Income Taxes (Tables)

12 Months Ended

Nov. 06, 2021

Income Tax Disclosure [Abstract]

Summary of Provision for Income Taxes

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

	November 6, 2021		October 31, 2020
Current tax expense:
Federal	$	1,327,166	$	1,524,703
State		289,593		283,877
Deferred tax (benefit)		103,166		76,807
Provision for income taxes	$	1,719,925	$	1,885,387

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:

	November 6, 2021			October 31, 2020
Provision—federal statutory tax rate	$	1,494,934		$	1,652,508
Increase (decrease) resulting from:
State taxes, net of federal tax benefit		250,708			277,135
Permanent differences:
Stock option expirations		—			—
Decrease in FL corporate tax rate		(135	)		(3,306	)
Other comprehensive income		—			—
Other		(25,582	)		(40,950	)
Provision for income taxes	$	1,719,925		$	1,885,387

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:

	November 6, 2021			October 31, 2020
Deferred tax assets:
Allowance for doubtful accounts	$	55,455		$	56,864
Inventories		—			46,790
Prepaid Expenses		14,295			—
Accrued expenses		107,893			112,999
Other assets		17,789			23,224
Lease right of use liability		382			196,839
Stock-based compensation		19,502			2,894
Total deferred tax assets		215,316			439,610
Deferred tax liabilities:
Depreciation		(135,466	)		(141,270	)
Carrying value of investments		(109,146	)		(47,435	)
Amortization		(37,374	)		(38,324	)
Prepaid expenses		(32,516	)		(33,562	)
Lease right of use asset		(382	)		(175,421	)
Net deferred tax assets (liabilities)	$	(99,568	)	$	3,598

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:

	November 6, 2021			October 31, 2020
Current assets (liabilities):
Deferred tax assets	$	—		$	—
Deferred tax liabilities		—			—
Net current deferred tax assets		—			—
Non-current assets (liabilities):
Deferred tax assets		215,316			439,610
Deferred tax liabilities		(314,884	)		(436,012	)
Net non-current deferred tax assets (liabilities)		(99,568	)		3,598
Net deferred tax assets (liabilities)	$	(99,568	)	$	3,598