal in value to $226,850 during the year ended October 31, 2015. The Company did not repurchase any shares of common stock during the three months ended January 31, 2016.

NOTE 14 - SUBSEQUENT EVENTS:

The Company evaluates events that have occurred after the balance sheet date but before the financial statements are issued. Based upon the evaluation, the Company did not identify any recognized or non-recognized subsequent events that would have required further adjustment or disclosure in the condensed consolidated financial statements.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Cautionary Note on Forward-Looking Statements

Some of the matters discussed under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operation” and elsewhere in this quarterly report include forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. We have based these forward-looking statements upon information available to management as of the date of this Form 10-Q and management’s expectations and projections about future events, including, among other things:

●

our dependency on a single commodity could affect our revenues and profitability;

●

our success in expanding our market presence in new geographic regions;

●

the effectiveness of our hedging policy may impact our profitability;

●

the success of our joint ventures;

●

our success in implementing our business strategy or introducing new products;

●

our ability to attract and retain customers;

●

our ability to obtain additional financing;

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the effects of competition from other coffee manufacturers and other beverage alternatives;

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the impact to the operations of our Colorado facility;

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general economic conditions and conditions which affect the market for coffee;

●

the macro global economic environment;

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our ability to maintain and develop our brand recognition;

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the impact of rapid or persistent fluctuations in the price of coffee beans;

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fluctuations in the supply of coffee beans;

●

the volatility of our common stock; and

●

other risks which we identify in future filings with the Securities and Exchange Commission (the “SEC”).

In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “could,” “predict,” “potential,” “continue,” “expect,” “anticipate,” “future,” “intend,” “plan,” “believe,” “estimate” and similar expressions (or the negative of such expressions). Any or all of our forward looking statements in this quarterly report and in any other public statements we make may turn out to be wrong. They can be affected by inaccurate assumptions we might make or by known or unknown risks and uncertainties. Consequently, no forward-looking statement can be guaranteed. In addition, we undertake no responsibility to update any forward-looking statement to reflect events or circumstances, that occur after the date of this quarterly report.

Overview

We are an integrated wholesale coffee roaster and dealer in the United States and one of the few coffee companies that offers a broad array of coffee products across the entire spectrum of consumer tastes, preferences and price points. As a result, we believe that we are well-positioned to increase our profitability and endure potential coffee price volatility throughout varying cycles of the coffee market and economic conditions.

Our operations have primarily focused on the following areas of the coffee industry:

●

the sale of wholesale specialty green coffee;

●

the roasting, blending, packaging and sale of private label coffee; and

●

the roasting, blending, packaging and sale of our seven proprietary brands of coffee.

Our operating results are affected by a number of factors including:

●

the level of marketing and pricing competition from existing or new competitors in the coffee industry;

●

our ability to retain existing customers and attract new customers;

●

our hedging policy;

●

fluctuations in purchase prices and supply of green coffee and in the selling prices of our products; and

●

our ability to manage inventory and fulfillment operations and maintain gross margins.

Our net sales are driven primarily by the success of our sales and marketing efforts and our ability to retain existing customers and attract new customers. For this reason, we have made, and will continue to evaluate, strategic decisions to invest in measures that are expected to increase net sales. These transactions include our acquisition of Premier Roasters, LLC, including equipment and a roasting facility in La Junta, Colorado, the addition of a west coast sales manager to increase sales of our private label and branded coffees to new customers, our joint venture with Caruso’s Coffee, Inc. of Brecksville, Ohio, the transaction with OPTCO and our licensing arrangement with DTS8 Coffee Company, Ltd. We believe these efforts will allow us to expand our business.

Our net sales are affected by the price of green coffee. We purchase our green coffee from dealers located primarily within the United States. The dealers supply us with coffee beans from many countries, including Colombia, Mexico, Kenya, Indonesia, Brazil and Uganda. The supply and price of coffee beans are subject to volatility and are influenced by numerous factors which are beyond our control. For example, in Brazil, which produces approximately 40% of the world’s green coffee, the coffee crops are historically susceptible to frost in June and July and drought in September, October and November. However, because we purchase coffee from a number of countries and are able to freely substitute one country’s coffee for another in our products, price fluctuations in one country generally have not had a material impact on the price we pay for coffee. Accordingly, price fluctuations in one country generally have not had a material effect on our results of operations, liquidity and capital resources. Historically, because we generally have been able to pass green coffee price increases through to customers, increased prices of green coffee generally result in increased net sales.

The supply and price of coffee beans are subject to volatility and are influenced by numerous factors which are beyond our control. Historically, we have used, and intend to continue to use in a limited capacity, short-term coffee futures and options contracts primarily for the purpose of partially hedging the effects of changing green coffee prices. In addition, we acquired, and expect to continue to acquire, futures contracts with longer terms, generally three to four months, primarily for the purpose of guaranteeing an adequate supply of green coffee. Realized and unrealized gains or losses on options and futures contracts are reflected in our cost of sales. Gains on options and futures contracts reduce our cost of sales and losses on options and futures contracts increase our cost of sales. The use of these derivative financial instruments has generally enabled us to mitigate the effect of changing prices. We believe that, in normal economic times, our hedging policies remain a vital element to our business model not only in controlling our cost of sales, but also giving us the flexibility to obtain the inventory necessary to continue to grow our sales while trying to minimize margin compression during a time of historically high coffee prices. However, no strategy can entirely eliminate pricing risks and we generally remain exposed to losses on futures contracts when prices decline significantly in a short period of time, and we would generally remain exposed to supply risk in the event of non-performance by the counterparties to any of our futures contracts. Although we have had net gains on options and futures contracts in the past, we have incurred significant losses on options and futures contracts during some recent reporting periods. In these cases, our cost of sales has increased, resulting in a decrease in our profitability or increase in our losses. Such losses have and could in the future materially increase our cost of sales and materially decrease our profitability and adversely affect our stock price. See “Item 3, Quantitative and Qualitative Disclosures About Market Risk. If our hedging policy is not effective, we may not be able to control our coffee costs, we may be forced to pay greater than market value for green coffee and our profitability may be reduced.” Failure to properly design and implement an effective hedging strategy may materially adversely affect our business and operating results. If the hedges that we enter do not adequately offset the risks of coffee bean price volatility or our hedges result in losses, our cost of sales may increase, resulting in a decrease in profitability or increased losses. As previously announced, as a result of the volatile nature of the commodities markets, we have and are continuing to scale back our use of hedging and short-term trading of coffee futures and options contracts, and intend to continue to use these practices in a limited capacity going forward.

Critical Accounting Policies and Estimates

The preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Estimates are used for, but not limited to, the accounting for the allowance for doubtful accounts, inventories, assets held for sale, income taxes, commodities held and loss contingencies. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from these estimates under different assumptions or conditions.

We believe the following critical accounting policies, among others, may be impacted significantly by judgment, assumptions and estimates used in the preparation of the financial statements:

●

We recognize revenue in accordance with the relevant authoritative guidance. Revenue is recognized at the point title and risk of ownership transfers to its customers which is upon the shippers taking possession of the goods because i) title passes in accordance with the terms of the purchase orders and with our agreements with our customers, ii) any risk of loss is covered by the customers’ insurance, iii) there is persuasive evidence of a sales arrangement, iv) the sales price is determinable and v) collection of the resulting receivable is reasonably assured. Thus, revenue is recognized at the point of shipment.

●

Our allowance for doubtful accounts is maintained to provide for losses arising from customers’ inability to make required payments. If there is deterioration of our customers’ credit worthiness and/or there is an increase in the length of time that the receivables are past due greater than the historical assumptions used, additional allowances may be required. For example, every additional one percent of our accounts receivable that becomes uncollectible, would decrease our operating income by approximately $113,000 for the quarter ended April 30, 2016. The reserve for sales discounts represents the estimated discount that customers will take upon payment. The reserve for other allowances represents the estimated amount of returns, slotting fees and volume based discounts estimated to be incurred by us from our customers.

●

Inventories are stated at lower of cost (determined on a first-in, first-out basis) or market. Based on our assumptions about future demand and market conditions, inventories are subject to be written-down to market value. If our assumptions about future demand change and/or actual market conditions are less favorable than those projected, additional write-downs of inventories may be required. Each additional one percent of potential inventory write-down would have decreased operating income by approximately $123,000 for the quarter ended April 30, 2016.

●

The commodities held at broker represent the market value of the Company’s trading account, which consists of option and futures contracts for coffee held with a brokerage firm. We use options and futures contracts, which are not designated or qualifying as hedging instruments, to partially hedge the effects of fluctuations in the price of green coffee beans. Options and futures contracts are recognized at fair value in the consolidated financial statements with current recognition of gains and losses on such positions. We classify options and futures contracts as trading securities and accordingly, unrealized holding gains and losses are included in earnings. We record realized and unrealized gains and losses in our cost of sales in the statement of operations/income.

●

We account for income taxes in accordance with the relevant authoritative guidance. Deferred tax assets and liabilities are computed for temporary differences between the financial statement and tax basis of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are reflected on the balance sheet when it is determined that it is more likely than not that the asset will be realized. Accordingly, our net deferred tax asset as of April 30, 2016 of $53,595 may require a valuation allowance if we do not generate taxable income.

●

Our goodwill consists of the cost in excess of the fair market value of the acquired net assets of OPTCO, which has been integrated into a structure that does not provide the basis for separate reporting units. Consequently, we are a single reporting unit for goodwill impairment testing purposes. We also have intangible assets consisting of our customer list and relationships and trademarks acquired from OPTCO. At April 30, 2016 our balance sheet reflected goodwill and intangible assets as set forth below:

	April 30, 2016
Customer list and relationships, net	$	105,000
Trademarks		180,000
Goodwill		440,000

	$	725,000

Goodwill and the trademarks which are deemed to have indefinite lives are subject to annual impairment tests. Goodwill impairment tests require the comparison of the fair value and carrying value of reporting units. We assess the potential impairment of goodwill and intangible assets annually and on an interim basis whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Upon completion of such review, if impairment is found to have occurred, a corresponding charge will be recorded. The value assigned to the customer list and relationships is being amortized over a twenty year period.

Because the Company is a single reporting unit, the closing NASDAQ Capital Market price of our common stock as of the acquisition date was used as a basis to measure the fair value of goodwill. Goodwill and the intangible assets will be tested annually at the end of each fiscal year to determine whether they have been impaired. Upon completion of each annual review, there can be no assurance that a material charge will not be recorded. Impairment testing is required more often than annually if an event or circumstance indicates that an impairment or decline in value may have occurred.

