0001171843-18-002022.txt : 20180316 0001171843-18-002022.hdr.sgml : 20180316 20180316084709 ACCESSION NUMBER: 0001171843-18-002022 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 56 CONFORMED PERIOD OF REPORT: 20180131 FILED AS OF DATE: 20180316 DATE AS OF CHANGE: 20180316 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Crystal Rock Holdings, Inc. CENTRAL INDEX KEY: 0001123316 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-GROCERIES & RELATED PRODUCTS [5140] IRS NUMBER: 030366218 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-31797 FILM NUMBER: 18694299 BUSINESS ADDRESS: STREET 1: 1050 BUCKINGHAM STREET CITY: WATERTOWN STATE: CT ZIP: 06795 BUSINESS PHONE: 8028601126 MAIL ADDRESS: STREET 1: 1050 BUCKINGHAM STREET CITY: WATERTOWN STATE: CT ZIP: 06795 FORMER COMPANY: FORMER CONFORMED NAME: VERMONT PURE HOLDINGS LTD/DE DATE OF NAME CHANGE: 20001016 FORMER COMPANY: FORMER CONFORMED NAME: VP MERGER PARENT INC DATE OF NAME CHANGE: 20000905 10-Q 1 f10q_031618p.htm FORM 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

 

(Mark One)

 

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended January 31, 2018

OR

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _________

 

Commission File Number: 000-31797

 

CRYSTAL ROCK HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

 

Delaware 03-0366218
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)

 

1050 Buckingham St., Watertown, CT 06795
(Address of principal executive offices) (Zip Code)

 

(860) 945-0661

(Registrant's telephone number, including area code)

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes X                                           No ___

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  

Yes X                                          No ___

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer ____   Accelerated filer ___
Non-accelerated filer ___   Smaller reporting company X
(Do not check if smaller reporting company)    
Emerging Growth Company ____    

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ___

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ___                                           No  X

 

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

 

Class Shares outstanding at

March 9, 2018

Common Stock, $.001 Par Value 21,358,411

 

 

 

 

CRYSTAL ROCK HOLDINGS, INC. AND SUBSIDIARY

 

Table of Contents

 

  Page 
Part I - Financial Information   
    
Item 1. Financial Statements.   
    
  Consolidated Balance Sheets as of January 31, 2018 and October 31, 2017 3 
    
  Consolidated Statements of Operations for the Three Months Ended January 31, 2018 and 2017 4 
    
  Consolidated Statements of Comprehensive Income (Loss) for the Three Months Ended January 31, 2018 and 2017 5 
    
  Consolidated Statements of Cash Flows for the Three Months Ended January 31, 2018 and 2017 6 
    
  Notes to Consolidated Financial Statements 7-15 
    
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. 16–21 
    
Item 3. Quantitative and Qualitative Disclosures About Market Risk. 21 
    
Item 4. Controls and Procedures. 21 
    
Part II - Other Information   
    
Item 1. Legal Proceedings. 23 
    
Item 1A. Risk Factors. 23 
    
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 23 
    
Item 3. Defaults Upon Senior Securities. 23 
    
Item 4. Mine Safety Disclosures. 23 
    
Item 5. Other Information. 23 
    
Item 6. Exhibits. 23-24 
    
Signature 25 

 

 

2

 

CRYSTAL ROCK HOLDINGS, INC. AND SUBSIDIARY

CONSOLIDATED BALANCE SHEETS

 

   January 31,
2018		  October 31,
2017
   (Unaudited)
       
ASSETS      
       
CURRENT ASSETS:      
Cash and cash equivalents  $200,979   $1,065,000 
Accounts receivable, trade - net of reserve of $262,511 and $330,720 for 2018 and 2017, respectively   6,768,744    7,013,184 
Inventories, net   2,124,337    2,200,666 
Other current assets   1,537,874    1,276,850 
Unrealized gain on derivatives   5,098    3,787 
           
TOTAL CURRENT ASSETS   10,637,032    11,559,487 
           
PROPERTY AND EQUIPMENT - net   6,497,455    6,850,771 
           
OTHER ASSETS:          
Goodwill   12,156,790    12,156,790 
Other intangible assets - net   691,539    833,951 
Other assets   76,926    91,926 
           
TOTAL OTHER ASSETS   12,925,255    13,082,667 
           
TOTAL ASSETS  $30,059,742   $31,492,925 
           
LIABILITIES AND STOCKHOLDERS' EQUITY          
           
CURRENT LIABILITIES:          
Line of credit  $2,015,200   $2,000,000 
Current portion of long term debt   1,599,996    1,599,996 
Accounts payable   1,787,406    1,723,753 
Accrued expenses   1,992,601    2,261,365 
Current portion of customer deposits   613,433    614,789 
           
TOTAL CURRENT LIABILITIES   8,008,636    8,199,903 
           
Long term debt, less current portion   6,133,348    6,533,347 
Deferred tax liability   2,626,013    4,027,550 
Subordinated debt   4,500,000    4,500,000 
Other liability   29,138    30,561 
Customer deposits, less current portion   2,456,337    2,461,762 
           
TOTAL LIABILITIES   23,753,472    25,753,123 
           
COMMITMENTS AND CONTINGENCIES          
           
STOCKHOLDERS' EQUITY:          
Common stock - $.001 par value, 50,000,000 authorized shares, 21,960,229 issued and 21,358,411 outstanding shares as of January 31, 2018 and October 31, 2017   21,960    21,960 
Additional paid in capital   58,464,742    58,464,742 
Treasury stock, at cost, 601,818 shares as of January 31, 2018 and October 31, 2017   (900,360)   (900,360)
Accumulated deficit   (51,283,287)   (51,848,811)
Accumulated other comprehensive income   3,215    2,271 
TOTAL STOCKHOLDERS' EQUITY   6,306,270    5,739,802 
           
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY  $30,059,742   $31,492,925 

 

See the accompanying notes to the consolidated financial statements.

 

3

 

CRYSTAL ROCK HOLDINGS, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF OPERATIONS

 

   Three months ended January 31,
   2018  2017
   (unaudited)
       
NET SALES  $13,878,372   $14,650,146 
           
COST OF GOODS SOLD   6,653,099    6,956,412 
           
GROSS PROFIT   7,225,273    7,693,734 
           
OPERATING EXPENSES:          
Selling, general and administrative expenses   7,491,877    7,171,804 
Advertising expenses   122,510    119,439 
Amortization   142,412    170,337 
Loss on disposal of property and equipment   396,092    - 
           
TOTAL OPERATING EXPENSES   8,152,891    7,461,580 
           
(LOSS) INCOME FROM OPERATIONS   (927,618)   232,154 
           
OTHER EXPENSE:          
Interest   233,511    350,590 
           
LOSS BEFORE INCOME TAXES   (1,161,129)   (118,436)
           
INCOME TAX BENEFIT    1,726,653    43,822 
           
NET INCOME (LOSS)  $565,524   $(74,614)
           
NET INCOME (LOSS) PER SHARE - BASIC  $0.03   $(0.00)
           
NET INCOME (LOSS) PER SHARE - DILUTED  $0.03   $(0.00)
           
WEIGHTED AVERAGE SHARES USED IN COMPUTATION - BASIC   21,358,411    21,358,411 
WEIGHTED AVERAGE SHARES USED IN COMPUTATION - DILUTED   21,358,411    21,358,411 

See the accompanying notes to the consolidated financial statements.

 

4

 

CRYSTAL ROCK HOLDINGS, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

 

   Three months ended January 31,
       
   2018  2017
   (Unaudited)
       
NET INCOME (LOSS)  $565,524   $(74,614)
OTHER COMPREHENSIVE INCOME, NET OF TAX:          
Cash Flow Hedges:          
Unrealized gain on derivatives designated as cash flow hedges   944    13,282 
Other Comprehensive Income, net of tax   944    13,282 
TOTAL COMPREHENSIVE INCOME (LOSS)  $566,468   $(61,332)

 

See the accompanying notes to the consolidated financial statements.

 

 

 

 

 

5

 

CRYSTAL ROCK HOLDINGS, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

   Three months ended January 31,
   2018  2017
   (Unaudited)
       
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss)  $565,524   $(74,614)
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:          
Depreciation   636,887    654,427 
Provision for bad debts on accounts receivable   63,220    89,129 
Amortization   142,412    170,337 
Deferred tax benefit   (1,401,537)   - 
Loss on disposal of property and equipment   396,092    - 
           
Changes in operating assets and liabilities:          
Accounts receivable   181,220    217,732 
Inventories   76,329    (199,643)
Other current assets   (261,391)   74,065 
Other assets   15,000    14,160 
Accounts payable   63,653    (1,063,077)
Accrued expenses   (270,187)   (1,025,938)
Customer deposits   (6,781)   (991)
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES   200,441    (1,144,413)
           
CASH FLOWS FROM INVESTING ACTIVITIES:          
Purchase of property and equipment   (721,763)   (638,361)
Proceeds from sale of property and equipment   42,100    - 
NET CASH USED IN INVESTING ACTIVITIES   (679,663)   (638,361)
           
CASH FLOWS FROM FINANCING ACTIVITIES:          
Net line of credit borrowings   15,200    - 
Principal payments on debt   (399,999)   (399,999)
NET CASH USED IN FINANCING ACTIVITIES   (384,799)   (399,999)
           
NET DECREASE IN CASH   (864,021)   (2,182,773)
           
CASH AND CASH EQUIVALENTS - beginning of period   1,065,000    5,553,815 
           
CASH AND CASH EQUIVALENTS - end of period  $200,979   $3,371,042 
           
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION          
           
Cash paid for interest  $232,904   $371,800 
           
Cash paid for taxes  $-   $249,850 
           
NON-CASH FINANCING AND INVESTING ACTIVITIES:          

 

See the accompanying notes to the consolidated financial statements

 

6

 

CRYSTAL ROCK HOLDINGS, INC. AND SUBSIDIARY

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

(Unaudited)

 

1.BASIS OF PRESENTATION

 

The accompanying unaudited consolidated financial statements have been prepared in accordance with Form 10-Q instructions and in the opinion of management contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the consolidated financial position, results of operations, and cash flows for the periods presented. The results have been determined on the basis of generally accepted accounting principles and practices of the United States of America (“GAAP”), applied consistently with the Annual Report on Form 10-K of Crystal Rock Holdings, Inc. (the “Company”) for the year ended October 31, 2017.

 

Certain information and footnote disclosures normally included in audited consolidated financial statements presented in accordance with GAAP have been condensed or omitted. The accompanying consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended October 31, 2017. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year.

 

The financial statements herewith reflect the consolidated operations and financial condition of Crystal Rock Holdings, Inc. and its wholly owned subsidiary Crystal Rock LLC.

 

2.Adopted Accounting Standards Updates

 

Effective November 1, 2017, we adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (”ASU”) No. 2015-11, “Simplifying the Measurement of Inventory”. The ASU requires entities using the first-in, first-out (FIFO) inventory costing method to subsequently value inventory at the lower of cost and net realizable value. The ASU defines net realizable value as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The adoption of this guidance by the Company did not have a material impact on its consolidated financial statements.

 

Effective November 1, 2017, we adopted FASB ASU No. 2015-17, “Balance Sheet Classification of Deferred Taxes”. The ASU requires that deferred tax assets and liabilities be combined and be classified as non-current in a statement of financial position. The adoption of this guidance by the Company did not have a material impact on its consolidated financial statements.

 

7

 

3. GOODWILL AND OTHER INTANGIBLE ASSETS

 

Major components of intangible assets consisted of:

 

   January 31, 2018     October 31, 2017   
   Gross Carrying Amount  Accumulated Amortization  Wgt. Avg.Amort. Years  Gross Carrying Amount  Accumulated Amortization 

Wgt. Avg. Amort. Years

Amortized Intangible Assets:                  
Covenants Not to Compete  $2,536,488   $2,510,656    1.16   $2,536,488   $2,502,976    1.33 
Customer Lists   10,313,819    9,912,484    0.93    10,313,819    9,785,842    1.15 
Other Identifiable Intangibles   608,393    344,021    21.84    608,393    335,931    22.08 
Total  $13,458,700   $12,767,161        $13,458,700   $12,624,749      

 

Amortization expense for the three month periods ending January 31, 2018 and 2017 was $142,412 and $170,337, respectively. There were no changes in the carrying amount of goodwill, $12,156,790, for the three months ending January 31, 2018.

 

4. DEBT

 

The Company has a Credit Agreement (the “Agreement”) with Bank of America to provide a senior financing facility consisting of term debt and a revolving line of credit. Under the Agreement, as amended, the Company became obligated on $12,000,000 of debt in the form of a term note to refinance the previous senior term debt and to fund repayment of a portion of its outstanding subordinated debt. Additionally, the Agreement includes a $5,000,000 revolving line of credit that can be used for the purchase of fixed assets, to fund acquisitions, to collateralize letters of credit, and for operating capital.

 

The Agreement amortizes the term debt over a five year period with 59 equal monthly installments of $133,333 plus interest and a final payment of $4,133,333 due in May 2020. The revolving line of credit matures in May 2018. There are various restrictive covenants under the Agreement, and the Company is prohibited from entering into other debt agreements without the bank’s consent. The Agreement also prohibits the Company from paying dividends without the prior consent of the bank.

 

Effective September 12, 2016, the Company amended its Agreement with the Bank (the “Second Amendment”). Under the Second Amendment, interest is paid at a rate of one-month LIBOR plus a margin based on the achievement of a specified leverage ratio. As of January 31, 2018, the margin was 2.50% for the term note and 2.25% for the revolving line of credit. The Company fixed the interest rate on a portion of its term debt by entering into an interest rate swap. As of January 31, 2018, the Company had $3,867,000 of the term debt subject to variable interest rates. The one-month LIBOR was 1.56% on January 31, 2018 resulting in total variable interest rates of 4.06% and 3.81%, for the term note and the revolving line of credit, respectively, as of January 31, 2018.

 

8

 

The Second Amendment requires the Company to be in compliance with certain financial covenants as follows: (i) a maximum annual limit for capital expenditures of $4,000,000 each fiscal year, (ii) consolidated adjusted operating cash flows to consolidated total debt service ratio, as defined, to be no less than 1.5 to 1 for any reference period ending on or after October 31, 2016 and (iii) senior funded debt to consolidated adjusted EBITDA, as defined, to be no greater than 2.5 to 1 as of the end of any fiscal quarter ending on or after October 31, 2016. The Amendment also allows payments of interest on Subordinated Notes. As of January 31, 2018, the Company was not in compliance with (ii) and (iii) of the financial covenants. The Bank waived the covenant compliance requirements for (ii) and (iii) for the period ended January 31, 2018.

 

On June 13, 2017, the Company entered into a Third Amendment (the “Third Amendment”) to the Agreement. The Third Amendment increases the aggregate principal amount available under the revolving line of credit from $5,000,000 to $6,000,000. The Third Amendment allows the Company to use up to $2,000,000 of proceeds from the revolving line of credit to make payments on the Subordinated Debt. The Third Amendment also allows for prepayments on Subordinated Debt up to $4,500,000 in the aggregate. Subsequently, in fiscal 2017, the Company paid an aggregate of $4,500,000 of subordinated debt principal payments.

 

At January 31, 2018, there was a balance of $2,015,200 outstanding on the line of credit and a letter of credit issued for $1,327,000 to collateralize the Company’s liability insurance program as of that date. Consequently, as of January 31, 2018, there was $2,658,000 available to borrow from the revolving line of credit. The line of credit matures in May 2018. There was $7,733,000 outstanding on the term note as of January 31, 2018.

 

In addition to the senior debt, as of January 31, 2018, the Company had subordinated debt owed to Peter and John Baker in the aggregate principal amount of $4,500,000 that is due November 20, 2020. The interest rate on each of these notes is 12% per annum.

 

The notes are secured by all of the assets of the Company but specifically subordinated, with a separate agreement with the subordinated debt holders, to the senior financing facility (Credit Agreement) described above.

 

5. INVENTORIES

 

Inventories consisted of the following at:

 

   January 31,  October 31,
   2018  2017
Finished Goods  $2,016,980   $2,011,255 
Raw Materials   182,357    189,411 
Inventory Reserve   (75,000)   - 
Total Inventories  $2,124,337   $2,200,666 

 

9

 

Finished goods inventory consists of products that the Company sells such as, but not limited to, coffee, cups, soft drinks, and snack foods. Raw material inventory consists primarily of bottle caps. The amount of raw and bottled water on hand does not represent a material amount of inventory. Bottles are accounted for as fixed assets.

 

6.IMPAIRMENT OF LONG-LIVED ASSETS

 

The Company reviews long-lived assets and certain identifiable intangible assets for impairment whenever circumstances and situations change such that there is an indication that the carrying amounts may not be recovered. Recoverability is assessed based on estimated undiscounted future cash flows. The Company’s policy is to record an impairment loss when it is determined that the carrying amount of the asset may not be recoverable.

 

During the quarter ended January 31, 2018, the Company recorded an impairment loss of $385,463, included in loss on disposal of property and equipment on the consolidated statements of operations, related to the abandonment of an ERP software implementation that was yet to be placed in service. There were no impairment charges recognized during the quarter ended January 31, 2017.

 

7. ON-BALANCE SHEET DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

 

Derivative Financial Instruments

 

The Company has stand-alone derivative financial instruments in the form of interest rate swap agreements, which derive their value from underlying interest rates. These transactions involve both credit and market risk. The notional amount is an amount on which calculations, payments, and the value of the derivative are based. The notional amount does not represent direct credit exposure. Direct credit exposure is limited to the net difference between the calculated amount to be received and paid, if any. Such difference, which represents the fair value of the derivative instrument, is reflected on the Company’s consolidated balance sheet as an unrealized gain or loss on derivatives.

 

The Company is also exposed to credit-related losses in the event of nonperformance by the counterparties to these agreements. The Company controls the credit risk of its financial contracts through credit approvals, limits and monitoring procedures, and currently has no reason to believe that any counterparties will fail to fulfill their obligations.

 

This interest rate swap agreement is considered a cash flow hedge to hedge against the variability of interest rates on outstanding debt.  The net unrealized gain relating to interest rate swaps was recorded in current assets with an offset to other comprehensive income for the effective portion of the hedge. At January 31, 2018, these cash flow hedges were deemed 100% effective.  The portion of the net unrealized gain in current assets is the amount expected to be reclassified to income within the next twelve months.

 

10

 

The following information pertains to the Company's outstanding interest rate swap at January 31, 2018.  The interest rate swap matures in May 2018.The pay rate is fixed and the receive rate is one month LIBOR.

 

Instrument  Notional Amount  Pay Rate  Receive Rate
Interest rate swap   $3,866,668   1.25%   1.56%

 

 

The table below details the adjustments to other comprehensive income (loss), on a before tax and net-of tax basis, for the fiscal quarters ended January 31, 2018 and 2017.

 

   Before-Tax  Tax Benefit (Expense)  Net-of-Tax
Three Months Ended January 31, 2017         
Gain on interest rate swap  $15,121   $(6,048)  $9,073 
Reclassification adjustment to income   7,015    (2,806)   4,209 
Net unrealized gain  $22,136   $(8,854)  $13,282 
Three Months Ended January 31, 2018               
Gain on interest rate swap  $3,003   $(841)  $2,162 
Reclassification adjustment to income   (1,692)   474    (1,218)
Net unrealized gain  $1,311   $(367)  $944 

 

 

The reclassification adjustments of $1,692 represents savings in interest that would have been paid without the interest rate swap agreement during the quarter ended January 31, 2018, and $7,015 represent interest the Company paid in excess of the amount that would have been paid without the interest rate swap agreement during the quarter ended January 31, 2017. These amounts were reclassified from accumulated other comprehensive income (loss) and recorded in consolidated statements of operations as a charge or credit to interest expense. No other material amounts were reclassified during the quarters ended January 31, 2018 and 2017.

 

8. FAIR VALUES OF ASSETS AND LIABILITIES

 

Fair Value Hierarchy

 

The Company’s assets and liabilities measured at fair value on a recurring basis are as follows:

 

   Level 1  Level 2  Level 3
Assets:         
January 31, 2018         
Unrealized gain on derivative  $-   $5,098   $- 
                
October 31, 2017               
Unrealized gain on derivative  $-   $3,787   $- 

 

11

 

In determining the fair value, the Company uses a model that calculates a present value of the payments as they amortize through the life of the loan (float) based on the variable rate and compares them to the calculated value of the payment based on the fixed rate (fixed) defined in the swap. In calculating the present value, in addition to the term, the model relies on other data – the “rate” and the “discount factor.”

 

§In the “float” model, the rate reflects where the market expects LIBOR to be for the respective period and is based on the Eurodollar futures market.
§The discount factor is a function of the volatility of LIBOR.

 

Payments are calculated by applying the rate to the notional amount and adjusting for the term. Then the present value is calculated by using the discount factor.

 

There were no assets or liabilities measured at fair value on a nonrecurring basis.

 

9.IMPACT OF TAX REFORM ACT

 

On December 22, 2017, H.R. 1, originally known as the Tax Cuts and Jobs Act (the “Tax Reform Act”) was enacted. The Tax Reform Act made significant changes to U.S. federal income tax laws including permanently lowering the U.S. corporate income tax rate from 35% to 21% effective January 1, 2018. As the Company has an October 31 fiscal year-end, the lower corporate income tax rate will be phased in, resulting in a U.S. statutory rate of 23% for the fiscal year ending October 31, 2018. The Company’s statutory federal tax rate will be 21% for fiscal years ending October 31, 2019 and beyond. U.S. GAAP requires the impact of tax legislation be recognized in the period in which the law was enacted. In December 2017, the SEC issued Staff Accounting Bulletin No. 118, which allows a company to report provisional numbers related to the Tax Reform Act and adjust those amounts during a measurement period not to extend beyond one year. For the three months ended January 31, 2018, the Company recorded a one-time tax benefit of $1,400,000 due to a remeasurement of deferred tax assets and liabilities. In addition, applying the reduced rate of 23% to our first fiscal quarter earnings resulted in an $1,400,000 reduction to tax expense. These tax benefits represent provisional amounts and the Company’s best estimate. The provisional amounts are based on estimates of underlying timing differences (primarily related to uncertainty in fixed assets) and the Company’s current interpretations of the Tax Reform Act. The ultimate impact of the Tax Reform Act may differ from our provisional amounts due to changes in interpretations and assumptions we made as well as any forthcoming legislative action or regulatory guidance.

 

10. INCOME (LOSS) PER SHARE AND WEIGHTED AVERAGE SHARES

 

The Company considers outstanding in-the-money stock options, if any, as potential common stock in its calculation of diluted earnings per share, unless the effect would be anti-dilutive, and uses the treasury stock method to calculate the applicable number of shares.

