Business Acquisition

9 Months Ended

Jul. 31, 2019

Business Combinations [Abstract]

Business Acquisition

NOTE 4 – BUSINESS ACQUISITION:

Steep & Brew, Inc. Acquisition

Pursuant to the terms of an Asset Purchase Agreement dated April 24, 2018 (the “Generations Agreement”), by and among Generations Coffee Company, LLC (“GCC”), the entity formed as a result of the Company’s joint venture with Caruso’s Coffee, Inc., Steep & Brew, Inc. (“the Seller”) a Wisconsin corporation and the stockholder of the Seller. GCC purchased substantially all the assets, including equipment, inventory, customer list and relationships (the “Assets”) of the Seller. This was accounted for as a business combination.

Pro Forma Results of Operations (unaudited)

The following pro forma results of operations for the nine months ended July 31, 2018 have been prepared as though the business acquisition had occurred as of November 1, 2017. There is no proforma information included here for the three and nine months ended July 31, 2019 because the Steep & Brew, Inc. numbers are included in the actual July 31, 2019 results. This pro forma financial information is not indicative of the results of operations that the Company would have attained had the acquisition occurred at the beginning of the periods presented, nor is the pro forma financial information indicative of the results of operations that may occur in the future:

	Nine Months Ended July 31, 2018
Pro forma sales	$	72,962,356
Pro forma net income		839,087
Pro forma basic and diluted earnings per share		.15