RELATED PARTY TRANSACTIONS

6 Months Ended

Apr. 30, 2022

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

NOTE 10 - RELATED PARTY TRANSACTIONS:

The Company has engaged its 40% partner in GCC as an outside contractor (the “Partner”). Included in contract labor expense are expenses incurred from the Partner during the three and six months ended April 30, 2022 and 2021 of $94,037 and $152,471 and $74,693 and $162,725, respectively, for the processing of finished goods.

An employee of one of the top five vendors was a director of the Company. Purchases from that vendor totaled approximately $1,159,000 and $734,000 for the three and six months ended April 30, 2022 and 2021 respectively. The corresponding accounts payable balance to this vendor was approximately $4,000 and $199,000 at April 30, 2022 and 2021, respectively.

In January 2005, the Company established the “Coffee Holding Co., Inc. Non-Qualified Deferred Compensation Plan.” Currently, there is only one participant in the plan: the Company’s Chief Executive Officer. Within the plan guidelines, this employee is deferring a portion of his current salary and bonus. The assets are held in a separate trust. The deferred compensation payable represents the liability due to the Chief Executive Officer of the Company. The assets were $302,412 and $311,872 at April 30, 2022 and October 31, 2021, respectively, and are included in the Deposits and other assets in the accompanying balance sheets. The deferred compensation liability at April 30, 2022 and October 31, 2021 were $302,412 and $311,872, respectively.