Note 12 - Commitments

6 Months Ended

Apr. 30, 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 ended April 30, 2021 were as follows (in thousands):

	Three Months Ended		Six Months Ended
	April 30, 2021		April 30, 2021
Operating lease cost	$	250	$	495
Short-term lease cost		-		1

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

	April 30, 2021			October 31, 2020
Supplemental Cash Flows Information
ROU assets obtained in exchange for lease obligations:
Operating leases	$	976		$	1,421
Weighted Average Remaining Lease Term
Operating leases (in months)		19.85			22.94
Weighted Average Discount Rate
Operating leases		3.54	%		3.54	%

Future minimum lease payments under non-cancellable leases as of April 30, 2021 were as follows:

Year ending October 31,	Operating Leases
2021 (excluding six months ended April 30, 2021)	$	418
2022		537
2023		172
2024		5
2025		5
Thereafter		2
Total future minimum lease payments		1,139
Less imputed interest		(90	)
Total	$	1,049

Reported as of April 30, 2021	Operating Leases
Other current liabilities	$	691
Operating lease liabilities		358
Finance lease liabilities		-
Total	$	1,049

As of April 30, 2021, operating lease ROU asset was $976,000 and operating lease liability totaled $1.0 million, of which $691,000 is classified as current. There were no finance leases as of April 30, 2021.