Cover Page
Cover Page - shares | 9 Months Ended | |
Jul. 31, 2021 | Sep. 10, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jul. 31, 2021 | |
Entity Registrant Name | NOBILITY HOMES INC | |
Entity Central Index Key | 0000072205 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | NOBH | |
Current Fiscal Year End Date | --10-30 | |
Entity Current Reporting Status | 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 | 3,532,100 | |
Entity File Number | 000-06506 | |
Entity Incorporation, State or Country Code | FL | |
Entity Address, Address Line One | 3741 S.W. 7th Street | |
Entity Address, City or Town | Ocala | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 34474 | |
City Area Code | 352 | |
Local Phone Number | 732-5157 | |
Title of 12(b) Security | Common Stock | |
Entity Interactive Data Current | Yes | |
Document Quarterly Report | true | |
Entity Tax Identification Number | 59-1166102 | |
Document Transition Report | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jul. 31, 2021 | Oct. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 33,720,078 | $ 30,305,902 |
Certificates of deposit | 2,090,910 | 4,602,307 |
Short-term investments | 562,270 | 358,960 |
Accounts receivable—trade | 1,134,675 | 790,046 |
Note receivable | 41,636 | 35,997 |
Mortgage notes receivable | 22,217 | 20,162 |
Income taxes receivable | 81,262 | 105,676 |
Inventories | 9,428,923 | 9,294,677 |
Pre-owned homes, net | 678,303 | 441,937 |
Prepaid expenses and other current assets | 1,370,339 | 1,014,849 |
Total current assets | 49,130,613 | 46,970,513 |
Property, plant and equipment, net | 6,916,778 | 5,142,714 |
Pre-owned homes, net | 716,582 | 1,077,240 |
Note receivable, less current portion | 44,595 | 6,573 |
Mortgage notes receivable, less current portion | 223,762 | 227,509 |
Mobile home park note receivable | 72,731 | |
Other investments | 1,775,323 | 1,729,364 |
Deferred income taxes | 0 | 3,598 |
Operating lease right of use assets | 684,142 | 715,368 |
Cash surrender value of life insurance | 3,929,552 | 3,795,902 |
Other assets | 156,287 | 156,287 |
Total assets | 63,650,365 | 59,825,068 |
Current liabilities: | ||
Accounts payable | 818,230 | 928,095 |
Accrued compensation | 441,760 | 670,520 |
Accrued expenses and other current liabilities | 1,427,862 | 1,383,833 |
Operating lease obligation | 33,039 | 24,192 |
Customer deposits | 12,350,225 | 5,098,633 |
Total current liabilities | 15,071,116 | 8,105,273 |
Deferred income taxes | 86,413 | |
Operating lease obligation, less current portion | 752,300 | 778,519 |
Total liabilities | 15,909,829 | 8,883,792 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, $.10 par value, 500,000 shares authorized; none issued and outstanding | ||
Common stock, $.10 par value, 10,000,000 shares authorized; 5,364,907 shares issued; 3,532,100 and 3,631,196 outstanding, respectively | 536,491 | 536,491 |
Additional paid in capital | 10,749,843 | 10,694,554 |
Retained earnings | 58,185,400 | 57,976,051 |
Less treasury stock at cost, 1,832,807 shares in 2021 and 1,733,711 shares in 2020 | (21,731,198) | (18,265,820) |
Total stockholders' equity | 47,740,536 | 50,941,276 |
Total liabilities and stockholders' equity | $ 63,650,365 | $ 59,825,068 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jul. 31, 2021 | Oct. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.10 | $ 0.10 |
Preferred stock, shares authorized | 500,000 | 500,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 5,364,907 | 5,364,907 |
Common Stock, shares outstanding | 3,532,100 | 3,631,196 |
Treasury stock, shares | 1,832,807 | 1,733,711 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2021 | Aug. 01, 2020 | Jul. 31, 2021 | Aug. 01, 2020 | |
Income Statement [Abstract] | ||||
Net sales | $ 11,778,120 | $ 8,800,410 | $ 35,592,531 | $ 28,446,764 |
Cost of sales | (9,265,376) | (6,361,500) | (26,969,655) | (19,980,510) |
Gross profit | 2,512,744 | 2,438,910 | 8,622,876 | 8,466,254 |
Selling, general and administrative expenses | (1,320,456) | (1,107,850) | (4,144,350) | (3,586,622) |
Operating income | 1,192,288 | 1,331,060 | 4,478,526 | 4,879,632 |
