Income Taxes (Tables)

12 Months Ended

Oct. 31, 2018

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Tax

The Company’s provision for income taxes in 2018 and 2017 consisted of the following:

	2018		2017
Current
Federal	$	219,233	$	392,354
State and local		140,534		35,717
		359,767		428,071
Deferred
Federal		98,400		(199,550	)
State and local		53,365		15,575
		151,765		(183,975	)
Income tax expense	$	511,532	$	244,096

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:

	2018			2017
Tax at the federal statutory rate	$	693,239		$	241,862
Other permanent differences		(59,473	)		(21,289	)
Effect of tax rate change		(224,283	)
State and local tax, net of federal		102,049			23,523
Provision for income taxes	$	511,532		$	244,096
Effective income tax rate		25	%		25	%

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, 2018 and 2017 are as follows:

	2018		2017
Deferred tax assets:
Accounts receivable	$	39,561	$	57,904
Unrealized loss		6,057		138,963
Deferred rent		66,524
Deferred compensation		146,356
Net operating loss		96,950
Inventory		84,877		142,881
Total deferred tax asset	$	440,325	$	339,748
Deferred tax liability:
Intangible assets acquired		484,932		387,982
Deferred compensation				(196,443	)
Deferred rent				(96,659	)
Fixed assets		397,090	$	534,800
Total deferred tax liabilities	$	882,022	$	629,680