Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Jul. 31, 2023 | Sep. 06, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jul. 31, 2023 | |
Document Transition Report | false | |
Entity File Number | 0-27022 | |
Entity Registrant Name | OPTICAL CABLE CORPORATION | |
Entity Incorporation, State or Country Code | VA | |
Entity Tax Identification Number | 54-1237042 | |
Entity Address, Address Line One | 5290 Concourse Drive | |
Entity Address, City or Town | Roanoke | |
Entity Address, State or Province | VA | |
Entity Address, Postal Zip Code | 24019 | |
City Area Code | 540 | |
Local Phone Number | 265‑0690 | |
Title of 12(b) Security | Common Stock, no par value | |
Trading Symbol | OCC | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 7,893,681 | |
Entity Central Index Key | 0001000230 | |
Current Fiscal Year End Date | --10-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Jul. 31, 2023 | Oct. 31, 2022 |
Current assets: | ||
Cash | $ 192,689 | $ 215,936 |
Restricted cash | 1,517,885 | 0 |
Trade accounts receivable, net of allowance for doubtful accounts of $77,410 at July 31, 2023 and $69,643 at October 31, 2022 | 9,299,605 | 10,963,753 |
Income taxes refundable - current | 15,745 | 0 |
Other receivables | 70,872 | 37,442 |
Inventories | 24,946,333 | 19,438,766 |
Prepaid expenses and other assets | 461,094 | 540,225 |
Total current assets | 36,504,223 | 31,196,122 |
Property and equipment, net | 7,214,179 | 7,390,285 |
Intangible assets, net | 579,713 | 618,142 |
Other assets, net | 1,255,949 | 1,353,257 |
Total assets | 45,554,064 | 40,557,806 |
Current liabilities: | ||
Current installments of long-term debt | 4,275,941 | 338,094 |
Accounts payable and accrued expenses | 5,702,060 | 5,354,150 |
Accrued compensation and payroll taxes | 1,825,950 | 1,772,551 |
Income taxes payable | 12,098 | 18,098 |
Total current liabilities | 11,816,049 | 7,482,893 |
Note payable, revolver - noncurrent | 7,314,692 | 5,999,663 |
Long-term debt, excluding current installments | 0 | 4,190,508 |
Other noncurrent liabilities | 582,402 | 725,024 |
Total liabilities | 19,713,143 | 18,398,088 |
Shareholders’ equity: | ||
Preferred stock, no par value, authorized 1,000,000 shares; none issued and outstanding | 0 | 0 |
Common stock, no par value, authorized 50,000,000 shares; issued and outstanding 7,893,681 shares at July 31, 2023 and 7,893,194 shares at October 31, 2022 | 14,985,834 | 14,638,505 |
Retained earnings | 10,855,087 | 7,521,213 |
Total shareholders’ equity | 25,840,921 | 22,159,718 |
Commitments and Contingencies | ||
Total liabilities and shareholders’ equity | $ 45,554,064 | $ 40,557,806 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands | Jul. 31, 2023 | Oct. 31, 2022 |
Accounts Receivable, Allowance for Credit Loss, Current | $ 77,410 | $ 69,643 |
Preferred Stock, No Par Value (in dollars per share) | $ 0 | $ 0 |
Preferred Stock, Shares Authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred Stock, Shares Issued (in shares) | 0 | 0 |
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 0 | 0 |
Common Stock, No Par Value (in dollars per share) | $ 0 | $ 0 |
Common Stock, Shares Authorized (in shares) | 50,000,000 | 50,000,000 |
Common Stock, Shares, Outstanding (in shares) | 7,893,681 | 7,893,194 |
Common Stock, Shares, Issued (in shares) | 7,893,681 | 7,893,194 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | |
Net sales | $ 16,941,378 | $ 17,382,640 | $ 54,844,589 | $ 49,023,513 |
Cost of goods sold | 11,825,348 | 12,574,435 | 36,424,644 | 35,136,010 |
Gross profit | 5,116,030 | 4,808,205 | 18,419,945 | 13,887,503 |
Selling, general and administrative expenses | 4,957,518 | 4,954,221 | 16,075,323 | 14,770,751 |
Royalty expense, net | 6,571 | 6,572 | 19,729 | 20,116 |
Amortization of intangible assets | 13,516 | 13,796 | 40,426 | 37,431 |
Income (loss) from operations | 138,425 | (166,384) | 2,284,467 | (940,795) |
Other income (expense), net: | ||||
Interest expense, net | (298,215) | (197,865) | (854,903) | (538,656) |
Gain on insurance proceeds received for damage to property and equipment | 255,880 | 0 | 1,952,170 | 0 |
Other, net | 3,793 | 2,000 | 58,617 | (39,028) |
Other income (expense), net | (38,542) | (195,865) | 1,155,884 | (577,684) |
Income (loss) before income taxes | 99,883 | (362,249) | 3,440,351 | (1,518,479) |
Income tax expense (benefit) | (920) | 9,622 | 106,477 | 17,176 |
Net income (loss) | $ 100,803 | $ (371,871) | $ 3,333,874 | $ (1,535,655) |
Net income (loss) per share: Basic and diluted (in dollars per share) | $ 0.01 | $ (0.05) | $ 0.42 | $ (0.20) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Retained Earnings [Member] | Total |
Balances (in shares) at Oct. 31, 2021 | 7,897,477 | ||
Balances at Oct. 31, 2021 | $ 14,337,649 | $ 7,868,304 | $ 22,205,953 |
Share-based compensation, net (in shares) | (47,479) | ||
Share-based compensation, net | $ 19,803 | 0 | 19,803 |
Net income (loss) | $ 0 | (935,793) | (935,793) |
Balances (in shares) at Jan. 31, 2022 | 7,849,998 | ||
Balances at Jan. 31, 2022 | $ 14,357,452 | 6,932,511 | 21,289,963 |
Balances (in shares) at Oct. 31, 2021 | 7,897,477 | ||
Balances at Oct. 31, 2021 | $ 14,337,649 | 7,868,304 | 22,205,953 |
Net income (loss) | (1,535,655) | ||
Balances (in shares) at Jul. 31, 2022 | 7,893,194 | ||
Balances at Jul. 31, 2022 | $ 14,551,332 | 6,332,649 | 20,883,981 |
Balances (in shares) at Jan. 31, 2022 | 7,849,998 | ||
Balances at Jan. 31, 2022 | $ 14,357,452 | 6,932,511 | 21,289,963 |
Share-based compensation, net (in shares) | 44,864 | ||
Share-based compensation, net | $ 113,212 | 0 | 113,212 |
Net income (loss) | $ 0 | (227,991) | (227,991) |
Balances (in shares) at Apr. 30, 2022 | 7,894,862 | ||
Balances at Apr. 30, 2022 | $ 14,470,664 | 6,704,520 | 21,175,184 |
Share-based compensation, net (in shares) | (1,668) | ||
Share-based compensation, net | $ 80,668 | 0 | 80,668 |
Net income (loss) | $ 0 | (371,871) | (371,871) |
Balances (in shares) at Jul. 31, 2022 | 7,893,194 | ||
Balances at Jul. 31, 2022 | $ 14,551,332 | 6,332,649 | 20,883,981 |
Balances (in shares) at Oct. 31, 2022 | 7,893,194 | ||
Balances at Oct. 31, 2022 | $ 14,638,505 | 7,521,213 | 22,159,718 |
Share-based compensation, net (in shares) | (24,626) | ||
Share-based compensation, net | $ 34,322 | 0 | 34,322 |
Net income (loss) | $ 0 | 809,984 | 809,984 |
Balances (in shares) at Jan. 31, 2023 | 7,868,568 | ||
Balances at Jan. 31, 2023 | $ 14,672,827 | 8,331,197 | 23,004,024 |