 

12

 

The following calculation provides the reconciliation of the denominators used in the calculation of basic and fully diluted earnings per share:

 

   Three Months Ended
January 31,
   2018  2017
Net Income (Loss)   565,524   $(74,614)
Denominator:          
Basic Weighted Average Shares Outstanding   21,358,411    21,358,411 
Dilutive effect of Stock Options   -    - 
Diluted Weighted Average Shares Outstanding   21,358,411    21,358,411 
Basic Income (Loss) Per Share  $.03   $(.00)
Diluted Income (Loss) Per Share  $.03   $(.00)

 

As of January 31, 2018 and 2017 there were no options outstanding.

 

11.RECENT ACCOUNTING PRONOUNCEMENTS

 

In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)”, which stipulates that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve this core principle, an entity should apply the following steps: (1) identify the contract(s) with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract and (5) recognize revenue when (or as) the entity satisfies a performance obligation. In August 2015, the FASB issued ASU 2015-14, which deferred the effective date of the ASU to fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2016. Companies may use either a full retrospective or a modified retrospective approach to adopt this ASU. The Company plans to adopt the ASU effective the first quarter of fiscal year 2019 using a modified retrospective method. During fiscal year 2018 we will be conducting a review of contracts to identify gaps between our current revenue recognition policies and the new standard so that we can quantify any impact to our current consolidated financial statements.

 

In February 2016, the FASB issued ASU 2016-02, "Leases", which is intended to improve financial reporting about leasing transactions.  This ASU requires that leased assets be recognized as assets on the balance sheet and the liabilities for the obligations under the lease also be recognized on the balance sheet.  This ASU requires disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases.  The required disclosures include qualitative and quantitative requirements.  This ASU is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years.  Early adoption is permitted. The new standard must be adopted using a modified retrospective transition, and provides for certain practical expedients. Transition will require application of the new guidance at the beginning of the earliest comparative period presented. The Company is currently in the process of evaluating our adoption timing and cannot currently estimate the financial statement impact of the adoption, but the Company does not expect adoption until fiscal year 2020.

 

13

 

In August 2017, FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities.  The targeted amendments help simplify certain aspects of hedge accounting and result in a more accurate portrayal of the economics of an entity’s risk management activities in its financial statements.  For cash flow and net investment hedges as of the adoption date, the guidance requires a modified retrospective approach. The amended presentation and disclosure guidance is required only prospectively. The amendments are effective for the Company’s fiscal year beginning November 1, 2019, with early adoption permitted.  The Company is currently evaluating the accounting, transition, and disclosure requirements of the standard and cannot currently estimate the financial statement impact of adoption.

 

12.ACCOUNTS RECEIVABLE

 

Trade Accounts Receivable - Uncollectible individual accounts receivable are written off when deemed uncollectible, with any future recoveries recorded as income when received.

 

For more details regarding the Company’s accounts receivable polices refer to Note 2, Significant Accounting Policies, in the financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended October 31, 2017.

 

13.SUBSEQUENT EVENTS

 

On February 12, 2018, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Cott Corporation, a Canadian corporation (“Cott”), and CR Merger Sub, Inc., a wholly owned indirect subsidiary of Cott (“Purchaser”). Pursuant to the terms of the Merger Agreement, Purchaser commenced a tender offer (the “Offer”) on February 20, 2018 to purchase all of the outstanding shares of common stock, par value $0.001 per share, of the Company (the “Company Common Stock”), at a price per share of $0.97, net to the seller in cash, without interest (the “Offer Price”), and subject to deduction for any required withholding of taxes. The Offer is scheduled to expire on March 20, 2018, subject to extension in accordance with the terms of the Merger Agreement.

 

The consummation of the Offer is subject to customary closing conditions, including, among other things, the valid tender of shares of Company Common Stock representing a majority of the total outstanding shares of Company Common Stock, calculated on a fully diluted basis, and other conditions to the Offer set forth in Annex I to the Merger Agreement. The consummation of the Offer is not subject to any financing condition.

 

14

 

Upon the completion of the Offer, and subject to the satisfaction or waiver of the conditions set forth in the Merger Agreement, Purchaser will be merged with and into the Company, with the Company surviving as a wholly owned indirect subsidiary of Cott (the “Merger”). The Merger Agreement provides that the Merger will be governed by Section 251(h) of the Delaware General Corporation Law and shall be effected by Purchaser and the Company as soon as practicable following the consummation of the Offer without a stockholder meeting.

 

At the effective time of the Merger (the “Effective Time”), each outstanding share of Company Common Stock, other than shares of Company Common Stock owned by the Company, Cott or Purchaser immediately prior to the Effective Time, or by stockholders who have validly exercised their appraisal rights under Delaware law will be canceled and converted into the right to receive an amount in cash equal to the Offer Price, payable to the holder thereof on the terms and subject to the conditions set forth in the Merger Agreement.

 

On February 12, 2018, in connection with the entry into the Merger Agreement, each of Peter Baker and John Baker (the “Executives”) entered into a Separation and General Release Agreement with the Company (the “Separation Agreements”). Pursuant to the Separation Agreements, the employment of each Executive with the Company will terminate immediately prior to the closing of the Merger, and the Company will provide each Executive with the compensation and benefits set forth in the Employment Agreement between the Company and each Executive dated November 1, 2016 (the “Employment Agreements”) for “Termination by Company Without Cause” pursuant to Section 2.2.5 of each Employment Agreement. Pursuant to the Separation Agreements, each Executive has agreed to release the Company and Purchaser from claims arising out of or in connection with the Executive’s employment with or termination from the Company. The Separation Agreements also amend the non-competition provisions of the Employment Agreements, such that, during the 12-month period immediately following the closing date of the Merger, each Executive will be subject to certain restrictive covenants regarding non-competition and non-solicitation with respect to the Company.

 

On March 14, 2018, David Jurasek, the Company’s Chief Financial Officer, entered into an Employment Agreement with the Company (the “Jurasek Employment Agreement”). The Jurasek Employment Agreement provides Mr. Jurasek with an annual salary of $200,000. The Jurasek Employment Agreement provides Mr. Jurasek with payment of one year’s base salary in case of termination without cause or termination of employment following a change of control, as defined, plus an aggregate allowance of up to $25,000 per year to reimburse Mr. Jurasek for (1) the actual cost of premiums incurred by him for disability insurance he obtains, if any, (2) the actual cost of premiums incurred by him for any other insurance which would not be available to him under the Company’s customary benefit plans, and (3) the actual cost of leasing and operating an automobile for use by him during his employment with the Company. The Jurasek Employment Agreement further provides that if Mr. Jurasek continues his employment with the surviving company in the Merger for six months post-closing, the surviving company would pay him a lump-sum cash retention bonus equal to three months’ salary (in addition to salary earned during such six month period). The Jurasek Employment Agreement also provides that the “change of control” severance referred to above would be payable if Mr. Jurasek’s employment is terminated for any reason or he elects to discontinue employment with the surviving company within 30 days of the end of the six-month period following the closing of the Merger.

 

15

 

Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations.

 

The following discussion and analysis should be read in conjunction with the consolidated financial statements and notes thereto as filed in our Annual Report on Form 10-K for the year ended October 31, 2017 as well as the consolidated financial statements and notes contained herein.

 

Forward-Looking Statements

 

The “Management’s Discussion and Analysis” (MD&A) portion of this Form 10-Q contains forward-looking statements, including statements about these topics:

 

(1)we face significant competition in the home and office distribution business,

  (2) we rely upon a single software vendor for our route accounting and online storefront, and

(3)the outstanding debt levels may adversely impact the business profitability and ability to finance future expansion.

 

The following factors could strain sales and margins and cause actual results to differ materially from statements in MD&A about topic (1):  We incorporate by reference into this paragraph the full Risk Factor on page 12 of our 2017 Form 10-K beginning “We face significant competition in the home and office distribution business”.

 

The following factors could strain our ability to compete in the marketplace and cause actual results to differ materially from statements in MD&A about topic (2):  We incorporate by reference into this paragraph the full Risk Factor on page 13 of our 2017 Form 10-K beginning “We rely on a single software vendor”.

 

The following factors could strain liquidity and working capital availability and cause actual results to differ materially from statements in MD&A about topic (3):  We incorporate by reference into this paragraph the full Risk Factor on page 15 of our 2017 Form 10-K beginning “Our Company is significantly leveraged”.

 

Results of Operations

 

Overview and Trends

 

Sales in the first quarter of fiscal 2018 declined 5% from the first quarter fiscal 2017, however sales of water products increased 2%, due to our strategy of focusing sales efforts on new water customers. The most notable sales decline for the period was in the office products category which accounted for over 70% of the net sales decline.

 

The revenue decline resulted in a decrease in gross profit of $469,000 or 6%.

 

16

 

Our operating expenses were higher in the first quarter of fiscal 2018 compared to the comparable period in 2017 which resulted in a loss from operations of $928,000 in 2018 compared to income of $232,000 in 2017. This was driven by higher selling and general and administrative expenses due to costs associated with the planned merger with Cott Corporation and an impairment charge on a write-down of ERP software that had previously been capitalized.

 

However, due to the reduction in the corporate tax rate and the resulting $1,400,000 tax benefit recognized upon revaluing the deferred tax assets and liabilities, the company recorded net income of $565,000 in the first quarter of fiscal 2018 versus a net loss of $74,000 in the comparable period in 2017.

 

Results of Operations for the Three Months Ended January 31, 2018 (First Quarter) Compared to the Three Months Ended January 31, 2017

 

Sales

 

Sales for the three months ended January 31, 2018 were $13,878,000 compared to $14,650,000 for the corresponding period in 2017, a decrease of $772,000 or 5%. Other than water, all sales categories declined. The most notable decline was that of office products. The comparative breakdown of sales of the product lines for the respective three-month periods ended January 31, 2018 and 2017 is as follows:

 

Product Line (000’s $)  2018  2017  Difference  % Diff.
Water  $6,621   $6,520   $101    2%
Coffee   2,559    2,700    (141)   (5%)
Refreshment   1,965    2,049    (84)   (4%)
Equipment Rental
   1,769    1,779    (10)   (1%)
Office Products   576    1,127    (551)   (49%)
Other   388    475    (87)   (18%)
Total  $13,878   $14,650   $(772)   (5%)

 

Water – Sales of water increased 2% for the first quarter 2018 as compared to the same period of 2017. The increase is attributable to a volume increase of 1% as prices have remained stable.

 

Coffee – The decrease in sales was attributable to a decline in our traditional higher volume bulk and K-cup lines. Bulk products sales continued to be negatively influenced by the single serve lines and K-cup sales declined as a result of ongoing commoditization of coffee products. The Cool Beans® brand single serve coffee sales increased 16% though the volume did not offset lost sales in other coffee packaging.

 

Refreshment – Complementary coffee products, single serve drinks, small package water, and cups, all declined.

 

Equipment Rental – The decrease in sales was a result of a 1% decrease in the average monthly rental price per rental unit. The number of rental units in the field increased by less than 1%.

 

17

 

Office Products – The decrease in sales was a result of a reduced online presence for the category and less focus on sales from our sales department.

 

Other – The decrease is attributable to a decrease in the sale of equipment.

 

Gross Profit/Cost of Goods Sold – The decrease in sales for the three months ended January 31, 2018, resulted in a lower gross profit of $7,225,000 from $7,694,000 for the comparable period in 2017. As a percentage of sales, gross margin was 52% compared to 53% for the same period a year ago.

 

Cost of goods sold includes all costs to bottle water, costs of purchasing and receiving products for resale, including freight, as well as costs associated with product quality, warehousing and handling costs, internal transfers, and the repair and service of rental equipment, but does not include the costs of distributing our product to our customers. We include distribution costs in selling, general, and administrative expense, and the amount is reported below. The reader should be aware that other companies may include distribution costs in their cost of goods sold, in which case, on a comparative basis, such other companies may have a lower gross margin as a result.

 

Operating Expenses and Loss/Income from Operations

 

Total operating expenses increased to $8,153,000 in the first fiscal quarter of 2018 from $7,462,000 in the comparable period in 2017, an increase of $691,000, or 9%.

 

Selling, general and administrative (SG&A) expenses of $7,492,000 in the first fiscal quarter of 2018 increased $320,000, or 4%, from $7,172,000 in the comparable period in 2017. Of total SG&A expenses, route distribution costs decreased $2,000, as a result of lower labor costs offset by an increase in truck operating and fuel costs; combined selling and marketing costs decreased $26,000, or 3%, as a result of a decrease in sales staffing; and administration costs increased $348,000, or 12%, as a result of costs associated with the planned merger with Cott Corporation.

 

Advertising expenses were $123,000 in the first fiscal quarter of 2018 compared to $119,000 in the first quarter of 2017, an increase of $4,000, or 3%. The increase in advertising costs is primarily related to sponsorship costs.

 

Amortization decreased to $142,000 in the first fiscal quarter of 2018 from $170,000 in the comparable quarter in 2017, a decrease of $28,000, or 16%. Amortization is attributable to intangible assets that were acquired as part of acquisitions.

 

We had a loss from the sale and disposal of assets in the first quarter of 2018 totaling $396,000 compared to no gains or losses for the comparable period in 2017. The abandonment of the implementation of a new enterprise resource planning, (“ERP”) software, resulted in an impairment of property and equipment that accounted for $385,000 of the loss in fiscal 2018.

 

The loss from operations for the three months ended January 31, 2018 was $928,000 compared to income from operations of $232,000 in the comparable period in 2017, a decline of $1,160,000. The decline was the result of lower sales resulting in lower gross profit combined with the current period cost associated with the planned merger with Cott Corporation and the impairment write-off of the software costs capitalized related to the ERP system.

 

18

 

Interest, Taxes, and Other Expenses

 

Interest expense was $234,000 for the three months ended January 31, 2018 compared to $351,000 in the three months ended January 31, 2017, a decrease of $117,000. The decrease is attributable to lower debt balances and lower average interest rates.

 

The loss before income taxes was $1,161,000 for the three months ended January 31, 2018 compared to $118,000 in the corresponding period in 2017, a decline of $1,043,000. The tax benefit for the first quarter of 2018 was $1,727,000 compared to $44,000 in 2017. As a result of the Tax Cuts and Jobs Act of 2017, the Company recognized a benefit of $1,402,000 due to a remeasurement of deferred tax assets and liabilities. In addition to the reduction of the deferred tax liability the Company had an additional tax benefit of $325,000 as a result of the first quarter 2018 loss before taxes.

 

Net Income (Loss)

 

The net income for the three months ended January 31, 2018 was $565,000 compared to a net loss of $75,000 in the corresponding period in 2017. The increase is attributable to the increased tax benefit recognized through the remeasurement of deferred tax assets and liabilities offset by lower sales and gross profit combined with increased merger costs and the loss on disposal of an asset.

 

Liquidity and Capital Resources

 

As of January 31, 2018, we had working capital of $2,628,000 compared to $3,359,000 as of October 31, 2017, a decrease of $731,000. The most significant change in working capital was due to the use of cash for investment purposes in the purchase of equipment in the first quarter of 2018. Cash provided from operations during the three months ended January 31, 2018 was $200,000. The Company also reduced debt by $385,000 during the first quarter of 2018.

 

Our Credit Agreement with Bank of America (the “Bank”) provides a senior financing facility consisting of term debt and a revolving line of credit. As of January 31, 2018 we had $7,733,000 outstanding on our term loan. There was a balance of $2,015,200 outstanding on the line of credit and a letter of credit issued for $1,327,000 to collateralize the Company’s liability insurance program as of that date. Consequently, as of January 31, 2018, there was $2,658,000 available to borrow from the revolving line of credit.

 

Our term debt amortizes over a five year period with 59 equal monthly installments of $133,333 and a final payment of $4,133,333 due in May 2020. The revolving line of credit matures in May 2018. There are various restrictive covenants under the Agreement, and the Company is prohibited from entering into other debt agreements without the bank’s consent. The Agreement also prohibits the Company from paying dividends without the prior consent of the bank.

 

19

 

Effective September 12, 2016, the Company amended its Agreement with the Bank (the “Second Amendment”). Under the Second Amendment, interest is paid at a rate of one-month LIBOR plus a margin based on the achievement of a specified leverage ratio. As of January 31, 2018, the margin was 2.50% for the term note and 2.25% for the revolving line of credit. The Company fixed the interest rate on a portion of its term debt by entering into an interest rate swap. As of January 31, 2018, the Company had $3,867,000 of the term debt subject to variable interest rates. The one-month LIBOR was 1.56% on January 31, 2018 resulting in total variable interest rates of 4.06% and 3.81%, for the term note and the revolving line of credit, respectively, as of January 31, 2018.

 

The following information pertains to the Company's outstanding interest rate swap at January 31, 2018.  The pay rate is fixed and the receive rate is one month LIBOR.

 

Instrument  Notional Amount  Pay Rate  Receive Rate
Interest rate swap   $3,866,668   1.25%  1.56%

 

The Second Amendment requires the Company to be in compliance with certain financial covenants as follows: (i) a maximum annual limit for capital expenditures of $4,000,000 each fiscal year, (ii) consolidated adjusted operating cash flows to consolidated total debt service ratio, as defined, to be no less than 1.5 to 1 for any reference period ending on or after October 31, 2016 and (iii) senior funded debt to consolidated adjusted EBITDA, as defined, to be no greater than 2.5 to 1 as of the end of any fiscal quarter ending on or after October 31, 2016.

 

On June 13, 2017, the Company entered into a Third Amendment (the “Third Amendment”) to the Agreement. The Third Amendment increases the aggregate principal amount available under the revolving line of credit from $5,000,000 to $6,000,000. The Third Amendment allows the Company to use up to $2,000,000 of proceeds from the revolving line of credit to make payments on the Subordinated Debt. The Amendment also allows payments of interest on Subordinated Notes. As of January 31, 2018, the Company was not in compliance with (ii) and (iii) of the financial covenants. The Bank waived the covenant compliance requirements for (ii) and (iii) for the period ended January 31, 2018.

 

In addition to the senior debt, as of January 31, 2018, the Company has subordinated debt owed to Peter and John Baker in the aggregate principal amount of $4,500,000 that is due November 20, 2020. The interest rate on each of these notes is 12% per annum.

 

In addition to our senior and subordinated debt commitments, we have significant future cash commitments, primarily in the form of operating leases that are not reported on the consolidated balance sheet.

 

20

 

The following table sets forth our contractual commitments in the remainder of the current year and future fiscal years as of January 31, 2018:

 

Contractual Obligations  Payment due by Period
   Total  Remainder of 2018  2019-2020  2021-2022  After 2022
Debt (1)  $14,248,000   $3,215,000   $6,533,000   $4,500,000   $- 
Interest on Debt (2)   2,212,000    741,000    1,441,000    30,000    - 
Operating Leases   8,246,000    2,118,000    4,236,000    1,840,000    52,000 
Total  $24,706,000   $6,074,000   $12,210,000   $6,370,000   $52,000 

 

(1)Interest based on 50% of outstanding senior debt at the hedged interest rate discussed above, 50% of outstanding senior debt at a variable rate of 4.06%, line of credit at a rate of 3.81%, and subordinated debt at a rate of 12%.

 

(2)Customer deposits have been excluded from the table. Deposit balances vary from period to period with water sales but future increases and decreases in the balances are not accurately predictable. Deposits are excluded because, net of periodic additions and reductions, it is probable that a customer deposit balance will always be outstanding as long as the business operates.

 

We have no other material contractual obligations or commitments.

 

Item 3. Quantitative and Qualitative Disclosures about Market Risks.

 

Pursuant to Regulation S-K, Item 305(e), smaller reporting companies are not required to provide this information.

 

Item 4. Controls and Procedures.

 

Our Chief Executive Officer and our Chief Financial Officer have evaluated the effectiveness of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)). Based on such evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures, as of the end of the period covered by this report, were adequate and effective to provide reasonable assurance that information required to be disclosed by us, including our consolidated subsidiary, in reports that we file or submit under the Exchange Act, is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms, and that information we are required to disclose in the reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our Chief Executive and Chief Financial officers, as appropriate to allow timely decisions regarding required disclosure.

 

The effectiveness of a system of disclosure controls and procedures is subject to various inherent limitations, including cost limitations, judgments used in decision making, assumptions about the likelihood of future events, the soundness of internal controls, and fraud. Due to such inherent limitations, there can be no assurance that any system of disclosure controls and procedures will be successful in preventing all errors or fraud, or in making all material information known in a timely manner to the appropriate levels of management.

 

21

 

Changes in Internal Control over Financial Reporting.

 

No change in our internal control over financial reporting occurred during the three month period ended January 31, 2018 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

 

 

 

 

22

 

PART II – OTHER INFORMATION

 

Item 1. Legal Proceedings.

 

None.

 

Item 1A.Risk Factors.

 

There was no change in the three months ended January 31, 2018 from the Risk Factors reported in our Annual Report on Form 10-K for the year ended October 31, 2017.

 

Item 2.Unregistered Sales of Equity Securities and Use of Proceeds.

 

None.

 

Item 3. Defaults Upon Senior Securities.

 

None.

 

Item 4. Mine Safety Disclosures.

 

None.

 

Item 5. Other Information.

 

On March 14, 2018, David Jurasek, the Company’s Chief Financial Officer, entered into an Employment Agreement with the Company (the “Jurasek Employment Agreement”). The Jurasek Employment Agreement provides Mr. Jurasek with an annual salary of $200,000. The Jurasek Employment Agreement provides Mr. Jurasek with payment of one year’s base salary in case of termination without cause or termination of employment following a change of control, as defined, plus an aggregate allowance of up to $25,000 per year to reimburse Mr. Jurasek for (1) the actual cost of premiums incurred by him for disability insurance he obtains, if any, (2) the actual cost of premiums incurred by him for any other insurance which would not be available to him under the Company’s customary benefit plans, and (3) the actual cost of leasing and operating an automobile for use by him during his employment with the Company. The Jurasek Employment Agreement further provides that if Mr. Jurasek continues his employment with the surviving company in the Merger for six months post-closing, the surviving company would pay him a lump-sum cash retention bonus equal to three months’ salary (in addition to salary earned during such six month period). The Jurasek Employment Agreement also provides that the “change of control” severance referred to above would be payable if Mr. Jurasek’s employment is terminated for any reason or he elects to discontinue employment with the surviving company within 30 days of the end of the six-month period following the closing of the Merger. The foregoing summary of the Jurasek Employment Agreement does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Jurasek Employment Agreement, a copy of which is attached hereto as Exhibit 10.1, and the terms of which are incorporated herein by reference.

 

Item 6. Exhibits.