Three Months Ended April 30, 2016 Compared to the Three Months Ended April 30, 2015

Net Sales. Net sales totaled $21,406,939 for the three months ended April 30, 2016, a decrease of $8,856,115, or 29.3%, from $30,263,054 for the three months ended April 30, 2015. The decrease in net sales reflects lower coffee prices during the quarter and our reduced wholesale transactions with Keurig Green Mountain, Inc. (“GMCR”) of approximately $8,158,000.

Cost of Sales. Cost of sales for the three months ended April 30, 2016 was $18,097,486, or 84.5% of net sales, as compared to $31,340,321, or 103.6% of net sales, for the three months ended April 30, 2015. Cost of sales consists primarily of the cost of green coffee and packaging materials and realized and unrealized gains or losses on hedging activity. The decrease in cost of sales reflects lower commodity prices during the quarter and our reduced wholesale transactions with our largest wholesale green coffee customer.

Gross Profit. Gross profit for the three months ended April 30, 2016 was $3,309,453, an increase of $4,386,720 from $(1,077,267) for the three months ended April 30, 2015. Gross profit as a percentage of net sales increased to 15.5% for the three months ended April 30, 2016 from (3.6%) for the three months ended April 30, 2015. The increase in gross profits was due to improved margins on our wholesale and roasted business as well as a decrease in our losses quarter to quarter on our hedging operations.

Operating Expenses. Total operating expenses decreased by $116,991 to $1,953,339 for the three months ended April 30, 2016 from $2,070,330 for the three months ended April 30, 2015. The decrease was primarily the result of a decrease of $107,991to $1,789,489 in selling and administrative expenses for the three months ended April 30, 2016 from $1,897,480 for the three months ended April 30, 2015.

Other Income (Expense). Other expense for the three months ended April 30, 2016 was $22,470, a decrease of $37,500 from $59,970 for the three months ended April 30, 2015. The decrease in other expense was attributable to an increase in interest income of $6,058, a decrease in interest expense of $30,963 and a net decrease of $479 in our loss from our equity investments, during the three months ended April 30, 2016.

Income Taxes. Our provision for income taxes for the three months ended April 30, 2016 totaled $485,356 compared to a benefit of $(1,158,721) for the three months ended April 30, 2015. The change was attributable to the difference in the gain for the quarter ended April 30, 2016 versus the gain in the quarter ended April 30, 2015.

Net Income. We had net income of $830,801 or $0.14 per share basic and diluted, for the three months ended April 30, 2016 compared to a net loss of $(2,052,560), or $(0.33) per share basic and diluted for the three months ended April 30, 2015. The increase in net income was due primarily to the reasons described above.

Six Months Ended April 30, 2016 Compared to the Six Months Ended April 30, 2015

Net Sales. Net sales totaled $44,212,334 for the six months ended April 30, 2016, a decrease of $24,456,699, or 35.3%, from $68,669,033 for the six months ended April 30, 2015. The decrease in net sales reflects lower coffee prices during the six month period and our reduced wholesale transactions with Keurig Green Mountain, Inc. (“GMCR”) of approximately $28,331,000.

Cost of Sales. Cost of sales for the six months ended April 30, 2016 was $38,251,840, or 86.5% of net sales, as compared to $67,824,859, or 98.8% of net sales, for the six months ended April 30, 2015. Cost of sales consists primarily of the cost of green coffee and packaging materials and realized and unrealized gains or losses on hedging activity. The decrease in cost of sales reflects lower commodity prices during the six month period and our reduced wholesale transactions with our largest wholesale green coffee customer.

Gross Profit. Gross profit for the six months ended April 30, 2016 was $5,960,494, an increase of $5,116,310 from $844,174 for the six months ended April 30, 2015. Gross profit as a percentage of net sales increased to 13.5% for the six months ended April 30, 2016 from 1.2% for the six months ended April 30, 2015. The increase in gross profits was due to improved margins on our wholesale and roasted business as well as a decrease in our losses period to period on our hedging operations.

Operating Expenses. Total operating expenses decreased by $95,280 to $3,794,140 for the six months ended April 30, 2016 from $3,889,420 for the six months ended April 30, 2015. The decrease was primarily the result of a decrease of $97,395to $3,466,440 in selling and administrative expenses for the six months ended April 30, 2016 from $3,563,835 for the six months ended April 30, 2015.

Other Income (Expense). Other expense for the six months ended April 30, 2016 was $52,717, a decrease of $52,219 from $104,936 for the six months ended April 30, 2015. The decrease in other expense was attributable to an increase in interest income of $7,772, a decrease in interest expense of $45,139 partially offset by a decrease of $4,692 in our gain from our equity investments, during the six months ended April 30, 2016.

Income Taxes. Our provision for income taxes for the six months ended April 30, 2016 totaled $787,920 compared to a benefit of $(1,189,825) for the six months ended April 30, 2015. The change was attributable to the difference in the gain for the six months ended April 30, 2016 versus the gain in the six months ended April 30, 2015.

Net Income. We had net income of $1,270,370 or $0.21 per share basic and diluted, for the six months ended April 30, 2016 compared to a net loss of $(1,980,759), or $(0.32) per share basic and diluted for the six months ended April 30, 2015. The increase in net income was due primarily to the reasons described above.

Liquidity and Capital Resources

As of April 30, 2016, we had working capital of $22,731,927, which represented a $797,450 increase from our working capital of $21,934,477 as of October 31, 2015, and total stockholders’ equity of $24,965,844 which increased by $884,051 from our total stockholders’ equity of $24,081,793 as of October 31, 2015. Our working capital increased primarily due to increases of $349,772 in accounts receivable, $689,088 in due from broker and $17,193 in prepaid expenses and other current assets, decreases in accounts payable and accrued expenses of $749,973, and in our line of credit of $2,900,000, which were partially offset by decreases of $655,719 in cash, $1,529,369 in inventory, $276,013 in prepaid green coffee, $502,850 in prepaid income taxes, $944,125 in deferred income tax asset, and an increase of $500 in income taxes payable. As of April 30, 2016, the outstanding balance on our line of credit was $2,654,121 compared to $5,554,121 as of October 31, 2015. Total stockholders’ equity increased due to our net income and was reduced by our stock repurchases.

On March 10, 2015, we entered into a loan modification agreement (the “Modification Agreement”) with our lender Sterling National Bank (“Sterling”) which modified the terms of the financing agreement with Sterling previously entered into on February 17, 2009 (the “Financing Agreement”). Prior to the Modification Agreement, the Financing Agreement, as amended, provided for a credit facility in which we had a revolving line of credit for a maximum of $7,000,000 (the “Loan Facility”). On February 3, 2011, we amended the Financing Agreement to create a create a sublimit within the revolving line of credit in the form of a $300,000 term loan for the benefit of GCC. The Financing Agreement was set to expire on March 31, 2015. Pursuant to the Modification Agreement, the Financing Agreement was modified to, among other things, (i) extend the term of the Financing Agreement until February 28, 2017; (ii) increase the maximum amount of the Loan Facility from $7,000,000 to $9,000,000; (iii) reduce the interest rate on the average unpaid balance of the line of credit from an interest rate equal to a per annum reference rate of 3.75% to an interest rate per annum equal to the Wall Street Journal Prime Rate; and (iv) require us to pay, upon the occurrence of certain termination events, a prepayment premium of 0.50% of the maximum amount of the credit facility in effect as of the date of the termination event.

Other than as described above, the Financing Agreement remains in full force and effect. Pursuant to the Modification Agreement, we are able to draw on the loan Facility up to an amount of 85% of eligible accounts receivable and 25% of eligible inventory consisting of green coffee beans and finished coffee not to exceed $1,000,000. The Loan Facility is secured by all tangible and intangible assets of the Company.

The Loan Facility contains covenants that place annual restrictions on our operations, including covenants related to debt restrictions, capital expenditures, minimum deposit restrictions, tangible net worth, net profit, leverage, employee loan restrictions, distribution restrictions (common stock and preferred stock), dividend restrictions, and restrictive transactions. The Loan Facility also requires that we maintain a minimum working capital at all times. The Company was in compliance with all required financial covenants at April 30, 2016 and October 31, 2015.

As of April 30, 2016 and October 31, 2015, the outstanding balance under the bank line of credit was $817,121 and $4,317,121, respectively.

Also on March 10, 2015, we, as guarantor, and OPTCO (the “Borrower”), as borrower, entered into a new loan facility agreement with Sterling. The new loan facility is a revolving line of credit for a maximum of $3,000,000 (the “New Loan Facility”). The New Loan Facility terminates on February 28, 2017. The Borrower is able to draw on the New Loan Facility at an amount up to 85% of eligible accounts receivable, not to exceed 25% of all accounts of the Borrower. The New Loan Facility is payable monthly in arrears on the average unpaid balance of the line of credit at an interest rate per annum equal to the Wall Street Journal Prime Rate (currently 3.25%). The New Loan Facility is secured by all tangible and intangible assets of the Company. In connection with the New Loan Facility, the Company entered into a security agreement with Sterling and provided Sterling with a guarantee of the Borrower’s obligations.

As of April 30, 2016 and October 31, 2015, the outstanding balance under the New Loan Facility was $1,837,000 and $1,237,000, respectively.

For the six months ended April 30, 2016, our operating activities provided net cash of $3,000,821 as compared to the six months ended April 30, 2015 when operating activities used net cash of $3,019,469. The increased cash flow from operations for the six months ended April 30, 2016 was primarily due to our net income of $1,325,717, $872,750 of deferred income taxes, $1,529,369 of inventories and $502,850 of prepaid income taxes.

For the six months ended April 30, 2016, our investing activities used net cash of $270,221 as compared to the six months ended April 30, 2015 when net cash used by investing activities was $341,337. The decrease in our uses of cash in investing activities was due to our decreased outlays for equipment during the six months ended April 30, 2016.

For the six months ended April 30, 2016, our financing activities used net cash of $3,386,319 compared to net cash provided by financing activities of $3,192,578 for the six months ended April 30, 2015. The change in cash flow from financing activities for the six months ended April 30, 2016 was due to our decreased net borrowing.