Balances (in shares) at Oct. 31, 2022 | 7,893,194 | ||
Balances at Oct. 31, 2022 | $ 14,638,505 | 7,521,213 | 22,159,718 |
Net income (loss) | 3,333,874 | ||
Balances (in shares) at Jul. 31, 2023 | 7,893,681 | ||
Balances at Jul. 31, 2023 | $ 14,985,834 | 10,855,087 | 25,840,921 |
Balances (in shares) at Jan. 31, 2023 | 7,868,568 | ||
Balances at Jan. 31, 2023 | $ 14,672,827 | 8,331,197 | 23,004,024 |
Share-based compensation, net (in shares) | (3,447) | ||
Share-based compensation, net | $ 139,507 | 0 | 139,507 |
Net income (loss) | $ 0 | 2,423,087 | 2,423,087 |
Balances (in shares) at Apr. 30, 2023 | 7,865,121 | ||
Balances at Apr. 30, 2023 | $ 14,812,334 | 10,754,284 | 25,566,618 |
Share-based compensation, net (in shares) | 28,560 | ||
Share-based compensation, net | $ 173,500 | 0 | 173,500 |
Net income (loss) | $ 0 | 100,803 | 100,803 |
Balances (in shares) at Jul. 31, 2023 | 7,893,681 | ||
Balances at Jul. 31, 2023 | $ 14,985,834 | $ 10,855,087 | $ 25,840,921 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 3,333,874 | $ (1,535,655) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Depreciation and amortization | 716,398 | 820,117 |
Bad debt expense | 7,767 | 38,063 |
Share-based compensation expense | 463,181 | 324,824 |
Gain on insurance proceeds received for damage to property and equipment | (1,952,170) | 0 |
Loss on disposal of property and equipment | 10,307 | 29,905 |
(Increase) decrease in: | ||
Trade accounts receivable | 1,656,381 | (1,815,871) |
Other receivables | (33,430) | 2,184,995 |
Inventories | (5,507,567) | (2,383,497) |
Prepaid expenses and other assets | 75,178 | 201,206 |
Income taxes refundable | (15,745) | 0 |
Other assets | 1,809 | 292,617 |
Increase (decrease) in: | ||
Accounts payable and accrued expenses | 307,281 | 920,151 |
Accrued compensation and payroll taxes | 53,399 | (6,270) |
Income taxes payable | (6,000) | 62 |
Other noncurrent liabilities | (39,694) | (787,338) |
Net cash used in operating activities | (929,031) | (1,716,691) |
Cash flows from investing activities: | ||
Purchase of and deposits for the purchase of property and equipment | (371,385) | (197,209) |
Insurance proceeds received for damange to property and equipment, net | 1,952,170 | 0 |
Investment in intangible assets | (1,997) | (20,929) |
Proceeds from sale of property and equipment | 0 | 2,000 |
Net cash provided by (used in) investing activities | 1,578,788 | (216,138) |
Cash flows from financing activities: | ||
Payroll taxes withheld and remitted on share-based payments | (115,852) | (111,141) |
Principal payments on long-term debt | (252,662) | (242,797) |
Payments for financing costs | (75,000) | (75,000) |
Principal payments on finance lease | (26,635) | (25,401) |
Net cash provided by financing activities | 844,881 | 1,992,874 |
Net increase in cash and restricted cash | 1,494,638 | 60,045 |
Cash at beginning of period | 215,936 | 132,249 |
Cash and restricted cash at end of period | 1,710,574 | 192,294 |
Pinnacle Financial Partners [Member] | Virginia Real Estate Loan and North Carolina Real Estate Loan [Member] | ||
Cash flows from financing activities: | ||
Proceeds from note payable, revolver | 60,019,032 | 52,179,068 |
Payments on note payable, revolver | $ (58,704,002) | $ (49,731,855) |
Note 1 - General
Note 1 - General | 9 Months Ended |
Jul. 31, 2023 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | General The accompanying unaudited condensed consolidated financial statements of Optical Cable Corporation and its subsidiaries (collectively, the “Company” or “OCC®”) have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and the instructions to Form 10‑Q and Regulation S‑X. Accordingly, they do not include all of the information and notes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all material adjustments considered necessary for a fair presentation have been included. Operating results for the nine months ended July 31, 2023 are not necessarily indicative of the results for the fiscal year ending October 31, 2023 because the following items, among other things, may impact those results: changing macroeconomic conditions in various markets, supply chain and labor constraints impacting production volumes, any increased costs related to government and private industry mandates in the areas of the world in which we operate, changes in market conditions, seasonality, inflation and interest rates, changes in technology, competitive conditions, timing of certain projects and purchases by key customers, significant variations in sales resulting from high volatility and timing of large sales orders among a limited number of customers in certain markets, ability of management to execute its business plans, continued ability to maintain and/or secure future debt and/or equity financing to adequately finance ongoing operations; as well as other variables, uncertainties, contingencies and risks set forth as risks in the Company’s Annual Report on Form 10‑K for the fiscal year ended October 31, 2022 (including those set forth in the “Forward-Looking Information” section), or as otherwise set forth in other filings by the Company as variables, contingencies and/or risks possibly affecting future results. The unaudited condensed consolidated financial statements and condensed notes are presented as permitted by Form 10‑Q and do not contain certain information included in the Company’s annual consolidated financial statements and notes. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10‑K for the fiscal year ended October 31, 2022. |
Note 2 - Stock Incentive Plans
Note 2 - Stock Incentive Plans and Other Share-based Compensation | 9 Months Ended |