Other income (loss): | ||||
Interest income | 62,491 | 53,209 | 145,621 | 239,365 |
Undistributed earnings in joint venture - Majestic 21 | 20,202 | 20,855 | 45,959 | 61,125 |
Proceeds received under escrow arrangement | 75,156 | 64,053 | 121,024 | 336,447 |
(Decrease) increase market value of equity investment | (449) | 21,475 | 203,310 | (159,051) |
Gain on sale of assets | 32,041 | 32,041 | ||
Miscellaneous | 48,169 | 12,910 | 73,434 | 32,504 |
Total other income | 205,569 | 204,543 | 589,348 | 542,431 |
Income before provision for income taxes | 1,397,857 | 1,535,603 | 5,067,874 | 5,422,063 |
Income tax expense | (347,111) | (375,465) | (1,226,425) | (1,311,780) |
Net income | $ 1,050,746 | $ 1,160,138 | $ 3,841,449 | $ 4,110,283 |
Weighted average number of shares outstanding: | ||||
Basic | 3,599,133 | 3,631,089 | 3,621,084 | 3,641,048 |
Diluted | 3,613,187 | 3,632,420 | 3,630,216 | 3,642,397 |
Net income per share: | ||||
Basic | $ 0.29 | $ 0.32 | $ 1.06 | $ 1.13 |
Diluted | $ 0.29 | $ 0.32 | $ 1.06 | $ 1.13 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Treasury Stock [Member] |
Balance at Nov. 02, 2019 | $ 49,466,315 | $ 536,491 | $ 10,687,662 | $ 55,298,750 | $ 389,164 | $ (17,445,752) |
Balance, shares at Nov. 02, 2019 | 3,664,070 | |||||
Adoption of ASU 2016 (Adoption of ASU 2016-01 [Member]) at Feb. 01, 2020 | 389,164 | $ (389,164) | ||||
Adoption of ASU 2016 (Adoption of ASU 2016-02 [Member]) at Feb. 01, 2020 | (64,591) | (64,591) | ||||
Purchase of treasury stock | (345,600) | (345,600) | ||||
Purchase of treasury stock, shares | (14,400) | |||||
Stock-based compensation | 906 | 906 | ||||
Net income | 1,400,141 | 1,400,141 | ||||
Balance at Feb. 01, 2020 | 50,457,171 | $ 536,491 | 10,688,568 | 57,023,464 | (17,791,352) | |
Balance (Adjustments for New Accounting Pronouncement [Member]) at Feb. 01, 2020 | 49,401,724 | $ 536,491 | 10,687,662 | 55,623,323 | (17,445,752) | |
Balance, shares at Feb. 01, 2020 | 3,649,670 | |||||
Balance, shares (Adjustments for New Accounting Pronouncement [Member]) at Feb. 01, 2020 | 3,664,070 | |||||
Cash dividend | (3,630,970) | (3,630,970) | ||||
Purchase of treasury stock | (476,850) | (476,850) | ||||
Purchase of treasury stock, shares | (18,700) | |||||
Stock-based compensation | 906 | 906 | ||||
Net income | 1,550,004 | 1,550,004 | ||||
Balance at May. 04, 2020 | 47,900,261 | $ 536,491 | 10,689,474 | 54,942,498 | (18,268,202) | |
Balance, shares at May. 04, 2020 | 3,630,970 | |||||
Stock-based compensation | 6,556 | 4,174 | 2,382 | |||
Stock-based compensation, shares | 226 | |||||
Net income | 1,160,138 | 1,160,138 | ||||
Balance at Aug. 01, 2020 | 49,066,955 | $ 536,491 | 10,693,648 | 56,102,636 | (18,265,820) | |
Balance, shares at Aug. 01, 2020 | 3,631,196 | |||||
Balance at Oct. 31, 2020 | 50,941,276 | $ 536,491 | 10,694,554 | 57,976,051 | (18,265,820) | |
Balance, shares at Oct. 31, 2020 | 3,631,196 | |||||
Stock-based compensation | 20,521 | 20,521 | ||||
options | 15,125 | 1,950 | 13,175 | |||
options, shares | 1,250 | |||||
Net income | 1,065,765 | 1,065,765 | ||||
Balance at Jan. 31, 2021 | 52,042,687 | $ 536,491 | 10,717,025 | 59,041,816 | (18,252,645) | |
Balance, shares at Jan. 31, 2021 | 3,632,446 | |||||
Balance at Oct. 31, 2020 | 50,941,276 | $ 536,491 | 10,694,554 | 57,976,051 | (18,265,820) | |
Balance, shares at Oct. 31, 2020 | 3,631,196 | |||||
Net income | 3,841,449 | |||||
Balance at Jul. 31, 2021 | 47,740,536 | $ 536,491 | 10,749,843 | 58,185,400 | (21,731,198) | |
Balance, shares at Jul. 31, 2021 | 3,532,100 | |||||
Balance at Jan. 31, 2021 | 52,042,687 | $ 536,491 | 10,717,025 | 59,041,816 | (18,252,645) | |
Balance, shares at Jan. 31, 2021 | 3,632,446 | |||||
Cash dividend | (3,632,100) | (3,632,100) | ||||
Purchase of treasury stock | (10,553) | (10,553) | ||||
Purchase of treasury stock, shares | (346) | |||||
Stock-based compensation | 16,409 | 16,409 | ||||
Net income | 1,724,938 | 1,724,938 | ||||
Balance at Apr. 30, 2021 | 50,141,381 | $ 536,491 | 10,733,434 | 57,134,654 | (18,263,198) | |
Balance, shares at Apr. 30, 2021 | 3,632,100 | |||||
Purchase of treasury stock | (3,468,000) | (3,468,000) | ||||
