Related Party Transactions

3 Months Ended

Jan. 31, 2017

Related Party Transactions [Abstract]

Related Party Transactions

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 months ended January 31, 2017 and 2016 of $111,062 and $75,018, 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 $835,000 and $3,533,000 for the three months ended January 31, 2017 and 2016, respectively. The corresponding accounts payable balance to this vendor was approximately $0 and $1,110,000 at January 31, 2017 and 2016, 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 January 31, 2017 and October 31, 2016 were $499,563 and $489,668, respectively.