Jul. 31, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | (2) Stock Incentive Plans and Other Share Based Compensation As of July 31, 2023, there were approximately 356,000 remaining shares available for grant under the Optical Cable Corporation Stock Incentive Plan (“2017 Plan”). Share-based compensation expense for employees, a consultant and non-employee Directors recognized in the condensed consolidated statements of operations for the three months and nine months ended July 31, 2023 was $173,500 and $463,181, respectively. Share-based compensation expense for employees, a consultant and non-employee Directors recognized in the condensed consolidated statements of operations for the three months and nine months ended July 31, 2022 was $87,173 and $324,824, respectively. Share-based compensation expense is entirely related to expense recognized in connection with the vesting of restricted stock awards or other stock awards. Stock Compensation The Company has granted, and anticipates granting from time to time, restricted stock awards subject to approval by the Compensation Committee of the Board of Directors. Since fiscal year 2004, the Company has exclusively used restricted stock awards for all share-based compensation of employees and consultants, and restricted stock awards or stock awards to non-employee members of the Board of Directors. During the three months ended July 31, 2023, OCC granted restricted stock awards totaling 28,560 shares to non-employee Directors under the 2017 Plan. The shares are subject to a one-year vesting period and are part of the non-employee Directors’ annual compensation for service on the Board of Directors. Restricted stock award activity during the nine months ended July 31, 2023 consisted of stock grants totaling 28,560 shares and restricted shares withheld for taxes in connection with the vesting of restricted shares totaling 28,073 shares. OCC restricted stock grants provide the participant with the option to surrender shares to pay for withholding tax obligations resulting from any vesting restricted shares, or to pay cash to the Company or taxing authorities in the amount of the withholding taxes owed on the value of any vesting restricted shares in order to avoid surrendering shares. As of July 31, 2023, the estimated amount of compensation cost related to unvested equity-based compensation awards in the form of service-based and operational performance-based shares that the Company will recognize over a 1.4 year weighted-average period is approximately $664,000. |
Note 3 - Allowance for Doubtful
Note 3 - Allowance for Doubtful Accounts for Trade Accounts Receivable | 9 Months Ended |
Jul. 31, 2023 | |
Notes to Financial Statements | |
Allowance for Doubtful Accounts for Trade Accounts Receivable Disclosure [Text Block] | (3) Allowance for Doubtful Accounts for Trade Accounts Receivable A summary of changes in the allowance for doubtful accounts for trade accounts receivable for the nine months ended July 31, 2023 and 2022 follows: Nine Months Ended July 31, 2023 2022 Balance at beginning of period $ 69,643 $ 61,527 Bad debt expense 7,767 38,063 Balance at end of period $ 77,410 $ 99,590 |
Note 4 - Inventories
Note 4 - Inventories | 9 Months Ended |
Jul. 31, 2023 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | (4) Inventories Inventories as of July 31, 2023 and October 31, 2022 consist of the following: July 31, October 31, 2023 2022 Finished goods $ 6,627,296 $ 3,894,102 Work in process 4,786,607 4,054,789 Raw materials 13,173,562 11,093,140 Production supplies 358,868 396,735 Total $ 24,946,333 $ 19,438,766 |
Note 5 - Product Warranties
Note 5 - Product Warranties | 9 Months Ended |
Jul. 31, 2023 | |
Notes to Financial Statements | |
Product Warranty Disclosure [Text Block] | (5) Product Warranties As of July 31, 2023 and October 31, 2022, the Company’s accrual for estimated product warranty claims totaled $80,000 and $75,000, respectively, and is included in accounts payable and accrued expenses. Warranty claims expense for the three months and nine months ended July 31, 2023 totaled $26,048 and $55,700, respectively. Warranty claims expense for the three months and nine months ended July 31, 2022 totaled $24,071 and $47,606, respectively. The following table summarizes the changes in the Company’s accrual for product warranties during the nine months ended July 31, 2023 and 2022: Nine Months Ended July 31, 2023 2022 Balance at beginning of period $ 75,000 $ 75,000 Liabilities accrued for warranties issued during the period 77,089 98,392 Warranty claims and costs paid during the period (50,700 ) (47,606 ) Changes in liability for pre-existing warranties during the period (21,389 ) (50,786 ) Balance at end of period $ 80,000 $ 75,000 |
Note 6 - Long-term Debt and Not
Note 6 - Long-term Debt and Notes Payable | 9 Months Ended |
Jul. 31, 2023 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | (6) Long-term Debt and Notes Payable The Company has credit facilities consisting of a real estate term loan, as amended and restated (the “Virginia Real Estate Loan”), a supplemental real estate term loan, as amended and restated (the “North Carolina Real Estate Loan”) and a Revolving Credit Master Promissory Note and related agreements (collectively, the “Revolver”). Both the Virginia Real Estate Loan and the North Carolina Real Estate Loan are with Northeast Bank, have a fixed interest rate of 3.95% and are secured by a first lien deed of trust on the Company’s real property. Also see note 12. Long-term debt as of October 31, 2022 consists of the following: July 31, October 31, 2023 2022 Virginia Real Estate Loan ($6.5 million original principal) payable in monthly installments of $31,812, including interest (at 3.95%), with final payment of $3,318,029 due May 1, 2024 $ 3,490,537 $ 3,669,294 North Carolina Real Estate Loan ($2.24 million original principal) payable in monthly installments of $10,963, including interest (at 3.95%), with final payment of $711,773 due May 1, 2024 785,404 859,308 Total long-term debt 4,275,941 4,528,602 Current installments 4,275,941 338,094 Long-term debt, excluding current installments $ — $ 4,190,508 The Revolver with North Mill Capital LLC (now doing business as SLR Business Credit, “SLR”) provides the Company with one or more advances in an amount up to: (a) 85% of the aggregate outstanding amount of eligible accounts (the “eligible accounts loan value”); plus (b) the lowest of (i) an amount up to 35% of the aggregate value of eligible inventory, (ii) $5,000,000, and (iii) an amount not to exceed 100% of the then outstanding eligible accounts loan value; minus (c) $1,150,000. The maximum aggregate principal amount subject to the Revolver is $18,000,000. Interest accrues on the daily balance at the per annum rate of 1.5% above the Prime Rate in effect from time to time, but not less than 4.75% (the “Applicable Rate”). In the event of a default, interest may become 6.0% above the Applicable Rate. As of July 31, 2023, the Revolver accrued interest at the prime lending rate plus 1.5% (resulting in a 10.0% rate at July 31, 2023). The termination date of the Revolver is July 24, 2025 and the loan may be extended in one The Revolver is secured by all of the following assets: