Note 3 - Other Current Assets

3 Months Ended

Jan. 31, 2022

Notes to Financial Statements

Other Current Assets [Text Block]

Note 3 – Other current assets

Other current assets consist of the following (in thousands): 

	January 31, 2022		October 31, 2021
Employee retention credit ("ERC")	$	1,774	$	1,774
Prepaid taxes		469		314
Prepaid expense		779		439
Other		564		366
Totals	$	3,586	$	2,893

Pursuant to the CARES Act, eligible employers are able to claim an ERC, which is a refundable tax credit against certain employment taxes. If the employer’s employment tax deposits are not sufficient to cover the credit, the employer may get an advance payment from the IRS. The period assessed for eligibility of the ERC is on a calendar year basis. As of January 31, 2022, the remaining portion of the ERC that we have not yet received is included as other receivables in other current assets.