 

 

Exhibit

Number

 Description

 

2.1Agreement and Plan of Merger dated February 12, 2018, by and among Cott Corporation, CR Merger Sub, Inc. and Crystal Rock Holdings, Inc. (Incorporated by reference to Exhibit 2.1 of our current report on Form 8-K, filed with the SEC on February 13, 2018)

 

3.1Certificate of Incorporation (Incorporated by reference to Exhibit B to Appendix A to our registration statement on Form S-4, File No. 333-45226, filed with the SEC on September 6, 2000)

 

3.2Certificate of Amendment of Certificate of Incorporation (Incorporated by reference to Exhibit 4.2 of our current report on Form 8-K, filed with the SEC on October 19, 2000)

 

23

 

3.3Certificate of Ownership and Merger of Crystal Rock Holdings, Inc. with and into Vermont Pure Holdings, Ltd. (Incorporated by reference to Exhibit 3.1 to our current report on Form 8-K, filed with the SEC on May 6, 2010)

 

3.4Amendment to Amended and Restated By-laws of Crystal Rock Holdings, Inc. (Incorporated by reference to Exhibit 3.1 of our current report on Form 8-K, filed with the SEC on February 13, 2018)

 

10.1Employment Agreement between Crystal Rock Holdings, Inc. and David Jurasek dated March 14, 2018

 

10.2Separation and General Release Agreement dated February 12, 2018, by and between Peter Baker and Crystal Rock Holdings, Inc. (Incorporated by reference to Exhibit 10.1 of our current report on Form 8-K, filed with the SEC on February 13, 2018)

 

10.3Separation and General Release Agreement dated February 12, 2018, by and between John Baker and Crystal Rock Holdings, Inc. (Incorporated by reference to Exhibit 10.2 of our current report on Form 8-K, filed with the SEC on February 13, 2018)

 

31.1Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

 

31.2Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

 

32.1Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 

  32.2 Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 

101Interactive Data Files regarding (a) our Consolidated Balance Sheets as of January 31, 2018 and October 31, 2017, (b) our Consolidated Statements of Operations for the Three Months Ended January 31, 2018 and 2017, (c) our Consolidated Statements of Comprehensive Loss for the Three Months Ended January 31, 2018 and 2017, (d) our Consolidated Statements of Cash Flows for the Three Months Ended January 31, 2018 and 2017, and (e) the Notes to such Consolidated Financial Statements.

 

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SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Dated: March 16, 2018        
    CRYSTAL ROCK HOLDINGS, INC.  
         
    By: /s/ David Jurasek  
      David Jurasek  
      Chief Financial Officer/Treasurer  
      (Principal Accounting Officer and Principal Financial Officer)  
         

 

 

 

 

25

 

Exhibits Filed Herewith

 

 

Exhibit

Number

 Description
     

10.1Employment Agreement between Crystal Rock Holdings, Inc. and David Jurasek dated March 14, 2018

 

31.1Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley act of 2002.

 

31.2Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley act of 2002.

 

32.1Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

 

  32.2 Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 

101Interactive Data Files regarding (a) our Consolidated Balance Sheets as of January 31, 2018 and October 31, 2017, (b) our Consolidated Statements of Operations for the Three Months Ended January 31, 2018 and 2017, (c) our Consolidated Statements of Comprehensive Loss for the Three Months Ended January 31, 2018 and 2017, (d) our Consolidated Statements of Cash Flows for the Three Months Ended January 31, 2018 and 2017, and (e) the Notes to such Consolidated Financial Statements.

 

 

 

 

26

 

 EX-10.1 2 exh_101.htm EXHIBIT 10.1

Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

This EMPLOYMENT AGREEMENT (this “Agreement”) dated as of March 14, 2018 (the “Effective Date”), is by and between CRYSTAL ROCK HOLDINGS, INC., a Delaware corporation (together with any subsidiaries, the “Company”), and DAVID JURASEK (the “Executive”). The Company and the Executive agree as follows:

 

1.       Employment.

 

1.1       General. The Company shall employ the Executive, and the Executive accepts employment, as Chief Financial Officer (“CFO”) of the Company, upon the terms and conditions described herein. The Executive’s employment hereunder will commence under this Agreement on the Effective Date and will continue for the Employment Term (as defined in Section 2.1 hereof) unless terminated sooner as herein provided. During the Employment Term, the Executive shall devote all of his business time, attention and skills to the business and affairs of the Company, and will not undertake any commitments that would interfere with or impair his performance of his duties and responsibilities. Without limiting the generality of the foregoing, the Executive understands and agrees that he is subject to all of the terms and conditions of (i) the Company’s Code of Ethics as adopted by the Board of Directors on March 28, 2011 (“Code of Ethics”) and (ii) the Company’s Supplemental Conflict of Interest Policy for Director and Officers adopted June 23, 2016 (“Supplemental Policy”) including without limitation Section III.D. thereof, and the Executive represents and warrants hereby that he has made to the Company all of the disclosures required to be made pursuant to either the Code of Ethics or the Supplemental Policy. The Company acknowledges that as of the date of the execution of this Agreement, it has no knowledge of the Executive having violated any of the provisions of either the Code of Ethics or the Supplemental Policy.

 

1.2       Duties. The Executive shall at all times render his services at the direction of the Board of Directors (the “Board of Directors”) and the Chief Executive Officer of the Company, and shall report primarily to the Chief Executive Officer. His duties generally will include those required for the day-to-day and long-term planning, development, operation and advancement of the financial administration of the Company and its affiliates. Subject to Section 3.8 below, the Company may assign to the Executive such other executive and financial administrative duties for the Company or any affiliate of the Company as may be determined by the Board of Directors, consistent with the Executive’s status as CFO. The Executive agrees to diligently use his best efforts to promote and further the reputation and good name of the Company and perform his services well and faithfully.

 

2.       Term, Renewal and Termination.

 

2.1       Term; Renewal. Subject to Section 2.2, the Executive’s employment by the Company pursuant to this Agreement shall begin on the Effective Date and end at 11:59 p.m., East Coast time, on December 31, 2019; provided, however, that the term of employment shall be extended for periods of one year commencing on January 1, 2020 and on each subsequent January 1 thereafter if the Executive, after June 30 and on or before September 15 of the then current term, gives written notice to the Company (with a copy to the Chair of the Compensation Committee of the Board of Directors) of his desire to extend his employment and the Company agrees by written notice to the Executive, on or before September 30 of the then current term of employment, to so extend the term of employment. The last day of such term, as so extended from time to time, is herein referred to as the “Expiration Date” and the period beginning on the Effective Date and ending on the Expiration Date is herein referred to as the “Employment Term.”

 

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2.2       Early Termination. Notwithstanding anything to the contrary contained in this Agreement, the Executive’s employment may be terminated prior to the end of the Employment Term only as set forth in this Section.

 

2.2.1       Termination Upon Resignation or Death of Executive. The Executive’s employment shall terminate upon the resignation or death of the Executive. In case of termination pursuant to this Section 2.2.1, the Company shall pay to the Executive (or, in case of his death, to his estate or his beneficiary designated in writing), the base salary earned by the Executive pursuant to Section 3, prorated through the date of resignation or death.

 

2.2.2       Termination Upon Disability of Executive. The Executive’s employment shall terminate by reason of the disability of the Executive. For this purpose, “disability” shall mean the Executive’s inability, by reason of accident, illness or other physical or mental disability (determined in good faith by the Board of Directors with the advice of a qualified and independent physician), to perform satisfactorily the duties required by his employment hereunder for any consecutive period of 120 calendar days. In case of termination pursuant to this Section 2.2.2, the Executive shall continue to receive his base salary prorated through the time of such termination, less any amount the Executive receives during such period from any Company sponsored or Company paid source of insurance, disability compensation or government program.

 

2.2.3       Termination Upon Mutual Consent. The Executive’s employment may be terminated by the mutual consent of the Company and the Executive on such terms as they may agree.

 

2.2.4       Termination For Cause. The Executive’s employment shall terminate immediately on notice to the Executive upon a good faith finding of the Board of Directors that the Executive has (i) willfully or repeatedly failed in any material respect to perform his duties in accordance with the provisions of this Agreement following 30 days’ prior written notice to the Executive and failure of the Executive to cure such deficiency, (ii) committed a breach of any provision of Section 4 hereof, (iii) misappropriated assets or perpetrated fraud against the Company, (iv) been convicted of a crime which constitutes a felony, or (v) been engaged in the illegal use of controlled or habit forming substances. The preceding clauses (i)–(v) shall constitute “Cause” for termination of the Executive hereunder. In the event of termination for Cause pursuant to this Section 2.2.4, the Company shall pay the Executive his base salary prorated through the date of termination.

 

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Notwithstanding any other provision of this Agreement, the Executive shall not be terminated for Cause unless and until the Executive has had an opportunity to appear before the Board of Directors to hear and respond to the allegations of Cause for his termination.

 

2.2.5       Termination by Company Without Cause. The Company may terminate the Executive’s employment at any time and for any reason, without Cause, upon written notice to the Executive. Termination of employment on the Expiration Date by reason of non- renewal as provided in the first sentence of Section 2.1 shall not be considered a termination of employment without Cause.

 

In the event of termination pursuant to this Section 2.2.5, the Company shall, subject to Section 2.2.7, pay or provide to the Executive or the Executive’s estate should the Executive’s death occur after the termination date and before all payments have been made under this Section 2.2.5 the following termination benefits: (i) an amount (the “Payout Amount”) equal to the Executive’s annual base salary as of the termination date, payable as follows: 50% of the Payout Amount on the six-month anniversary of the termination date, followed by 8.3333% of the Payout Amount each month for six additional months in equal regular monthly installments, in each case less income taxes and other applicable withholdings, and (ii) the Executive’s “Fringe Benefits” (as defined in the following sentence) for 12 months (or, in the case of COBRA continuation benefits as described in the following paragraph, such longer period of time as such benefits continue in accordance with COBRA).

 

“Fringe Benefits” are the benefits described in this paragraph. The obligation of the Company to provide Fringe Benefits following any termination that is or is deemed to be without Cause shall mean that the Executive’s participation (including dependent coverage) in the life and health insurance plans of the Company in effect immediately prior to the termination shall be continued, or substantially equivalent benefits provided, by the Company, at a cost to the Executive no greater than his cost at the date of such termination, for the period in which the Company shall be obligated to pay the Payout Amount (but not more than 12 months). Notwithstanding the foregoing, if the Company shall be unable to provide for the continuation of an insurance benefit (such as life or health insurance) because such benefit was provided pursuant to an insurance policy that does not provide for the extension of such insurance benefit following termination of the employment of the Executive, then the Executive may purchase insurance providing such insurance benefit and, whether or not the Executive so elects to purchase insurance, the Company’s only obligation with respect to such insurance benefit shall be to reimburse the Executive for his premium costs, up to a maximum aggregate amount for all policies of insurance purchased by the Executive pursuant to this sentence of $15,000 per annum, prorated for partial years. If the Company is obligated pursuant to the so-called “COBRA” law to offer the Executive the opportunity for a temporary extension of health coverage (“continuation coverage”), then the Executive shall elect continuation coverage, and the premium cost of such coverage shall be borne by the Company and the Executive as provided in the first sentence of this paragraph. Continuation coverage provided pursuant to COBRA shall terminate in accordance with COBRA. To the extent that any benefit required to be provided to the Executive by the Company by reason of a termination for Cause shall be provided to the Executive by any successor employer, the Company’s obligation to provide that benefit to the Executive shall be correspondingly offset or shall cease, as the case may be. Except as expressly required by COBRA, in no event shall the Company have any obligation to provide Fringe Benefits after the expiration of the 12-month period provided in this Section 2.2.5. The Executive shall not be entitled to any other expense or benefit following the termination of his employment for any reason.

 

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2.2.6       Termination in Connection with Change of Control. If the employment of the Executive terminates for any reason, including termination by the Executive, within 30 days following the end of the “Retention Period” (as defined in Section 3.8.1 below), then, in lieu of any payments or benefits that may otherwise be owed to the Executive pursuant to Section 2.2.5 above, the Company shall, subject to Section 2.2.7, pay or provide to the Executive or the Executive’s estate should the Executive’s death occur after the termination date and before all payments have been made under this Section 2.2.6 the following termination benefits: (i) an amount (the “Change of Control Payout Amount”) equal to the Executive’s annual base salary as of the termination date, payable as follows: 50% of the Change of Control Payout Amount on the six-month anniversary of the termination date, followed by 8.3333% of the Change of Control Payout Amount each month for six additional months in equal regular monthly installments, in each case less income taxes and other applicable withholdings, and (ii) the Executive’s Fringe Benefits (as defined above) for 12 months.

 

2.2.7       No Other Termination Benefits; Release. The Executive understands and agrees that, subject to Section 3.8.3 below, the termination payments and benefits described in Section 2.2 constitute all of the payments and benefits to which he (or his estate or beneficiary) will be or become entitled to receive in case of termination of his employment, and that such payments and benefits are in lieu of any and all other payments and benefits of every kind or description to which he may be entitled, including, without limitation, the right to receive a bonus payment or any portion thereof. Any accrued but unpaid vacation compensation shall be payable upon termination of employment. In addition, the Executive understands and agrees that the Company’s obligation to pay or provide the termination payments and benefits described herein is conditioned upon and subject to the execution and non-revocation by the Executive of a separation agreement in form and substance reasonably satisfactory to the Company, which form shall include mutual non-disparagement language (provided that the Company’s commitment shall be limited to members of the Company’s senior management team while employed by the Company) and a form of release of claims against the Company, the principal terms and conditions of which release of claims shall be as set forth in Exhibit A to this Agreement.

 

2.2.8       No Duty to Mitigate; Termination of Benefits. The Executive shall not be required to mitigate the amount of any compensation payable to him pursuant to Section 2 hereof, whether by seeking other employment or otherwise, nor shall any compensation earned by the Executive during the period of continuance of any payments under Section 2 hereof reduce the amount of compensation payable under Section 2.

 

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3.       Compensation. During the Employment Term, the Company shall pay, in full payment for all of the Executive’s services rendered hereunder, the following compensation:

 

3.1       Base Salary. The Company shall pay the Executive an annual base salary, less income taxes and other applicable withholdings, of $200,000 in accordance with the Company’s standard payroll installments. The Compensation Committee of the Board of Directors will review the annual base salary amount as soon as practicable after the end of each fiscal year of Company to consider whether or not it should be increased. Such determination shall be in the sole discretion of the Committee using such criteria as the members of the Committee deem relevant, including, but not limited to, the performance of the Company and the Executive.

 

3.2       Bonuses. In its sole discretion, the Compensation Committee of the Board of Directors may (but is not required to) determine that the Company shall pay a bonus to the Executive after the end of each fiscal year of the Company. Such determination shall take place as soon as practicable after the end of the fiscal year, using such criteria as the members of the Committee shall deem relevant, including, but not limited to, the performance of the Company and the Executive. Any bonus that is to be paid to the Executive under this Section 3.2 shall be paid within 75 days after the end of the fiscal year of the Company to which it relates.

 

3.3       Stock Options and Restricted Stock. The Executive shall be eligible to receive stock options and awards of restricted stock from time to time, as determined by the Compensation Committee of the Board of the Directors of the Company.

 

3.4       Vacation. The Executive shall be entitled to four (4) weeks of vacation in each 12-month period during the Employment Term, without carryover of unused vacation time. No more than two (2) weeks may be taken consecutively.

 

3.5       Executive Benefit Plans. The Executive shall be entitled to participate in all plans or programs sponsored by the Company for employees in general, including without limitation, participation in any group health, medical reimbursement, or life insurance plans.

 

3.6       Expense Allowance. The Company shall reimburse the Executive for all reasonable and necessary expenses incurred by him from time to time in the performance of his duties hereunder, against receipts therefor in accordance with the then effective policies and requirements of the Company.

 

3.7       Disability and Other Insurance; Automobile Allowance. The Company shall have no obligation to provide disability insurance to the Executive. The Company agrees to provide an allowance of up to $25,000 per year, in the aggregate, to reimburse the Executive for (i) the actual cost of premiums incurred by the Executive for disability insurance obtained by the Executive; (ii) the actual cost of premiums incurred by the Executive for any other insurance which would not be available to the Executive under the Company’s customary benefit plans; and (iii) the actual cost of leasing and operating an automobile for use by the Executive during the Executive’s employment with the Company. The Executive may determine in his reasonable judgment how to allocate the allowance between disability insurance premiums, other insurance premiums and automobile leasing expense.

 

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3.8        Retention Bonus.

 

3.8.1       Continued Employment. From the Effective Date and continuing for a period of six (6) months (the “Retention Period”), in addition to performing his regular duties as set forth in Section 1.2 above, the Executive shall work in good faith towards the integration of the Company within DS Services and its affiliates.

 

3.8.2       Retention Bonus. If the Executive remains employed by the Company pursuant to this Agreement at all times during the Retention Period, the Company shall pay the Executive a retention bonus equal to three (3) months of the base salary set forth in Section 3.1, less all applicable deductions and withholdings (the “Retention Bonus”), such Retention Bonus to be paid within 30 days after the end of the Retention Period. The Executive will not be entitled to the Retention Bonus if he voluntarily resigns his employment with the Company prior to the end of the Retention Period or his employment ends prior to the end of the Retention Perion due to his death, disability or termination with Cause.

 

3.8.3       Early Termination by Company. If the Company terminates the Executive’s employment prior to the end of the Retention Period without Cause pursuant to Section 2.2.5 above, the Executive shall have such rights as are provided in Section 2.2.5, and in addition to such payments and benefits as are provided in Section 2.2.5, the Company will pay the Executive the Retention Bonus.

 

4.       Protection of Confidential Information; Non-Compete.

 

4.1       Acknowledgements. The Executive acknowledges that:

 

(a)       The Executive has obtained, and during his continued employment by the Company will obtain, secret and confidential information concerning the business of the Company and its affiliates, including, without limitation, highly confidential strategic and financial information about the Company and other confidential information having to do with the day-to-day operation of the business, including without limitation customer lists and sources of supply, their needs and requirements, the nature and extent of contracts with them, and related cost, price and sales information.

 

(b)       The Company and its affiliates will suffer substantial and irreparable damage which will be difficult to compute if, during the period of his employment with the Company or thereafter, the Executive should enter a competitive business or should divulge secret and confidential information relating to the business of the Company and its affiliates heretofore or hereafter acquired by him in the course of his employment with the Company.

 

(c)       The provisions of this Agreement are reasonable and necessary for the protection of the business of the Company and its affiliates.

 

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4.2       Confidentiality.

 

4.2.1       Non-Disclosure. The Executive agrees that he will not at any time, either during the Employment Term or thereafter, divulge to any person, firm or corporation any information obtained or learned by him during the course of his employment with the Company, with regard to the operational, financial, business or other affairs of the Company and its affiliates, and their respective officers and directors, including, without limitation, trade secrets, customer lists, sources of supply, pricing policies, operational methods or technical processes, except (i) in the course of performing his authorized duties hereunder, (ii) with the Company’s express written consent; (iii) to the extent that any such information is lawfully in the public domain other than as a result of the Executive’s breach of any of his obligations hereunder; or (iv) where required to be disclosed by court order, subpoena or other government process. In the event that the Executive shall be required to make any disclosure pursuant to the provisions of clause (iv) of the preceding sentence, the Executive promptly, but in no event more than 48 hours after learning of such subpoena, court order, or other government process, shall notify the Company, by personal delivery or by e-mail or other electronic means, confirmed by mail, to the Chairman of the Board of the Company and, if the Company so elects and at the Company’s expense, the Executive shall: (a) take all reasonably necessary steps requested by the Company to defend against the enforcement of such subpoena, court order or other government process, and (b) permit the Company to intervene and participate with counsel of its choice in any proceeding relating to the enforcement thereof.

 

4.2.2       Protected Activities. The Executive understands that nothing in this Agreement or any other Company agreement, policy, practice, procedure, directive or instruction limits his ability to: (i) file a charge or complaint with any governmental agency, governmental commission or other governmental authority (“Governmental Authority”), (ii) report possible violations of law or regulation to any Governmental Authority, (iii) make other disclosures that are protected under the whistleblower provisions of applicable law or regulation, or (iv) receive a whistleblower or other award from a Governmental Authority for information provided to a Governmental Authority. The Executive further understands that he does not need permission from anyone at the Company or the Company’s legal counsel in order to take any of the actions described in this paragraph, nor does he have to notify the Company that he has taken or intends to take any of these actions. The Executive further understands that nothing in this Agreement is intended to interfere with or restrain the immunity provided under 18 U.S.C. section 1833(b) for confidential disclosures of trade secrets (a) to lawyers or government officials solely for the purpose of reporting or investigating a suspected violation of law or (b) in a sealed filing in court or another legal proceeding.

 

4.3       Return of Property. Upon termination of his employment with the Company, or at any time the Company may so request, the Executive will promptly deliver to the Company all Company property, including without limitation all memoranda, notes, records, reports, manuals, drawings, blueprints, computer and peripheral software and hardware, files, databases, documentation, procedures, financial statements, employee manuals, customer and vendor lists and contracts, and product material or information, and all copies thereof, relating to the business of the Company and its affiliates, and all other property associated therewith, which he may then possess or have under his control.

 

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4.4       Non-Competition. During the Employment Term and for a period equal to the time during which Executive receives severance payments or benefits pursuant to Section 2 of this Agreement or for a period of 12 months in the event the Executive is terminated without entitlement to severance benefits herein, the Executive shall not, without the prior written permission of the Company, (i) within Connecticut, Massachusetts, New Hampshire, New York, Rhode Island, or Vermont; any other area of the United States in which the Company operates; or the remainder of the United States, its territories and possessions, directly or indirectly, engage in any activity or business that is the same or substantially similar to the work performed by the Executive for the Company and/or of the same substantive competency or nature as the work performed by the Executive for the Company, whether or not such engagement is as a consultant, independent contractor, agent, employee, officer, partner, director or otherwise, alone or for his own account or in association with any other person, corporation or other entity, for any Competitive Business (as defined below); provided, however, that the Executive shall be deemed to be acting “within” the above territories, even if physically outside of the territories, if the Executive’s activities assist the Competitive Business within the territories; (ii) directly or indirectly, hire or attempt to hire any person who is employed or retained by the Company or its affiliates (or was so employed within the immediately prior three months), or solicit, entice or encourage any such person to terminate his or her relationship with the Company; or (iii) solicit for a competitive purpose, interfere with the Company’s relationship with, or endeavor to entice away from the Company or its affiliates any of their customers or sources of supply. However, nothing in this Agreement shall preclude the Executive from investing his personal assets in the securities of any Competitive Business if such securities are traded on a national stock exchange and if such investment does not result in his beneficially owning, at any time, more than 1.0% of the publicly-traded equity securities of such competitor. “Competitive Business” shall mean any business or enterprise which (a) designs, sells, manufactures, markets and/or distributes still or sparkling spring or purified bottled water products or non-alcoholic beverages, or office refreshment products, including coffee, in the home and office market, or (b) competes or is planning to compete with any other business in which the Company or its subsidiaries is involved at any time during the 12-month period immediately prior to the termination of the Executive’s employment.