We expect to fund our operations, including paying our liabilities, funding capital expenditures and making required payments on our indebtedness, through April 30, 2017 with cash provided by operating activities and the use of our credit facility. In addition, an increase in eligible accounts receivable and inventory would permit us to make additional borrowings under our line of credit.

Off-Balance Sheet Arrangements

We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Market risks relating to our operations result primarily from changes in interest rates and commodity prices as further described below.

Interest Rate Risks. We are subject to market risk from exposure to fluctuations in interest rates. As of April 30, 2016, our debt consisted of $2,654,121 of variable rate debt under our revolving line of credit. Our line of credit provides for a maximum of $9,000,000 and is payable monthly in arrears on the average unpaid balance of the line of credit at an interest rate equal to a per annum reference rate (currently 3.25%). This loan is secured by all tangible and intangible assets of the Company.

Commodity Price Risks. The supply and price of coffee beans are subject to volatility and are influenced by numerous factors which are beyond our control. Historically, we have used, and intend to continue to use in a limited capacity, short-term coffee futures and options contracts primarily for the purpose of partially hedging the effects of changing green coffee prices, as further explained in Note 7 of the Notes to the Condensed Consolidated Financial Statements in this Report. In addition, we acquired, and expect to continue to acquire, futures contracts with longer terms, generally three to four months, primarily for the purpose of guaranteeing an adequate supply of green coffee. Realized and unrealized gains or losses on options and futures contracts are reflected in our cost of sales. Gains on options and futures contracts reduce our cost of sales and losses on options and futures contracts increase our cost of sales. The use of these derivative financial instruments has generally enabled us to mitigate the effect of changing prices. We believe that, in normal economic times, our hedging policies remain a vital element to our business model not only in controlling our cost of sales, but also giving us the flexibility to obtain the inventory necessary to continue to grow our sales while trying to minimize margin compression during a time of historically high coffee prices. However, no strategy can entirely eliminate pricing risks and we generally remain exposed to losses on futures contracts when prices decline significantly in a short period of time, and we would generally remain exposed to supply risk in the event of non-performance by the counterparties to any of our futures contracts. Although we have had net gains on options and futures contracts in the past, we have incurred significant losses on options and futures contracts during some recent reporting periods. In these cases, our cost of sales has increased, resulting in a decrease in our profitability or increase our losses. Such losses have and could in the future materially increase our cost of sales and materially decrease our profitability and adversely affect our stock price. See “Item 1A – Risk Factors - If our hedging policy is not effective, we may not be able to control our coffee costs, we may be forced to pay greater than market value for green coffee and our profitability may be reduced” in our Annual Report on Form 10-K for the fiscal year ended October 31, 2015 filed with the SEC on January 26, 2016. Failure to properly design and implement an effective hedging strategy may materially adversely affect our business and operating results. If the hedges that we enter do not adequately offset the risks of coffee bean price volatility or our hedges result in losses, our cost of sales may increase, resulting in a decrease in profitability or increased losses. As previously announced, as a result of the volatile nature of the commodities markets, we have and are continuing to scale back our use of hedging and short-term trading of coffee futures and options contracts, and intend to continue to use these practices in a limited capacity going forward.

As of April 30, 2016, the Company held 50 futures contracts (generally with terms of three to four months) for the purchase of 1,875,000 pounds of green coffee at a weighted average price of $1.243 per pound. The fair market value of coffee applicable to such contracts was $1.215 per pound at that date. As of October 31, 2015, we held 38 futures contracts (generally with terms of three to four months) for the purchase of 1,425,000 pounds of green coffee at a weighted average price of $1.23 per pound. The fair market value of coffee applicable to such contracts was $1.21 per pound at that date. At October 31, 2015, we also held 20 options covering an aggregate of 750,000 pounds of green coffee beans at $1.25 per pound. The fair market value of these options, which was obtained from observable market data of similar instruments, was $42,750 at October 31, 2015.

ITEM 4. CONTROLS AND PROCEDURES

Management, which includes our President, Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this report. Based upon that evaluation, our President, Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures were effective to ensure that information required to be disclosed in the reports that we file and submit under the Exchange Act is (i) recorded, processed, summarized and reported as and when required and (ii) accumulated and communicated to our management, including our principal executive officer and financial officer to allow timely decisions regarding required disclosure.

There have been no changes in our internal control over financial reporting identified in connection with the evaluation that occurred during our last fiscal quarter that has materially affected, or that is reasonably likely to materially affect, our internal control over financial reporting.

PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

We are not a party to, and none of our property is the subject of, any pending legal proceedings other than routine litigation that is incidental to our business. To our knowledge, no governmental authority is contemplating initiating any such proceedings.

ITEM 1A. RISK FACTORS.

There were no material changes during the quarter ended April 30, 2016 to the Risk Factors disclosed in Item 1A “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended October 31, 2015 filed with the SEC on January 26, 2016.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

ISSUER PURCHASES OF EQUITY SECURITIES (1)

Period	(a) Total Number of Shares (or Unites) Purchased		(b) Average Price Paid per Share (or Unit)		(c) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs		(d) Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs (2)

February 1, 2016 to February 29, 2016		0		-		-		-
March 1, 2016 to March 31, 2016		43,989	$	3.95		43,989	$	1,599,529
April 1, 2016 to April 30, 2016		50,099	$	4.25		50,099	$	1,386,831
Total		94,088	$	4.11		94,088	$	1,386,831

(1)

On September 29, 2015, we announced that the Board of Directors had approved a share repurchase program (the “2015 Share Repurchase Program”) pursuant to which we may repurchase up to $2 million of our outstanding common stock from time to time on the open market and in privately negotiated transactions subject to market conditions, share price and other factors. The Share Repurchase Program may be discontinued or suspended at any time.

(2)

Dollar amount reflects the value of shares purchased previously pursuant to the 2015 Share Repurchase Program during the fiscal quarter ended October 31, 2015.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

None.

ITEM 4. MINE SAFETY DISCLOSURES.

None.

ITEM 5. OTHER INFORMATION.

None.

ITEM 6. EXHIBITS.

31.1		Principal Executive Officer and Principal Financial Officer's Certification furnished pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1		Principal Executive Officer and Principal Financial Officer's Certification furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	Coffee Holding Co., Inc.

Date: June 3, 2016	By:	/s/ Andrew Gordon
		Andrew Gordon President
		Chief Executive Officer and Chief Financial Officer (Principal Executive Officer, Principal Financial Officer, Chief Accounting Officer)

EX-31.1 2 jva_ex311.htm CERTIFICATION jva_ex311.htm

Exhibit 31.1

CERTIFICATION

I, Andrew Gordon, certify that:

1. I have reviewed this quarterly report on Form 10-Q for the period ended April 30, 2016 of Coffee Holding Co., Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: June 3, 2016	By:	/s/ Andrew Gordon
		Andrew Gordon
		President, Chief Executive Officer, Chief Financial Officer and Treasurer
		(Principal Executive Officer, Principal Financial Officer, Chief Accounting Officer)

EX-32.2 3 jva_ex321.htm CERTIFICATION jva_ex321.htm

Exhibit 32.1

STATEMENT FURNISHED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002, 18 U.S.C. SECTION 1350

The undersigned, Andrew Gordon, is the President, Chief Executive Officer and Chief Financial Officer of Coffee Holding Co., Inc. (the “Company”).

This statement is being furnished in connection with the filing by the Company of the Company’s Quarterly Report on Form 10-Q for the period ended April 30, 2016 (the “Report”). By execution of this statement, I certify that:

(A) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d));

and

(B) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods covered by the Report.

This statement is authorized to be attached as an exhibit to the Report so that this statement will accompany the Report at such time as the Report is filed with the Securities and Exchange Commission, pursuant to Section 906 of the Sarbanes- Oxley Act of 2002, 18 U.S.C. Section 1350. It is not intended that this statement be deemed to be filed for purposes of the Securities Exchange Act of 1934, as amended.

A signed original of this written statement required by Section 906 has been provided to Coffee Holding Co., Inc. and will be retained by Coffee Holding Co., Inc. and furnished to the Securities and Exchange Commission or its staff upon request.


Date: June 3, 2016	By:	/s/ Andrew Gordon
		Andrew Gordon
		President, Chief Executive Officer, Chief Financial Officer and Treasurer
		(Principal Executive Officer, Principal Financial Officer, Chief Accounting Officer)

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Coffee Holding Co., Inc. (the Company) conducts wholesale coffee operations, including manufacturing, roasting, packaging, marketing and distributing roasted and blended coffees for private labeled accounts and its own brands, and it sells green coffee.  The Companys core product, coffee, can be summarized and divided into three product categories (product lines) as follows:   Wholesale Green Coffee:  unroasted raw beans imported from around the world and sold to large and small roasters and coffee shop operators;   Private Label Coffee: coffee roasted, blended, packaged and sold under the specifications and names of others, including supermarkets that want to have their own brand name on coffee to compete with national brands; and   Branded Coffee: coffee roasted and blended to the Companys own specifications and packaged and sold under the Companys seven proprietary and licensed brand names in different segments of the market.   The Companys private label and branded coffee sales are primarily to customers that are located throughout the United States with limited sales in Canada and certain countries in Asia.  Such customers include supermarkets, wholesalers, and individually-owned and multi-unit retailers.  The Companys unprocessed green coffee, which includes over 90 specialty coffee offerings, is sold primarily to specialty gourmet roasters and to coffee shop operators in the United States with limited sales in Australia, Canada, England and China.   The Companys wholesale green, private label, and branded coffee product categories generate revenues and cost of sales individually but incur selling, general and administrative expenses in the aggregate. There are no individual product managers and discrete financial information is not available for any of the product lines. The Companys product portfolio is used in one business and it operates and competes in one business activity and economic environment. In addition, the three product lines share customers, manufacturing resources, sales channels, and marketing support. Thus, the Company considers the three product lines to be one single reporting segment.

