INCOME TAXES (Tables)

12 Months Ended

Oct. 31, 2021

Income Tax Disclosure [Abstract]

SCHEDULE OF PROVISION FOR INCOME TAX

The Company’s provision/(benefit) for income taxes in 2021 and 2020 consisted of the following:

	2021			2020
Current
Federal	$	427,210		$	187,140
State and local		90,771			62,499
		517,981			249,639
Deferred
Federal		(50,451	)		(229,355	)
State and local		(127,350	)		(61,997	)
		(177,801	)		(291,352	)
Income tax expense/(benefit)	$	340,180		$	(41,713	)

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:

	2021			2020
Provision for (Benefit) from tax at the federal statutory rate	$	253,650		$	(79,329	)
Other permanent differences		19,736			52,537
State and local tax, net of federal		66,794			(14,921	)
Provision for (benefit from) income taxes	$	340,180		$	(41,713	)
Effective income tax rate		28	%		11	%

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, 2021 and 2020 are as follows:

	2021		2020
Deferred tax assets:
Accounts receivable	$	34,203	$	36,468
Unrealized loss		-		140,136
Deferred rent		20,652		36,810
Deferred compensation		74,075		70,035
Net operating loss		57,576		70,275
Stock-based compensation		499,841		340,715
Inventory		77,579		87,736
Total deferred tax asset	$	763,926	$	782,175
Deferred tax liabilities:
Intangible assets acquired		346,892		484,932
Unrealized gain		111,068
Buildings, machinery and equipment		228,572	$	397,650
Total deferred tax liabilities	$	686,532	$	882,582
Net deferred tax assets (liabilities)	$	77,394	$	(100,407	)