 

4.5       Enforcement. If the Executive commits a breach, or threatens to commit a breach, of any of the provisions of Section 4, the Company shall have the right and remedy to have the provisions of this Agreement specifically enforced by any court having jurisdiction over the matter, it being acknowledged and agreed by the Executive that the services being rendered hereunder to the Company are of a special, unique and extraordinary character and that any such breach or threatened breach will cause irreparable injury to the Company and that money damages will not provide an adequate remedy to the Company. Such right and remedy shall be in addition to, and not in lieu of, any other rights and remedies available to the Company under law or equity.

 

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4.6       Blue Penciling. If any provision of Section 4 is held to be unenforceable because of the scope, duration or area of its applicability, the tribunal making such determination shall have the power to modify such scope, duration or area, or all of them, and such provision or provisions shall then be applicable in such modified form.

 

5.       Representations of Executive. The Executive represents and warrants to the Company that he has had an opportunity to consult his personal counsel and other advisors in connection with the preparation, execution and delivery of this Agreement, and that he understands that Company counsel represented the Company and did not and does not represent the Executive in this matter. The Executive is not a party to or bound by any agreement, understanding or restriction that would or may be breached by the Executive’s execution and full performance of this Agreement. The Executive expressly undertakes and agrees that none of his acts or duties hereunder that will violate any obligations he may have to any other employer (or will impose on the Company any liability to any other employer) and that he has complied with all requirements of notice applicable to the termination of any prior employment before he commenced his employment with the Company. The Executive further represents and warrants that he has delivered to the Company complete copies of all employment agreements, understanding and restrictions to which he has been subject at any time during the last five years.

 

6.       Construction of this Agreement.

 

6.1       Choice of Law. This Agreement is to be construed pursuant to the laws of the State of Connecticut, without regard to the laws affecting choice of law.

 

6.2       Invalid Agreement Provisions. Should any provision of this Agreement become legally unenforceable, no other provision of this Agreement shall be affected, and this Agreement shall continue as if the Agreement had been executed absent the unenforceable provision.

 

6.3       No Other Agreements. This Agreement represents the full agreement between the Company and the Executive with respect to the subject matter hereof and the Company and the Executive have made no agreements, representations or warranties relating to the subject matter of this Agreement that are not set forth herein, it being understood that the Executive is also bound by the Code of Ethics and the Supplemental Policy. This Agreement supersedes any and all other agreements, oral or written, that may define the employment relationship between the Executive and the Company or any affiliate of the Company, and all of such other agreements are hereby terminated, without liability to any party thereto. Nothing in this Agreement confers any rights or remedies on any person or entity or than the parties hereto.

 

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6.4       Notices. All notices provided for in this Agreement shall be in writing and shall be deemed to be given when delivered personally to the party to receive the same, when transmitted by e-mail or other electronic means or when mailed first class, postage prepaid by certified mail, return receipt requested, addressed to the party to receive the same at the applicable addresses set forth below or such other address as the party to receive the same shall have specified by written notice give in the manner provided for in this Section. All notices shall be deemed to have been given as of the date of personal delivery, transmittal or mailing thereof, except that notices to the Company by facsimile or electronic transmittal that are received after 5:00 p.m., East Coast time, shall be deemed to have been received at 9:00 a.m. on the next succeeding business day.

 

If to the Executive: Mr. David Jurasek, 520 Park Road, Watertown, Connecticut 06795, with a copy to Robert Opotzner, Esq., 148 Deer Hill Avenue, Danbury, CT 06810, telephone 203-885-1938.

 

If to the Company: Crystal Rock Holdings, Inc., 1050 Buckingham Street, Watertown, Connecticut 06795, Attention: Chairman of the Board, with a copy to: Jeffrey F. Manzella, Esq. or his successor, Director of Legal, DS Services of America, Inc., 2300 Windy Ridge Parkway, Suite 500N, Atlanta, GA 30339, telephone 770-937-7395.

 

6.5       Assignment. This Agreement may be assigned by the Company to any affiliate of the Company, as well as in connection with any sale or merger (whether a sale or merger of stock or assets or otherwise) of the Company or the business of the Company. Upon any such assignment, the references herein to the Company shall be deemed to include the assignee, and this Agreement shall be binding upon and inure to the benefit of the Company’s successors and assigns. For clarity, the parties confirm that, if the Company terminates the Executive’s employment in connection with a sale or other transaction and the purchaser or any affiliated entity thereafter offers employment to the Executive pursuant to the terms of this Agreement or terms substantially similar thereto, such termination shall not be considered a termination without Cause pursuant to Section 2.2.5 above.

 

6.6       Disputes and Controversies. The parties hereto agree that in case of any dispute, controversy or claim arising out of or relating to this Agreement, other than pursuant to Sections 4 and 6 hereof, the dispute, controversy or claim shall be determined by arbitration in accordance with the Commercial Arbitration Rules of the American Arbitration Association. The place of the arbitration shall be Hartford, Connecticut. Any arbitration award shall be based upon and accompanied by a written opinion containing findings of fact and conclusions of law. The determination of the arbitrator(s) shall be conclusive and binding on the parties hereto, and any judgment upon the award rendered by the arbitrator(s) may be entered in any court having jurisdiction.

 

6.7       Counterparts. This Agreement may be executed by the parties in separate counterparts, each of which when so executed and delivered will be an original, but all of which together will constitute one and the same agreement. In pleading or proving this Agreement, it will not be necessary to produce or account for more than one such counterpart.

 

6.8       Waivers; Amendments. No waiver of any breach or default hereunder will be valid unless in a writing signed by the waiving party. No failure or other delay by any party exercising any right, power, or privilege hereunder will be or operate as a waiver thereof, nor will any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power, or privilege. No amendment or modification of this Agreement will be valid or binding unless in a writing signed by both the Executive and the Company.

 

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6.9       Relationship to Prior Agreement. As of the Effective Date, this Agreement replaces and supersedes in its entirety the Employment Agreement between the Company and the Executive dated as of November 1, 2016 and all amendments thereto (collectively, the “Prior Agreement”). For avoidance of doubt, no notice of termination required under the Prior Agreement shall be required or applicable to terminate and supersede in its entirety the Prior Agreement, and the Executive’s employment with the Company shall not be deemed to have terminated.

 

IN WITNESS WHEREOF, the parties have executed this Agreement under seal on March 14, 2018, but as of the date first written above.

 

COMPANY: CRYSTAL ROCK HOLDINGS, INC.

 

By: /s/ Peter K. Baker  
  Name: Peter K. Baker  
  Title: CEO  

 

 

EXECUTIVE: /s/ David Jurasek  
DAVID JURASEK  

 

 

 

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EXHIBIT A

 

Terms of Release

 

As a condition to the Company’s obligation to pay or provide termination payments or benefits, the Executive irrevocably and unconditionally releases, acquits and forever discharges the Company, its affiliated and related corporations and entities, and each of their predecessors and successors, and each of their agents, directors, officers, trustees, attorneys, present and former employees, representatives, and related entities (collectively referred to as the “Released Entities”) from any and all charges, complaints, claims, liabilities, obligations, promises, agreements, controversies, damages, actions, causes of action, suits, rights, demands, costs, losses, damages and expenses (including attorneys’ fees and costs actually incurred) arising out of or in connection with his employment with or termination from the Company, which the Executive now has, owns or holds, or claims to have, own or hold, or which at any time heretofore, had owned or held, or claimed to have owned or held, or which the Executive at any time hereafter may have, own or hold, or claim to have owned or held against the Released Entities, based upon, arising out of or in connection with his employment with or termination from the Company up to the date of this Release, including but not limited to, claims or rights under any federal, state, or local statutory and/or common law in any way regulating or affecting the employment relationship, including but not limited to Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act, the Age Discrimination in Employment Act and any other federal, state, local statutory and/or common law regulating or affecting the employment relationship. The Executive acknowledges and understands that the termination payment or benefits to be provided to the Executive constitute a full, fair and complete payment for the release and waiver of all of the Executive’s possible claims arising out of or in connection with his employment with or termination from the Company.

 

This Release does not preclude the Executive from filing a charge of discrimination with, or participating in or cooperating with an investigation by, the United States Equal Employment Opportunity Commission or the Connecticut Human Rights Commission, but Executive will not be entitled to, expressly agrees to waive, any monetary or other relief on the basis of or in connection with such charge or investigation, including related court litigation. Nothing in this Release prohibits, or is intended in any manner to prohibit, the Executive from engaging in any of the “Protected Activities” set forth in Section 4.2.2 of the Employment Agreement of which this Exhibit A is a part.

 

The Executive acknowledges that he has been provided at least twenty-one (21) days to consider whether to sign this Release, that he has been advised to consult with an attorney of his choosing concerning this Release, and that he has executed and delivered this Release and waived any claims knowingly and willingly. The Executive may revoke this Release within seven (7) days after it is signed, and it shall not become effective or enforceable until such seven (7) day revocation period has expired.

 

 

 

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 EX-31.1 3 exh_311.htm EXHIBIT 31.1

Exhibit 31.1

 

CERTIFICATION

PURSUANT TO SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

 

I, Peter K. Baker, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of Crystal Rock Holdings, Inc.;

 

2.  Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.  Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.  The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a)  Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b) Designed such internal control over financial reporting, or cause such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.  The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: March 16, 2018   /s/ Peter K. Baker  
    Peter K. Baker, Chief Executive Officer  

 

 

 

39

 

 EX-31.2 4 exh_312.htm EXHIBIT 31.2

Exhibit 31.2

 

CERTIFICATION

PURSUANT TO SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

 

I, David Jurasek, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of Crystal Rock Holdings, Inc.;

 

2.  Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.  Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.  The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a)  Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b) Designed such internal control over financial reporting, or cause such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.  The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: March 16, 2018   /s/ David Jurasek  
    David Jurasek, Chief Financial Officer  

 

 

 

40

 

 

 EX-32.1 5 exh_321.htm EXHIBIT 32.1

Exhibit 32.1

 

CERTIFICATION PURSUANT TO

18 U.S.C. §1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

 

In connection with the Quarterly Report on Form 10-Q of Crystal Rock Holdings, Inc. (the “Company”) for the quarter ended January 31, 2018, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned Chief Executive Officer of the Company, certifies, to the best knowledge and belief of the signatory, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

(1) The Report fully complies with the requirements of Section 13(a) or

15(d) of the Securities Exchange Act of 1934; and

 

(2) The information contained in the Report fairly presents, in all material

respects, the financial condition and results of operations of the Company.

 

 

/s/ Peter K. Baker  
Peter K. Baker  
Chief Executive Officer  

 

Date: March 16, 2018

 

 

 

41

 

 EX-32.2 6 exh_322.htm EXHIBIT 32.2

Exhibit 32.2

 

CERTIFICATION PURSUANT TO

18 U.S.C. §1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

 

In connection with the Quarterly Report on Form 10-Q of Crystal Rock Holdings, Inc. (the “Company”) for the quarter ended January 31, 2018, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned Chief Financial Officer of the Company, certifies, to the best knowledge and belief of the signatory, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

(1) The Report fully complies with the requirements of Section 13(a) or

15(d) of the Securities Exchange Act of 1934; and

 

(2) The information contained in the Report fairly presents, in all material

respects, the financial condition and results of operations of the Company.

 

 

/s/ David Jurasek  
David Jurasek  
Chief Financial Officer  

 

Date: March 16, 2018

 

 

 