The following (a) condensed consolidated balance sheet as of October 31, 2015, which has been derived from audited financial statements, and (b) the unaudited interim condensed financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the SEC).  Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles (U.S. GAAP) have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading.  It is suggested that these condensed consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Companys latest shareholders annual report on Form 10-K filed with the SEC on January 26, 2016 for the fiscal year ended October 31, 2015 (Form 10-K).   In the opinion of management, all adjustments (which include normal and recurring nature adjustments) necessary to present a fair statement of the Companys financial position as of April 30, 2016, and results of operations for the three and six months ended April 30, 2016 and the cash flows for the six months ended April 30, 2016 as applicable, have been made.   The results of operations for the three and six months ended April 30, 2016 are not necessarily indicative of the operating results for the full fiscal year or any future periods.   The condensed consolidated financial statements include the accounts of the Company, the Companys subsidiary, Organic Products Trading Company, LLC (OPTCO) and Generations Coffee Company, LLC (GCC), the entity formed as a result of the Companys joint venture with Carusos Coffee, Inc.  The Company owns a 60% equity interest in GCC.  All significant inter-company transactions and balances have been eliminated in consolidation.

In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, (ASU 2014-09) Revenue from Contracts with Customers, which requires an entity to recognize revenue representing the transfer of promised goods or services to customers in an amount that reflects the consideration which the company expects to receive in exchange for those goods or services.  ASU 2014-09 is intended to establish principles for reporting useful information to users of financial statements about the nature, amount, timing and uncertainty of revenues and cash flows arising from the entitys contracts with customers.  ASU 2014-09 will replace most existing revenue recognition guidance in GAAP when it becomes effective.  The original standard was effective for the Company on January 1, 2017, however, in April 2015, the FASB proposed a one-year deferral of this standard with a new effective date for the Company of January 1, 2018.  Early application is not permitted.  The Company is currently evaluating the effect that ASU 2014-09 will have on its condensed consolidated financial statements and related disclosures.   In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory, which applies to inventory that is measured using first-in, first-out (FIFO) or average cost.  Under the updated guidance, an entity should measure inventory that is within scope at the lower of cost and net realizable value, which is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation.  Subsequent measurement is unchanged for inventory that is measured using last-in, last-out (LIFO).  This ASU is effective for annual and interim periods beginning after December 15, 2016, and should be applied prospectively with early adoption permitted at the beginning of an interim or annual reporting period.  The Company is currently evaluating the impact of adopting this guidance.   The FASB issued ASU 2016-02, Leases (Topic 842). ASU 2016-01 requires that a lessee recognize the assets and liabilities that arise from operating leases. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. Public business entities should apply the amendments in ASU 2016-02 for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years (i.e., January 1, 2019, for a calendar year entity). Nonpublic business entities should apply the amendments for fiscal years beginning after December 15, 2019 (i.e., January 1, 2020, for a calendar year entity), and interim periods within fiscal years beginning after December 15, 2020. Early application is permitted for all public business entities and all nonpublic business entities upon issuance. The Company is currently evaluating the impact of adopting this guidance.   On March 17, 2016 the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-08 that amends the guidance for Principle versus Agent Considerations (Reporting Revenue Gross versus Net) in ASC 2014-09, Revenue from Contracts with Customers (Topic 606), issued in May 2014. The ASU clarifies that the principal or agent determination is based on whether the entity controls the goods or services before they are transferred to its customer. Public entities must apply ASU 2016-08 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Nonpublic entities will be required to adopt the amendments for annual reporting periods beginning after December 15, 2018, and interim periods within annual reporting periods beginning after December 15, 2019. Earlier application is permitted for both types of entities only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. Early adoption prior to that date is not permitted.  The Company is evaluating the effect that ASU 2016-08 will have on its results of operations, financial position or cash flows.

The balance represents advance payments made by OPTCO to several coffee growing cooperatives for the purchase of green coffee.  Interest is charged to the cooperatives for these advances.  Interest earned was $21,000 and $10,988 for the six months ended April 30, 2016 and 2015, respectively.  The prepaid coffee balance was $344,439 at April 30, 2016 and $620,452 at October 31, 2015. Trade accounts receivable are stated at the amount the Company expects to collect. The Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. Management considers the following factors when determining the collectability of specific customer accounts: customer credit-worthiness, past transaction history with the customer, current economic industry trends, and changes in customer payment terms. Past due balances over 60 days and other higher risk amounts are reviewed individually for collectability. If the financial condition of the Companys customers were to deteriorate, adversely affecting their ability to make payments, additional allowances would be required. Based on managements assessment, the Company provides for estimated uncollectible amounts through a charge to earnings and a credit to a valuation allowance. Balances that remain outstanding after the Company has used reasonable collection efforts are written off through a charge to the valuation allowance and a credit to accounts receivable.   The reserve for sales discounts represents the estimated discount that customers will take upon payment.  The reserve for other allowances represents the estimated amount of returns, slotting fees and volume based discounts estimated to be incurred by the Company from its customers.  The allowances are summarized as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">April 30,</td> <td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">October 31,</td> <td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2016</td> <td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2015</td> <td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 78%">Allowance for doubtful accounts</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 8%; text-align: right">65,000</td> <td nowrap="nowrap" style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 8%; text-align: right">65,000</td> <td nowrap="nowrap" style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Reserve for other allowances</td> <td> </td> <td> </td> <td style="text-align: right">35,000</td> <td nowrap="nowrap"> </td> <td> </td> <td> </td> <td style="text-align: right">35,000</td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt">Reserve for sales discounts</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">44,000</td> <td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">44,000</td> <td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 3pt">Totals</td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">144,000</td> <td nowrap="nowrap" style="padding-bottom: 3pt"> </td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">144,000</td> <td nowrap="nowrap" style="padding-bottom: 3pt"> </td></tr> </table>

Inventories at April 30, 2016 and October 31, 2015 consisted of the following:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">April 30, 2016</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">October 31, 2015</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 78%">Packed coffee</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 8%; text-align: right">1,815,454</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 8%; text-align: right">1,441,451</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Green coffee</td> <td> </td> <td> </td> <td style="text-align: right">9,766,891</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">11,730,006</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt">Packaging supplies</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">751,104</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">691,361</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 3pt">Totals</td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">12,333,449</td> <td style="padding-bottom: 3pt"> </td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">13,862,818</td> <td style="padding-bottom: 3pt"> </td></tr> </table>

The Company has used, and intends to continue to use in a limited capacity, short term coffee futures and options contracts primarily for the purpose of partially hedging and minimizing the effects of changing green coffee prices and to reduce our cost of sales. The commodities held at broker represent the market value of the Companys trading account, which consists of options and future contracts for coffee held with a brokerage firm.  The Company uses options and futures contracts, which are not designated or qualifying as hedging instruments, to partially hedge the effects of fluctuations in the price of green coffee beans.  Options and futures contracts are recognized at fair value in the condensed consolidated financial statements with current recognition of gains and losses on such positions.  The Company's accounting for options and futures contracts may increase earnings volatility in any particular period.   The Company has open position contracts held by the broker, which are summarized as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">April 30, 2016</td> <td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">October 31, 2015</td> <td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2"> </td> <td nowrap="nowrap"> </td> <td> </td> <td colspan="2"> </td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 78%">Option Contracts</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 8%; text-align: right">2,647</td> <td nowrap="nowrap" style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 8%; text-align: right"> (134,613</td> <td nowrap="nowrap" style="width: 1%">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Future Contracts</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">202,606</td> <td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(349,222</td> <td nowrap="nowrap" style="padding-bottom: 1.5pt">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt">Total Commodities</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">205,253</td> <td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(483,835</td> <td nowrap="nowrap" style="padding-bottom: 1.5pt">)</td></tr> </table>   The Company classifies its options and future contracts as trading securities and accordingly, unrealized holding gains and losses are included in earnings and not reflected as a net amount as a separate component of stockholders equity.   At April 30, 2016, the Company held 50 futures contracts (generally with terms of three to four months) for the purchase of 1,875,000 pounds of green coffee at a weighted average price of $1.243 per pound.  The fair market value of coffee applicable to such contracts was $1.215 per pound at that date.   At October 31, 2015, the Company held 38 futures contracts (generally with terms of three to four months) for the purchase of 1,425,000 pounds of green coffee at a weighted average price of $1.23 per pound.  The fair market value of coffee applicable to such contracts was $1.21 per pound at that date. At October 31, 2015, the Company held 20 options covering an aggregate of 750,000 pounds of green coffee beans at $1.25 per pound.  The fair market value of these options, which was obtained from observable market data of similar instruments was $42,750.   The Company recorded realized and unrealized gains and losses respectively, on these contracts as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="text-align: center">Three Months Ended April 30,</td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2016</td> <td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2015</td> <td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 78%">Gross realized gains</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 8%; text-align: right">445,314</td> <td nowrap="nowrap" style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 8%; text-align: right">52,670</td> <td nowrap="nowrap" style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Gross realized losses</td> <td> </td> <td> </td> <td style="text-align: right">(368,745</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td style="text-align: right">(5,259,865</td> <td nowrap="nowrap">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt">Unrealized gain (losses)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">687,536</td> <td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">1,851,504</td> <td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 3pt">Total</td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">764,105</td> <td nowrap="nowrap" style="padding-bottom: 3pt"> </td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(3,355,691</td> <td nowrap="nowrap" style="padding-bottom: 3pt">)</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="text-align: center">Six Months Ended April 30,</td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2016</td> <td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2015</td> <td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 78%">Gross realized gains</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 8%; text-align: right">565,912</td> <td nowrap="nowrap" style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 8%; text-align: right">698,267</td> <td nowrap="nowrap" style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Gross realized losses</td> <td> </td> <td> </td> <td style="text-align: right">(901,128</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td style="text-align: right">(6,240,545</td> <td nowrap="nowrap">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt">Unrealized gains</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">689,088</td> <td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">489,695</td> <td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 3pt">Total</td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">353,872</td> <td nowrap="nowrap" style="padding-bottom: 3pt"> </td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(5,052,583</td> <td nowrap="nowrap" style="padding-bottom: 3pt">)</td></tr> </table>