Purchase of treasury stock, shares | (100,000) | |||||
Stock-based compensation | 16,409 | 16,409 | ||||
Net income | 1,050,746 | |||||
Balance at Jul. 31, 2021 | $ 47,740,536 | $ 536,491 | $ 10,749,843 | $ 58,185,400 | $ (21,731,198) | |
Balance, shares at Jul. 31, 2021 | 3,532,100 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | |
Jul. 31, 2021 | Aug. 01, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 3,841,449 | $ 4,110,283 |
Adjustments to reconcile net income to net cash provide by operating activities: | ||
Depreciation | 142,224 | 118,179 |
Deferred income taxes | 90,011 | 60,055 |
Undistributed earnings in joint venture—Majestic 21 | (45,959) | (61,125) |
Gain on disposal of property, plant and equipment | (32,041) | |
(Increase) decrease in fair market value of equity investments | (203,310) | 159,051 |
Stock-based compensation | 53,340 | 8,368 |
Amortization of operating lease right of use assets | 31,226 | 26,862 |
Decrease (increase) in: | ||
Accounts receivable—trade | (344,629) | 638,480 |
Inventories | (134,246) | (20,842) |
Pre-owned homes | 124,292 | (385,597) |
Prepaid expenses and other current assets | (355,490) | 155,518 |
Interest receivable | (16,223) | (130,097) |
Income tax receivables | 24,414 | |
(Decrease) increase in: | ||
Accounts payable | (109,865) | (457,884) |
Accrued compensation | (228,760) | (296,735) |
Accrued expenses and other current liabilities | 44,028 | (883,146) |
Income taxes payable | (2,016,132) | |
Customer deposits | 7,251,592 | 69,067 |
Net cash provided by operating activities | 10,164,094 | 1,062,264 |
Cash flows from investing activities: | ||
Purchase of property, plant and equipment | (1,916,288) | (270,365) |
Purchase of certificates of deposit | (20,000) | |
Proceeds from certificates of deposit | 2,496,000 | 2,024,000 |
Proceeds from disposal of property, plant and equipment | 33,139 | |
Collections on interest receivable | 31,620 | 87,358 |
Collections on mortgage notes receivable | 1,692 | 1,596 |
(Issuance of) collections on equipment note receivable | (43,661) | 66,218 |
Issuance of mobile home park note receivable | (72,731) | |
Increase in cash surrender value of life insurance | (133,650) | (144,000) |
Net cash provided by investing activities | 362,982 | 1,777,946 |
Cash flows from financing activities: | ||
Payment of cash dividend | (3,632,100) | (3,630,970) |
Proceeds from exercise of employee stock option | 15,125 | |
Purchase of treasury stock | (3,478,553) | (822,450) |
Reduction of operating lease obligation | (17,372) | (9,507) |
Net cash used in financing activities | (7,112,900) | (4,462,927) |
Increase (decrease) in cash and cash equivalents | 3,414,176 | (1,622,717) |
Cash and cash equivalents at beginning of year | 30,305,902 | 22,533,965 |
Cash and cash equivalents at end of period | 33,720,078 | 20,911,248 |
Supplemental disclosure of cash flows information: | ||
Income taxes paid | $ 1,112,000 | $ 3,368,000 |
Basis of Presentation and Accou
Basis of Presentation and Accounting Policies | 9 Months Ended |
Jul. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Accounting Policies | Note 1 Basis of Presentation and Accounting Policies The accompanying unaudited condensed consolidated financial statements for the three and nine months ended July 31, 2021 have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission for Form 10-Q. The unaudited financial information included in this report includes all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary to reflect a fair statement of the results for the interim periods. The results of operations for the three and nine months ended July 31, 2021 are not necessarily indicative of the results of the full fiscal year. The condensed consolidated financial statements included in this report should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K |
Inventories
Inventories | 9 Months Ended |