42

 
 EX-101.INS 7 crvp-20180131.xml XBRL INSTANCE FILE 4000000 2.5 1.5 4500000 2000000 133333 59 0.0156 -1400000 25000 false --10-31 Q1 2018 2018-01-31 10-Q 0001123316 21358411 Yes Smaller Reporting Company Crystal Rock Holdings, Inc. No No crvp 1787406 1723753 6768744 7013184 1992601 2261365 3215 2271 58464742 58464742 122510 119439 262511 330720 142412 170337 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; line-height: 12pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.5in"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.</div></td> <td style="text-align: justify"><div style="display: inline; text-decoration: underline;">IMPAIRMENT OF LONG-LIVED ASSETS</div></td> </tr> </table> <div style=" font-size: 10pt; line-height: 12pt; text-align: justify; margin: 0pt 0 0pt 0.5in">&nbsp;</div> <div style=" font-size: 10pt; line-height: 12pt; text-align: justify; margin: 0pt 0 0pt 0.5in">The Company reviews long-lived assets and certain identifiable intangible assets for impairment whenever circumstances and situations change such that there is an indication that the carrying amounts <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> be recovered. Recoverability is assessed based on estimated undiscounted future cash flows. The Company&#x2019;s policy is to record an impairment loss when it is determined that the carrying amount of the asset <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> be recoverable.</div> <div style=" font-size: 10pt; line-height: 12pt; text-align: justify; margin: 0pt 0 0pt 0.5in">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 0.5in">During the quarter ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 31, 2018, </div>the Company recorded an impairment loss of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$385,463,</div> included in loss on disposal of property and equipment on the consolidated statements of operations, related to the abandonment of an ERP software implementation that was yet to be placed in service. There were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> impairment charges recognized during the quarter ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 31, 2017.</div></div></div> 30059742 31492925 10637032 11559487 0 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.</div></td> <td style="text-align: justify"><div style="display: inline; text-decoration: underline;">BASIS OF PRESENTATION</div></td> </tr> </table> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">The accompanying unaudited consolidated financial statements have been prepared in accordance with Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-Q instructions and in the opinion of management contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the consolidated financial position, results of operations, and cash flows for the periods presented. The results have been determined on the basis of generally accepted accounting principles and practices of the United States of America (&#x201c;GAAP&#x201d;), applied consistently with the Annual Report on Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-K of Crystal Rock Holdings, Inc. (the &#x201c;Company&#x201d;) for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 31, 2017.</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">Certain information and footnote disclosures normally included in audited consolidated financial statements presented in accordance with GAAP have been condensed or omitted. The accompanying consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-K for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 31, 2017. </div>The results of operations for the interim periods are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> necessarily indicative of the results to be expected for the full year.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">The financial statements herewith reflect the consolidated operations and financial condition of Crystal Rock Holdings, Inc. and its wholly owned subsidiary Crystal Rock LLC.</div></div> 1065000 5553815 200979 3371042 -864021 -2182773 0.001 0.001 0.001 50000000 50000000 21960229 21960229 21358411 21358411 21960 21960 566468 -61332 6653099 6956412 613433 614789 2456337 2461762 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.</div></td> <td style="text-align: justify"><div style="display: inline; text-decoration: underline;">DEBT</div></td> </tr> </table> <div style=" font-size: 10pt; text-align: justify; text-indent: -0.5in; margin: 0pt 0 0pt 0.5in"><div style="display: inline; font-style: italic;">&nbsp;</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">The Company has a Credit Agreement (the &#x201c;Agreement&#x201d;) with Bank of America to provide a senior financing facility consisting of term debt and a revolving line of credit. Under the Agreement, as amended, the Company became obligated on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$12,000,000</div> of debt in the form of a term note to refinance the previous senior term debt and to fund repayment of a portion of its outstanding subordinated debt. Additionally, the Agreement includes a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5,000,000</div> revolving line of credit that can be used for the purchase of fixed assets, to fund acquisitions, to collateralize letters of credit, and for operating capital.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">The Agreement amortizes the term debt over a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div> year period with <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">59</div> equal monthly installments of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$133,333</div> plus interest and a final payment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4,133,333</div> due in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 2020. </div>The revolving line of credit matures in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 2018. </div>There are various restrictive covenants under the Agreement, and the Company is prohibited from entering into other debt agreements without the bank&#x2019;s consent. The Agreement also prohibits the Company from paying dividends without the prior consent of the bank.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">Effective <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 12, 2016, </div>the Company amended its Agreement with the Bank (the &#x201c;Second Amendment&#x201d;). Under the Second Amendment, interest is paid at a rate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div>-month LIBOR plus a margin based on the achievement of a specified leverage ratio. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 31, 2018, </div>the margin was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.50%</div> for the term note and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.25%</div> for the revolving line of credit. The Company fixed the interest rate on a portion of its term debt by entering into an interest rate swap. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 31, 2018, </div>the Company had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3,867,000</div> of the term debt subject to variable interest rates. The <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div>-month LIBOR was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.56%</div> on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 31, 2018 </div>resulting in total variable interest rates of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.06%</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.81%,</div> for the term note and the revolving line of credit, respectively, as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 31, 2018.</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"></div> <!-- Field: Page; Sequence: 8; Value: 2 --> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 15.45pt 0pt 0.5in"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"><div style="display: inline; font-size: 10pt">The Second Amendment requires the Company to be in compliance with certain financial covenants as follows: (i) a maximum annual limit for capital expenditures of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4,000,000</div> each fiscal year, </div>(ii) consolidated adjusted operating cash flows to consolidated total debt service ratio, as defined, to be <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> less than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.5</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> for any reference period ending on or after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 31, 2016 </div>and (iii) senior funded debt to consolidated adjusted EBITDA, as defined, to be <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> greater than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.5</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> as of the end of any fiscal quarter ending on or after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 31, 2016. </div>The Amendment also allows payments of interest on Subordinated Notes. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 31, 2018, </div>the Company was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> in compliance with (ii) and (iii) of the financial covenants. The Bank waived the covenant compliance requirements for (ii) and (iii) for the period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 31, 2018.</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"><div style="display: inline; font-size: 10pt">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 13, 2017, </div>the Company entered into a Third Amendment (the &#x201c;Third Amendment&#x201d;) to the Agreement. </div>The Third Amendment increases the aggregate principal amount available under the revolving line of credit from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5,000,000</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6,000,000.</div> <div style="display: inline; font-size: 10pt">The Third Amendment allows the Company to use up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,000,000</div> of proceeds from the revolving line of credit to make payments on the Subordinated Debt. The Third Amendment also allows for prepayments on Subordinated Debt up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4,500,000</div> in the aggregate. Subsequently, in fiscal <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> the Company paid an aggregate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4,500,000</div> of subordinated debt principal payments. </div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">At <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 31, 2018, </div>there was a balance of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,015,200</div> outstanding on the line of credit and a letter of credit issued for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,327,000</div> to collateralize the Company&#x2019;s liability insurance program as of that date. Consequently, as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 31, 2018, </div>there was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,658,000</div> available to borrow from the revolving line of credit. The line of credit matures in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 2018. </div>There was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$7,733,000</div> outstanding on the term note as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 31, 2018.</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">In addition to the senior debt, as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 31, 2018, </div>the Company had subordinated debt owed to Peter and John Baker in the aggregate principal amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4,500,000</div> that is due <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 20, 2020. </div>The interest rate on each of these notes is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12%</div> per annum.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">The notes are secured by all of the assets of the Company but specifically subordinated, with a separate agreement with the subordinated debt holders, to the senior financing facility (Credit Agreement) described above.</div></div> 0.025 0.0225 12000000 0.0406 0.0381 0.12 4133333 P5Y -1401537 2626013 4027550 636887 654427 3866668 0 5098 0 3787 5098 3787 0.0156 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="; font-size: 10pt; line-height: 12pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.5in"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.</div></td> <td style="text-align: justify"><div style="display: inline; text-decoration: underline;">ON-BALANCE SHEET DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES</div></td> </tr> </table> <div style=" font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 0.5in">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify"><div style="display: inline; font-weight: normal; text-transform: none"><div style="display: inline; font-style: italic;">Derivative Financial Instruments</div></div></div> <div style=" font-size: 10pt; margin: 0pt 0 0pt 27pt; text-transform: uppercase; text-align: justify"><div style="display: inline; font-weight: normal; text-transform: none"><div style="display: inline; font-style: italic;">&nbsp;</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">The Company has stand-alone derivative financial instruments in the form of interest rate swap agreements, which derive their value from underlying interest rates. These transactions involve both credit and market risk. The notional amount is an amount on which calculations, payments, and the value of the derivative are based. The notional amount does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> represent direct credit exposure. Direct credit exposure is limited to the net difference between the calculated amount to be received and paid, if any. Such difference, which represents the fair value of the derivative instrument, is reflected on the Company&#x2019;s consolidated balance sheet as an unrealized gain or loss on derivatives.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">The Company is also exposed to credit-related losses in the event of nonperformance by the counterparties to these agreements. The Company controls the credit risk of its financial contracts through credit approvals, limits and monitoring procedures, and currently has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> reason to believe that any counterparties will fail to fulfill their obligations.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">This interest rate swap agreement is considered a cash flow hedge to hedge against the variability of interest rates on outstanding debt.&nbsp; The net unrealized gain relating to interest rate swaps was recorded in current assets with an offset to other comprehensive income for the effective portion of the hedge. At <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 31, 2018, </div>these cash flow hedges were deemed <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100%</div> effective.&nbsp; The portion of the net unrealized gain in current assets is the amount expected to be reclassified to income within the next <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">twelve</div> months.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">&nbsp;</div><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 0.5in">The following information pertains to the Company's outstanding interest rate swap at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 31, 2018.&nbsp; </div>The interest rate swap matures in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018.The</div> pay rate is fixed and the receive rate is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> month LIBOR.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td colspan="2" style="font-size: 10pt; border: Black 1pt solid">Instrument</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; border-bottom: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid">Notional Amount</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</td> <td colspan="2" style="font-size: 10pt; border-bottom: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid">Pay Rate</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</td> <td colspan="2" style="font-size: 10pt; border-bottom: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid">Receive Rate</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 26%; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: left">Interest rate swap</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; border-right: Black 1pt solid">&nbsp;</td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="width: 22%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,866,668</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; border-right: Black 1pt solid">&nbsp;</td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="width: 22%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.25%</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; border-right: Black 1pt solid">&nbsp;</td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="width: 22%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.56%</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center; border-right: Black 1pt solid"></td> </tr> </table> </div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0 0pt 0.5in">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0 0pt 0.5in">The table below details the adjustments to other comprehensive income (loss), on a before tax and net-of tax basis, for the fiscal quarters ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 31, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017.</div></div> <div style=" font-size: 10pt; margin: 0pt 0 0pt 0.5in">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt; text-align: center">&nbsp;</td> <td colspan="3" style="font-size: 10pt; border-bottom: Black 1pt solid; text-align: center">Before-Tax</td> <td style="font-size: 10pt; padding-bottom: 1pt; text-align: center">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Tax Benefit (Expense)</td> <td style="font-size: 10pt; padding-bottom: 1pt; text-align: center">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Net-of-Tax</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; padding-bottom: 1pt"><div style="display: inline; text-decoration: underline;">Three Months Ended January 31, 2017</div></td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: right">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; font-size: 10pt; text-align: left">Gain on interest rate swap</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,121</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(6,048</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,073</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Reclassification adjustment to income</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,015</div></td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2,806</div></td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,209</div></td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt">Net unrealized gain</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22,136</div></td> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(8,854</div></td> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,282</div></td> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-decoration: underline">Three Months Ended January 31, 2018</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Gain on interest rate swap</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,003</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(841</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,162</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Reclassification adjustment to income</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,692</div></td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">474</div></td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,218</div></td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt">Net unrealized gain</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,311</div></td> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(367</div></td> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">944</div></td> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" font-size: 10pt; text-indent: 0in; margin: 0pt 0 0pt 0.5in"></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">The reclassification <div style="display: inline; font-size: 10pt">adjustments of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,692</div> represents savings in interest that would have been paid without the interest rate swap agreement during the quarter ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 31, 2018, </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$7,015</div> represent interest the Company paid in excess of the amount that would have been paid without the interest rate swap agreement during the quarter ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 31, 2017. </div>These amounts were reclassified from accumulated other comprehensive income (loss) and recorded in consolidated statements of operations as a charge or credit to interest expense. <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No</div> other material amounts were reclassified during the quarters ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 31, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017.</div></div></div></div> 0.0125 0.03 0 0.03 0 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.</div></td> <td style="text-align: justify"><div style="display: inline; text-decoration: underline;">INCOME (LOSS) PER SHARE AND WEIGHTED AVERAGE SHARES</div></td> </tr> </table> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">The Company considers outstanding in-the-money stock options, if any, as potential common stock in its calculation of diluted earnings per share, unless the effect would be anti-dilutive, and uses the treasury stock method to calculate the applicable number of shares.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"></div> <!-- Field: Page; Sequence: 12; Value: 2 --> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"></div> <div style=" font-size: 10pt; margin: 0pt 0 0pt 0.5in">The following calculation provides the reconciliation of the denominators used in the calculation of basic and fully diluted earnings per share:</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="7" style="font-size: 10pt; text-align: center">Three Months Ended <br />January 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2017</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; font-size: 10pt; text-align: left">Net Income (Loss)</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">565,524</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(74,614</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Denominator:</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Basic Weighted Average Shares Outstanding</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21,358,411</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21,358,411</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Dilutive effect of Stock Options</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Diluted Weighted Average Shares Outstanding</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21,358,411</div></td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21,358,411</div></td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 2.25pt">Basic Income (Loss) Per Share</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">.03</div></td> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(.00</div></td> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 2.25pt">Diluted Income (Loss) Per Share</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">.03</div></td> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(.00</div></td> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: left">)</td> </tr> </table> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 31, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> there were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div></div> options outstanding.</div></div> 0.21 0.23 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8.</div></td> <td style="text-align: justify"><div style="display: inline; text-decoration: underline;">FAIR VALUES OF ASSETS AND LIABILITIES</div></td> </tr> </table> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 0.5in"><div style="display: inline; font-style: italic;">Fair Value Hierarchy</div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 0.5in"><div style="display: inline; font-style: italic;">&nbsp;</div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 0.5in">The Company&#x2019;s assets and liabilities measured at fair value on a recurring basis are as follows:</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Level 1</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Level 2</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Level 3</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">Assets:</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: right">&nbsp;</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; padding-bottom: 1pt"><div style="display: inline; text-decoration: underline;">January 31, 2018</div></td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: right">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; font-size: 10pt; text-align: left">Unrealized gain on derivative</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,098</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-decoration: underline">October 31, 2017</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Unrealized gain on derivative</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,787</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</div> <!-- Field: Page; Sequence: 11; Value: 2 --> <div style=" font-size: 10pt; margin: 0pt 0 0pt 0.5in"></div> <div style=" font-size: 10pt; margin: 0pt 0 0pt 0.5in">In determining the fair value, the Company uses a model that calculates a present value of the payments as they amortize through the life of the loan (float) based on the variable rate and compares them to the calculated value of the payment based on the fixed rate (fixed) defined in the swap. In calculating the present value, in addition to the term, the model relies on other data &#x2013; the &#x201c;rate&#x201d; and the &#x201c;discount factor.&#x201d;</div> <div style=" font-size: 10pt; margin: 0pt 0 0pt 0.5in">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.5in"></td> <td style="width: 0.25in"><div style="display: inline; font-family: Wingdings">&sect;</div></td> <td>In the &#x201c;float&#x201d; model, the rate reflects where the market expects LIBOR to be for the respective period and is based on the Eurodollar futures market.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.5in"></td> <td style="width: 0.25in"><div style="display: inline; font-family: Wingdings">&sect;</div></td> <td>The discount factor is a function of the volatility of LIBOR.</td> </tr> </table> <div style=" font-size: 10pt; margin: 0pt 0 0pt 0.5in">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">Payments are calculated by applying the rate to the notional amount and adjusting for the term. Then the present value is calculated by using the discount factor.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">&nbsp;</div> <div style=" font-size: 10pt; text-indent: 0in; margin: 0pt 0 0pt 0.5in">There were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div></div> assets or liabilities measured at fair value on a nonrecurring basis.</div></div> 2510656 2502976 9912484 9785842 344021 335931 12767161 12624749 2536488 2536488 10313819 10313819 608393 608393 13458700 13458700 P1Y58D P1Y120D P339D P1Y54D P21Y306D P22Y29D -396092 12156790 12156790 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.5in"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.</div></td> <td style="text-align: justify"><div style="display: inline; text-decoration: underline;">GOODWILL AND OTHER INTANGIBLE ASSETS</div></td> </tr> </table> <div style=" font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 0.5in">&nbsp;</div> <div style=" font-size: 10pt; text-indent: 0in; margin: 0pt 0 0pt 0.5in">Major components of intangible assets consisted of:</div> <div style=" font-size: 10pt; text-indent: 0in; margin: 0pt 0 0pt 0.5in">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="7" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">January 31, 2018</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="7" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">October 31, 2017</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center">&nbsp;</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt">Gross Carry<div style="display: inline; font-weight: bold;">i</div>ng Amount</div></td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Accumulated Amortization</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Wgt. Avg.Amort. Years</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Gross Carrying Amount</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Accumulated Amortization</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><div style=" margin-top: 0; margin-bottom: 0; text-align: center"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 12pt"><div style="display: inline; bottom:-.33em; font-size: 82%; position: relative; vertical-align: baseline;">Wgt. Avg. Amort. Years</div></div></div></td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: left">Amortized Intangible Assets:</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: right">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 22%; font-size: 10pt; text-align: left">Covenants Not to Compete</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,536,488</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,510,656</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.16</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,536,488</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,502,976</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.33</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Customer Lists</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,313,819</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,912,484</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.93</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,313,819</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,785,842</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.15</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Other Identifiable Intangibles</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">608,393</div></td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">344,021</div></td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21.84</div></td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">608,393</div></td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">335,931</div></td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22.08</div></td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 2.25pt">Total</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,458,700</div></td> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,767,161</div></td> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,458,700</div></td> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,624,749</div></td> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" font-size: 10pt; text-indent: 0in; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 0.5in">Amortization expense for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> month periods ending <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 31, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$142,412</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$170,337,</div> respectively. There were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> changes in the carrying amount of goodwill, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$12,156,790,</div> for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ending <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 31, 2018.</div></div></div> 0 7225273 7693734 385463 0 -1161129 -118436 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; line-height: 12pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.5in"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.</div></td> <td style="text-align: justify"><div style="display: inline; text-decoration: underline;">IMPACT OF TAX REFORM ACT</div></td> </tr> </table> <div style=" font-size: 10pt; line-height: 12pt; text-align: justify; margin: 0pt 0 0pt 0.25in">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 22, 2017, </div>H.R. <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,</div> originally known as the Tax Cuts and Jobs Act (the &#x201c;Tax Reform Act&#x201d;) was enacted. The Tax Reform Act made significant changes to U.S. federal income tax laws including permanently lowering the U.S. corporate income tax rate from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">35%</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21%</div> effective <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2018. </div>As the Company has an <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 31 </div>fiscal year-end, the lower corporate income tax rate will be phased in, resulting in a U.S. statutory rate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">23%</div> for the fiscal year ending <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 31, 2018. </div>The Company&#x2019;s statutory federal tax rate will be <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21%</div> for fiscal years ending <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 31, 2019 </div>and beyond. U.S. GAAP requires the impact of tax legislation be recognized in the period in which the law was enacted. In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 2017, </div>the SEC issued Staff Accounting Bulletin <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">118,</div> which allows a company to report provisional numbers related to the Tax Reform Act and adjust those amounts during a measurement period <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> to extend beyond <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> year. For the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 31, 2018, </div>the Company recorded a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div>-time tax benefit of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,400,000</div> due to a remeasurement of deferred tax assets and liabilities. In addition, applying the reduced rate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">23%</div> to our <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> fiscal quarter earnings resulted in an <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,400,000</div> reduction to tax expense. These tax benefits represent provisional amounts and the Company&#x2019;s best estimate. The provisional amounts are based on estimates of underlying timing differences (primarily related to uncertainty in fixed assets) and the Company&#x2019;s current interpretations of the Tax Reform Act. The ultimate impact of the Tax Reform Act <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>differ from our provisional amounts due to changes in interpretations and assumptions we made as well as any forthcoming legislative action or regulatory guidance.</div></div> -1726653 -43822 -1400000 249850 63653 -1063077 -181220 -217732 -270187 -1025938 -6781 -991 -76329 199643 261391 -74065 -15000 -14160 691539 833951 233511 350590 232904 371800 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.5in"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.</div></td> <td style="text-align: justify"><div style="display: inline; text-decoration: underline;">INVENTORIES</div></td> </tr> </table> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0 0pt 0.5in">Inventories consisted of the following at:</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">January 31,</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">October 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center; padding-bottom: 1pt">&nbsp;</td> <td style="font-size: 10pt; text-align: center; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="font-size: 10pt; text-align: center; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2017</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 70%; font-size: 10pt; text-align: left">Finished Goods</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,016,980</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,011,255</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Raw Materials</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">182,357</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">189,411</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Inventory Reserve</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td> <td style="font-size: 10pt; text-align: right; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(75,000</div></td> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td> <td style="font-size: 10pt; text-align: right; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Total Inventories</td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double">&nbsp;</td> <td style="font-size: 10pt; text-align: left; border-bottom: Black 2.5pt double">$</td> <td style="font-size: 10pt; text-align: right; border-bottom: Black 2.5pt double"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,124,337</div></td> <td style="font-size: 10pt; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left; border-bottom: Black 2.5pt double">$</td> <td style="font-size: 10pt; text-align: right; border-bottom: Black 2.5pt double"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,200,666</div></td> <td style="font-size: 10pt; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</td> </tr> </table> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <!-- Field: Page; Sequence: 9; Value: 2 --> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 0.5in">Finished goods inventory consists of products that the Company sells such as, but <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> limited to, coffee, cups, soft drinks, and snack foods. Raw material inventory consists primarily of bottle caps. The amount of raw and bottled water on hand does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> represent a material amount of inventory. Bottles are accounted for as fixed assets.</div></div> 2016980 2011255 2124337 2200666 182357 189411 75000 1327000 23753472 25753123 30059742 31492925 8008636 8199903 0 5000000 6000000 2658000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.5in"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12.</div></td> <td style="text-align: justify"><div style="display: inline; text-decoration: underline;">ACCOUNTS RECEIVABLE</div></td> </tr> </table> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">Trade Accounts Receivable - Uncollectible individual accounts receivable are written off when deemed uncollectible, with any future recoveries recorded as income when received.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">For more details regarding the Company&#x2019;s accounts receivable polices refer to Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,</div> Significant Accounting Policies, in the financial statements and notes thereto included in the Company's Annual Report on Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-K for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 31, 2017.</div></div></div> 3867000 7733000 1599996 1599996 6133348 6533347 -384799 -399999 -679663 -638361 200441 -1144413 565524 -74614 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.5in"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11.</div></td> <td style="text-align: justify"><div style="display: inline; text-decoration: underline;">RECENT ACCOUNTING PRONOUNCEMENTS</div></td> </tr> </table> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.25in">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 2014, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09,</div> &#x201c;Revenue from Contracts with Customers (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606</div>)&#x201d;, which stipulates that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve this core principle, an entity should apply the following steps: (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div>) identify the contract(s) with a customer, (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div>) identify the performance obligations in the contract, (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div>) determine the transaction price, (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4</div>) allocate the transaction price to the performance obligations in the contract and (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5</div>) recognize revenue when (or as) the entity satisfies a performance obligation. In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 2015, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,</div> which deferred the effective date of the ASU to fiscal years beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2017, </div>and interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2016. </div>Companies <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>use either a full retrospective or a modified retrospective approach to adopt this ASU. The Company plans to adopt the ASU effective the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> quarter of fiscal year <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div> using a modified retrospective method. During fiscal year <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> we will be conducting a review of contracts to identify gaps between our current revenue recognition policies and the new standard so that we can quantify any impact to our current consolidated financial statements.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2016, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02,</div> &quot;Leases&quot;, which is intended to improve financial reporting about leasing transactions.&nbsp; This ASU requires that leased assets be recognized as assets on the balance sheet and the liabilities for the obligations under the lease also be recognized on the balance sheet.&nbsp; This ASU requires disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases.&nbsp; The required disclosures include qualitative and quantitative requirements.&nbsp; This ASU is effective for fiscal years beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2018 </div>and interim periods within those fiscal years.&nbsp; Early adoption is permitted. The new standard must be adopted using a modified retrospective transition, and provides for certain practical expedients. Transition will require application of the new guidance at the beginning of the earliest comparative period presented. The Company is currently in the process of evaluating our adoption timing and cannot currently estimate the financial statement impact of the adoption, but the Company does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> expect adoption until fiscal year <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2020.</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"></div> <!-- Field: Page; Sequence: 13; Value: 2 --> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 2017, </div>FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,</div> Derivatives and Hedging (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">815</div>): Targeted Improvements to Accounting for Hedging Activities.&nbsp; The targeted amendments help simplify certain aspects of hedge accounting and result in a more accurate portrayal of the economics of an entity&#x2019;s risk management activities in its financial statements.&nbsp; For cash flow and net investment hedges as of the adoption date, the guidance requires a modified retrospective approach. The amended presentation and disclosure guidance is required only prospectively. The amendments are effective for the Company&#x2019;s fiscal year beginning <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 1, 2019, </div>with early adoption permitted.&nbsp; The Company is currently evaluating the accounting, transition, and disclosure requirements of the standard and cannot currently estimate the financial statement impact of adoption.</div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"><tr style="vertical-align: top"><td><div style="display: inline; text-decoration: underline;">Adopted Accounting Standards Updates</div></td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 0.5in">Effective <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 1, 2017, </div>we adopted Financial Accounting Standards Board (&#x201c;FASB&#x201d;) Accounting Standards Update (&#x201d;ASU&#x201d;) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,</div> &#x201c;Simplifying the Measurement of Inventory&#x201d;. The ASU requires entities using the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div>-in, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div>-out (FIFO) inventory costing method to subsequently value inventory at the lower of cost and net realizable value. The ASU defines net realizable value as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The adoption of this guidance by the Company did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have a material impact on its consolidated financial statements.</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 0.5in">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 0.5in">Effective <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 1, 2017, </div>we adopted FASB ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17,</div> &#x201c;Balance Sheet Classification of Deferred Taxes&#x201d;. The ASU requires that deferred tax assets and liabilities be combined and be classified as non-current in a statement of financial position. The adoption of this guidance by the Company did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have a material impact on its consolidated financial statements.