On March 10, 2015, the Company entered into a loan modification agreement (the Modification Agreement) with its lender Sterling National Bank (Sterling) which modified the terms of the financing agreement with Sterling previously entered into on February 17, 2009 (the Financing Agreement). Prior to the Modification Agreement, the Financing Agreement, as amended, provided for a credit facility in which the Company had a revolving line of credit for a maximum of $7,000,000 (the Loan Facility). On February 3, 2011, the Company amended the Financing Agreement to create a sublimit within the revolving line of credit in the form of a $300,000 term loan for the benefit of GCC. The Financing Agreement was set to expire on March 31, 2015. Pursuant to the Modification Agreement, the Financing Agreement was modified to, among other things, (i) extend the term of the Financing Agreement until February 28, 2017; (ii) increase the maximum amount of the Loan Facility from $7,000,000 to $9,000,000; (iii) reduce the interest rate on the average unpaid balance of the line of credit from an interest rate equal to a per annum reference rate of 3.75% to an interest rate per annum equal to the Wall Street Journal Prime Rate; and (iv) require the Company to pay, upon the occurrence of certain termination events, a prepayment premium of 0.50% of the maximum amount of the credit facility in effect as of the date of the termination event.   Other than as described above, the Financing Agreement remains in full force and effect. Pursuant to the Modification Agreement, the Company is able to draw on the loan Facility up to an amount of 85% of eligible accounts receivable and 25% of eligible inventory consisting of green coffee beans and finished coffee not to exceed $1,000,000. The Loan Facility is secured by all tangible and intangible assets of the Company.   The Loan Facility contains covenants that place annual restrictions on our operations, including covenants related to debt restrictions, capital expenditures, minimum deposit restrictions, tangible net worth, net profit, leverage, employee loan restrictions, distribution restrictions (common stock and preferred stock), dividend restrictions, and restrictive transactions. The Loan Facility also requires that the Company maintain a minimum working capital at all times. The Company was in compliance with all required financial covenants at April 30, 2016 and October 31, 2015.   As of April 30, 2016 and October 31, 2015, the outstanding balance under the bank line of credit was $817,121 and $4,317,121, respectively.     Also on March 10, 2015, the Company, as guarantor, and OPTCO (the Borrower), as borrower, entered into a new loan facility agreement with Sterling. The new loan facility is a revolving line of credit for a maximum of $3,000,000 (the New Loan Facility). The New Loan Facility terminates on February 28, 2017. The Borrower is able to draw on the New Loan Facility at an amount up to 85% of eligible accounts receivable, not to exceed 25% of all accounts of the Borrower. The New Loan Facility is payable monthly in arrears on the average unpaid balance of the line of credit at an interest rate per annum equal to the Wall Street Journal Prime Rate (currently 3.25%). The New Loan Facility is secured by all tangible and intangible assets of the Company. In connection with the New Loan Facility, the Company entered into a security agreement with Sterling and provided Sterling with a guarantee of the Borrowers obligations. As of April 30, 2016 and October 31, 2015, the outstanding balance under the New Loan Facility was $1,837,000 and $1,237,000, respectively.

The Company accounts for income taxes pursuant to the asset and liability method which requires deferred income tax assets and liabilities to be computed for temporary differences between the financial statement and tax basis of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income.  Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized.  The income tax provision or benefit is the tax incurred for the period plus or minus the change during the period in deferred tax assets and liabilities.   The Company adopted FASB authoritative guidance for accounting for uncertainty in income taxes.  As of April 30, 2016 and October 31, 2015, the Company did not have any unrecognized tax benefits or open tax positions.  The Companys practice is to recognize interest and/or penalties related to income tax matters in income tax expense.  As of April 30, 2016 and October 31, 2015, the Company had no accrued interest or penalties related to income taxes.  The Company currently has no federal or state tax examinations in progress.   The Company files a U.S. federal income tax return and California, Colorado, New Jersey, New York, Kansas, Oregon, Rhode Island, South Carolina, Rhode Island, Virginia, Connecticut, Michigan and Texas state tax returns.  The Companys federal income tax return is no longer subject to examination by the federal taxing authority for the years before fiscal 2013.  The Companys California, Colorado and New Jersey income tax returns are no longer subject to examination by their respective taxing authorities for the years before fiscal 2009.  The Companys Oregon and New York income tax returns are no longer subject to examination by their respective taxing authorities for the years before fiscal 2010.

The Company presents basic and diluted earnings per common share pursuant to the provisions included in the authoritative guidance issued by FASB, Earnings per Share, and certain other financial accounting pronouncements.  Basic earnings per common share were computed by dividing net income by the sum of the weighted-average number of common shares outstanding.   Diluted earnings per common share is computed by dividing the net income by the weighted-average number of common shares outstanding plus the dilutive effect of common shares issuable upon exercise of potential sources of dilution.   The weighted average common shares outstanding used in the computation of basic and diluted earnings per share were 6,148,039 and 6,133,557 for the six and three months ended April 30, 2016, respectively, and 6,215,894 for the six and three months ended April 30, 2015.

Approximately 37% of the Companys sales were derived from one customer during the six months ended April 30, 2016.  This customer also accounted for approximately $5,118,000 of the Companys accounts receivable balance at April 30, 2016.  Approximately 61% of the Companys sales were derived from one customer during the six months ended April 30, 2015.  This customer also accounted for approximately $4,113,000 of the Companys accounts receivable balance at October 31, 2015.  Concentration of credit risk with respect to other trade receivables is limited due to the short payment terms generally extended by the Company, by ongoing credit evaluations of customers, and by maintaining an allowance for doubtful accounts that management believes will adequately provide for credit losses.   For the six months ended April 30, 2016, approximately 56% of the Companys purchases were from four vendors.  These vendors accounted for approximately $1,422,000 of the Companys accounts payable at April 30, 2016.  For the six months ended April 30, 2015, approximately 64% of the Companys purchases were from four vendors.  These vendors accounted for approximately $3,442,000 of the Companys accounts payable at April 30, 2015. Management does not believe the loss of any one vendor would have a material adverse effect of the Companys operations due to the availability of many alternate suppliers.   Approximately 37% of the Companys sales were derived from one customer during the three months ended April 30, 2016.  Approximately 55% of the Companys sales were derived from one customer during the three months ended April 30, 2015.   For the three months ended April 30, 2016, approximately 59% of the Companys purchases were from four vendors.  For the three months ended April 30, 2015, approximately 65% of the Companys purchases were from four vendors.

The Company has engaged its 40% partner in GCC as an outside contractor (the Partner).  Included in contract labor expense are expenses incurred from the Partner during the three and six months ended April 30, 2016 of $152,833 and $227,851, respectively, for the processing of finished goods.   An employee of one of the top four vendors is a director of the Company.  Purchases from that vendor totaled approximately $5,556,000 and $2,023,000 for the six and three months ended April 30, 2016, respectively, and $14,900,000 and $5,100,000 for the six and three months ended April 30, 2015, respectively.  The corresponding accounts payable balance to this vendor was approximately $319,000 and $586,000 at April 30, 2016 and October 31, 2015, respectively.   In January 2005, the Company established the Coffee Holding Co., Inc. Non-Qualified Deferred Compensation Plan.  Currently, there is only one participant in the plan: Andrew Gordon, the Companys Chief Executive Officer.  Within the plan guidelines, this employee is deferring a portion of his current salary and bonus.  The assets are held in a separate trust.  The deferred compensation payable represents the liability due to an officer of the Company.  The assets are included in the Deposits and other assets in the accompanying balance sheets.  The deferred compensation asset and liability at April 30, 2016 and October 31, 2015 were $489,826 and $482,499, respectively.

<table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 96px; font: 12pt Times New Roman, Times, Serif; text-align: right">a.  </td> <td style="font: 12pt Times New Roman, Times, Serif">Treasury Stock.  The Company utilizes the cost method of accounting for treasury stock.  The cost of reissued shares is determined under the last-in, first-out method.  The Company purchased 94,088 shares for $386,319 during the three months ended April 30, 2016.  The Company purchased 53,687 shares for $226,850 during the year ended October 31, 2015.</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 96px; font: 12pt Times New Roman, Times, Serif; text-align: right">b.  </td> <td style="font: 12pt Times New Roman, Times, Serif"> Share Repurchase Program. On January 24, 2014, the Company announced that the Board of Directors had approved a share repurchase program (the 2014 Share Repurchase Program) pursuant to which the Company may repurchase up to $1 million of its outstanding shares of common stock from time to time on the open market and in privately negotiated transactions subject to market conditions, share price and other factors.  The 2014 Share Repurchase Program may be discontinued or suspended at any time.  As of April 30, 2016, pursuant to the terms of the 2014 Share Repurchase Program, the Company had repurchased 156,415 shares of outstanding common stock in an amount equal in value to $995,729. On September 29, 2015, the Company announced that the Board of Directors had approved a share repurchase program (the 2015 Share Repurchase Program) pursuant to which the Company may repurchase up to $2 million of the outstanding common stock from time to time on the open market and in privately negotiated transactions subject to market conditions, share price and other factors. The timing and amount of any shares repurchased will be determined based on the Companys evaluation of market conditions and other factors. The 2015 Share Repurchase Program may be discontinued or suspended at any time. Pursuant to the terms of the 2015 Share Repurchase Program, the Company purchased 94,088 shares during the three months ended April 30, 2016 for $386,319.  Also pursuant to the terms of the 2015 Share Repurchase Program, the Company had repurchased 53,687 shares of outstanding common stock in an amount equal in value to $226,850 during the year ended October 31, 2015. The Company did not repurchase any shares of common stock during the three months ended January 31, 2016.</td></tr> </table>

The Company evaluates events that have occurred after the balance sheet date but before the financial statements are issued. Based upon the evaluation, the Company did not identify any recognized or non-recognized subsequent events that would have required further adjustment or disclosure in the condensed consolidated financial statements.