Jul. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 2 Inventories New home inventory is carried at the lower of cost or net realizable value. The cost of finished home inventories determined on the specific identification method is removed from inventories and recorded as a component of cost of sales at the time revenue is recognized. In addition, an allocation of depreciation and amortization is included in cost of goods sold. Under the specific identification method, if finished home inventory can be sold for a profit there is no basis to write down the inventory below the lower of cost or net realizable value. The Company acquired certain repossessed pre-owned st Other pre-owned st st st st st st Inventory held at consignment locations by affiliated entities is included in the Company’s inventory on the Company’s condensed consolidated balance sheets. Consigned inventory was $382,279 and $1,277,681 as of July 31, 2021 and October 31, 2020, respectively. Pre-owned trade-ins (Trade-in Trade-in Other inventory costs are determined on a first-in, first-out July 31, October 31, Raw materials $ 1,854,317 $ 1,203,282 Work-in-process 136,723 107,651 Inventory consigned to affiliated entities 382,279 1,277,681 Finished homes 6,910,596 6,543,861 Model home furniture 145,008 162,202 Inventories $ 9,428,923 $ 9,294,677 Pre-owned $ 1,510,484 $ 1,686,373 Inventory impairment reserve (115,599 ) (167,196 ) 1,394,885 1,519,177 Less homes expected to sell in 12 months (678,303 ) (441,937 ) Pre-owned $ 716,582 $ 1,077,240 |
Short-term Investments
Short-term Investments | 9 Months Ended |
Jul. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Short-term Investments | Note 3 Short-term Investments The following is a summary of short-term investments (available for sale): July 31, 2021 Cost Gross Gross Estimated Equity securities in a public company $ 167,930 $ 394,340 $ — $ 562,270 October 31, 2020 Cost Gross Gross Estimated Equity securities in a public company $ 167,930 $ 191,030 $ — $ 358,960 The fair values were estimated based on quoted market prices in active markets at each respective period end. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Jul. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 4 Fair Value of Financial Instruments The carrying amount of cash and cash equivalents, accounts and notes receivable, accounts payable and accrued expenses approximates fair value because of the short maturity of those instruments. The Company accounts for the fair value of financial investments in accordance with FASB Accounting Standards Codification (ASC) No. 820 “Fair Value Measurements” (ASC 820). ASC 820 defines fair value as the price that would be received upon the sale of an asset or paid to transfer a liability (i.e. exit price) in an orderly transaction between market participants at the measurement date. ASC 820 requires disclosures that categorize assets and liabilities measured at fair value into one of three different levels depending on the assumptions (i.e. inputs) used in the valuation. Financial assets and liabilities are classified in their entirety based on the lowest level of input significant to the fair value measurement. The ASC 820 fair value hierarchy is defined as follows: • Level 1 - Valuations are based on unadjusted quoted prices in active markets for identical assets or liabilities. • Level 2 - Valuations are based on quoted prices for similar assets or liabilities in active markets, or quoted prices in markets that are not active for which significant inputs are observable, either directly or indirectly. • Level 3 - Valuations are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. Inputs reflect management’s best estimate of what market participants would use in valuing the asset or liability at the measurement date. The following tables represent the Company’s financial assets and liabilities which are carried at fair value. July 31, 2021 Level 1 Level 2 Level 3 Equity securities in a public company $ 562,270 $ — $ — October 31, 2020 Level 1 Level 2 Level 3 Equity securities in a public company $ 358,960 $ — $ — |
Stockholders' Equity and Relate
Stockholders' Equity and Related Party Transaction | 9 Months Ended |
Jul. 31, 2021 | |
Equity [Abstract] | |
