XML 16 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED BALANCE SHEETS (USD $)
Apr. 30, 2012
Oct. 31, 2011
CURRENT ASSETS:    
CASH AND CASH EQUIVALENTS $ 191,152 $ 35,514
RESTRICTED CASH - TRANSIT INSURANCE 83,711 35,484
ACCOUNTS RECEIVABLE 214,634 120,300
STOCKYARDS INVENTORY 8,274 20,749
PREPAID EXPENSES 49,691 13,948
TOTAL CURRENT ASSETS 547,462 225,995
NON-CURRENT ASSETS:    
PROPERTY ON OPERATING LEASES, NET OF ACCUMULATED DEPRECIATION OF $505,699 AND $494,599 AT APRIL 30, 2012 AND OCTOBER 31, 2011, RESPECTIVELY 1,181,908 1,668,008
PROPERTY USED IN STOCKYARD OPERATIONS, NET OF ACCUMULATED DEPRECIATION OF $221,857 AND $212,257 AT APRIL 30, 2012 AND OCTOBER 31, 2011, RESPECTIVELY 1,062,667 1,072,267
PROPERTY HELD FOR DEVELOPMENT OR RESALE 52,250 52,250
OTHER ASSETS:    
RESTRICTED CASH - LETTER OF CREDIT 155,000 140,000
ART INVENTORY 10,000 10,000
TOTAL OTHER ASSETS 165,000 150,000
TOTAL ASSETS 3,009,287 3,168,520
CURRENT LIABILITIES:    
ACCOUNTS PAYABLE AND ACCRUED EXPENSES 134,634 160,370
LINE OF CREDIT - ORDER BUYING 164,050 106,395
TRANSIT INSURANCE 83,711 35,484
TOTAL CURRENT LIABILITIES 382,395 302,249
NON-CURRENT LIABILITIES:    
LONG-TERM DEBT, RELATED PARTY 564,000 847,000
LONG-TERM PENSION LIABILITY 630,761 812,820
SALARIES AND INTEREST PAYABLE - OFFICERS 480,600 458,700
REAL ESTATE TAXES PAYABLE 56,867 56,200
TOTAL NON-CURRENT LIABILITIES 1,732,228 2,174,720
COMMITMENTS AND CONTINGENCIES 0 0
STOCKHOLDERS' EQUITY:    
PREFERRED STOCK, $0.01 PAR VALUE: 10,000,000 SHARES AUTHORIZED; 9,102,655 SHARES ISSUED AND OUTSTANDING AT APRIL 30, 2012 AND OCTOBER 31, 2011, RESPECTIVELY AND AGGREGATE LIQUIDATION PREFERENCE OF $10 PER SHARE FOR $ 91,026,550 AT APRIL 30, 2012 AND OCTOBER 31, 2011, RESPECTIVELY 91,027 91,027
COMMON STOCK, $0.01 PAR VALUE: 10,000,000 SHARES AUTHORIZED; 5,313,794 SHARES ISSUED AND 4,326,929 SHARES OUT- STANDING AT APRIL 30, 2012 AND OCTOBER 31, 2011, RESPECTIVELY 53,138 53,138
ADDITIONAL PAID-IN CAPITAL 25,526,721 25,526,721
ACCUMULATED DEFICIT (11,907,551) (12,056,664)
986,865 SHARES OF COMMON STOCK HELD IN TREASURY, AT COST (11,003,545) (11,003,545)
TOTAL STOCKHOLDERS' (DEFICIT) EQUITY 894,664 691,551
COMPREHENSIVE INCOME:    
PENSION VALUATION RESERVE (1,865,126) (1,919,126)
TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY $ 3,009,287 $ 3,168,520