XML 52 R23.htm IDEA: XBRL DOCUMENT v3.21.4
INCOME TAXES (Tables)
12 Months Ended
Oct. 31, 2021
Income Tax Disclosure [Abstract]  
SCHEDULE OF INCOME TAX PROVISION (BENEFIT)

Income tax provision (benefit) consists of the following:

 

  

Year Ended October 31,

 
  

2021

  

2020

 
Federal:          
Current  $-   $- 
Deferred   604,000    404,000 
State:          
Current   -    - 
Deferred   (129,000)   (800,000)

Adjustment to valuation allowance related to net deferred tax assets

   (475,000)   396,000 
   $-   $- 
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES

The tax effects of temporary differences that give rise to significant portions of the deferred tax asset, net, at October 31, 2021 and 2020, are as follows:

 

  

2021

  

2020

 
  

October 31,

 
  

2021

  

2020

 
Long-term deferred tax assets:          
Federal and state NOL and tax credit carryforwards  $20,230,000   $19,727,000 
Deferred compensation   7,502,000    8,009,000 
Intangibles   330,000    828,000 
Other   219,000    192,000 
Subtotal   28,281,000    28,756,000 
Less: valuation allowance   (28,281,000)   (28,756,000)
Deferred tax asset, net  $-   $- 
SCHEDULE OF RECONCILIATION OF INCOME TAXES

 

  

Year Ended October 31,

 
  

2021

  

2020

 

Income tax benefit at U.S. Federal statutory income tax rate

  $(2,757,000)   (21.00)%  $(2,119,000)   (21.00)%
State income taxes   (917,000)   (6.98)%   (705,000)   (6.98)%
Permanent differences   23,000    0.17%   32,000    0.32%

Expiring net operating losses, credits and other

   4,126,000    31.43%   2,396,000    23.74%
Change in valuation allowance   (475,000)   (3.62)%   396,000    3.92%
Income tax provision  $-    0.00%  $-    0.00%