BUILDING, MACHINERY AND EQUIPMENT

12 Months Ended

Oct. 31, 2021

Property, Plant and Equipment [Abstract]

BUILDING, MACHINERY AND EQUIPMENT

NOTE 4 – BUILDING, MACHINERY AND EQUIPMENT:

Building machinery and equipment at October 31, 2021 and 2020 consisted of the following:

	Estimated Useful Life	2021		2020
Improvements	15-30 years	$	233,766	$	233,766
Building	31 years		900,321		-
Machinery and equipment	7 years		8,441,382		8,492,395
Furniture and fixtures	7 years		1,082,022		1,082,022
			10,657,491		9,808,183

Less, accumulated depreciation		7,994,863		7,610,864
	$	2,662,628	$	2,197,319

COFFEE HOLDING CO., INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

OCTOBER 31, 2021 AND 2020

NOTE 4 – BUILDING, MACHINERY AND EQUIPMENT (cont’d):

Depreciation expense totaled $600,357 and $678,951 for the years ended October 31, 2021 and 2020, respectively. In October 2021 the Company sold $651,175 of machinery and equipment with a carrying value of $434,817 at disposal for $113,166 of proceeds and recognized a loss on disposal of $321,651 recorded as a component of operating expenses for the year ended October 31, 2021.