</div></div></div></div> 4500000 8152891 7461580 -927618 232154 1537874 1276850 76926 91926 12925255 13082667 944 13282 22136 1311 13282 944 -8854 -367 944 13282 1692 -7015 -4209 1218 2806 -474 15121 3003 9073 2162 -6048 -841 29138 30561 721763 638361 15200 42100 6497455 6850771 63220 89129 399999 399999 4500000 -51283287 -51848811 200000 13878372 14650146 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt; text-align: center">&nbsp;</td> <td colspan="3" style="font-size: 10pt; border-bottom: Black 1pt solid; text-align: center">Before-Tax</td> <td style="font-size: 10pt; padding-bottom: 1pt; text-align: center">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Tax Benefit (Expense)</td> <td style="font-size: 10pt; padding-bottom: 1pt; text-align: center">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Net-of-Tax</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; padding-bottom: 1pt"><div style="display: inline; text-decoration: underline;">Three Months Ended January 31, 2017</div></td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: right">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; font-size: 10pt; text-align: left">Gain on interest rate swap</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,121</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(6,048</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,073</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Reclassification adjustment to income</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,015</div></td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2,806</div></td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,209</div></td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt">Net unrealized gain</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22,136</div></td> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(8,854</div></td> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,282</div></td> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-decoration: underline">Three Months Ended January 31, 2018</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Gain on interest rate swap</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,003</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(841</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,162</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Reclassification adjustment to income</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,692</div></td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">474</div></td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,218</div></td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt">Net unrealized gain</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,311</div></td> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(367</div></td> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">944</div></td> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td colspan="2" style="font-size: 10pt; border: Black 1pt solid">Instrument</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; border-bottom: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid">Notional Amount</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</td> <td colspan="2" style="font-size: 10pt; border-bottom: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid">Pay Rate</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</td> <td colspan="2" style="font-size: 10pt; border-bottom: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid">Receive Rate</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 26%; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: left">Interest rate swap</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; border-right: Black 1pt solid">&nbsp;</td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="width: 22%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,866,668</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; border-right: Black 1pt solid">&nbsp;</td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="width: 22%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.25%</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; border-right: Black 1pt solid">&nbsp;</td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="width: 22%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.56%</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center; border-right: Black 1pt solid"></td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="7" style="font-size: 10pt; text-align: center">Three Months Ended <br />January 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2017</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; font-size: 10pt; text-align: left">Net Income (Loss)</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">565,524</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(74,614</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Denominator:</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Basic Weighted Average Shares Outstanding</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21,358,411</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21,358,411</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Dilutive effect of Stock Options</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Diluted Weighted Average Shares Outstanding</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21,358,411</div></td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21,358,411</div></td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 2.25pt">Basic Income (Loss) Per Share</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">.03</div></td> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(.00</div></td> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 2.25pt">Diluted Income (Loss) Per Share</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">.03</div></td> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(.00</div></td> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: left">)</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Level 1</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Level 2</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Level 3</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">Assets:</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: right">&nbsp;</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; padding-bottom: 1pt"><div style="display: inline; text-decoration: underline;">January 31, 2018</div></td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: right">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; font-size: 10pt; text-align: left">Unrealized gain on derivative</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,098</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-decoration: underline">October 31, 2017</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Unrealized gain on derivative</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,787</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="7" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">January 31, 2018</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="7" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">October 31, 2017</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center">&nbsp;</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt">Gross Carry<div style="display: inline; font-weight: bold;">i</div>ng Amount</div></td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Accumulated Amortization</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Wgt. Avg.Amort. Years</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Gross Carrying Amount</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Accumulated Amortization</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><div style=" margin-top: 0; margin-bottom: 0; text-align: center"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 12pt"><div style="display: inline; bottom:-.33em; font-size: 82%; position: relative; vertical-align: baseline;">Wgt. Avg. Amort. Years</div></div></div></td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: left">Amortized Intangible Assets:</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: right">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 22%; font-size: 10pt; text-align: left">Covenants Not to Compete</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,536,488</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,510,656</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.16</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,536,488</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,502,976</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.33</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Customer Lists</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,313,819</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,912,484</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.93</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,313,819</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,785,842</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.15</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Other Identifiable Intangibles</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">608,393</div></td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">344,021</div></td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21.84</div></td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">608,393</div></td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">335,931</div></td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22.08</div></td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 2.25pt">Total</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,458,700</div></td> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,767,161</div></td> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,458,700</div></td> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,624,749</div></td> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">January 31,</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">October 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center; padding-bottom: 1pt">&nbsp;</td> <td style="font-size: 10pt; text-align: center; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="font-size: 10pt; text-align: center; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2017</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 70%; font-size: 10pt; text-align: left">Finished Goods</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,016,980</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,011,255</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Raw Materials</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">182,357</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">189,411</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Inventory Reserve</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td> <td style="font-size: 10pt; text-align: right; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(75,000</div></td> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td> <td style="font-size: 10pt; text-align: right; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Total Inventories</td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double">&nbsp;</td> <td style="font-size: 10pt; text-align: left; border-bottom: Black 2.5pt double">$</td> <td style="font-size: 10pt; text-align: right; border-bottom: Black 2.5pt double"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,124,337</div></td> <td style="font-size: 10pt; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left; border-bottom: Black 2.5pt double">$</td> <td style="font-size: 10pt; text-align: right; border-bottom: Black 2.5pt double"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,200,666</div></td> <td style="font-size: 10pt; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</td> </tr> </table></div> 7491877 7171804 0 0 0.97 2015200 2015200 2000000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.</div></td> <td><div style="display: inline; text-decoration: underline;">Adopted Accounting Standards Updates</div></td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 0.5in">Effective <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 1, 2017, </div>we adopted Financial Accounting Standards Board (&#x201c;FASB&#x201d;) Accounting Standards Update (&#x201d;ASU&#x201d;) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,</div> &#x201c;Simplifying the Measurement of Inventory&#x201d;. The ASU requires entities using the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div>-in, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div>-out (FIFO) inventory costing method to subsequently value inventory at the lower of cost and net realizable value. The ASU defines net realizable value as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The adoption of this guidance by the Company did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have a material impact on its consolidated financial statements.</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 0.5in">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 0.5in">Effective <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 1, 2017, </div>we adopted FASB ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17,</div> &#x201c;Balance Sheet Classification of Deferred Taxes&#x201d;. The ASU requires that deferred tax assets and liabilities be combined and be classified as non-current in a statement of financial position. The adoption of this guidance by the Company did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have a material impact on its consolidated financial statements.</div></div> 6306270 5739802 4500000 4500000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.5in"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13.</div></td> <td style="text-align: justify"><div style="display: inline; text-decoration: underline;">SUBSEQUENT EVENTS</div></td> </tr> </table> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February </div><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> the Company entered into an Agreement and Plan of Merger (the &#x201c;Merger Agreement&#x201d;) with Cott Corporation, a Canadian corporation (&#x201c;Cott&#x201d;), and CR Merger Sub, Inc., a wholly owned indirect subsidiary of Cott (&#x201c;Purchaser&#x201d;). Pursuant to the terms of the Merger Agreement, Purchaser commenced a tender offer (the &#x201c;Offer&#x201d;) on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 20, 2018 </div>to purchase all of the outstanding shares of common stock, par value <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.001</div> per share, of the Company (the &#x201c;Company Common Stock&#x201d;), at a price per share of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.97,</div> net to the seller in cash, without interest (the &#x201c;Offer Price&#x201d;), and subject to deduction for any required withholding of taxes. The Offer is scheduled to expire on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 20, 2018, </div>subject to extension in accordance with the terms of the Merger Agreement.</div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 27.5pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">The consummation of the Offer is subject to customary closing conditions, including, among other things, the valid tender of shares of Company Common Stock representing a majority of the total outstanding shares of Company Common Stock, calculated on a fully diluted basis, and other conditions to the Offer set forth in Annex I to the Merger Agreement. The consummation of the Offer is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> subject to any financing condition.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"></div> <!-- Field: Page; Sequence: 14; Value: 2 --> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">Upon the completion of the Offer, and subject to the satisfaction or waiver of the conditions set forth in the Merger Agreement, Purchaser will be merged with and into the Company, with the Company surviving as a wholly owned indirect subsidiary of Cott (the &#x201c;Merger&#x201d;). The Merger Agreement provides that the Merger will be governed by Section&nbsp;<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">251</div>(h) of the Delaware General Corporation Law and shall be effected by Purchaser and the Company as soon as practicable following the consummation of the Offer without a stockholder meeting.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">At the effective time of the Merger (the &#x201c;Effective Time&#x201d;), each outstanding share of Company Common Stock, other than shares of Company Common Stock owned by the Company, Cott or Purchaser immediately prior to the Effective Time, or by stockholders who have validly exercised their appraisal rights under Delaware law will be canceled and converted into the right to receive an amount in cash equal to the Offer Price, payable to the holder thereof on the terms and subject to the conditions set forth in the Merger Agreement.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 12, 2018, </div>in connection with the entry into the Merger Agreement, each of Peter Baker and John Baker (the &#x201c;Executives&#x201d;) entered into a Separation and General Release Agreement with the Company (the &#x201c;Separation Agreements&#x201d;). Pursuant to the Separation Agreements, the employment of each Executive with the Company will terminate immediately prior to the closing of the Merger, and the Company will provide each Executive with the compensation and benefits set forth in the Employment Agreement between the Company and each Executive dated <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 1, 2016 (</div>the &#x201c;Employment Agreements&#x201d;) for &#x201c;Termination by Company Without Cause&#x201d; pursuant to Section <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.2.5</div> of each Employment Agreement. Pursuant to the Separation Agreements, each Executive has agreed to release the Company and Purchaser from claims arising out of or in connection with the Executive&#x2019;s employment with or termination from the Company. The Separation Agreements also amend the non-competition provisions of the Employment Agreements, such that, during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12</div>-month period immediately following the closing date of the Merger, each Executive will be subject to certain restrictive covenants regarding non-competition and non-solicitation with respect to the Company.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 14, 2018, </div>David Jurasek, the Company&#x2019;s Chief Financial Officer, entered into an Employment Agreement with the Company (the &#x201c;Jurasek Employment Agreement&#x201d;). The Jurasek Employment Agreement provides Mr. Jurasek with an annual salary of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$200,000.</div> The Jurasek Employment Agreement provides Mr. Jurasek with payment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> year&#x2019;s base salary in case of termination without cause or termination of employment following a change of control, as defined, plus an aggregate allowance of up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$25,000</div> per year to reimburse Mr. Jurasek for (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div>) the actual cost of premiums incurred by him for disability insurance he obtains, if any, (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div>) the actual cost of premiums incurred by him for any other insurance which would <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> be available to him under the Company&#x2019;s customary benefit plans, and (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div>) the actual cost of leasing and operating an automobile for use by him during his employment with the Company. The Jurasek Employment Agreement further provides that if Mr.&nbsp;Jurasek continues his employment with the surviving company in the Merger for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div> months post-closing, the surviving company would pay him a lump-sum cash retention bonus equal to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months&#x2019; salary (in addition to salary earned during such <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div> month period).&nbsp;The Jurasek Employment Agreement also provides that the &#x201c;change of control&#x201d; severance referred to above would be payable if Mr.&nbsp;Jurasek&#x2019;s employment is terminated for any reason or he elects to discontinue employment with the surviving company within <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30</div> days of the end of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month period following the closing of the Merger.</div></div> 601818 601818 900360 900360 21358411 21358411 21358411 21358411 xbrli:shares xbrli:pure iso4217:USD iso4217:USD xbrli:shares 0001123316 2016-11-01 2017-01-31 0001123316 2016-11-01 2017-10-31 0001123316 us-gaap:CustomerListsMember 2016-11-01 2017-10-31 0001123316 us-gaap:NoncompeteAgreementsMember 2016-11-01 2017-10-31 0001123316 us-gaap:OtherIntangibleAssetsMember 2016-11-01 2017-10-31 0001123316 crvp:PeterAndJackBakerAndTheEstateOfHenryBakerMember 2017-06-13 2017-06-13 0001123316 crvp:BankOfAmericaMember 2017-06-13 2017-06-13 0001123316 2017-11-01 2018-01-31 0001123316 us-gaap:RevolvingCreditFacilityMember crvp:BankOfAmericaMember us-gaap:LondonInterbankOfferedRateLIBORMember 2017-11-01 2018-01-31 0001123316 us-gaap:CustomerListsMember 2017-11-01 2018-01-31 0001123316 us-gaap:NoncompeteAgreementsMember 2017-11-01 2018-01-31 0001123316 us-gaap:OtherIntangibleAssetsMember 2017-11-01 2018-01-31 0001123316 crvp:BankOfAmericaMember crvp:TermNoteMember 2017-11-01 2018-01-31 0001123316 crvp:BankOfAmericaMember crvp:TermNoteMember us-gaap:LondonInterbankOfferedRateLIBORMember 2017-11-01 2018-01-31 0001123316 crvp:BankOfAmericaMember us-gaap:LondonInterbankOfferedRateLIBORMember 2017-11-01 2018-01-31 0001123316 us-gaap:ScenarioForecastMember 2017-11-01 2018-10-31 0001123316 crvp:CottAndPurchaserMember us-gaap:SubsequentEventMember us-gaap:ExecutiveOfficerMember 2018-03-14 2018-03-14 0001123316 us-gaap:ScenarioForecastMember 2018-11-01 2019-10-31 0001123316 us-gaap:RevolvingCreditFacilityMember crvp:BankOfAmericaMember 2016-09-12 0001123316 crvp:BankOfAmericaMember 2016-09-12 0001123316 2016-10-31 0001123316 2017-01-31 0001123316 us-gaap:RevolvingCreditFacilityMember crvp:BankOfAmericaMember 2017-06-13 0001123316 2017-10-31 0001123316 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2017-10-31 0001123316 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2017-10-31 0001123316 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2017-10-31 0001123316 us-gaap:CustomerListsMember 2017-10-31 0001123316 us-gaap:NoncompeteAgreementsMember 2017-10-31 0001123316 us-gaap:OtherIntangibleAssetsMember 2017-10-31 0001123316 2018-01-31 0001123316 us-gaap:RevolvingCreditFacilityMember crvp:BankOfAmericaMember 2018-01-31 0001123316 us-gaap:RevolvingCreditFacilityMember crvp:BankOfAmericaMember us-gaap:LineOfCreditMember 2018-01-31 0001123316 us-gaap:InterestRateSwapMember 2018-01-31 0001123316 us-gaap:InterestRateSwapMember us-gaap:LondonInterbankOfferedRateLIBORMember 2018-01-31 0001123316 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2018-01-31 0001123316 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2018-01-31 0001123316 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2018-01-31 0001123316 us-gaap:CustomerListsMember 2018-01-31 0001123316 us-gaap:NoncompeteAgreementsMember 2018-01-31 0001123316 us-gaap:OtherIntangibleAssetsMember 2018-01-31 0001123316 crvp:BankOfAmericaMember 2018-01-31 0001123316 crvp:BankOfAmericaMember crvp:TermNoteMember 2018-01-31 0001123316 crvp:BankOfAmericaMember crvp:TermNoteMember us-gaap:LondonInterbankOfferedRateLIBORMember 2018-01-31 0001123316 us-gaap:SubordinatedDebtMember crvp:CEOAndExecutiveVPPeterAndJohnBakerMember 2018-01-31 0001123316 crvp:CottAndPurchaserMember us-gaap:SubsequentEventMember 2018-02-12 0001123316 2018-03-09 EX-101.SCH 8 crvp-20180131.xsd XBRL SCHEMA FILE 000 - 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Disclosure - Note 7 - On-balance Sheet Derivative Instruments and Hedging Activities - Outstanding Interest Rate Swap (Details) link:calculationLink link:definitionLink link:presentationLink 032 - Disclosure - Note 7 - On-balance Sheet Derivative Instruments and Hedging Activities - Adjustments to Other Comprehensive Income (Loss) (Details) link:calculationLink link:definitionLink link:presentationLink 033 - Disclosure - Note 8 - Fair Values of Assets and Liabilities (Details Textual) link:calculationLink link:definitionLink link:presentationLink 034 - Disclosure - Note 7 - Fair Values of Assets and Liabilities - Fair Values of Assets and Liabilities Measured on a Recurring Basis (Details) link:calculationLink link:definitionLink link:presentationLink 035 - Disclosure - Note 9 - Impact of Tax Reform Act (Details Textual) link:calculationLink link:definitionLink link:presentationLink 036 - Disclosure - Note 10 - Income (Loss) Per Share and Weighted Average Shares (Details Textual) link:calculationLink link:definitionLink link:presentationLink 037 - Disclosure - Note 10 - Income (Loss) Per Share and Weighted Average Shares - Basic and Diluted Earnings Per Share (Details) link:calculationLink link:definitionLink link:presentationLink 038 - Disclosure - Note 13 - Subsequent Events (Details Textual) link:calculationLink link:definitionLink link:presentationLink EX-101.CAL 9 crvp-20180131_cal.xml XBRL CALCULATION FILE EX-101.DEF 10 crvp-20180131_def.xml XBRL DEFINITION FILE EX-101.LAB 11 crvp-20180131_lab.xml XBRL LABEL FILE Document And Entity Information Note To Financial Statement Details Textual Significant Accounting Policies Note 3 - Goodwill and Other Intangible Assets London Interbank Offered Rate (LIBOR) [Member] Note 5 - Inventories Note 7 - On-balance Sheet Derivative Instruments and Hedging Activities us-gaap_OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesTax Net unrealized gain (loss), tax Note 8 - Fair Values of Assets and Liabilities Note 10 - Income (Loss) Per Share and Weighted Average Shares Variable Rate [Domain] Note 3 - Goodwill and Other Intangible Assets - Amortization of Finite-lived Intangible Assets (Details) OPERATING EXPENSES: Variable Rate [Axis] Note 5 - Inventories - Summary of Inventories (Details) Note 7 - On-balance Sheet Derivative Instruments and Hedging Activities - Outstanding Interest Rate Swap (Details) us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesTax Reclassification adjustment for (gain) loss in income, tax Note 7 - On-balance Sheet Derivative Instruments and Hedging Activities - Adjustments to Other Comprehensive Income (Loss) (Details) us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax Gains (loss) on interest rate swap, tax us-gaap_LongTermDebt Long-term Debt Note 7 - Fair Values of Assets and Liabilities - Fair Values of Assets and Liabilities Measured on a Recurring Basis (Details) Note 10 - Income (Loss) Per Share and Weighted Average Shares - Basic and Diluted Earnings Per Share (Details) Notes To Financial Statements Notes To Financial Statements [Abstract] Fair Value, Inputs, Level 2 [Member] Fair Value, Inputs, Level 1 [Member] Fair Value, Inputs, Level 3 [Member] Fair Value Hierarchy [Domain] Fair Value, Hierarchy [Axis] CASH FLOWS FROM INVESTING ACTIVITIES: Equity Component [Domain] Equity Components [Axis] Customer deposits us-gaap_IncreaseDecreaseInCustomerDeposits us-gaap_ComprehensiveIncomeNetOfTax TOTAL COMPREHENSIVE INCOME (LOSS) OTHER COMPREHENSIVE INCOME, NET OF TAX: Accrued expenses us-gaap_IncreaseDecreaseInAccruedLiabilities Line of credit Short-term Debt us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity Line of Credit Facility, Remaining Borrowing Capacity Asset Impairment Charges [Text Block] Common stock, shares outstanding (in shares) us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity Line of Credit Facility, Maximum Borrowing Capacity New Accounting Pronouncements, Policy [Policy Text Block] WEIGHTED AVERAGE SHARES USED IN COMPUTATION - DILUTED (in shares) Diluted Weighted Average Shares Outstanding (in shares) Accounts payable us-gaap_IncreaseDecreaseInAccountsPayable us-gaap_SharePrice Share Price Executive Officer [Member] Subsequent Event [Member] Line of Credit Facility, Lender [Domain] Related Party [Axis] NET INCOME (LOSS) PER SHARE - DILUTED (in dollars per share) Diluted Income (Loss) Per Share (in dollars per share) Lender Name [Axis] Subsequent Event Type [Domain] Related Party [Domain] Subsequent Event Type [Axis] Cash and cash equivalents CASH AND CASH EQUIVALENTS - beginning of period CASH AND CASH EQUIVALENTS - end of period us-gaap_RepaymentsOfLongTermDebt Principal payments on debt Subsequent Events [Text Block] WEIGHTED AVERAGE SHARES USED IN COMPUTATION - BASIC (in shares) Basic Weighted Average Shares Outstanding (in shares) us-gaap_RepaymentsOfSubordinatedDebt Repayments of Subordinated Debt NET INCOME (LOSS) PER SHARE - BASIC (in dollars per share) Basic Income (Loss) Per Share (in dollars per share) Scenario, Unspecified [Domain] Scenario, Forecast [Member] Pay rate Scenario [Axis] Debt Disclosure [Text Block] Schedule of Derivative Instruments [Table Text Block] us-gaap_SalariesWagesAndOfficersCompensation Salaries, Wages and Officers' Compensation us-gaap_TreasuryStockValue Treasury stock, at cost, 601,818 shares as of January 31, 2018 and October 31, 2017 us-gaap_IncreaseDecreaseInOtherOperatingAssets Other assets Significant Accounting Policies [Text Block] Accounting Policies [Abstract] Statement of Financial Position [Abstract] Relationship to Entity [Domain] Title of Individual [Axis] Statement of Cash Flows [Abstract] Peter and Jack Baker and the Estate of Henry Baker [Member] Represents Peter and Jack Baker and the Estate of Henry Baker. crvp_DebtInstrumentMaximumAmountAllowedToUseFromRevolvingLineOfCreditToPaySubordinatedDebt Debt Instrument, Maximum Amount Allowed to Use from Revolving Line of Credit to Pay Subordinated Debt Represents the maximum amount from proceeds of the revolving credit line that can be used to pay subordinated debt. Subordinated Debt [Member] crvp_DebtInstrumentMaximumAmountAllowedToPrepayInSubordinatedDebt Debt Instrument, Maximum Amount Allowed to Prepay in Subordinated Debt Represents the maximum amount that the company is allowed to prepay in aggregate of subordinated debt. Net line of credit borrowings us-gaap_IncreaseDecreaseInAccountsReceivable Accounts receivable Other liability Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] Deferred tax liability us-gaap_NotesPayableRelatedPartiesCurrentAndNoncurrent Notes Payable, Related Parties us-gaap_LiabilitiesAndStockholdersEquity TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY INCOME TAX BENEFIT us-gaap_IncomeTaxExpenseBenefit Other Intangible Assets [Member] Accumulated deficit NET SALES Accumulated other comprehensive income Customer deposits, less current portion crvp_DebtInstrumentVariableRateBasis Debt Instrument, Variable Rate Basis The reference rate used to compute the variable rate on the debt instrument. Notional amount us-gaap_PolicyTextBlockAbstract Accounting Policies us-gaap_IncreaseDecreaseInInventories Inventories us-gaap_IncreaseDecreaseInOtherCurrentAssets Other current assets Credit Facility [Domain] Statement [Table] Revolving Credit Facility [Member] Credit Facility [Axis] Noncompete Agreements [Member] CASH FLOWS FROM FINANCING ACTIVITIES: Income Statement [Abstract] Long term debt, less current portion Class of Stock [Axis] Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] Customer Lists [Member] OTHER ASSETS: Other assets Finite-Lived Intangible Assets, Major Class Name [Domain] Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] us-gaap_LiabilitiesFairValueDisclosureNonrecurring Liabilities, Fair Value Disclosure, Nonrecurring Finite-Lived Intangible Assets by Major Class [Axis] Derivative Instruments and Hedging Activities Disclosure [Text Block] Subordinated debt us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent us-gaap_DisclosureTextBlockAbstract Notes to Financial Statements Current portion of customer deposits us-gaap_LiabilitiesCurrent TOTAL CURRENT LIABILITIES New Accounting Pronouncements and Changes in Accounting Principles [Text Block] Fair Value, Measurements, Recurring [Member] us-gaap_OperatingExpenses TOTAL OPERATING EXPENSES Fair Value, Measurement Frequency [Domain] Measurement Frequency [Axis] Changes in operating assets and liabilities: us-gaap_GoodwillPeriodIncreaseDecrease Goodwill, Period Increase (Decrease) OTHER EXPENSE: us-gaap_OperatingIncomeLoss (LOSS) INCOME FROM OPERATIONS Schedule of Inventory, Current [Table Text Block] Inventory Disclosure [Text Block] Deferred tax benefit us-gaap_GrossProfit GROSS PROFIT Treasury stock, at cost, shares (in shares) Derivative Contract [Domain] Derivative Instrument [Axis] Amendment Flag Current portion of long term debt Common stock - $.001 par value, 50,000,000 authorized shares, 21,960,229 issued and 21,358,411 outstanding shares as of January 31, 2018 and October 31, 2017 Common stock, shares authorized (in shares) Common stock, shares issued (in shares) us-gaap_OtherAssetsNoncurrent TOTAL OTHER ASSETS Common stock, par value (in dollars per share) Common Stock, Par or Stated Value Per Share Line of Credit [Member] Income Tax Disclosure [Text Block] us-gaap_GainLossOnSaleOfPropertyPlantEquipment Loss on disposal of property and equipment Short-term Debt, Type [Domain] Current Fiscal Year End Date Short-term Debt, Type [Axis] Document Fiscal Period Focus Weighted Average Amortization (Year) Document Fiscal Year Focus Document Period End Date Document Type us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent Other Comprehensive Income, net of tax CEO and Executive VP, Peter and John Baker [Member] Information pertaining to both CEO and Executive Vice President, Peter and John Baker. Accounts payable Document Information [Line Items] Document Information [Table] Depreciation us-gaap_AssetsCurrent TOTAL CURRENT ASSETS Accrued expenses Long-term Debt, Type [Axis] Entity Filer Category Entity Current Reporting Status Counterparty Name [Domain] Schedule of Finite-Lived Intangible Assets [Table Text Block] Entity Voluntary Filers Long-term Debt, Type [Domain] Counterparty Name [Axis] Cott and Purchaser [Member] Represents information about Cott Corporation, a Canadian corporation (“Cott”), and CR Merger Sub, Inc., a wholly owned indirect subsidiary of Cott (“Purchaser”). Entity Well-known Seasoned Issuer us-gaap_OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesBeforeTax Net unrealized gain (loss), before tax us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesBeforeTax Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax Reclassification adjustment for (gain) loss in income, before tax crvp_TerminationBenefitAllowedPerYear Termination, Benefit Allowed Per Year Represents the aggregate allowance of reimbursement per year in case of termination of employment to cover disability insurance and and other cost associated with employment with company. us-gaap_ImpairmentOfLongLivedAssetsToBeDisposedOf Impairment of Long-Lived Assets to be Disposed of us-gaap_IncomeTaxExpenseBenefitContinuingOperationsAdjustmentOfDeferredTaxAssetLiability Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax Gains (loss) on interest rate swap, before tax Amortization Amortization of Intangible Assets Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities: Dilutive effect of Stock Options (in shares) Entity Central Index Key Entity Registrant Name Entity [Domain] Legal Entity [Axis] us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number Unrealized gain on derivatives us-gaap_DerivativeAssetsCurrent CURRENT LIABILITIES: Other current assets Advertising expenses Entity Common Stock, Shares Outstanding (in shares) Bank of America [Member] Information pertaining to the lender of the credit agreement, Bank of America. Proceeds from sale of property and equipment Term Note [Member] Information pertaining to the term note in connection to the amendment of the credit agreement. Goodwill and Intangible Assets Disclosure [Text Block] us-gaap_Assets TOTAL ASSETS crvp_DebtInstrumentNumberOfEqualMonthlyInstallments Debt Instrument, Number of Equal Monthly Installments The number of equal monthly installments to be paid on a debt instrument. us-gaap_AssetsFairValueDisclosureNonrecurring Assets, Fair Value Disclosure, Nonrecurring Additional paid in capital Cash paid for interest crvp_DebtInstrumentCovenantMaximiumAnnualLimitForCapitalExpenditures Debt Instrument, Covenant, Maximium Annual Limit for Capital Expenditures The maximum annual limit for capital expenditures under the terms of the debt instrument. Inventories, net Total Inventories crvp_DebtInstrumentCovenantTotalDebtCoverageRatio Debt Instrument, Covenant, Total Debt Coverage Ratio The minimum consolidated adjusted operating cash flows to consolidated total debt ratio allowed under the covenant terms of the debt instrument. STOCKHOLDERS' EQUITY: crvp_DebtInstrumentMonthlyInstallmentAmount Debt Instrument, Monthly Installment, Amount The amount of each monthly installment to be paid throughout the life of a debt instrument. Loans, Notes, Trade and Other Receivables Disclosure [Text Block] Trading Symbol us-gaap_LettersOfCreditOutstandingAmount Letters of Credit Outstanding, Amount us-gaap_InventoryValuationReserves Inventory Reserve crvp_DebtInstrumentCovenantMaximumSeniorFundedDebtToConsolidatedAdjustedEBITDA Debt Instrument, Covenant, Maximum Senior Funded Debt to Consolidated Adjusted EBITDA The maximum senior funded debt to consolidated adjusted earnings before interest, taxes, depreciation, and amortized (EBITDA) allowed under the debt instrument covenant terms. Finished Goods us-gaap_PaymentsToAcquirePropertyPlantAndEquipment Purchase of property and equipment Business Description and Basis of Presentation [Text Block] Net Income (Loss) NET INCOME (LOSS) us-gaap_StockholdersEquity TOTAL STOCKHOLDERS' EQUITY Provision for bad debts on accounts receivable us-gaap_ProvisionForDoubtfulAccounts Selling, general and administrative expenses us-gaap_DebtInstrumentTerm Debt Instrument, Term Raw Materials COMMITMENTS AND CONTINGENCIES us-gaap_OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax Net unrealized gain (loss), net of tax us-gaap_Liabilities TOTAL LIABILITIES Unrealized gain on derivatives designated as cash flow hedges us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax Reclassification adjustment for loss in income, net of tax COST OF GOODS SOLD us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax Gains (loss) on interest rate swap, net of tax Other intangible assets - net CASH FLOWS FROM OPERATING ACTIVITIES: Accumulated Amortization Gross Carrying Amount Accounts receivable, trade, reserve Accounts receivable, trade - net of reserve of $262,511 and $330,720 for 2018 and 2017, respectively Statement [Line Items] crvp_IncomeTaxExpenseBenefitContinuingOperationsChangeInTaxRate Income Tax Expense (Benefit) Continuing Operations Change in Tax Rate Amount of income tax expense (benefit) from continuing operations attributable to change in tax rate. Statement of Comprehensive Income [Abstract] Interest SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION Cash paid for taxes Fair Value Disclosures [Text Block] Goodwill Goodwill CURRENT ASSETS: PROPERTY AND EQUIPMENT - net us-gaap_PropertyPlantAndEquipmentNet us-gaap_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid us-gaap_NetCashProvidedByUsedInFinancingActivities NET CASH USED IN FINANCING ACTIVITIES us-gaap_DebtInstrumentBasisSpreadOnVariableRate1 Debt Instrument, Basis Spread on Variable Rate us-gaap_DebtInstrumentInterestRateStatedPercentage Debt Instrument, Interest Rate, Stated Percentage us-gaap_DebtInstrumentInterestRateEffectivePercentage Debt Instrument, Interest Rate, Effective Percentage us-gaap_NetCashProvidedByUsedInInvestingActivities NET CASH USED IN INVESTING ACTIVITIES us-gaap_NetCashProvidedByUsedInOperatingActivities NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease NET DECREASE IN CASH us-gaap_TableTextBlock Notes Tables Interest Rate Swap [Member] Receive rate us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest LOSS BEFORE INCOME TAXES us-gaap_DebtInstrumentFaceAmount Debt Instrument, Face Amount Unrealized gain (loss) on derivative Earnings Per Share [Text Block] EX-101.PRE 12 crvp-20180131_pre.xml XBRL PRESENTATION FILE XML 13 R1.htm IDEA: XBRL DOCUMENT v3.8.0.1
Document And Entity Information - shares
 3 Months Ended
Jan. 31, 2018
Mar. 09, 2018
Document Information [Line Items]    
Entity Registrant Name Crystal Rock Holdings, Inc.  
Entity Central Index Key 0001123316  
Trading Symbol crvp  
Current Fiscal Year End Date --10-31  
Entity Filer Category Smaller Reporting Company  
Entity Current Reporting Status Yes  
Entity Voluntary Filers No  
Entity Well-known Seasoned Issuer No  
Entity Common Stock, Shares Outstanding (in shares)   21,358,411
Document Type 10-Q  
Document Period End Date Jan. 31, 2018  
Document Fiscal Year Focus 2018  
Document Fiscal Period Focus Q1  
Amendment Flag false  
XML 14 R2.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
Jan. 31, 2018
Oct. 31, 2017
CURRENT ASSETS:    
Cash and cash equivalents $ 200,979 $ 1,065,000
Accounts receivable, trade - net of reserve of $262,511 and $330,720 for 2018 and 2017, respectively 6,768,744 7,013,184
Inventories, net 2,124,337 2,200,666
Other current assets 1,537,874 1,276,850
Unrealized gain on derivatives 5,098 3,787
TOTAL CURRENT ASSETS 10,637,032 11,559,487
PROPERTY AND EQUIPMENT - net 6,497,455 6,850,771
OTHER ASSETS:    
Goodwill 12,156,790 12,156,790
Other intangible assets - net 691,539 833,951
Other assets 76,926 91,926
TOTAL OTHER ASSETS 12,925,255 13,082,667
TOTAL ASSETS 30,059,742 31,492,925
CURRENT LIABILITIES:    
Line of credit 2,015,200 2,000,000
Current portion of long term debt 1,599,996 1,599,996
Accounts payable 1,787,406 1,723,753
Accrued expenses 1,992,601 2,261,365
Current portion of customer deposits 613,433 614,789
TOTAL CURRENT LIABILITIES 8,008,636 8,199,903
Long term debt, less current portion 6,133,348 6,533,347
Deferred tax liability 2,626,013 4,027,550
Subordinated debt 4,500,000 4,500,000
Other liability 29,138 30,561
Customer deposits, less current portion 2,456,337 2,461,762
TOTAL LIABILITIES 23,753,472 25,753,123
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:    
Common stock - $.001 par value, 50,000,000 authorized shares, 21,960,229 issued and 21,358,411 outstanding shares as of January 31, 2018 and October 31, 2017 21,960 21,960
Additional paid in capital 58,464,742 58,464,742
Treasury stock, at cost, 601,818 shares as of January 31, 2018 and October 31, 2017 (900,360) (900,360)
Accumulated deficit (51,283,287) (51,848,811)
Accumulated other comprehensive income 3,215 2,271
TOTAL STOCKHOLDERS' EQUITY 6,306,270 5,739,802
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 30,059,742 $ 31,492,925
XML 15 R3.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)
Jan. 31, 2018
Oct. 31, 2017
Accounts receivable, trade, reserve $ 262,511 $ 330,720
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 50,000,000 50,000,000
Common stock, shares issued (in shares) 21,960,229 21,960,229
Common stock, shares outstanding (in shares) 21,358,411 21,358,411
Treasury stock, at cost, shares (in shares) 601,818 601,818
XML 16 R4.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidated Statements of Operations (Unaudited) - USD ($)
 3 Months Ended
Jan. 31, 2018
Jan. 31, 2017
NET SALES $ 13,878,372 $ 14,650,146
COST OF GOODS SOLD 6,653,099 6,956,412
GROSS PROFIT 7,225,273 7,693,734
OPERATING EXPENSES:    
Selling, general and administrative expenses 7,491,877 7,171,804
Advertising expenses 122,510 119,439
Amortization 142,412 170,337
Loss on disposal of property and equipment 396,092
TOTAL OPERATING EXPENSES 8,152,891 7,461,580
(LOSS) INCOME FROM OPERATIONS (927,618) 232,154
OTHER EXPENSE:    
Interest 233,511 350,590
LOSS BEFORE INCOME TAXES (1,161,129) (118,436)
INCOME TAX BENEFIT (1,726,653) (43,822)
NET INCOME (LOSS) $ 565,524 $ (74,614)
NET INCOME (LOSS) PER SHARE - BASIC (in dollars per share) $ 0.03 $ 0
NET INCOME (LOSS) PER SHARE - DILUTED (in dollars per share) $ 0.03 $ 0
WEIGHTED AVERAGE SHARES USED IN COMPUTATION - BASIC (in shares) 21,358,411 21,358,411
WEIGHTED AVERAGE SHARES USED IN COMPUTATION - DILUTED (in shares) 21,358,411 21,358,411
XML 17 R5.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($)
 3 Months Ended
Jan. 31, 2018
Jan. 31, 2017
Net Income (Loss) $ 565,524 $ (74,614)
OTHER COMPREHENSIVE INCOME, NET OF TAX:    
Unrealized gain on derivatives designated as cash flow hedges 944 13,282
Other Comprehensive Income, net of tax 944 13,282
TOTAL COMPREHENSIVE INCOME (LOSS) $ 566,468 $ (61,332)
XML 18 R6.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Jan. 31, 2018
Jan. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income (Loss) $ 565,524 $ (74,614)
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:    
Depreciation 636,887 654,427
Provision for bad debts on accounts receivable 63,220 89,129
Amortization 142,412 170,337
Deferred tax benefit (1,401,537)
Loss on disposal of property and equipment 396,092
Changes in operating assets and liabilities:    
Accounts receivable 181,220 217,732
Inventories 76,329 (199,643)
Other current assets (261,391) 74,065
Other assets 15,000 14,160
Accounts payable 63,653 (1,063,077)
Accrued expenses (270,187) (1,025,938)
Customer deposits (6,781) (991)
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES 200,441 (1,144,413)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (721,763) (638,361)
Proceeds from sale of property and equipment 42,100
NET CASH USED IN INVESTING ACTIVITIES (679,663) (638,361)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net line of credit borrowings 15,200
Principal payments on debt (399,999) (399,999)
NET CASH USED IN FINANCING ACTIVITIES (384,799) (399,999)
NET DECREASE IN CASH (864,021) (2,182,773)
CASH AND CASH EQUIVALENTS - beginning of period 1,065,000 5,553,815
CASH AND CASH EQUIVALENTS - end of period 200,979 3,371,042
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Cash paid for interest 232,904 371,800
Cash paid for taxes $ 249,850
XML 19 R7.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 1 - Basis of Presentation
 3 Months Ended
Jan. 31, 2018
Notes to Financial Statements  
Business Description and Basis of Presentation [Text Block]
1.
BASIS OF PRESENTATION
 