properties, rights and interests in property of the Company whether now owned or existing, or hereafter acquired or arising, and wherever located; all accounts, equipment, commercial tort claims, general intangibles, chattel paper, inventory, negotiable collateral, investment property, financial assets, letter-of-credit rights, supporting obligations, deposit accounts, money or assets of the Company, which hereafter come into the possession, custody, or control of SLR; all proceeds and products, whether tangible or intangible, of any of the foregoing, including proceeds of insurance covering any or all of the foregoing; any and all tangible or intangible property resulting from the sale, lease, license or other disposition of any of the foregoing, or any portion thereof or interest therein, and all proceeds thereof; and any other assets of the Company which may be subject to a lien in favor of SLR as security for the obligations under the Loan Agreement. As of July 31, 2023, the Company had $7.3 million of outstanding borrowings on its Revolver and $3.9 million in available credit. As of October 31, 2022, the Company had $6.0 million of outstanding borrowings on its Revolver and $5.9 million in available credit. |
Note 7 - Leases
Note 7 - Leases | 9 Months Ended |
Jul. 31, 2023 | |
Notes to Financial Statements | |
Lessee, Operating and Finance Leases Disclosure [Text Block] | (7) Leases The Company has an operating lease agreement for approximately 34,000 square feet of office, manufacturing and warehouse space in Plano, Texas (near Dallas). The lease term expires on November 30, 2024. The Company has an operating lease agreement for approximately 36,000 square feet of warehouse space in Roanoke, Virginia. During the first quarter of fiscal year 2023, the lease term was extended for an additional three The Company also leases certain office equipment under operating leases with initial 60 month terms. The lease terms expire in February and April of 2025. OCC leases printers that are used in the Roanoke, Virginia manufacturing facility. The lease term expires on August 22, 2026. The right-of-use asset is being amortized on a straight line basis over seven years. When the lease term ends, the remaining net book value of the right-of-use asset will be classified as property and equipment. The Company’s lease contracts may include options to extend or terminate the leases. The Company exercises judgment to determine the term of those leases when such options are present and include such options in the calculation of the lease term when it is reasonably certain that it will exercise those options. The Company includes contract lease components in its determination of lease payments, while non-lease components of the contracts, such as taxes, insurance, and common area maintenance, are expensed as incurred. At commencement, right-of-use assets and lease liabilities are measured at the present value of future lease payments over the lease term. The Company uses its incremental borrowing rate based on information available at the time of lease commencement to measure the present value of future payments. Operating lease expense is recognized on a straight-line basis over the lease term. Short term leases with an initial term of 12 months or less are expensed as incurred. The Company’s short term leases have month-to-month terms. Operating lease right-of-use assets of $688,579 and $662,328 were included in other assets at July 31, 2023 and October 31, 2022, respectively. Operating lease liabilities of $404,947 and $334,575, respectively, were included in accounts payable and accrued expenses, and other noncurrent liabilities, at July 31, 2023. Operating lease liabilities of $355,183 and $374,570, respectively, were included in accounts payable and accrued expenses, and other noncurrent liabilities at October 31, 2022. Operating lease expense recognized during the three months and nine months ended July 31, 2023 totaled $109,145 and $321,621, respectively. Operating lease expense recognized during the three months and nine months ended July 31, 2022 totaled $103,333 and $310,000, respectively. The weighted average remaining lease term was 23.6 months and the weighted average discount rate was 7.2% as of July 31, 2023. For the three months and nine months ended July 31, 2023, cash paid for operating lease liabilities totaled $110,025 and $328,992, respectively. For the three months and nine months ended July 31, 2022, cash paid for operating lease liabilities totaled $108,683 and $323,802, respectively. For the nine months ended July 31, 2023 and 2022, there were no Finance lease right-of-use assets of $148,716 and $170,839 were included in other assets at July 31, 2023 and October 31, 2022, respectively. Finance lease liabilities of $37,017 and $102,984, respectively, were included in accounts payable and accrued expenses, and other noncurrent liabilities at July 31, 2023. Finance lease liabilities of $35,724 and $130,911, respectively, were included in accounts payable and accrued expenses, and other noncurrent liabilities at October 31, 2022. Interest expense related to the finance lease totaled $1,734 and $5,517, respectively, for the three months and nine months ended July 31, 2023. Interest expense related to the finance lease totaled $2,150 and $6,751, respectively, for the three months and nine months ended July 31, 2022. For the three months ended July 31, 2023 and 2022, amortization expense related to the finance lease totaled $7,374. For the nine months ended July 31, 2023 and 2022, amortization expense related to the finance lease totaled $22,123. The remaining lease term for the finance lease is 37 months and the discount rate is 4.75% as of July 31, 2023. For the three months ended July 31, 2023, cash paid for the finance lease liability totaled $1,734 for interest and $8,983 for principal. For the nine months ended July 31, 2023, cash paid for the finance lease liability totaled $5,517 for interest and $26,635 for principal. For the three months ended July 31, 2022, cash paid for the finance lease liability totaled $2,150 for interest and $8,567 for principal. For the nine months ended July 31, 2022, cash paid for the finance lease liability totaled $6,751 for interest and $25,401 for principal. The Company’s future payments due under leases reconciled to the lease liabilities are as follows: Fiscal Year Operating leases Finance lease 2023 (1) $ 110,025 $ 10,717 2024 448,298 42,868 2025 177,997 42,868 2026 63,644 55,715 Total undiscounted lease payments 799,964 152,168 Present value discount (60,442 ) (12,167 ) Total lease liability $ 739,522 $ 140,001 (1) |
