Income Taxes (Tables)

12 Months Ended

Oct. 31, 2017

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Tax

The Company’s provision for income taxes in 2017 and 2016 consisted of the following:

	2017			2016
Current
Federal	$	392,354		$	219,562
State and local		35,717			155,083
		428,071			374,645
Deferred
Federal		(199,550	)		941,150
State and local		15,575			50,125
		(183,975	)		991,275
Income tax (benefit) expense	$	244,096		$	1,365,920

Schedule of Effective Income Tax Rate

A reconciliation of the difference between the expected income tax rate using the statutory U.S. federal tax rate and the Company’s effective tax rate is as follows:

	2017			2016
Tax at the federal statutory rate of 34%	$	241,862		$	1,263,427
Other permanent differences		(21,289	)		(32,944	)
State and local tax, net of federal		23,523			135,437
Provision for income taxes	$	244,096		$	1,365,920
Effective income tax rate		34	%		37	%

Schedule of Deferred Tax Assets and Liabilities

The tax effects of the temporary differences that give rise to the deferred tax assets and liabilities as of October 31, 2017 and 2016 are as follows:

	2017		2016
Current deferred tax assets:
Accounts receivable	$	57,904	$	67,034
Unrealized loss		138,963
Inventory		142,881		64,384
Total current deferred tax asset	$	339,748	$	131,418
Non-current deferred tax assets:
Deferred rent		96,659		107,635
Deferred compensation		196,443		227,947
Total non-current deferred tax asset	$	293,102	$	335,582
Total deferred tax asset	$	632,850	$	467,000
Current deferred tax liability:
Unrealized gain	$		$	49,873
Non-current deferred tax liability:
Intangible assets acquired		387,982
Fixed assets		534,800	$	503,052
Total deferred tax liabilities	$	922,782	$	552,925