The accompanying unaudited consolidated financial statements have been prepared in accordance with Form
10
-Q instructions and in the opinion of management contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the consolidated financial position, results of operations, and cash flows for the periods presented. The results have been determined on the basis of generally accepted accounting principles and practices of the United States of America (“GAAP”), applied consistently with the Annual Report on Form
10
-K of Crystal Rock Holdings, Inc. (the “Company”) for the year ended
October 31, 2017.
 
Certain information and footnote disclosures normally included in audited consolidated financial statements presented in accordance with GAAP have been condensed or omitted. The accompanying consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form
10
-K for the year ended
October 31, 2017.
The results of operations for the interim periods are
not
necessarily indicative of the results to be expected for the full year.
 
The financial statements herewith reflect the consolidated operations and financial condition of Crystal Rock Holdings, Inc. and its wholly owned subsidiary Crystal Rock LLC.
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Note 2 - Adopted Accounting Standards Updates
 3 Months Ended
Jan. 31, 2018
Notes to Financial Statements  
Significant Accounting Policies [Text Block]
2.
Adopted Accounting Standards Updates
 
Effective
November 1, 2017,
we adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (”ASU”)
No.
2015
-
11,
“Simplifying the Measurement of Inventory”. The ASU requires entities using the
first
-in,
first
-out (FIFO) inventory costing method to subsequently value inventory at the lower of cost and net realizable value. The ASU defines net realizable value as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The adoption of this guidance by the Company did
not
have a material impact on its consolidated financial statements.
 
Effective
November 1, 2017,
we adopted FASB ASU
No.
2015
-
17,
“Balance Sheet Classification of Deferred Taxes”. The ASU requires that deferred tax assets and liabilities be combined and be classified as non-current in a statement of financial position. The adoption of this guidance by the Company did
not
have a material impact on its consolidated financial statements.
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Note 3 - Goodwill and Other Intangible Assets
 3 Months Ended
Jan. 31, 2018
Notes to Financial Statements  
Goodwill and Intangible Assets Disclosure [Text Block]
3.
GOODWILL AND OTHER INTANGIBLE ASSETS
 
Major components of intangible assets consisted of:
 
    January 31, 2018       October 31, 2017    
   
Gross Carry
i
ng Amount
   Accumulated Amortization   Wgt. Avg.Amort. Years   Gross Carrying Amount   Accumulated Amortization  
Wgt. Avg. Amort. Years
Amortized Intangible Assets:                        
Covenants Not to Compete   $
2,536,488
     $
2,510,656
      
1.16
     $
2,536,488
     $
2,502,976
      
1.33
  
Customer Lists    
10,313,819
      
9,912,484
      
0.93
      
10,313,819
      
9,785,842
      
1.15
  
Other Identifiable Intangibles    
608,393
      
344,021
      
21.84
      
608,393
      
335,931
      
22.08
  
Total   $
13,458,700
     $
12,767,161
      
 
     $
13,458,700
     $
12,624,749
      
 
  
 
Amortization expense for the
three
month periods ending
January 31, 2018
and
2017
was
$142,412
and
$170,337,
respectively. There were
no
changes in the carrying amount of goodwill,
$12,156,790,
for the
three
months ending
January 31, 2018.
XML 22 R10.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 4 - Debt
 3 Months Ended
Jan. 31, 2018
Notes to Financial Statements  
Debt Disclosure [Text Block]
4.
DEBT
 
The Company has a Credit Agreement (the “Agreement”) with Bank of America to provide a senior financing facility consisting of term debt and a revolving line of credit. Under the Agreement, as amended, the Company became obligated on
$12,000,000
of debt in the form of a term note to refinance the previous senior term debt and to fund repayment of a portion of its outstanding subordinated debt. Additionally, the Agreement includes a
$5,000,000
revolving line of credit that can be used for the purchase of fixed assets, to fund acquisitions, to collateralize letters of credit, and for operating capital.
 
The Agreement amortizes the term debt over a
five
year period with
59
equal monthly installments of
$133,333
plus interest and a final payment of
$4,133,333
due in
May 2020.
The revolving line of credit matures in
May 2018.
There are various restrictive covenants under the Agreement, and the Company is prohibited from entering into other debt agreements without the bank’s consent. The Agreement also prohibits the Company from paying dividends without the prior consent of the bank.
 
Effective
September 12, 2016,
the Company amended its Agreement with the Bank (the “Second Amendment”). Under the Second Amendment, interest is paid at a rate of
one
-month LIBOR plus a margin based on the achievement of a specified leverage ratio. As of
January 31, 2018,
the margin was
2.50%
for the term note and
2.25%
for the revolving line of credit. The Company fixed the interest rate on a portion of its term debt by entering into an interest rate swap. As of
January 31, 2018,
the Company had
$3,867,000
of the term debt subject to variable interest rates. The
one
-month LIBOR was
1.56%
on
January 31, 2018
resulting in total variable interest rates of
4.06%
and
3.81%,
for the term note and the revolving line of credit, respectively, as of
January 31, 2018.
 
The Second Amendment requires the Company to be in compliance with certain financial covenants as follows: (i) a maximum annual limit for capital expenditures of
$4,000,000
each fiscal year,
(ii) consolidated adjusted operating cash flows to consolidated total debt service ratio, as defined, to be
no
less than
1.5
to
1
for any reference period ending on or after
October 31, 2016
and (iii) senior funded debt to consolidated adjusted EBITDA, as defined, to be
no
greater than
2.5
to
1
as of the end of any fiscal quarter ending on or after
October 31, 2016.
The Amendment also allows payments of interest on Subordinated Notes. As of
January 31, 2018,
the Company was
not
in compliance with (ii) and (iii) of the financial covenants. The Bank waived the covenant compliance requirements for (ii) and (iii) for the period ended
January 31, 2018.
 
On
June 13, 2017,
the Company entered into a Third Amendment (the “Third Amendment”) to the Agreement.
The Third Amendment increases the aggregate principal amount available under the revolving line of credit from
$5,000,000
to
$6,000,000.
The Third Amendment allows the Company to use up to
$2,000,000
of proceeds from the revolving line of credit to make payments on the Subordinated Debt. The Third Amendment also allows for prepayments on Subordinated Debt up to
$4,500,000
in the aggregate. Subsequently, in fiscal
2017,
the Company paid an aggregate of
$4,500,000
of subordinated debt principal payments.
 
At
January 31, 2018,
there was a balance of
$2,015,200
outstanding on the line of credit and a letter of credit issued for
$1,327,000
to collateralize the Company’s liability insurance program as of that date. Consequently, as of
January 31, 2018,
there was
$2,658,000
available to borrow from the revolving line of credit. The line of credit matures in
May 2018.
There was
$7,733,000
outstanding on the term note as of
January 31, 2018.
 
In addition to the senior debt, as of
January 31, 2018,
the Company had subordinated debt owed to Peter and John Baker in the aggregate principal amount of
$4,500,000
that is due
November 20, 2020.
The interest rate on each of these notes is
12%
per annum.
 
The notes are secured by all of the assets of the Company but specifically subordinated, with a separate agreement with the subordinated debt holders, to the senior financing facility (Credit Agreement) described above.
XML 23 R11.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 5 - Inventories
 3 Months Ended
Jan. 31, 2018
Notes to Financial Statements  
Inventory Disclosure [Text Block]
5.
INVENTORIES
 
Inventories consisted of the following at:
 
    January 31,   October 31,
    2018   2017
Finished Goods   $
2,016,980
     $
2,011,255
  
Raw Materials    
182,357
      
189,411
  
Inventory Reserve    
(75,000
 )    
-
  
Total Inventories   $
2,124,337
     $
2,200,666
  
 
Finished goods inventory consists of products that the Company sells such as, but
not
limited to, coffee, cups, soft drinks, and snack foods. Raw material inventory consists primarily of bottle caps. The amount of raw and bottled water on hand does
not
represent a material amount of inventory. Bottles are accounted for as fixed assets.
XML 24 R12.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 6 - Impairment of Long-lived Assets
 3 Months Ended
Jan. 31, 2018
Notes to Financial Statements  
Asset Impairment Charges [Text Block]
6.
IMPAIRMENT OF LONG-LIVED ASSETS
 
The Company reviews long-lived assets and certain identifiable intangible assets for impairment whenever circumstances and situations change such that there is an indication that the carrying amounts
may
not
be recovered. Recoverability is assessed based on estimated undiscounted future cash flows. The Company’s policy is to record an impairment loss when it is determined that the carrying amount of the asset
may
not
be recoverable.
 
During the quarter ended
January 31, 2018,
the Company recorded an impairment loss of
$385,463,
included in loss on disposal of property and equipment on the consolidated statements of operations, related to the abandonment of an ERP software implementation that was yet to be placed in service. There were
no
impairment charges recognized during the quarter ended
January 31, 2017.
XML 25 R13.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 7 - On-balance Sheet Derivative Instruments and Hedging Activities
 3 Months Ended
Jan. 31, 2018
Notes to Financial Statements  
Derivative Instruments and Hedging Activities Disclosure [Text Block]
7.
ON-BALANCE SHEET DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
 
Derivative Financial Instruments
 
The Company has stand-alone derivative financial instruments in the form of interest rate swap agreements, which derive their value from underlying interest rates. These transactions involve both credit and market risk. The notional amount is an amount on which calculations, payments, and the value of the derivative are based. The notional amount does
not
represent direct credit exposure. Direct credit exposure is limited to the net difference between the calculated amount to be received and paid, if any. Such difference, which represents the fair value of the derivative instrument, is reflected on the Company’s consolidated balance sheet as an unrealized gain or loss on derivatives.
 
The Company is also exposed to credit-related losses in the event of nonperformance by the counterparties to these agreements. The Company controls the credit risk of its financial contracts through credit approvals, limits and monitoring procedures, and currently has
no
reason to believe that any counterparties will fail to fulfill their obligations.
 
This interest rate swap agreement is considered a cash flow hedge to hedge against the variability of interest rates on outstanding debt.  The net unrealized gain relating to interest rate swaps was recorded in current assets with an offset to other comprehensive income for the effective portion of the hedge. At
January 31, 2018,
these cash flow hedges were deemed
100%
effective.  The portion of the net unrealized gain in current assets is the amount expected to be reclassified to income within the next
twelve
months.
 
The following information pertains to the Company's outstanding interest rate swap at
January 31, 2018. 
The interest rate swap matures in
May
2018.The
pay rate is fixed and the receive rate is
one
month LIBOR.
 
Instrument   Notional Amount   Pay Rate   Receive Rate
Interest rate swap     $
3,866,668
    
1.25%
    
1.56%
 
 
The table below details the adjustments to other comprehensive income (loss), on a before tax and net-of tax basis, for the fiscal quarters ended
January 31, 2018
and
2017.
 
    Before-Tax   Tax Benefit (Expense)   Net-of-Tax
Three Months Ended January 31, 2017
            
Gain on interest rate swap   $
15,121
     $
(6,048
 )   $
9,073
  
Reclassification adjustment to income    
7,015
      
(2,806
 )    
4,209
  
Net unrealized gain   $
22,136
     $
(8,854
 )   $
13,282
  
Three Months Ended January 31, 2018                        
Gain on interest rate swap   $
3,003
     $
(841
 )   $
2,162
  
Reclassification adjustment to income    
(1,692
 )    
474
      
(1,218
 )
Net unrealized gain   $
1,311
     $
(367
 )   $
944
  
 
 
The reclassification
adjustments of
$1,692
represents savings in interest that would have been paid without the interest rate swap agreement during the quarter ended
January 31, 2018,
and
$7,015
represent interest the Company paid in excess of the amount that would have been paid without the interest rate swap agreement during the quarter ended
January 31, 2017.
These amounts were reclassified from accumulated other comprehensive income (loss) and recorded in consolidated statements of operations as a charge or credit to interest expense.
No
other material amounts were reclassified during the quarters ended
January 31, 2018
and
2017.
XML 26 R14.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 8 - Fair Values of Assets and Liabilities
 3 Months Ended
Jan. 31, 2018
Notes to Financial Statements  
Fair Value Disclosures [Text Block]
8.
FAIR VALUES OF ASSETS AND LIABILITIES
 
Fair Value Hierarchy
 
The Company’s assets and liabilities measured at fair value on a recurring basis are as follows:
 
    Level 1   Level 2   Level 3
Assets:            
January 31, 2018
            
Unrealized gain on derivative   $
-
     $
5,098
     $
-
  
                         
October 31, 2017                        
Unrealized gain on derivative   $
-
     $
3,787
     $
-
  
 
In determining the fair value, the Company uses a model that calculates a present value of the payments as they amortize through the life of the loan (float) based on the variable rate and compares them to the calculated value of the payment based on the fixed rate (fixed) defined in the swap. In calculating the present value, in addition to the term, the model relies on other data – the “rate” and the “discount factor.”
 
§
 In the “float” model, the rate reflects where the market expects LIBOR to be for the respective period and is based on the Eurodollar futures market.
§
 The discount factor is a function of the volatility of LIBOR.
 
Payments are calculated by applying the rate to the notional amount and adjusting for the term. Then the present value is calculated by using the discount factor.
 
There were
no
assets or liabilities measured at fair value on a nonrecurring basis.
XML 27 R15.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 9 - Impact of Tax Reform Act
 3 Months Ended
Jan. 31, 2018
Notes to Financial Statements  
Income Tax Disclosure [Text Block]
9.
IMPACT OF TAX REFORM ACT
 
On
December 22, 2017,
H.R.
1,
originally known as the Tax Cuts and Jobs Act (the “Tax Reform Act”) was enacted. The Tax Reform Act made significant changes to U.S. federal income tax laws including permanently lowering the U.S. corporate income tax rate from
35%
to
21%
effective
January 1, 2018.
As the Company has an
October 31
fiscal year-end, the lower corporate income tax rate will be phased in, resulting in a U.S. statutory rate of
23%
for the fiscal year ending
October 31, 2018.
The Company’s statutory federal tax rate will be
21%
for fiscal years ending
October 31, 2019
and beyond. U.S. GAAP requires the impact of tax legislation be recognized in the period in which the law was enacted. In
December 2017,
the SEC issued Staff Accounting Bulletin
No.
118,
which allows a company to report provisional numbers related to the Tax Reform Act and adjust those amounts during a measurement period
not
to extend beyond
one
year. For the
three
months ended
January 31, 2018,
the Company recorded a
one
-time tax benefit of
$1,400,000
due to a remeasurement of deferred tax assets and liabilities. In addition, applying the reduced rate of
23%
to our
first
fiscal quarter earnings resulted in an
$1,400,000
reduction to tax expense. These tax benefits represent provisional amounts and the Company’s best estimate. The provisional amounts are based on estimates of underlying timing differences (primarily related to uncertainty in fixed assets) and the Company’s current interpretations of the Tax Reform Act. The ultimate impact of the Tax Reform Act
may
differ from our provisional amounts due to changes in interpretations and assumptions we made as well as any forthcoming legislative action or regulatory guidance.
XML 28 R16.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 10 - Income (Loss) Per Share and Weighted Average Shares
 3 Months Ended
Jan. 31, 2018
Notes to Financial Statements  
Earnings Per Share [Text Block]
10.
INCOME (LOSS) PER SHARE AND WEIGHTED AVERAGE SHARES
 
The Company considers outstanding in-the-money stock options, if any, as potential common stock in its calculation of diluted earnings per share, unless the effect would be anti-dilutive, and uses the treasury stock method to calculate the applicable number of shares.
 