Note 8 - Fair Value Measurement
Note 8 - Fair Value Measurements | 9 Months Ended |
Jul. 31, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | (8) Fair Value Measurements The carrying amounts reported in the condensed consolidated balance sheets as of July 31, 2023 and October 31, 2022 for cash, restricted cash, trade accounts receivable, other receivables, current installments of long-term debt, accounts payable and accrued expenses, and accrued compensation and payroll taxes approximate fair value because of the short maturity of these instruments. The carrying value of the Company’s note payable, revolver – noncurrent approximates fair value based on the variable interest rate of the revolver, which is the market rate as of July 31, 2023 and October 31, 2022. Fair value is defined as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. |
Note 9 - Net Income (Loss) Per
Note 9 - Net Income (Loss) Per Share | 9 Months Ended |
Jul. 31, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Net Income (Loss) Per Share Basic net income (loss) per share excludes dilution and is computed by dividing net income (loss) available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted net income (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the net income (loss) of the Company. The following is a reconciliation of the numerators and denominators of the net income (loss) per share computations for the periods presented: Three months ended Nine months ended July 31, July 31, 2023 2022 2023 2022 Net income (loss) (numerator) $ 100,803 $ (371,871 ) $ 3,333,874 $ (1,535,655 ) Shares (denominator) 7,866,673 7,516,757 7,875,963 7,525,482 Basic and diluted net income (loss) per share $ 0.01 $ (0.05 ) $ 0.42 $ (0.20 ) Weighted average unvested shares for the three months and nine months ended July 31, 2022 totaling 377,470 and 351,340, respectively, while issued and outstanding, were not included in the computation of basic and diluted net loss per share for the three months and nine months ended July 31, 2022 (because to include such shares would have been antidilutive, or in other words, to do so would have reduced the net loss per share for that period). |
Note 10 - Segment Information a
Note 10 - Segment Information and Business and Credit Concentrations | 9 Months Ended |
Jul. 31, 2023 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | (10) Segment Information and Business and Credit Concentrations The Company provides credit, in the normal course of business, to various commercial enterprises, governmental entities and not‑for‑profit organizations. Concentration of credit risk with respect to trade receivables is normally limited due to the Company’s large number of customers. The Company also manages exposure to credit risk through credit approvals, credit limits and monitoring procedures. Management believes that credit risks as of July 31, 2023 have been adequately provided for in the condensed consolidated financial statements. The Company includes all entities under common ownership for the purpose of calculating business concentrations. For the three months and nine months ended July 31, 2023, 16.1% and 16.3%, respectively, of consolidated net sales were attributable to one one The Company has a single reportable segment for purposes of segment reporting. |
Note 11 - Revenue Recognition
Note 11 - Revenue Recognition | 9 Months Ended |
Jul. 31, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | (11) Revenue Recognition Revenues consist of product sales that are recognized at a specific point in time under the core principle of recognizing revenue when control transfers to the customer. The Company considers customer purchase orders, governed by master sales agreements or the Company’s standard terms and conditions, to be the contract with the customer. For each contract, the promise to transfer the control of the products, each of which is individually distinct, is considered to be the identified performance obligation. The Company evaluates each customer’s credit risk when determining whether to accept a contract. In determining transaction prices, the Company evaluates whether fixed order prices are subject to adjustment to determine the net consideration to which the Company expects to be entitled. Contracts do not include financing components, as payment terms are generally due 30 to 90 days after shipment. Taxes assessed by governmental authorities and collected from the customer including, but not limited to, sales and use taxes and value-added taxes, are not included in the transaction price and are not included in net sales. The Company recognizes revenue at the point in time when products are shipped or delivered from its manufacturing facility to its customer, in accordance with the agreed upon shipping terms. Since the Company typically invoices the customer at the same time that performance obligations are satisfied, no contract assets are recognized. The Company’s contract liability represents advance consideration received from customers prior to transfer of the product. This liability was $82,500 as of July 31, 2023 and $317,310 as of October 31, 2022. Sales to certain customers are made pursuant to agreements that provide price adjustments and limited return rights with respect to the Company’s products. The Company maintains a reserve for estimated future price adjustment claims, rebates and returns as a refund liability. The Company’s refund liability was $225,899 as of July 31, 2023 and $233,494 as of October 31, 2022. The Company offers standard product warranty coverage which provides assurance that its products will conform to contractually agreed-upon specifications for a limited period from the date of shipment. Separately-priced warranty coverage is not offered. The warranty claim is generally limited to a credit equal to the purchase price or a promise to repair or replace the product for a specified period of time at no additional charge. The Company accounts for shipping and handling activities related to contracts with customers as a cost to fulfill its promise to transfer control of the related product. Shipping and handling costs are included in selling, general and administrative expenses in the accompanying Condensed Consolidated Statements of Operations. The Company incurs sales commissions to acquire customer contracts that are directly attributable to the contracts. The commissions are expensed as selling expenses during the period that the related products are transferred to customers. Disaggregation of Revenue The following table presents net sales attributable to the United States and all other countries in total for the three months and nine months ended July 31, 2023 and 2022: Three months ended Nine months ended July 31, July 31, 2023 2022 2023 2022 United States $ 14,220,273 $ 14,667,822 $ 44,627,575 $ 41,604,490 Outside the United States 2,721,105 2,714,818 10,217,014 7,419,023 Total net sales $ 16,941,378 $ 17,382,640 $ 54,844,589 $ 49,023,513 |
