Income Taxes (Tables)

12 Months Ended

Oct. 31, 2020

Income Tax Disclosure [Abstract]

Summary of Provision for Income Taxes

The provision for income taxes for the years ended consists of the following:

	October 31, 2020		November 2, 2019
Current tax expense:
Federal	$	1,524,703	$	2,338,619
State		283,877		655,498
Deferred tax (benefit)		76,807		(25,007	)
Provision for income taxes	$	1,885,387	$	2,969,109

Reconciliation Between Statutory Federal Income Tax Rate and Actual Provision for Income Taxes

The following table shows the reconciliation between the statutory federal income tax rate and the actual provision for income taxes for the years ended:

	October 31, 2020			November 2, 2019
Provision—federal statutory tax rate	$	1,652,508		$	2,473,701
Increase (decrease) resulting from:
State taxes, net of federal tax benefit		277,135			511,822
Permanent differences:
Stock option expirations		—			160
Decrease in FL corporate tax rate		(3,306	)		—
Other comprehensive income		—			(3,462	)
Other		(40,950	)		(13,112	)
Provision for income taxes	$	1,885,387		$	2,969,109

Deferred Tax Assets and Deferred Tax Liabilities

The types of temporary differences between the tax bases of assets and liabilities and their financial reporting amounts and the related deferred tax assets and deferred tax liabilities are as follows:

	October 31, 2020			November 2, 2019
Deferred tax assets:
Allowance for doubtful accounts	$	56,864		$	58,773
Inventories		46,790			48,360
Accrued expenses		112,999			158,171
Other assets		23,224			55,903
Lease right of use liability		196,839			—
Stock-based compensation		2,894			2,072
Total deferred tax assets		439,610			323,279
Deferred tax liabilities:
Depreciation		(141,270	)		(78,553	)
Carrying value of investments		(47,435	)		(90,168	)
Amortization		(38,324	)		(39,611	)
Prepaid expenses		(33,562	)		(34,542	)
Lease right of use asset		(175,421	)		—
Net deferred tax assets (liabilities)	$	3,598		$	80,405

Accompanying Deferred Current and Non current Tax Assets and Liabilities in Consolidated Balance Sheet

These amounts are included in the accompanying consolidated balance sheets under the following captions:

	October 31, 2020			November 2, 2019
Current assets (liabilities):
Deferred tax assets	$	—		$	—
Deferred tax liabilities		—			—
Net current deferred tax assets		—			—
Non-current assets (liabilities):
Deferred tax assets		439,610			323,279
Deferred tax liabilities		(436,012	)		(242,874	)
Net non-current deferred tax (liabilities)		3,598			80,405
Net deferred tax assets (liabilities)	$	3,598		$	80,405