XML 41 R16.htm IDEA: XBRL DOCUMENT v2.4.0.8
Note 10 - Fair Value of Financial Instruments:
12 Months Ended
Oct. 31, 2013
Fair Value Disclosures [Abstract]  
Fair Value Disclosures [Text Block]
Note 10 - Fair Value of Financial Instruments:

In accordance with financial accounting standards, a three-tiered hierarchy of input levels is used for fair value measurements of financial assets and financial liabilities, and for fair value measurement of non-financial items that are recognized and disclosed at fair value in the financial statements on a recurring basis.  Financial accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly fashion between market participants at the measurement date.  Valuation techniques utilized to determine fair value are consistently applied.  The three tiers of inputs used for fair value measurements are as follows:

Level 1:  Fair values are based on quoted prices in active markets for identical assets and liabilities.  The Company's Level 1 assets and liabilities include cash, accounts receivable and other assets.

Level 2:  Fair values are based on observable inputs that include: quoted market prices for similar assets or liabilities; quoted market prices that are not in active market; or other inputs that are observable in the market and can be corroborated by observable market data for substantially the full term of the assets.  At October 31, 2013, the Company had no level 2 assets or liabilities.

Level 3:  Fair values are calculated by the use of pricing models and/or discounted cash flow methodologies, and may require significant management judgment or estimation.  The methodologies may result in a significant portion of the fair value being derived from unobservable data.  At October 31, 2013, the Company had no Level 3 assets or liabilities.