Note 12 - Restricted Cash and G
Note 12 - Restricted Cash and Gain on Insurance Proceeds | 9 Months Ended |
Jul. 31, 2023 | |
Notes to Financial Statements | |
Unusual or Infrequent Items, or Both, Disclosure [Text Block] | (12) Restricted Cash and Gain on Insurance Proceeds Restricted Cash At the end of December 2022, an office building and its contents at the Company’s Asheville facilities sustained water damage resulting from a burst pipe in the sprinkler system. The office building is separate from the Company’s manufacturing building which houses its manufacturing operations and certain offices at the same location. The Company has insurance coverage for the office building, its contents and certain business expenses to cover damages and any losses incurred. As of July 31, 2023, the Company has restricted cash of $1,517,885, resulting from the receipt of a portion of the proceeds from the insurance claim for which offsetting expenses have not yet been incurred. The insurance proceeds recorded as restricted cash relate to the collateral for the Company’s real estate term loans with Northeast Bank and, as a result, are held in escrow. Cash may be released from escrow as the Company submits details of expenses incurred for restoration and repair of the related property to Northeast Bank. Any cash remaining in escrow after any restoration and repairs are completed, will be available for the benefit of the Company or to pay down the real estate term loans once Northeast Bank is satisfied that the collateral has been returned to an acceptable state. Cash may also be released from escrow in the event the Company pays off the real estate term loans with Northeast Bank. Gain on Insurance Proceeds During the second and third fiscal quarters of fiscal year 2023, the Company received insurance proceeds in connection with the office building and its contents at the Company’s Asheville facilities sustaining water damage from a burst pipe at the end of December 2022. The office building damaged is separate from the Company’s manufacturing building, which houses its manufacturing operations and certain offices at the same location. There was no significant impact to the Company’s operations as a result of this event. Insurance proceeds for all assets covered, net of applicable deductibles, received through July 31, 2023 totaled $2,328,515. During the first nine months of fiscal year 2023, the Company recorded a loss on property and equipment totaling $7,538 and incurred expenses for building stabilization and cleaning, removal of damaged items, and other miscellaneous and related activities totaling $376,345. Insurance proceeds received in excess of expenses incurred through July 31, 2023, a net total of $1,952,170, is included in other income (expense), net as a gain on insurance proceeds received for damage to property and equipment on the Company’s condensed consolidated statement of operations. To the extent the Company incurs expenses in future periods for renovation, repair or replacement or damaged assets, the Company may recognize offsetting losses in those future periods. The Company does not expect any future restoration and repair costs to exceed any insurance proceeds. |
Note 13 - Contingencies
Note 13 - Contingencies | 9 Months Ended |
Jul. 31, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | (13) Contingencies From time to time, the Company is involved in various claims, legal actions and regulatory reviews arising in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on the Company’s financial position, results of operations or liquidity. |
Note 14 - New Accounting Standa
Note 14 - New Accounting Standards Not Yet Adopted | 9 Months Ended |
Jul. 31, 2023 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | (14) New Accounting Standards Not Yet Adopted There are no new accounting standards issued, but not yet adopted by the Company, which are expected to materially impact the Company’s financial position, operating results or financial statement disclosures. |
Note 3 - Allowance for Doubtf_2
Note 3 - Allowance for Doubtful Accounts for Trade Accounts Receivable (Tables) | 9 Months Ended |
Jul. 31, 2023 | |
Notes Tables | |
Summary of Changes in the Allowance for Doubtful Accounts for Trade Accounts Receivable [Table Text Block] | Nine Months Ended July 31, 2023 2022 Balance at beginning of period $ 69,643 $ 61,527 Bad debt expense 7,767 38,063 Balance at end of period $ 77,410 $ 99,590 |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 9 Months Ended |
Jul. 31, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | July 31, October 31, 2023 2022 Finished goods $ 6,627,296 $ 3,894,102 Work in process 4,786,607 4,054,789 Raw materials 13,173,562 11,093,140 Production supplies 358,868 396,735 Total $ 24,946,333 $ 19,438,766 |
Note 5 - Product Warranties (Ta
Note 5 - Product Warranties (Tables) | 9 Months Ended |
Jul. 31, 2023 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | Nine Months Ended July 31, 2023 2022 Balance at beginning of period $ 75,000 $ 75,000 Liabilities accrued for warranties issued during the period 77,089 98,392 Warranty claims and costs paid during the period (50,700 ) (47,606 ) Changes in liability for pre-existing warranties during the period (21,389 ) (50,786 ) Balance at end of period $ 80,000 $ 75,000 |
Note 6 - Long-term Debt and N_2
Note 6 - Long-term Debt and Notes Payable (Tables) | 9 Months Ended |
