Related Party Transactions

9 Months Ended

Jul. 31, 2024

Related Party Transactions [Abstract]

Related Party Transactions

Note 10 – Related Party Transactions

The Company has engaged its 40% former partner in Generation Coffee Company LLC as an outside contractor (the “Partner”). Included in contract labor expense are expenses incurred by the Partner for the nine months ended July 31, 2023 of $56,851 for the processing of finished goods. There were no expenses incurred by the Partner in the three and nine months ended July 31, 2024 or the three months ended July 31, 2023.

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 $126,979 and $120,523 at July 31, 2024 and October 31, 2023, respectively, and are included in Deposits and other assets in the accompanying balance sheets. The deferred compensation liability at July 31, 2024 and October 31, 2023 was $126,979 and $120,523, respectively.