The following calculation provides the reconciliation of the denominators used in the calculation of basic and fully diluted earnings per share:
 
    Three Months Ended
January 31,
    2018   2017
Net Income (Loss)    
565,524
     $
(74,614
 )
Denominator:                
Basic Weighted Average Shares Outstanding    
21,358,411
      
21,358,411
  
Dilutive effect of Stock Options    
-
      
-
  
Diluted Weighted Average Shares Outstanding    
21,358,411
      
21,358,411
  
Basic Income (Loss) Per Share   $
.03
     $
(.00
 )
Diluted Income (Loss) Per Share   $
.03
     $
(.00
 )
 
As of
January 31, 2018
and
2017
there were
no
options outstanding.
XML 29 R17.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 11 - Recent Accounting Pronouncements
 3 Months Ended
Jan. 31, 2018
Notes to Financial Statements  
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]
11.
RECENT ACCOUNTING PRONOUNCEMENTS
 
In
May 2014,
the FASB issued ASU
No.
2014
-
09,
“Revenue from Contracts with Customers (Topic
606
)”, which stipulates that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve this core principle, an entity should apply the following steps: (
1
) identify the contract(s) with a customer, (
2
) identify the performance obligations in the contract, (
3
) determine the transaction price, (
4
) allocate the transaction price to the performance obligations in the contract and (
5
) recognize revenue when (or as) the entity satisfies a performance obligation. In
August 2015,
the FASB issued ASU
2015
-
14,
which deferred the effective date of the ASU to fiscal years beginning after
December 15, 2017,
and interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after
December 15, 2016.
Companies
may
use either a full retrospective or a modified retrospective approach to adopt this ASU. The Company plans to adopt the ASU effective the
first
quarter of fiscal year
2019
using a modified retrospective method. During fiscal year
2018
we will be conducting a review of contracts to identify gaps between our current revenue recognition policies and the new standard so that we can quantify any impact to our current consolidated financial statements.
 
In
February 2016,
the FASB issued ASU
2016
-
02,
"Leases", which is intended to improve financial reporting about leasing transactions.  This ASU requires that leased assets be recognized as assets on the balance sheet and the liabilities for the obligations under the lease also be recognized on the balance sheet.  This ASU requires disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases.  The required disclosures include qualitative and quantitative requirements.  This ASU is effective for fiscal years beginning after
December 15, 2018
and interim periods within those fiscal years.  Early adoption is permitted. The new standard must be adopted using a modified retrospective transition, and provides for certain practical expedients. Transition will require application of the new guidance at the beginning of the earliest comparative period presented. The Company is currently in the process of evaluating our adoption timing and cannot currently estimate the financial statement impact of the adoption, but the Company does
not
expect adoption until fiscal year
2020.
 
In
August 2017,
FASB issued ASU
2017
-
12,
Derivatives and Hedging (Topic
815
): Targeted Improvements to Accounting for Hedging Activities.  The targeted amendments help simplify certain aspects of hedge accounting and result in a more accurate portrayal of the economics of an entity’s risk management activities in its financial statements.  For cash flow and net investment hedges as of the adoption date, the guidance requires a modified retrospective approach. The amended presentation and disclosure guidance is required only prospectively. The amendments are effective for the Company’s fiscal year beginning
November 1, 2019,
with early adoption permitted.  The Company is currently evaluating the accounting, transition, and disclosure requirements of the standard and cannot currently estimate the financial statement impact of adoption.
XML 30 R18.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 12 - Accounts Receivable
 3 Months Ended
Jan. 31, 2018
Notes to Financial Statements  
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]
12.
ACCOUNTS RECEIVABLE
 
Trade Accounts Receivable - Uncollectible individual accounts receivable are written off when deemed uncollectible, with any future recoveries recorded as income when received.
 
For more details regarding the Company’s accounts receivable polices refer to Note
2,
Significant Accounting Policies, in the financial statements and notes thereto included in the Company's Annual Report on Form
10
-K for the year ended
October 31, 2017.
XML 31 R19.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 13 - Subsequent Events
 3 Months Ended
Jan. 31, 2018
Notes to Financial Statements  
Subsequent Events [Text Block]
13.
SUBSEQUENT EVENTS
 
On
February
12,
2018,
the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Cott Corporation, a Canadian corporation (“Cott”), and CR Merger Sub, Inc., a wholly owned indirect subsidiary of Cott (“Purchaser”). Pursuant to the terms of the Merger Agreement, Purchaser commenced a tender offer (the “Offer”) on
February 20, 2018
to purchase all of the outstanding shares of common stock, par value
$0.001
per share, of the Company (the “Company Common Stock”), at a price per share of
$0.97,
net to the seller in cash, without interest (the “Offer Price”), and subject to deduction for any required withholding of taxes. The Offer is scheduled to expire on
March 20, 2018,
subject to extension in accordance with the terms of the Merger Agreement.
 
The consummation of the Offer is subject to customary closing conditions, including, among other things, the valid tender of shares of Company Common Stock representing a majority of the total outstanding shares of Company Common Stock, calculated on a fully diluted basis, and other conditions to the Offer set forth in Annex I to the Merger Agreement. The consummation of the Offer is
not
subject to any financing condition.
 
Upon the completion of the Offer, and subject to the satisfaction or waiver of the conditions set forth in the Merger Agreement, Purchaser will be merged with and into the Company, with the Company surviving as a wholly owned indirect subsidiary of Cott (the “Merger”). The Merger Agreement provides that the Merger will be governed by Section 
251
(h) of the Delaware General Corporation Law and shall be effected by Purchaser and the Company as soon as practicable following the consummation of the Offer without a stockholder meeting.
 
At the effective time of the Merger (the “Effective Time”), each outstanding share of Company Common Stock, other than shares of Company Common Stock owned by the Company, Cott or Purchaser immediately prior to the Effective Time, or by stockholders who have validly exercised their appraisal rights under Delaware law will be canceled and converted into the right to receive an amount in cash equal to the Offer Price, payable to the holder thereof on the terms and subject to the conditions set forth in the Merger Agreement.
 
On
February 12, 2018,
in connection with the entry into the Merger Agreement, each of Peter Baker and John Baker (the “Executives”) entered into a Separation and General Release Agreement with the Company (the “Separation Agreements”). Pursuant to the Separation Agreements, the employment of each Executive with the Company will terminate immediately prior to the closing of the Merger, and the Company will provide each Executive with the compensation and benefits set forth in the Employment Agreement between the Company and each Executive dated
November 1, 2016 (
the “Employment Agreements”) for “Termination by Company Without Cause” pursuant to Section
2.2.5
of each Employment Agreement. Pursuant to the Separation Agreements, each Executive has agreed to release the Company and Purchaser from claims arising out of or in connection with the Executive’s employment with or termination from the Company. The Separation Agreements also amend the non-competition provisions of the Employment Agreements, such that, during the
12
-month period immediately following the closing date of the Merger, each Executive will be subject to certain restrictive covenants regarding non-competition and non-solicitation with respect to the Company.
 
On
March 14, 2018,
David Jurasek, the Company’s Chief Financial Officer, entered into an Employment Agreement with the Company (the “Jurasek Employment Agreement”). The Jurasek Employment Agreement provides Mr. Jurasek with an annual salary of
$200,000.
The Jurasek Employment Agreement provides Mr. Jurasek with payment of
one
year’s base salary in case of termination without cause or termination of employment following a change of control, as defined, plus an aggregate allowance of up to
$25,000
per year to reimburse Mr. Jurasek for (
1
) the actual cost of premiums incurred by him for disability insurance he obtains, if any, (
2
) the actual cost of premiums incurred by him for any other insurance which would
not
be available to him under the Company’s customary benefit plans, and (
3
) the actual cost of leasing and operating an automobile for use by him during his employment with the Company. The Jurasek Employment Agreement further provides that if Mr. Jurasek continues his employment with the surviving company in the Merger for
six
months post-closing, the surviving company would pay him a lump-sum cash retention bonus equal to
three
months’ salary (in addition to salary earned during such
six
month period). The Jurasek Employment Agreement also provides that the “change of control” severance referred to above would be payable if Mr. Jurasek’s employment is terminated for any reason or he elects to discontinue employment with the surviving company within
30
days of the end of the
six
-month period following the closing of the Merger.
XML 32 R20.htm IDEA: XBRL DOCUMENT v3.8.0.1
Significant Accounting Policies (Policies)
 3 Months Ended
Jan. 31, 2018
Accounting Policies [Abstract]  
New Accounting Pronouncements, Policy [Policy Text Block]
Adopted Accounting Standards Updates
 
Effective
November 1, 2017,
we adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (”ASU”)
No.
2015
-
11,
“Simplifying the Measurement of Inventory”. The ASU requires entities using the
first
-in,
first
-out (FIFO) inventory costing method to subsequently value inventory at the lower of cost and net realizable value. The ASU defines net realizable value as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The adoption of this guidance by the Company did
not
have a material impact on its consolidated financial statements.
 
Effective
November 1, 2017,
we adopted FASB ASU
No.
2015
-
17,
“Balance Sheet Classification of Deferred Taxes”. The ASU requires that deferred tax assets and liabilities be combined and be classified as non-current in a statement of financial position. The adoption of this guidance by the Company did
not
have a material impact on its consolidated financial statements.
XML 33 R21.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 3 - Goodwill and Other Intangible Assets (Tables)
 3 Months Ended
Jan. 31, 2018
Notes Tables  
Schedule of Finite-Lived Intangible Assets [Table Text Block]
    January 31, 2018       October 31, 2017    
   
Gross Carry
i
ng Amount
   Accumulated Amortization   Wgt. Avg.Amort. Years   Gross Carrying Amount   Accumulated Amortization  
Wgt. Avg. Amort. Years
Amortized Intangible Assets:                        
Covenants Not to Compete   $
2,536,488
     $
2,510,656
      
1.16
     $
2,536,488
     $
2,502,976
      
1.33
  
Customer Lists    
10,313,819
      
9,912,484
      
0.93
      
10,313,819
      
9,785,842
      
1.15
  
Other Identifiable Intangibles    
608,393
      
344,021
      
21.84
      
608,393
      
335,931
      
22.08
  
Total   $
13,458,700
     $
12,767,161
      
 
     $
13,458,700
     $
12,624,749
      
 
  
XML 34 R22.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 5 - Inventories (Tables)
 3 Months Ended
Jan. 31, 2018
Notes Tables  
Schedule of Inventory, Current [Table Text Block]
    January 31,   October 31,
    2018   2017
Finished Goods   $
2,016,980
     $
2,011,255
  
Raw Materials    
182,357
      
189,411
  
Inventory Reserve    
(75,000
 )    
-
  
Total Inventories   $
2,124,337
     $
2,200,666
  
XML 35 R23.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 7 - On-balance Sheet Derivative Instruments and Hedging Activities (Tables)
 3 Months Ended
Jan. 31, 2018
Notes Tables  
Schedule of Derivative Instruments [Table Text Block]
Instrument   Notional Amount   Pay Rate   Receive Rate
Interest rate swap     $
3,866,668
    
1.25%
    
1.56%
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block]
    Before-Tax   Tax Benefit (Expense)   Net-of-Tax
Three Months Ended January 31, 2017
            
Gain on interest rate swap   $
15,121
     $
(6,048
 )   $
9,073
  
Reclassification adjustment to income    
7,015
      
(2,806
 )    
4,209
  
Net unrealized gain   $
22,136
     $
(8,854
 )   $
13,282
  
Three Months Ended January 31, 2018                        
Gain on interest rate swap   $
3,003
     $
(841
 )   $
2,162
  
Reclassification adjustment to income    
(1,692
 )    
474
      
(1,218
 )
Net unrealized gain   $
1,311
     $
(367
 )   $
944
  
XML 36 R24.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 8 - Fair Values of Assets and Liabilities (Tables)
 3 Months Ended
Jan. 31, 2018
Notes Tables  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
    Level 1   Level 2   Level 3
Assets:            
January 31, 2018
            
Unrealized gain on derivative   $
-
     $
5,098
     $
-
  
                         
October 31, 2017                        
Unrealized gain on derivative   $
-
     $
3,787
     $
-
  
XML 37 R25.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 10 - Income (Loss) Per Share and Weighted Average Shares (Tables)
 3 Months Ended
Jan. 31, 2018
Notes Tables  
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]
    Three Months Ended
January 31,
    2018   2017
Net Income (Loss)    
565,524
     $
(74,614
 )
Denominator:                
Basic Weighted Average Shares Outstanding    
21,358,411
      
21,358,411
  
Dilutive effect of Stock Options    
-
      
-
  
Diluted Weighted Average Shares Outstanding    
21,358,411
      
21,358,411
  
Basic Income (Loss) Per Share   $
.03
     $
(.00
 )
Diluted Income (Loss) Per Share   $
.03
     $
(.00
 )
XML 38 R26.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 3 - Goodwill and Other Intangible Assets (Details Textual) - USD ($)
 3 Months Ended
Jan. 31, 2018
Jan. 31, 2017
Oct. 31, 2017
Amortization of Intangible Assets $ 142,412 $ 170,337  
Goodwill, Period Increase (Decrease) 0    
Goodwill $ 12,156,790   $ 12,156,790
XML 39 R27.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 3 - Goodwill and Other Intangible Assets - Amortization of Finite-lived Intangible Assets (Details) - USD ($)
 3 Months Ended 12 Months Ended
Jan. 31, 2018
Oct. 31, 2017
Gross Carrying Amount $ 13,458,700 $ 13,458,700
Accumulated Amortization $ 12,767,161 $ 12,624,749
Weighted Average Amortization (Year)
Noncompete Agreements [Member]    
Gross Carrying Amount $ 2,536,488 $ 2,536,488
Accumulated Amortization $ 2,510,656 $ 2,502,976
Weighted Average Amortization (Year) 1 year 58 days 1 year 120 days
Customer Lists [Member]    
Gross Carrying Amount $ 10,313,819 $ 10,313,819
Accumulated Amortization $ 9,912,484 $ 9,785,842
Weighted Average Amortization (Year) 339 days 1 year 54 days
Other Intangible Assets [Member]    
Gross Carrying Amount $ 608,393 $ 608,393
Accumulated Amortization $ 344,021 $ 335,931
Weighted Average Amortization (Year) 21 years 306 days 22 years 29 days
XML 40 R28.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 4 - Debt (Details Textual)
 3 Months Ended
Jun. 13, 2017
USD ($)
Jan. 31, 2018
USD ($)
Oct. 31, 2017
USD ($)
Sep. 12, 2016
USD ($)
Short-term Debt   $ 2,015,200 $ 2,000,000  
Peter and Jack Baker and the Estate of Henry Baker [Member]        
Repayments of Subordinated Debt $ 4,500,000      
Subordinated Debt [Member] | CEO and Executive VP, Peter and John Baker [Member]        
Notes Payable, Related Parties   $ 4,500,000    
Debt Instrument, Interest Rate, Stated Percentage   12.00%    
Bank of America [Member]        
Debt Instrument, Covenant, Maximium Annual Limit for Capital Expenditures       $ 4,000,000
Debt Instrument, Covenant, Total Debt Coverage Ratio       1.5
Debt Instrument, Covenant, Maximum Senior Funded Debt to Consolidated Adjusted EBITDA       2.5
Debt Instrument, Maximum Amount Allowed to Use from Revolving Line of Credit to Pay Subordinated Debt 2,000,000      
Debt Instrument, Maximum Amount Allowed to Prepay in Subordinated Debt 4,500,000      
Letters of Credit Outstanding, Amount   $ 1,327,000    
Bank of America [Member] | London Interbank Offered Rate (LIBOR) [Member]        
Debt Instrument, Variable Rate Basis   1.56%    
Bank of America [Member] | Revolving Credit Facility [Member]        
Line of Credit Facility, Maximum Borrowing Capacity $ 6,000,000     $ 5,000,000
Debt Instrument, Interest Rate, Effective Percentage   3.81%    
Line of Credit Facility, Remaining Borrowing Capacity   $ 2,658,000    
Bank of America [Member] | Revolving Credit Facility [Member] | Line of Credit [Member]        
Short-term Debt   $ 2,015,200    
Bank of America [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]        
Debt Instrument, Basis Spread on Variable Rate   2.25%    
Bank of America [Member] | Term Note [Member]        
Debt Instrument, Face Amount   $ 12,000,000    
Debt Instrument, Term   5 years    
Debt Instrument, Number of Equal Monthly Installments   59    
Debt Instrument, Monthly Installment, Amount   $ 133,333    
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid   4,133,333    
Long-term Debt   $ 7,733,000    
Debt Instrument, Interest Rate, Effective Percentage   4.06%    
Bank of America [Member] | Term Note [Member] | London Interbank Offered Rate (LIBOR) [Member]        
Debt Instrument, Basis Spread on Variable Rate   2.50%    
Long-term Debt   $ 3,867,000    
XML 41 R29.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 5 - Inventories - Summary of Inventories (Details) - USD ($)
Jan. 31, 2018
Oct. 31, 2017
Finished Goods $ 2,016,980 $ 2,011,255
Raw Materials 182,357 189,411
Inventory Reserve (75,000)
Total Inventories $ 2,124,337 $ 2,200,666
XML 42 R30.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 6 - Impairment of Long-lived Assets (Details Textual) - USD ($)
 3 Months Ended
Jan. 31, 2018
Jan. 31, 2017
Impairment of Long-Lived Assets to be Disposed of $ 385,463 $ 0
XML 43 R31.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 7 - On-balance Sheet Derivative Instruments and Hedging Activities (Details Textual) - USD ($)
 3 Months Ended
Jan. 31, 2018
Jan. 31, 2017
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax $ 1,692 $ (7,015)
XML 44 R32.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 7 - On-balance Sheet Derivative Instruments and Hedging Activities - Outstanding Interest Rate Swap (Details) - Interest Rate Swap [Member]
Jan. 31, 2018
USD ($)
Notional amount $ 3,866,668
Pay rate 1.25%
London Interbank Offered Rate (LIBOR) [Member]  
Receive rate 1.56%
XML 45 R33.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 7 - On-balance Sheet Derivative Instruments and Hedging Activities - Adjustments to Other Comprehensive Income (Loss) (Details) - USD ($)
 3 Months Ended
Jan. 31, 2018
Jan. 31, 2017
Gains (loss) on interest rate swap, before tax $ 3,003 $ 15,121
Gains (loss) on interest rate swap, tax (841) (6,048)
Gains (loss) on interest rate swap, net of tax 2,162 9,073
Reclassification adjustment for (gain) loss in income, before tax (1,692) 7,015
Reclassification adjustment for (gain) loss in income, tax 474 (2,806)
Reclassification adjustment for loss in income, net of tax (1,218) 4,209
Net unrealized gain (loss), before tax 1,311 22,136
Net unrealized gain (loss), tax (367) (8,854)
Net unrealized gain (loss), net of tax $ 944 $ 13,282
XML 46 R34.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 8 - Fair Values of Assets and Liabilities (Details Textual)
$ in Thousands
Jan. 31, 2018
USD ($)
Liabilities, Fair Value Disclosure, Nonrecurring $ 0
Assets, Fair Value Disclosure, Nonrecurring $ 0
XML 47 R35.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 7 - Fair Values of Assets and Liabilities - Fair Values of Assets and Liabilities Measured on a Recurring Basis (Details) - Fair Value, Measurements, Recurring [Member] - USD ($)
Jan. 31, 2018
Oct. 31, 2017
Fair Value, Inputs, Level 1 [Member]    
Unrealized gain (loss) on derivative $ 0
Fair Value, Inputs, Level 2 [Member]    
Unrealized gain (loss) on derivative 5,098 3,787
Fair Value, Inputs, Level 3 [Member]    
Unrealized gain (loss) on derivative $ 0
XML 48 R36.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 9 - Impact of Tax Reform Act (Details Textual) - USD ($)
 3 Months Ended 12 Months Ended
Jan. 31, 2018
Oct. 31, 2019
Oct. 31, 2018
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability $ (1,400,000)    
Income Tax Expense (Benefit) Continuing Operations Change in Tax Rate $ (1,400,000)    
Scenario, Forecast [Member]      
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent   21.00% 23.00%
XML 49 R37.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 10 - Income (Loss) Per Share and Weighted Average Shares (Details Textual) - shares
shares in Thousands
Jan. 31, 2018
Jan. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number 0 0
XML 50 R38.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 10 - Income (Loss) Per Share and Weighted Average Shares - Basic and Diluted Earnings Per Share (Details) - USD ($)
 3 Months Ended
Jan. 31, 2018
Jan. 31, 2017
Net Income (Loss) $ 565,524 $ (74,614)
Basic Weighted Average Shares Outstanding (in shares) 21,358,411 21,358,411
Dilutive effect of Stock Options (in shares)
Diluted Weighted Average Shares Outstanding (in shares) 21,358,411 21,358,411
Basic Income (Loss) Per Share (in dollars per share) $ 0.03 $ 0
Diluted Income (Loss) Per Share (in dollars per share) $ 0.03 $ 0
XML 51 R39.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 13 - Subsequent Events (Details Textual) - USD ($)
Mar. 14, 2018
Feb. 12, 2018
Jan. 31, 2018
Oct. 31, 2017
Common Stock, Par or Stated Value Per Share     $ 0.001 $ 0.001
Cott and Purchaser [Member] | Subsequent Event [Member]        
Common Stock, Par or Stated Value Per Share   $ 0.001    
Share Price   $ 0.97    
Cott and Purchaser [Member] | Subsequent Event [Member] | Executive Officer [Member]        
Salaries, Wages and Officers' Compensation $ 200,000      
Termination, Benefit Allowed Per Year $ 25,000      
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