Stockholders' Equity and Related Party Transaction | Note 8 Stockholders’ Equity and Related Party Transaction During the nine months ended July 31, 2021, the Company repurchased 100,346 shares of its common stock for per share prices ranging from $30.50—$34.68 for an aggregate total of $3,478,553. Of these repurchased shares, 100,000 were from a related party for which the Company paid $34.68 per share. |
Net Income per Share
Net Income per Share | 9 Months Ended |
Jul. 31, 2021 | |
Earnings Per Share [Abstract] | |
Net Income per Share | Note 5 Net Income per Share These financial statements include “basic” and “diluted” net income per share information for all periods presented. The basic net income per share is calculated by dividing net income by the weighted-average number of shares outstanding. The diluted net income per share is calculated by dividing net income by the weighted-average number of shares outstanding, adjusted for dilutive common shares. |
Revenues by Products and Servic
Revenues by Products and Service | 9 Months Ended |
Jul. 31, 2021 | |
Segment Reporting [Abstract] | |
Revenues by Products and Service | Note 6 Revenues by Products and Service The Company operates in one business segment, which is manufactured housing and ancillary services. The Company considers there to be revenue concentration risks for distribution of its products where net product revenues exceed 10% of consolidated net product revenues. The concentration of the Company’s distribution net product revenues below may have a material adverse effect on the Company’s revenues and results of operations if sales in the respective distribution channels experience difficulties. Revenues by net sales from manufactured housing, pre-owned Three Months Ended Nine Months Ended July 31, August 1, July 31, August 1, Manufactured housing Homes sold through Company owned sales centers $ 10,128,706 $ 6,252,906 $ 30,033,265 $ 20,874,755 Homes sold to independent dealers 833,904 1,998,720 3,661,753 6,260,268 Homes sold through manufactured home parks 458,955 380,875 1,108,600 845,634 $ 11,421,565 $ 8,632,501 $ 34,803,618 $ 27,980,657 Pre-owned 288,261 95,011 572,005 253,689 Insurance agent commissions 68,294 72,898 216,908 212,418 Total net sales $ 11,778,120 $ 8,800,410 $ 35,592,531 $ 28,446,764 |
Operating Leases
Operating Leases | 9 Months Ended |
Jul. 31, 2021 | |
Leases [Abstract] | |
Operating Leases | Note 7 Operating Leases The Company leases the property for several Prestige retail sales centers from various unrelated entities under operating lease agreements expiring through December 2021. The Company also leases certain equipment under unrelated operating leases. These leases have varying renewal options. To offset expiring leases, The Company purchased the land for the Ocala South retail sales center in March 2021 for $500,000 and the Tavares retail sales center in January 2021 for $245,000. Right of use assets are included as a non-current net of amortization in the condensed consolidated Balance Sheet as of July 31, 2021. Based on the terms of the lease agreements, all of the Company’s leases are classified as operating leases. The weighted average remaining lease term and weighted average discount rate of the operating leases is 8.40 years and 3.0%, respectively. Minimum rental payments under operating leases are recognized on a straight-line basis over the term of the lease. Individual components of the total lease cost incurred by the Company in the amount of $136,872 for the nine months ended July 31, 2021. The amount of future minimum lease payments under operating leases are as follows: Operating Lease Undiscounted future minimum lease payments: 2021 (3 months remaining) $ 16,106 2022 68,401 2023 74,322 2024 80,955 2025 88,388 Thereafter 458,175 Total 786,347 Amount representing imputed interest (1,008 ) Total operating lease liability 785,339 Current portion of operating lease liability (33,039 ) Operating lease liability, non-current $ 752,300 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Jul. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Summary of Breakdown of Elements of Inventory | Other inventory costs are determined on a first-in, first-out July 31, October 31, Raw materials $ 1,854,317 $ 1,203,282 Work-in-process 136,723 107,651 Inventory consigned to affiliated entities 382,279 1,277,681 Finished homes 6,910,596 6,543,861 Model home furniture 145,008 162,202 Inventories $ 9,428,923 $ 9,294,677 Pre-owned $ 1,510,484 $ 1,686,373 Inventory impairment reserve (115,599 ) (167,196 ) 1,394,885 1,519,177 Less homes expected to sell in 12 months (678,303 ) (441,937 ) Pre-owned $ 716,582 $ 1,077,240 |
