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2. Basis of Presentation and Significant Accounting Policies: Deferred Tax Asset (Policies)
9 Months Ended
Jul. 31, 2015
Policies  
Deferred Tax Asset

 

Deferred Tax Asset

 

The Company had a federal net operating loss carry-forward of $8,842,000 available for income tax purposes as of July 31, 2015, which will expire in various tax years from fiscal year 2021 through fiscal year 2034. The Company evaluates whether a valuation allowance related to deferred tax assets is required each reporting period. A valuation allowance would be established if, based on the weight of available evidence, it is more likely than not that some or all of the deferred income tax asset will not be realized. The Company’s deferred tax asset amount was $2,286,000 and $2,572,000 as of July 31, 2015 and October 31, 2014, respectively, and it was determined that it is more likely than not that the net operating loss carry-forward would be used. As of October 31, 2014, the Company had a federal net operating loss carry-forward of $9,149,000 available for income tax purposes, which was set to expire in various tax years from fiscal year 2021 through fiscal year 2034.