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">April 30,</td> <td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">October 31,</td> <td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2016</td> <td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2015</td> <td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 78%">Allowance for doubtful accounts</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 8%; text-align: right">65,000</td> <td nowrap="nowrap" style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 8%; text-align: right">65,000</td> <td nowrap="nowrap" style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Reserve for other allowances</td> <td> </td> <td> </td> <td style="text-align: right">35,000</td> <td nowrap="nowrap"> </td> <td> </td> <td> </td> <td style="text-align: right">35,000</td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt">Reserve for sales discounts</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">44,000</td> <td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">44,000</td> <td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 3pt">Totals</td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">144,000</td> <td nowrap="nowrap" style="padding-bottom: 3pt"> </td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">144,000</td> <td nowrap="nowrap" style="padding-bottom: 3pt"> </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">April 30, 2016</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">October 31, 2015</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 78%">Packed coffee</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 8%; text-align: right">1,815,454</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 8%; text-align: right">1,441,451</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Green coffee</td> <td> </td> <td> </td> <td style="text-align: right">9,766,891</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">11,730,006</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt">Packaging supplies</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">751,104</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">691,361</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 3pt">Totals</td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">12,333,449</td> <td style="padding-bottom: 3pt"> </td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">13,862,818</td> <td style="padding-bottom: 3pt"> </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="text-align: center">Three Months Ended April 30,</td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2016</td> <td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2015</td> <td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 78%">Gross realized gains</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 8%; text-align: right">445,314</td> <td nowrap="nowrap" style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 8%; text-align: right">52,670</td> <td nowrap="nowrap" style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Gross realized losses</td> <td> </td> <td> </td> <td style="text-align: right">(368,745</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td style="text-align: right">(5,259,865</td> <td nowrap="nowrap">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt">Unrealized gain (losses)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">687,536</td> <td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">1,851,504</td> <td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 3pt">Total</td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">764,105</td> <td nowrap="nowrap" style="padding-bottom: 3pt"> </td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(3,355,691</td> <td nowrap="nowrap" style="padding-bottom: 3pt">)</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="text-align: center">Six Months Ended April 30,</td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2016</td> <td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2015</td> <td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 78%">Gross realized gains</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 8%; text-align: right">565,912</td> <td nowrap="nowrap" style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 8%; text-align: right">698,267</td> <td nowrap="nowrap" style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Gross realized losses</td> <td> </td> <td> </td> <td style="text-align: right">(901,128</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td style="text-align: right">(6,240,545</td> <td nowrap="nowrap">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt">Unrealized gains</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">689,088</td> <td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">489,695</td> <td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 3pt">Total</td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">353,872</td> <td nowrap="nowrap" style="padding-bottom: 3pt"> </td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(5,052,583</td> <td nowrap="nowrap" style="padding-bottom: 3pt">)</td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">April 30, 2016</td> <td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">October 31, 2015</td> <td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2"> </td> <td nowrap="nowrap"> </td> <td> </td> <td colspan="2"> </td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 78%">Option Contracts</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 8%; text-align: right">2,647</td> <td nowrap="nowrap" style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 8%; text-align: right"> (134,613</td> <td nowrap="nowrap" style="width: 1%">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Future Contracts</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">202,606</td> <td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(349,222</td> <td nowrap="nowrap" style="padding-bottom: 1.5pt">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt">Total Commodities</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">205,253</td> <td nowrap="nowrap" style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(483,835</td> <td nowrap="nowrap" style="padding-bottom: 1.5pt">)</td></tr> </table>

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698267

445314

52670

-901128

-6240545

-368745

-5259865

689088

489695

687536

1851504

353972

-5052583

764105

-3355691

227851

152833

5556000

14900000

2023000

5100000

586000

319000

205253

15833

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RELATED PARTY TRANSACTIONS (Details Narrative) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 6 jva-20160430_cal.xml EX-101.DEF 7 jva-20160430_def.xml EX-101.LAB 8 jva-20160430_lab.xml FairValueInputsLevel1Member Fair Value, Hierarchy [Axis] FairValueInputsLevel2Member FairValueInputsLevel3Member Packed Coffee Balance Sheet Location [Axis] Green Coffee Document And Entity Information Entity Registrant Name Entity Central Index Key Document Type Document Period End Date Amendment Flag Current Fiscal Year End Date Is Entity a Well-known Seasoned Issuer? Is Entity a Voluntary Filer? Is Entity's Reporting Status Current? Entity Filer Category Entity Public Float Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Consolidated Balance Sheets CURRENT ASSETS: Cash Accounts receivable, net of allowances of $144,000 for 2016 and 2015 Inventories Prepaid green coffee Prepaid expenses and other current assets Prepaid income taxes Refund receivable Due from broker Deferred income tax asset TOTAL CURRENT ASSETS Machinery and equipment, at cost, net of accumulated depreciation of $4,516,493 and $4,241,256 for 2016 and 2015, respectively Customer list and relationships, net of accumulated amortization of $45,000 and $41,250 for 2016 and 2015, respectively Trademarks Goodwill Equity method investments Deposits and other assets TOTAL ASSETS LIABILITIES AND STOCKHOLDERS EQUITY CURRENT LIABILITIES: Accounts payable and accrued expenses Line of credit Due to broker Income taxes payable TOTAL CURRENT LIABILITIES Deferred income tax liabilities Deferred rent payable Deferred compensation payable TOTAL LIABILITIES STOCKHOLDERS EQUITY: Preferred stock, par value $.001 per share; 10,000,000 shares authorized; no shares issued and outstanding Common stock, par value $.001 per share; 30,000,000 shares authorized, 6,456,316 shares issued; 6,068,119 and 6,162,207 shares outstanding at April 30, 2016 and October 31, 2015, respectively Additional paid-in capital Retained earnings Less: Treasury stock, 388,197 and 294,109 common shares, at cost for six months ended April 30, 2016 and 2015, respectively Total Coffee Holding Co., Inc. Stockholders Equity Noncontrolling interest TOTAL EQUITY TOTAL LIABILITIES AND STOCKHOLDERS EQUITY Consolidated Balance Sheets Parenthetical ASSETS: Allowances for doubtful accounts Accumulated Depreciation Customer list and relationships, accumulated amortization Preferred stock, par value Preferred stock shares authorized Preferred stock shares issued Preferred stock shares outstanding Common stock, par value Common stock shares authorized Common stock shares issued Common stock shares outstanding Treasury Stock, Shares Consolidated Statements Of Income NET SALES COST OF SALES (including $5.6 and $14.9 million of related party costs for the six months ended April 30, 2016 and 2015, respectively. Including $2.0 and $5.1 million for the three months ended April 30, 2016 and 2015, respectively.) GROSS PROFIT OPERATING EXPENSES: Selling and administrative Officers' salaries TOTAL INCOME (LOSS) FROM OPERATIONS OTHER INCOME (EXPENSE): Interest income (Loss) gain from equity method investments Interest expense TOTAL INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES AND NON-CONTROLLING INTEREST IN SUBSIDIARY Provision (Benefit) for income taxes NET INCOME (LOSS) BEFORE NON-CONTROLLING INTEREST IN SUBSIDIARY Less: Net (income) attributable to the non-controlling interest in subsidiary NET INCOME (LOSS) ATTRIBUTABLE TO COFFEE HOLDING CO., INC. Basic and diluted earnings (loss) per share Weighted average common shares outstanding: Basic and diluted Consolidated Statements Of Income Parenthetical Related party costs Statement of Cash Flows [Abstract] OPERATING ACTIVITIES: Net income (loss) Adjustments to reconcile net income to net cash provided (used in) by operating activities: Depreciation and amortization Unrealized gain on commodities Loss (Gain) on equity method investments Deferred rent Deferred income taxes Changes in operating assets and liabilities: Accounts receivable Inventories Prepaid expenses and other current assets Prepaid green coffee Prepaid and refundable income taxes Refund receivable Deposits and other assets Accounts payable and accrued expenses Income taxes payable Net cash provided by (used in) operating activities INVESTING ACTIVITIES: Purchases of machinery and equipment Net cash used in investing activities FINANCING ACTIVITIES: Advances under bank line of credit Principal payments under bank line of credit Purchase of treasury stock Payment of dividend Net cash (used in) provided by financing activities NET DECREASE IN CASH CASH, BEGINNING OF PERIOD CASH, END OF PERIOD SUPPLEMENTAL DISCLOSURE OF CASH FLOW DATA: Interest paid Income taxes paid Organization, Consolidation and Presentation of Financial Statements [Abstract] 1. BUSINESS ACTIVITIES 2. BASIS OF PRESENTATION Accounting Changes and Error Corrections [Abstract] 3. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS AFFECTING THE COMPANY Notes to Financial Statements 4. PREPAID GREEN COFFEE 5. ACCOUNTS RECEIVABLE Inventory Disclosure [Abstract] 6. INVENTORIES 7. COMMODITIES HELD BY BROKER Debt Disclosure [Abstract] 8. LINE OF CREDIT Income Tax Disclosure [Abstract] 9. INCOME TAXES Earnings Per Share [Abstract] 10. EARNINGS PER SHARE Risks and Uncertainties [Abstract] 11. ECONOMIC DEPENDENCY Related Party Transactions [Abstract] 12. RELATED PARTY TRANSACTIONS Equity [Abstract] 13. STOCKHOLDERS' EQUITY Subsequent Events [Abstract] 14. SUBSEQUENT EVENTS Accounts Receivable Tables Schedule of Accounts Receivable Schedule of inventories Commodities Held By Broker Tables Schedule of Commodities held by Broker Schedule of realized and unrealized gains and losses Prepaid Green Coffee Details Narrative Accounts Receivable Details Allowance for doubtful accounts Reserve for other allowances Reserve for sales discounts Totals Statement [Table] Statement [Line Items] Inventory - Coffee Packaging supplies Totals Commodities Held By Broker Details Option Contracts Future Contracts Total Commodities Commodities Held By Broker Details 1 Gross realized gains Gross realized losses Unrealized gains (losses) Total Line Of Credit Details Narrative Bank line of credit Related Party Transactions Details Narrative Contract labor expense from partner Purchases from top vendor Top vendor accounts payable Deferred compensation asset and liability Assets, Current EX-101.PRE 9 jva-20160430_pre.xml XML 10 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Apr. 30, 2016	Jun. 04, 2016
Document And Entity Information
Entity Registrant Name	COFFEE HOLDING CO INC
Entity Central Index Key	0001007019
Document Type	10-Q
Document Period End Date	Apr. 30, 2016
Amendment Flag	false
Current Fiscal Year End Date	--10-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		6,068,119
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2016