Short-term Investments (Tables)
Short-term Investments (Tables) | 9 Months Ended |
Jul. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Short-term Investments | The following is a summary of short-term investments (available for sale): July 31, 2021 Cost Gross Gross Estimated Equity securities in a public company $ 167,930 $ 394,340 $ — $ 562,270 October 31, 2020 Cost Gross Gross Estimated Equity securities in a public company $ 167,930 $ 191,030 $ — $ 358,960 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Jul. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets and Liabilities Measured at Fair Value | The following tables represent the Company’s financial assets and liabilities which are carried at fair value. July 31, 2021 Level 1 Level 2 Level 3 Equity securities in a public company $ 562,270 $ — $ — October 31, 2020 Level 1 Level 2 Level 3 Equity securities in a public company $ 358,960 $ — $ — |
Revenues by Products and Serv_2
Revenues by Products and Service (Tables) | 9 Months Ended |
Jul. 31, 2021 | |
Segment Reporting [Abstract] | |
Revenues by Net Sales | Revenues by net sales from manufactured housing, pre-owned Three Months Ended Nine Months Ended July 31, August 1, July 31, August 1, Manufactured housing Homes sold through Company owned sales centers $ 10,128,706 $ 6,252,906 $ 30,033,265 $ 20,874,755 Homes sold to independent dealers 833,904 1,998,720 3,661,753 6,260,268 Homes sold through manufactured home parks 458,955 380,875 1,108,600 845,634 $ 11,421,565 $ 8,632,501 $ 34,803,618 $ 27,980,657 Pre-owned 288,261 95,011 572,005 253,689 Insurance agent commissions 68,294 72,898 216,908 212,418 Total net sales $ 11,778,120 $ 8,800,410 $ 35,592,531 $ 28,446,764 |
Operating Leases (Tables)
Operating Leases (Tables) | 9 Months Ended |
Jul. 31, 2021 | |
Leases [Abstract] | |
Schedule of future minimum rental payments for operating leases | The amount of future minimum lease payments under operating leases are as follows: Operating Lease Undiscounted future minimum lease payments: 2021 (3 months remaining) $ 16,106 2022 68,401 2023 74,322 2024 80,955 2025 88,388 Thereafter 458,175 Total 786,347 Amount representing imputed interest (1,008 ) Total operating lease liability 785,339 Current portion of operating lease liability (33,039 ) Operating lease liability, non-current $ 752,300 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) | Jul. 31, 2021 | Oct. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Inventory consigned to affiliated entities | $ 382,279 | $ 1,277,681 |
Inventories - Summary of Breakd
Inventories - Summary of Breakdown of Elements of Inventory (Detail) - USD ($) | Jul. 31, 2021 | Oct. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 1,854,317 | $ 1,203,282 |
Work-in-process | 136,723 | 107,651 |
Inventory consigned to affiliated entities | 382,279 | 1,277,681 |
Finished homes | 6,910,596 | 6,543,861 |
Model home furniture | 145,008 | 162,202 |
Inventories | 9,428,923 | 9,294,677 |
Pre-owned homes | 1,510,484 | 1,686,373 |
Inventory impairment reserve | (115,599) | (167,196) |
Pre-owned homes, net | 1,394,885 | 1,519,177 |
Less homes expected to sell in 12 months | (678,303) | (441,937) |
Pre-owned homes, long-term | $ 716,582 | $ 1,077,240 |
Short-term Investments - Summar
Short-term Investments - Summary of Short-term Investments (Detail) - USD ($) | Jul. 31, 2021 | Oct. 31, 2020 |
Investments, Debt and Equity Securities [Abstract] | ||
Available-for-sale Securities, Amortized Cost | $ 167,930 | $ 167,930 |
Available-for-sale Securities, Gross Unrealized Gains | 394,340 | 191,030 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | 0 |