Jul. 31, 2023 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | July 31, October 31, 2023 2022 Virginia Real Estate Loan ($6.5 million original principal) payable in monthly installments of $31,812, including interest (at 3.95%), with final payment of $3,318,029 due May 1, 2024 $ 3,490,537 $ 3,669,294 North Carolina Real Estate Loan ($2.24 million original principal) payable in monthly installments of $10,963, including interest (at 3.95%), with final payment of $711,773 due May 1, 2024 785,404 859,308 Total long-term debt 4,275,941 4,528,602 Current installments 4,275,941 338,094 Long-term debt, excluding current installments $ — $ 4,190,508 |
Note 7 - Leases (Tables)
Note 7 - Leases (Tables) | 9 Months Ended |
Jul. 31, 2023 | |
Notes Tables | |
Lessee, Lease Liability, Maturity [Table Text Block] | Fiscal Year Operating leases Finance lease 2023 (1) $ 110,025 $ 10,717 2024 448,298 42,868 2025 177,997 42,868 2026 63,644 55,715 Total undiscounted lease payments 799,964 152,168 Present value discount (60,442 ) (12,167 ) Total lease liability $ 739,522 $ 140,001 |
Note 9 - Net Income (Loss) Pe_2
Note 9 - Net Income (Loss) Per Share (Tables) | 9 Months Ended |
Jul. 31, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended Nine months ended July 31, July 31, 2023 2022 2023 2022 Net income (loss) (numerator) $ 100,803 $ (371,871 ) $ 3,333,874 $ (1,535,655 ) Shares (denominator) 7,866,673 7,516,757 7,875,963 7,525,482 Basic and diluted net income (loss) per share $ 0.01 $ (0.05 ) $ 0.42 $ (0.20 ) |
Note 11 - Revenue Recognition (
Note 11 - Revenue Recognition (Tables) | 9 Months Ended |
Jul. 31, 2023 | |
Notes Tables | |
Revenue from External Customers by Geographic Areas [Table Text Block] | Three months ended Nine months ended July 31, July 31, 2023 2022 2023 2022 United States $ 14,220,273 $ 14,667,822 $ 44,627,575 $ 41,604,490 Outside the United States 2,721,105 2,714,818 10,217,014 7,419,023 Total net sales $ 16,941,378 $ 17,382,640 $ 54,844,589 $ 49,023,513 |
Note 2 - Stock Incentive Plan_2
Note 2 - Stock Incentive Plans and Other Share-based Compensation (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | |
Restricted Stock [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period | 28,560 | |||
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | 28,073 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 4 months 24 days | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 664,000 | $ 664,000 | ||
Plan 2017 [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant | 356,000 | 356,000 | ||
Plan 2017 [Member] | Restricted Stock [Member] | Share-Based Payment Arrangement, Nonemployee [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period | 28,560 | |||
Plan 2017 [Member] | Employees, Consultant and Non-employee Directors [Member] | ||||
Share-Based Payment Arrangement, Expense | $ 173,500 | $ 87,173 | $ 463,181 | $ 324,824 |
Note 3 - Allowance for Doubtf_3
Note 3 - Allowance for Doubtful Accounts for Trade Accounts Receivable - Summary of Changes in the Allowance for Doubtful Accounts for Trade Accounts Receivable (Details) - USD ($) | 9 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Balance at beginning of period | $ 69,643 | $ 61,527 |
Bad debt expense | 7,767 | 38,063 |
Balance at end of period | $ 77,410 | $ 99,590 |
Note 4 - Inventories - Componen
Note 4 - Inventories - Components of Inventories (Details) - USD ($) | Jul. 31, 2023 | Oct. 31, 2022 |
Finished goods | $ 6,627,296 | $ 3,894,102 |
Work in process | 4,786,607 | 4,054,789 |
Raw materials | 13,173,562 | 11,093,140 |
Production supplies | 358,868 | 396,735 |
Total | $ 24,946,333 | $ 19,438,766 |
Note 5 - Product Warranties (De
Note 5 - Product Warranties (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | Oct. 31, 2022 | Oct. 31, 2021 | |
Standard and Extended Product Warranty Accrual | $ 80,000 | $ 75,000 | $ 80,000 | $ 75,000 | $ 75,000 | $ 75,000 |
Product Warranty Expense | 26,048 | $ 24,071 | 55,700 | $ 47,606 | ||
Accounts Payable and Accrued Liabilities [Member] | ||||||
Standard and Extended Product Warranty Accrual | $ 80,000 | $ 80,000 | $ 75,000 |
Note 5 - Product Warranties - C
Note 5 - Product Warranties - Changes in Accrual for Product Warranties (Details) - USD ($) | 9 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Balance at beginning of period | $ 75,000 | $ 75,000 |
Liabilities accrued for warranties issued during the period | 77,089 | 98,392 |
Warranty claims and costs paid during the period | (50,700) | (47,606) |
Changes in liability for pre-existing warranties during the period | (21,389) | (50,786) |
Balance at end of period | $ 80,000 | $ 75,000 |
Note 6 - Long-term Debt and N_3
Note 6 - Long-term Debt and Notes Payable (Details Textual) - USD ($) | 9 Months Ended | ||
Jul. 24, 2020 | Jul. 31, 2023 | Oct. 31, 2022 | |
Pinnacle Financial Partners [Member] | Revolving Credit Facility [Member] | |||
Long-Term Line of Credit, Total | $ 7,300,000 | $ 6,000,000 | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 3,900,000 | $ 5,900,000 | |
Pinnacle Financial Partners [Member] | Virginia Real Estate Loan and North Carolina Real Estate Loan [Member] | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.95% | ||
North Mill Capital LLC [Member] | Revolving Credit Facility [Member] | |||
Line of Credit Facility, Percent of Eligible Accounts | 85% | ||
Line of Credit Facility, Percent of Eligible Inventory | 35% | ||
Line of Credit Facility, Additional Capacity for Advances | $ 5,000,000 | ||
Line of Credit Facility, Restricted Capacity for Advances | 1,150,000 | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 18,000,000 | ||
Debt Instrument, Interest Rate, Effective Percentage | 4.75% | 10% | |
Debt Instrument, Term Extensions (Year) | 1 year | ||
North Mill Capital LLC [Member] | Revolving Credit Facility [Member] | Maximum [Member] | |||
Debt Instrument, Interest Rate, Effective Percentage | 6% | ||
North Mill Capital LLC [Member] | Revolving Credit Facility [Member] | Prime Rate [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.50% |
Note 6 - Long-term Debt and N_4
Note 6 - Long-term Debt and Notes Payable - Long-term Debt (Details) - USD ($) | 12 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Oct. 31, 2022 | |
Long-term debt | $ 4,275,941 | $ 4,528,602 | |
Current installments | 4,275,941 | 338,094 | |
Long-term debt, excluding current installments | $ 0 | 4,190,508 | |
Virginia Real Estate Loan [Member] | |||
Debt Instrument, Maturity Date | May 01, 2024 | May 01, 2024 | |
Long-term debt | $ 3,490,537 | 3,669,294 | |
North Carolina Real Estate Loan [Member] | |||
Debt Instrument, Maturity Date | May 01, 2024 | May 01, 2024 | |
Long-term debt | $ 785,404 | $ 859,308 |
Note 6 - Long-term Debt and N_5