XML 11 R2.htm IDEA: XBRL DOCUMENT

CONSOLIDATED BALANCE SHEETS - USD ($)	Apr. 30, 2016	Oct. 31, 2015
CURRENT ASSETS:
Cash	$ 3,198,097	$ 3,853,816
Accounts receivable, net of allowances of $144,000 for 2016 and 2015	11,318,009	10,968,237
Inventories	12,333,449	13,862,818
Prepaid green coffee	344,439	620,452
Prepaid expenses and other current assets	273,395	256,202
Prepaid income taxes	931,727	1,434,577
Due from broker	205,253	0
Deferred income tax asset	53,595	997,720
TOTAL CURRENT ASSETS	28,657,964	31,993,822
Machinery and equipment, at cost, net of accumulated depreciation of $4,516,493 and $4,241,256 for 2016 and 2015, respectively	1,839,981	1,845,000
Customer list and relationships, net of accumulated amortization of $45,000 and $41,250 for 2016 and 2015, respectively	105,000	108,750
Trademarks	180,000	180,000
Goodwill	440,000	440,000
Equity method investments	96,327	96,571
Deposits and other assets	601,993	610,499
TOTAL ASSETS	31,921,265	35,274,642
CURRENT LIABILITIES:
Accounts payable and accrued expenses	3,271,416	4,021,389
Line of credit	2,654,121	5,554,121
Due to broker	0	483,835
Income taxes payable	500	0
TOTAL CURRENT LIABILITIES	5,926,037	10,059,345
Deferred income tax liabilities	20,995	92,370
Deferred rent payable	226,636	222,055
Deferred compensation payable	489,826	482,499
TOTAL LIABILITIES	6,663,494	10,856,269
STOCKHOLDERS EQUITY:
Preferred stock, par value $.001 per share; 10,000,000 shares authorized; no shares issued and outstanding	0	0
Common stock, par value $.001 per share; 30,000,000 shares authorized, 6,456,316 shares issued; 6,068,119 and 6,162,207 shares outstanding at April 30, 2016 and October 31, 2015, respectively	6,456	6,456
Additional paid-in capital	15,904,109	15,904,109
Retained earnings	10,936,310	9,665,940
Less: Treasury stock, 388,197 and 294,109 common shares, at cost for six months ended April 30, 2016 and 2015, respectively	(1,881,031)	(1,494,712)
Total Coffee Holding Co., Inc. Stockholders Equity	24,965,844	24,081,793
Noncontrolling interest	291,927	336,580
TOTAL EQUITY	25,257,771	24,418,373
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY	$ 31,921,265	$ 35,274,642

XML 12 R3.htm IDEA: XBRL DOCUMENT

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Apr. 30, 2016	Oct. 31, 2015
ASSETS:
Allowances for doubtful accounts	$ 144,000	$ 144,000
Accumulated Depreciation	4,516,493	4,241,256
Customer list and relationships, accumulated amortization	$ 45,000	$ 41,250
STOCKHOLDERS EQUITY:
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock shares authorized	10,000,000	10,000,000
Preferred stock shares issued	0	0
Preferred stock shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock shares authorized	30,000,000	30,000,000
Common stock shares issued	6,456,316	6,456,316
Common stock shares outstanding	6,068,119	6,162,207
Treasury Stock, Shares	388,197	294,109

XML 13 R4.htm IDEA: XBRL DOCUMENT

CONSOLIDATED STATEMENTS OF INCOME - USD ($)	3 Months Ended		6 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($)	Apr. 30, 2016	Apr. 30, 2015	Apr. 30, 2016	Apr. 30, 2015
Consolidated Statements Of Income
NET SALES	$ 21,406,939	$ 30,263,054	$ 44,212,334	$ 68,669,033
COST OF SALES (including $5.6 and $14.9 million of related party costs for the six months ended April 30, 2016 and 2015, respectively. Including $2.0 and $5.1 million for the three months ended April 30, 2016 and 2015, respectively.)	18,097,486	31,340,321	38,251,840	67,824,859
GROSS PROFIT	3,309,453	(1,077,267)	5,960,494	844,174
OPERATING EXPENSES:
Selling and administrative	1,789,489	1,897,480	3,466,440	3,563,835
Officers' salaries	163,850	172,850	327,700	325,585
TOTAL	1,953,339	2,070,330	3,794,140	3,889,420
INCOME (LOSS) FROM OPERATIONS	1,356,114	(3,147,597)	2,166,354	(3,045,246)
OTHER INCOME (EXPENSE):
Interest income	10,988	4,930	21,000	13,228
(Loss) gain from equity method investments	212	(267)	(244)	448
Interest expense	(33,670)	(64,633)	(73,473)	(118,612)
TOTAL	(22,470)	(59,970)	(52,717)	(104,936)
INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES AND NON-CONTROLLING INTEREST IN SUBSIDIARY	1,333,644	(3,207,567)	2,113,637	(3,150,182)
Provision (Benefit) for income taxes	485,356	(1,158,721)	787,920	(1,189,825)
NET INCOME (LOSS) BEFORE NON-CONTROLLING INTEREST IN SUBSIDIARY	848,288	(2,048,846)	1,325,717	(1,960,357)
Less: Net (income) attributable to the non-controlling interest in subsidiary	(17,487)	(3,714)	(55,347)	(20,402)
NET INCOME (LOSS) ATTRIBUTABLE TO COFFEE HOLDING CO., INC.	$ 830,801	$ (2,052,560)	$ 1,270,370	$ (1,980,759)
Basic and diluted earnings (loss) per share	$ 0.14	$ (.33)	$ 0.21	$ (.32)
Weighted average common shares outstanding:
Basic and diluted	6,133,557	6,215,894	6,148,039	6,215,894

XML 14 R5.htm IDEA: XBRL DOCUMENT

CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) - USD ($)	3 Months Ended		6 Months Ended
	Apr. 30, 2016	Apr. 30, 2015	Apr. 30, 2016	Apr. 30, 2015
Consolidated Statements Of Income
Related party costs	$ 2,000,000	$ 5,100,000	$ 5,600,000	$ 14,900,000

XML 15 R6.htm IDEA: XBRL DOCUMENT

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Apr. 30, 2016	Apr. 30, 2015
OPERATING ACTIVITIES:
Net income (loss)	$ 1,325,717	$ (1,960,357)
Adjustments to reconcile net income to net cash provided (used in) by operating activities:
Depreciation and amortization	278,987	274,022
Unrealized gain on commodities	(689,088)	(489,696)
Loss (Gain) on equity method investments	244	(448)
Deferred rent	4,581	6,206
Deferred income taxes	872,750	(1,143,650)
Changes in operating assets and liabilities:
Accounts receivable	(349,772)	2,263,522
Inventories	1,529,369	2,536,227
Prepaid expenses and other current assets	(17,193)	82,747
Prepaid green coffee	276,013	346,043
Prepaid and refundable income taxes	502,850	(1,387,393)
Deposits and other assets	15,833	0
Accounts payable and accrued expenses	(749,970)	(3,215,641)
Income taxes payable	500	(331,051)
Net cash provided by (used in) operating activities	3,000,821	(3,019,469)
INVESTING ACTIVITIES:
Purchases of machinery and equipment	(270,221)	(341,337)
Net cash used in investing activities	(270,221)	(341,337)
FINANCING ACTIVITIES:
Advances under bank line of credit	600,000	9,272,578
Principal payments under bank line of credit	(3,500,000)	(6,000,000)
Purchase of treasury stock	(386,319)	0
Payment of dividend	(100,000)	(80,000)
Net cash (used in) provided by financing activities	(3,386,319)	3,192,578
NET DECREASE IN CASH	(655,719)	(168,228)
CASH, BEGINNING OF PERIOD	3,853,816	3,782,639
CASH, END OF PERIOD	3,198,097	3,614,411
SUPPLEMENTAL DISCLOSURE OF CASH FLOW DATA:
Interest paid	81,276	112,585
Income taxes paid	$ 25,008	$ 1,641,197

XML 16 R7.htm IDEA: XBRL DOCUMENT

1. BUSINESS ACTIVITIES

6 Months Ended

Apr. 30, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

1. BUSINESS ACTIVITIES

Wholesale Green Coffee: unroasted raw beans imported from around the world and sold to large and small roasters and coffee shop operators;

Private Label Coffee: coffee roasted, blended, packaged and sold under the specifications and names of others, including supermarkets that want to have their own brand name on coffee to compete with national brands; and

Branded Coffee: coffee roasted and blended to the Company’s own specifications and packaged and sold under the Company’s seven proprietary and licensed brand names in different segments of the market.

XML 17 R8.htm IDEA: XBRL DOCUMENT

2. BASIS OF PRESENTATION

6 Months Ended

Apr. 30, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

2. BASIS OF PRESENTATION

The results of operations for the three and six months ended April 30, 2016 are not necessarily indicative of the operating results for the full fiscal year or any future periods.

XML 18 R9.htm IDEA: XBRL DOCUMENT

3. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS AFFECTING THE COMPANY

6 Months Ended

Apr. 30, 2016

Accounting Changes and Error Corrections [Abstract]

3. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS AFFECTING THE COMPANY

- Definition

The entire disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6507316

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Direct Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6510796

Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Indirect Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6515603

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Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Retrospective Application
-URI http://asc.fasb.org/extlink&oid=6523989

Reference 10: http://www.xbrl.org/2003/role/presentationRef
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+ Details

XML 19 R10.htm IDEA: XBRL DOCUMENT

4. PREPAID GREEN COFFEE	6 Months Ended
4. PREPAID GREEN COFFEE	Apr. 30, 2016
Notes to Financial Statements
4. PREPAID GREEN COFFEE	The balance represents advance payments made by OPTCO to several coffee growing cooperatives for the purchase of green coffee. Interest is charged to the cooperatives for these advances. Interest earned was $21,000 and $10,988 for the six months ended April 30, 2016 and 2015, respectively. The prepaid coffee balance was $344,439 at April 30, 2016 and $620,452 at October 31, 2015.

XML 20 R11.htm IDEA: XBRL DOCUMENT

5. ACCOUNTS RECEIVABLE

6 Months Ended

Apr. 30, 2016

Notes to Financial Statements

5. ACCOUNTS RECEIVABLE

	April 30,		October 31,
	2016		2015
Allowance for doubtful accounts	$	65,000	$	65,000
Reserve for other allowances		35,000		35,000
Reserve for sales discounts		44,000		44,000
Totals	$	144,000	$	144,000

XML 21 R12.htm IDEA: XBRL DOCUMENT

6. INVENTORIES

6 Months Ended

Apr. 30, 2016

Inventory Disclosure [Abstract]

6. INVENTORIES

Inventories at April 30, 2016 and October 31, 2015 consisted of the following:

	April 30, 2016		October 31, 2015
Packed coffee	$	1,815,454	$	1,441,451
Green coffee		9,766,891		11,730,006
Packaging supplies		751,104		691,361
Totals	$	12,333,449	$	13,862,818

XML 22 R13.htm IDEA: XBRL DOCUMENT

7. COMMODITIES HELD BY BROKER

6 Months Ended

Apr. 30, 2016

Notes to Financial Statements

7. COMMODITIES HELD BY BROKER

The Company has open position contracts held by the broker, which are summarized as follows:

	April 30, 2016		October 31, 2015

Option Contracts		2,647		(134,613	)
Future Contracts		202,606		(349,222	)
Total Commodities		205,253		(483,835	)

The Company recorded realized and unrealized gains and losses respectively, on these contracts as follows:

	Three Months Ended April 30,
	2016			2015
Gross realized gains	$	445,314		$	52,670
Gross realized losses		(368,745	)		(5,259,865	)
Unrealized gain (losses)		687,536			1,851,504
Total	$	764,105		$	(3,355,691	)

	Six Months Ended April 30,
	2016			2015
Gross realized gains	$	565,912		$	698,267
Gross realized losses		(901,128	)		(6,240,545	)
Unrealized gains		689,088			489,695
Total	$	353,872		$	(5,052,583	)

XML 23 R14.htm IDEA: XBRL DOCUMENT

8. LINE OF CREDIT

6 Months Ended

Apr. 30, 2016

Debt Disclosure [Abstract]

8. LINE OF CREDIT

As of April 30, 2016 and October 31, 2015, the outstanding balance under the bank line of credit was $817,121 and $4,317,121, respectively.