Available-for-sale Securities, Estimated Fair Value | $ 562,270 | $ 358,960 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - USD ($) | Jul. 31, 2021 | Oct. 31, 2020 |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Equity securities in a public company | $ 562,270 | $ 358,960 |
Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Equity securities in a public company | 562,270 | $ 358,960 |
Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Equity securities in a public company | ||
Level 3 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Equity securities in a public company |
Revenues by Products and Serv_3
Revenues by Products and Service - Revenues by Net Sales - Additional Information (Detail) | 9 Months Ended |
Jul. 31, 2021 | |
Revenue Concentration Risks Recognation terms | The Company considers there to be revenue concentration risks for distribution of its products where net product revenues exceed 10% of consolidated net product revenues. |
Revenues by Products and Serv_4
Revenues by Products and Service - Revenues by Net Sales (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2021 | Aug. 01, 2020 | Jul. 31, 2021 | Aug. 01, 2020 | |
Sales Information [Line Items] | ||||
Total net sales | $ 11,778,120 | $ 8,800,410 | $ 35,592,531 | $ 28,446,764 |
Manufactured Housing [Member] | ||||
Sales Information [Line Items] | ||||
Total net sales | 11,421,565 | 8,632,501 | 34,803,618 | 27,980,657 |
Manufactured Housing [Member] | Homes sold through Company owned sales centers | ||||
Sales Information [Line Items] | ||||
Total net sales | 10,128,706 | 6,252,906 | 30,033,265 | 20,874,755 |
Manufactured Housing [Member] | Homes sold to independent dealers | ||||
Sales Information [Line Items] | ||||
Total net sales | 833,904 | 1,998,720 | 3,661,753 | 6,260,268 |
Manufactured Housing [Member] | Homes sold through manufactured home parks | ||||
Sales Information [Line Items] | ||||
Total net sales | 458,955 | 380,875 | 1,108,600 | 845,634 |
Pre-Owned Homes [Member] | ||||
Sales Information [Line Items] | ||||
Total net sales | 288,261 | 95,011 | 572,005 | 253,689 |
Insurance Agent Commissions [Member] | ||||
Sales Information [Line Items] | ||||
Total net sales | $ 68,294 | $ 72,898 | $ 216,908 | $ 212,418 |
Operating Leases - Additional I
Operating Leases - Additional Information (Detail) - USD ($) | Jan. 01, 2021 | Mar. 31, 2021 | Jul. 31, 2021 |
Operating Leased Assets [Line Items] | |||
Operating lease right of use assets | $ 684,142 | ||
Lease cost | $ 136,872 | ||
Weighted Average Remaining Lease term, Operating Lease | 8 years 4 months 24 days | ||
Weighted Average Discount Rate, Operating Lease | 3.00% | ||
Ocala [Member] | Land [Member] | Ocala South Retail Sales Center [Member] | |||
Operating Leased Assets [Line Items] | |||
Purchase of land for a future retail sales center | $ 500,000 | ||
Tavares [Member] | Land [Member] | Tavares Retail Sales Center [Member] | |||
Operating Leased Assets [Line Items] | |||
Purchase of land for a future retail sales center | $ 245,000 |
Operating Leases - Summary of f
Operating Leases - Summary of future minimum lease payments (Detail) - USD ($) | Jul. 31, 2021 | Oct. 31, 2020 |
Leases [Abstract] | ||
2021 (3 months remaining) | $ 16,106 | |
2022 | 68,401 | |
2023 | 74,322 | |
2024 | 80,955 | |
2025 | 88,388 | |
Thereafter | 458,175 | |
Total | 786,347 | |
Amount representing imputed interest | (1,008) | |
Total operating lease liability | 785,339 | |
Current portion of operating lease liability | (33,039) | |
Operating lease liability, non-current | $ 752,300 | $ 778,519 |
Stockholders' Equity and Rela_2
Stockholders' Equity and Related Party Transaction - Additional Information (Detail) | 9 Months Ended |
Jul. 31, 2021USD ($)$ / sharesshares | |
Common Stock [Member] | |
Stock repurchased during period, shares | shares | 100,346 |
Stock repurchased during period, value | $ | $ 3,478,553 |
Affiliated Entity [Member] | |
Stock repurchased during period, shares | shares | 100,000 |
Shares issued, price per share | $ 34.68 |
Minimum Range [Member] | Common Stock [Member] | |
Shares issued, price per share | 30.50 |
Maximum Range [Member] | Common Stock [Member] | |
Shares issued, price per share | $ 34.68 |