Note 6 - Long-term Debt and Notes Payable - Long-term Debt (Details) (Parentheticals) - USD ($) | 12 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Oct. 31, 2022 | |
Virginia Real Estate Loan [Member] | |||
Debt Instrument, Face Amount | $ 6,500,000 | $ 6,500,000 | |
Debt Instrument, Periodic Payment | $ 31,812 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.95% | 3.95% | |
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 3,318,029 | $ 3,318,029 | |
Debt Instrument, Maturity Date | May 01, 2024 | May 01, 2024 | |
North Carolina Real Estate Loan [Member] | |||
Debt Instrument, Face Amount | $ 2,240,000 | $ 2,240,000 | |
Debt Instrument, Periodic Payment | $ 10,963 | $ 10,963 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.95% | 3.95% | |
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 711,773 | $ 711,773 | |
Debt Instrument, Maturity Date | May 01, 2024 | May 01, 2024 |
Note 7 - Leases (Details Textua
Note 7 - Leases (Details Textual) | 3 Months Ended | 9 Months Ended | |||
Jul. 31, 2023 USD ($) ft² | Jul. 31, 2022 USD ($) | Jul. 31, 2023 USD ($) ft² | Jul. 31, 2022 USD ($) | Oct. 31, 2022 USD ($) | |
Operating Lease, Expense | $ 109,145 | $ 103,333 | $ 321,621 | $ 310,000 | |
Operating Lease, Weighted Average Remaining Lease Term (Month) | 23 months 18 days | 23 months 18 days | |||
Operating Lease, Weighted Average Discount Rate, Percent | 7.20% | 7.20% | |||
Operating Lease, Payments | $ 110,025 | 108,683 | $ 328,992 | 323,802 | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 0 | 0 | |||
Finance Lease, Interest Expense | 1,734 | 2,150 | 5,517 | 6,751 | |
Finance Lease, Right-of-Use Asset, Amortization | $ 7,374 | 7,374 | $ 22,123 | 22,123 | |
Lessee, Finance Lease, Remaining Lease Term (Month) | 37 months | 37 months | |||
Lessee, Finance Lease, Discount Rate | 4.75% | 4.75% | |||
Finance Lease, Principal Payments | $ 8,983 | $ 8,567 | $ 26,635 | $ 25,401 | |
Other Assets [Member] | |||||
Operating Lease, Right-of-Use Asset | 688,579 | 688,579 | $ 662,328 | ||
Finance Lease, Right-of-Use Asset, after Accumulated Amortization, Total | 148,716 | 148,716 | 170,839 | ||
Accounts Payable and Accrued Liabilities [Member] | |||||
Operating Lease, Liability, Current | 404,947 | 404,947 | 355,183 | ||
Other Noncurrent Liabilities [Member] | |||||
Operating Lease, Liability, Noncurrent | 334,575 | 334,575 | 374,570 | ||
Finance Lease, Liability, Noncurrent | 102,984 | 102,984 | 130,911 | ||
Accounts Payable and Accrued Liabilities, Current [Member] | |||||
Finance Lease, Liability, Current | $ 37,017 | $ 37,017 | $ 35,724 | ||
Operating Lease for Office, Manufacturing and Warehouse Space in Plano, Texas [Member] | |||||
Area of Real Estate Property (Square Foot) | ft² | 34,000 | 34,000 | |||
Operating Lease for Warehouse Space in Roanoke, Virginia [Member] | |||||
Area of Real Estate Property (Square Foot) | ft² | 36,000 | 36,000 | |||
Lessee, Operating Lease, Term of Contract | 3 years | 3 years | |||
Operating Lease For Office Equipment [Member] | |||||
Lessee, Operating Lease, Term of Contract | 60 months | 60 months |
Note 7 - Leases - Future Paymen
Note 7 - Leases - Future Payments Due (Details) | Jul. 31, 2023 USD ($) | |
2023, operating lease | $ 110,025 | [1] |
2023, finance lease | 10,717 | [1] |
2024, operating lease | 448,298 | |
2024, finance lease | 42,868 | |
2025, operating lease | 177,997 | |
2025, finance lease | 42,868 | |
2026, operating lease | 63,644 | |
2026, finance lease | 55,715 | |
Total undiscounted lease payments, operating lease | 799,964 | |
Total undiscounted lease payments, finance lease | 152,168 | |
Present value discount, operating lease | (60,442) | |
Present value discount, finance lease | (12,167) | |
Total lease liability, operating lease | 739,522 | |
Total lease liability, finance lease | $ 140,001 | |
[1]Remaining three months of fiscal year 2023. |
Note 9 - Net Income (Loss) Pe_3
Note 9 - Net Income (Loss) Per Share (Details Textual) - shares | 3 Months Ended | 9 Months Ended |
Jul. 31, 2022 | Jul. 31, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 377,470 | 351,340 |
Note 9 - Net Income (Loss) Pe_4
Note 9 - Net Income (Loss) Per Share - Components of Reconciliation of Numerators and Denominators Net Loss Per Share (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Jul. 31, 2023 | Apr. 30, 2023 | Jan. 31, 2023 | Jul. 31, 2022 | Apr. 30, 2022 | Jan. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | |
Net income (loss) | $ 100,803 | $ 2,423,087 | $ 809,984 | $ (371,871) | $ (227,991) | $ (935,793) | $ 3,333,874 | $ (1,535,655) |
Shares (denominator) (in shares) | 7,866,673 | 7,516,757 | 7,875,963 | 7,525,482 | ||||
Net income (loss) per share: Basic and diluted (in dollars per share) | $ 0.01 | $ (0.05) | $ 0.42 | $ (0.20) |
Note 10 - Segment Information_2
Note 10 - Segment Information and Business and Credit Concentrations (Details Textual) - Revenue Benchmark [Member] - Customer Concentration Risk [Member] | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | |
Concentration Risk, Number of Customers | 1 | 1 | 1 | 1 |
Customer One [Member] | ||||
Concentration Risk, Percentage | 16.10% | 16.30% | ||
One Customer [Member] | ||||
Concentration Risk, Percentage | 15.80% | 16.70% |
Note 11 - Revenue Recognition_2
Note 11 - Revenue Recognition (Details Textual) - USD ($) | Jul. 31, 2023 | Oct. 31, 2022 |
Contract with Customer, Liability, Total | $ 82,500 | $ 317,310 |
Contract with Customer, Refund Liability, Total | $ 225,899 | $ 233,494 |
Note 11 - Revenue Recognition -
Note 11 - Revenue Recognition - Revenue Attributed to United States and All Other Countries (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | |
Net sales | $ 16,941,378 | $ 17,382,640 | $ 54,844,589 | $ 49,023,513 |
UNITED STATES | ||||
Net sales | 14,220,273 | 14,667,822 | 44,627,575 | 41,604,490 |
Non-US [Member] | ||||
Net sales | $ 2,721,105 | $ 2,714,818 | $ 10,217,014 | $ 7,419,023 |
Note 12 - Restricted Cash and_2
Note 12 - Restricted Cash and Gain on Insurance Proceeds (Details Textual) - USD ($) | 9 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Oct. 31, 2022 | |
Restricted Cash | $ 1,517,885 | $ 0 | |
Proceeds from Insurance Settlement, Investing Activities | 1,952,170 | $ 0 | |
Water Damage from Pipe Burst [Member] | |||
Unusual or Infrequent Item, or Both, Net of Insurance Proceeds | 2,328,515 | ||
Unusual or Infrequent Item, or Both, Gain, Gross | 7,538 | ||
Unusual or Infrequent Item, or Both, Loss, Gross | $ 376,345 |