Note 12 - Commitments

3 Months Ended

Jan. 31, 2021

Notes to Financial Statements

Commitments Disclosure [Text Block]

Note

12

–

Commitments

We have operating leases for corporate offices, manufacturing facilities, and certain storage units. Our leases have remaining lease terms of

1

year to

3

years, some of which include options to extend the leases for up to

5

years. A portion of our operating leases are leased from K&K Unlimited, a company controlled by Darren Clark, the former owner and current President of Cables Unlimited, to whom we make rent payments totaling

$14,000

per month.

We also have other operating leases for certain equipment. The components of our facilities and equipment operating lease expenses for the period ending

January 31, 2021

were as follows (in thousands):

	Three Months Ended
	January 31, 2021
Operating lease cost	$	247
Short-term lease cost		-

Other information related to leases was as follows (in thousands):

	January 31, 2021			October 31, 2020
Supplemental Cash Flows Information
Right of use assets obtained in exchange for lease obligations:
Operating leases	$	1,184		$	1,421
Weighted Average Remaining Lease Term
Operating leases (in months)		20.78			22.94
Weighted Average Discount Rate
Operating leases		3.54	%		3.54	%

Future minimum lease payments under non-cancellable leases as of

January 31, 2021

were as follows:

Year ended October 31,	Operating Leases
2021 (excluding three months ended January 31, 2021)	$	667
2022		532
2023		166
2024		-
2025		-
Thereafter		-
Total future minimum lease payments		1,365
Less imputed interest		(99	)
Total	$	1,266

Reported as of January 31, 2021	Operating Leases
Other current liabilities	$	789
Operating lease liabilities		477
Finance lease liabilities		-
Total	$	1,266

As of

January 31, 2021,

operating lease ROU asset was

$1.2

million and operating lease liability totaled

$1.3

million, of which

$789,000

is classified as current. There were

no

finance leases as of

January 31, 2021.