XML 24 R15.htm IDEA: XBRL DOCUMENT

9. INCOME TAXES

6 Months Ended

Apr. 30, 2016

Income Tax Disclosure [Abstract]

9. INCOME TAXES

XML 25 R16.htm IDEA: XBRL DOCUMENT

10. EARNINGS PER SHARE

6 Months Ended

Apr. 30, 2016

Earnings Per Share [Abstract]

10. EARNINGS PER SHARE

XML 26 R17.htm IDEA: XBRL DOCUMENT

11. ECONOMIC DEPENDENCY

6 Months Ended

Apr. 30, 2016

Risks and Uncertainties [Abstract]

11. ECONOMIC DEPENDENCY

XML 27 R18.htm IDEA: XBRL DOCUMENT

12. RELATED PARTY TRANSACTIONS

6 Months Ended

Apr. 30, 2016

12. RELATED PARTY TRANSACTIONS

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References + Details

XML 28 R19.htm IDEA: XBRL DOCUMENT

13. STOCKHOLDERS' EQUITY

6 Months Ended

Apr. 30, 2016

Equity [Abstract]

13. STOCKHOLDERS' EQUITY

Treasury Stock. The Company utilizes the cost method of accounting for treasury stock. The cost of reissued shares is determined under the last-in, first-out method. The Company purchased 94,088 shares for $386,319 during the three months ended April 30, 2016. The Company purchased 53,687 shares for $226,850 during the year ended October 31, 2015.

Share Repurchase Program. On January 24, 2014, the Company announced that the Board of Directors had approved a share repurchase program (the “2014 Share Repurchase Program”) pursuant to which the Company may repurchase up to $1 million of its outstanding shares of common stock from time to time on the open market and in privately negotiated transactions subject to market conditions, share price and other factors. The 2014 Share Repurchase Program may be discontinued or suspended at any time. As of April 30, 2016, pursuant to the terms of the 2014 Share Repurchase Program, the Company had repurchased 156,415 shares of outstanding common stock in an amount equal in value to $995,729. On September 29, 2015, the Company announced that the Board of Directors had approved a share repurchase program (the “2015 Share Repurchase Program”) pursuant to which the Company may repurchase up to $2 million of the outstanding common stock from time to time on the open market and in privately negotiated transactions subject to market conditions, share price and other factors. The timing and amount of any shares repurchased will be determined based on the Company’s evaluation of market conditions and other factors. The 2015 Share Repurchase Program may be discontinued or suspended at any time. Pursuant to the terms of the 2015 Share Repurchase Program, the Company purchased 94,088 shares during the three months ended April 30, 2016 for $386,319. Also pursuant to the terms of the 2015 Share Repurchase Program, the Company had repurchased 53,687 shares of outstanding common stock in an amount equal in value to $226,850 during the year ended October 31, 2015. The Company did not repurchase any shares of common stock during the three months ended January 31, 2016.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6521494

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-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
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+ Details

XML 29 R20.htm IDEA: XBRL DOCUMENT

14. SUBSEQUENT EVENTS	6 Months Ended
14. SUBSEQUENT EVENTS	Apr. 30, 2016
Subsequent Events [Abstract]
14. SUBSEQUENT EVENTS	The Company evaluates events that have occurred after the balance sheet date but before the financial statements are issued. Based upon the evaluation, the Company did not identify any recognized or non-recognized subsequent events that would have required further adjustment or disclosure in the condensed consolidated financial statements.

XML 30 R21.htm IDEA: XBRL DOCUMENT

5. ACCOUNTS RECEIVABLE (Tables)

6 Months Ended

Apr. 30, 2016

Accounts Receivable Tables

Schedule of Accounts Receivable

	April 30,		October 31,
	2016		2015
Allowance for doubtful accounts	$	65,000	$	65,000
Reserve for other allowances		35,000		35,000
Reserve for sales discounts		44,000		44,000
Totals	$	144,000	$	144,000

XML 31 R22.htm IDEA: XBRL DOCUMENT

6. INVENTORIES (Tables)

6 Months Ended

Apr. 30, 2016

Inventory Disclosure [Abstract]

Schedule of inventories

	April 30, 2016		October 31, 2015
Packed coffee	$	1,815,454	$	1,441,451
Green coffee		9,766,891		11,730,006
Packaging supplies		751,104		691,361
Totals	$	12,333,449	$	13,862,818

XML 32 R23.htm IDEA: XBRL DOCUMENT

7. COMMODITIES HELD BY BROKER (Tables)

6 Months Ended

Apr. 30, 2016

Commodities Held By Broker Tables

Schedule of Commodities held by Broker

	April 30, 2016		October 31, 2015

Option Contracts		2,647		(134,613	)
Future Contracts		202,606		(349,222	)
Total Commodities		205,253		(483,835	)

Schedule of realized and unrealized gains and losses

	Three Months Ended April 30,
	2016			2015
Gross realized gains	$	445,314		$	52,670
Gross realized losses		(368,745	)		(5,259,865	)
Unrealized gain (losses)		687,536			1,851,504
Total	$	764,105		$	(3,355,691	)

	Six Months Ended April 30,
	2016			2015
Gross realized gains	$	565,912		$	698,267
Gross realized losses		(901,128	)		(6,240,545	)
Unrealized gains		689,088			489,695
Total	$	353,872		$	(5,052,583	)

XML 33 R24.htm IDEA: XBRL DOCUMENT

4. PREPAID GREEN COFFEE (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
4. PREPAID GREEN COFFEE (Details Narrative) - USD ($)	Apr. 30, 2016	Apr. 30, 2015	Apr. 30, 2016	Apr. 30, 2015	Oct. 31, 2015
Prepaid Green Coffee Details Narrative
Interest income	$ 10,988	$ 4,930	$ 21,000	$ 13,228
Prepaid green coffee	$ 344,439		$ 344,439		$ 620,452

XML 34 R25.htm IDEA: XBRL DOCUMENT

5. ACCOUNTS RECEIVABLE (Details) - USD ($)	Apr. 30, 2016	Oct. 31, 2015
Accounts Receivable Details
Allowance for doubtful accounts	$ 65,000	$ 65,000
Reserve for other allowances	35,000	35,000
Reserve for sales discounts	44,000	44,000
Totals	$ 144,000	$ 144,000

XML 35 R26.htm IDEA: XBRL DOCUMENT

6. INVENTORIES (Details) - USD ($)	Apr. 30, 2016	Oct. 31, 2015
Packaging supplies	$ 751,104	$ 691,361
Totals	12,333,449	13,862,818
Packed Coffee
Inventory - Coffee	1,815,454	1,441,451
Green Coffee
Inventory - Coffee	$ 9,766,891	$ 11,730,006

XML 36 R27.htm IDEA: XBRL DOCUMENT

7. COMMODITIES HELD BY BROKER (Details) - USD ($)	Apr. 30, 2016	Oct. 31, 2015
Commodities Held By Broker Details
Option Contracts	$ 2,647	$ (134,613)
Future Contracts	202,606	(349,222)
Total Commodities	$ 205,253	$ (438,835)

XML 37 R28.htm IDEA: XBRL DOCUMENT

7. COMMODITIES HELD BY BROKER (Details 1) - USD ($)	3 Months Ended		6 Months Ended
7. COMMODITIES HELD BY BROKER (Details 1) - USD ($)	Apr. 30, 2016	Apr. 30, 2015	Apr. 30, 2016	Apr. 30, 2015
Commodities Held By Broker Details 1
Gross realized gains	$ 445,314	$ 52,670	$ 565,912	$ 698,267
Gross realized losses	(368,745)	(5,259,865)	(901,128)	(6,240,545)
Unrealized gains (losses)	687,536	1,851,504	689,088	489,695
Total	$ 764,105	$ (3,355,691)	$ 353,972	$ (5,052,583)

- Definition

This item represents the net total realized and unrealized gain (loss) included in earnings for the period as a result of selling or holding marketable securities categorized as trading, available-for-sale, or held-to-maturity, including the unrealized holding gain (loss) of held-to-maturity securities transferred to the trading security category and the cumulative unrealized gain (loss) which was included in other comprehensive income (a separate component of shareholders' equity) for available-for-sale securities transferred to trading securities during the period. Additionally, this item would include any gains (losses) realized during the period from the sale of investments accounted for under the cost method of accounting and losses recognized for other than temporary impairments (OTTI) of the subject investments.

+ References + Details

XML 38 R29.htm IDEA: XBRL DOCUMENT

8. LINE OF CREDIT (Details Narrative) - USD ($)	Apr. 30, 2016	Oct. 31, 2015
Line Of Credit Details Narrative
Bank line of credit	$ 2,654,121	$ 5,554,121

- Definition

The carrying value as of the balance sheet date of the current portion of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

XML 39 R30.htm IDEA: XBRL DOCUMENT

12. RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Apr. 30, 2016	Apr. 30, 2015	Apr. 30, 2016	Apr. 30, 2015	Oct. 31, 2015
Related Party Transactions Details Narrative
Contract labor expense from partner	$ 152,833		$ 227,851
Purchases from top vendor	2,023,000	$ 5,100,000	5,556,000	$ 14,900,000
Top vendor accounts payable	319,000		319,000		$ 586,000
Deferred compensation asset and liability	$ 489,826		$ 489,826		$ 482,499

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