0001437749-21-028951 | 10-K | XBRL Viewer

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Document And Entity Information - USD ($)	Oct. 31, 2021	Dec. 15, 2021	Apr. 30, 2021
Document Information [Line Items]
Entity Registrant Name	OPTICAL CABLE CORPORATION
Document, Type	10-K
Document, Annual Report	true
Document, Transition Report	false
Document, Period End Date	Oct. 31, 2021
Entity, File Number	0-27022
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, Well-known Seasoned Issuer	No
Entity, Voluntary Filers	No
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
ICFR Auditor Attestation Flag	false
Entity, Shell Company	false
Entity, Public Float			$ 19,417,539,000,000
Entity, Common Stock Shares, Outstanding		7,872,164
Current Fiscal Year End Date	--10-31
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2021
Documents Incorporated By Reference Text Block	Portions of the Company’s Annual Report filed as Exhibit 13.1 to this report on Form 10-K are incorporated by reference in Part II of this Form 10-K Report: “Corporate Information,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Consolidated Financial Statements,” “Notes to Consolidated Financial Statements,” and “Report of Independent Registered Public Accounting Firm.” In addition, portions of the Company’s Proxy Statement for the 2022 Annual Meeting of Shareholders are incorporated by reference in Part III of this Form 10-K Report: “Election of Directors,” “Beneficial Ownership of Securities”, “Compensation of Executive Officers,” “Compensation of Directors,” “Delinquent Section 16(a) Reports” (if applicable), “Code of Ethics,” “Executive Compensation,” “Equity Compensation Plan Information,” “Certain Relationships and Related Transactions,” “Independent Registered Public Accounting Firm,” and “Audit Committee Pre-approval of Audit and Permissible Non-audit Services of Independent Registered Public Accounting Firm.”
Amendment Flag	false
Entity Central Index Key	0001000230

Consolidated Balance Sheets - USD ($)	Oct. 31, 2021	Oct. 31, 2020
Current assets:
Cash	$ 132,249	$ 140,839
Trade accounts receivable, net of allowance for doubtful accounts of $61,527 in 2021 and $524,617 in 2020	8,376,000	7,561,334
Income taxes refundable - current	0	25,003
Other receivables	2,204,456	23,145
Inventories	16,303,808	17,099,767
Prepaid expenses and other assets	549,350	472,516
Total current assets	27,565,863	25,322,604
Property and equipment, net	7,912,851	8,811,863
Intangible assets, net	646,860	665,731
Other assets, net	1,790,956	1,757,614
Total assets	37,916,530	36,557,812
Current liabilities:
Current installments of long-term debt	324,840	312,109
Accounts payable and accrued expenses	4,275,880	2,861,343
Accrued compensation and payroll taxes	1,553,771	1,463,307
Income taxes payable	13,121	13,986
Total current liabilities	6,167,612	6,266,149
Note payable, revolver - noncurrent	3,465,908	4,988,660
Long-term debt, excluding current installments	4,528,611	4,853,457
Other noncurrent liabilities	1,548,446	1,823,632
Total liabilities	15,710,577	21,297,894
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 7,897,477 shares in 2021 and 7,537,087 shares in 2020	14,337,649	14,002,130
Retained earnings	7,868,304	1,257,788
Total shareholders’ equity	22,205,953	15,259,918
Commitments and contingencies
Total liabilities and shareholders’ equity	37,916,530	36,557,812
Paycheck Protection Program CARES Act [Member]
Current liabilities:
Note payable, SBA PPP Loan - current	0	1,615,404
Note payable, SBA PPP Loan - noncurrent	$ 0	$ 3,365,996

Consolidated Balance Sheets (Parentheticals) - USD ($) $ / shares in Thousands	Oct. 31, 2021	Oct. 31, 2020
Allowance for doubtful accounts	$ 61,527	$ 524,617
Preferred stock, no par value (in dollars per share)	$ 0	$ 0
Preferred stock, authorized (in shares)	1,000,000	1,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, no par value (in dollars per share)	$ 0	$ 0
Common stock, authorized (in shares)	50,000,000	50,000,000
Common stock, issued (in shares)	7,897,477	7,537,087
Common stock, outstanding (in shares)	7,897,477	7,537,087

Consolidated Statements of Operations - USD ($)	12 Months Ended
Consolidated Statements of Operations - USD ($)	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2019
Net sales	$ 59,136,294	$ 55,277,400	$ 71,324,446
Cost of goods sold	42,862,215	41,191,022	53,019,699
Gross profit	16,274,079	14,086,378	18,304,747
Selling, general and administrative expenses	18,239,152	19,245,502	23,434,360
Royalty (income) expense, net	(37,261)	331,934	(6,510)
Amortization of intangible assets	45,511	42,006	38,598
Loss from operations	(1,973,323)	(5,533,064)	(5,161,701)
Other income (expense), net:
Interest expense	(690,384)	(569,812)	(521,142)
Other, net	9,254,325	(307)	7,717
Other income (expense), net	8,563,941	(570,119)	(513,425)
Income (loss) before income taxes	6,590,618	(6,103,183)	(5,675,126)
Income tax expense (benefit)	(19,898)	18,041	(5,805)
Net income (loss)	$ 6,610,516	$ (6,121,224)	$ (5,669,321)
Net income (loss) per share - basic and diluted (in dollars per share)	$ 0.87	$ (0.83)	$ (0.77)

Consolidated Statements of Shareholders' Equity - USD ($)	Cumulative Effect, Period of Adoption, Adjustment [Member] Common Stock [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member] Retained Earnings [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member]	Common Stock [Member]	Retained Earnings [Member]	Total
Balances (in shares) at Oct. 31, 2018				7,694,387
Balances (Accounting Standards Update 2014-09 [Member]) at Oct. 31, 2018		$ 61,763	$ 61,763
Balances at Oct. 31, 2018				$ 13,816,140	$ 12,994,697	$ 26,810,837
Share-based compensation, net (in shares)				(235,055)
Share-based compensation, net				$ 37,194		37,194
Repurchase and retirement of common stock (at cost) (in shares)				(351)
Repurchase and retirement of common stock (at cost)					(1,573)	(1,573)
Net income (loss)					(5,669,321)	(5,669,321)
Balances (in shares) at Oct. 31, 2019				7,458,981
Balances (Accounting Standards Update 2018-07 [Member]) at Oct. 31, 2019	$ 6,554	$ (6,554)
Balances at Oct. 31, 2019				$ 13,853,334	7,385,566	21,238,900
Share-based compensation, net (in shares)				78,106
Share-based compensation, net				$ 142,242		142,242
Net income (loss)					(6,121,224)	(6,121,224)
Balances (in shares) at Oct. 31, 2020				7,537,087
Balances at Oct. 31, 2020				$ 14,002,130	1,257,788	15,259,918
Share-based compensation, net (in shares)				360,390
Share-based compensation, net				$ 335,519		335,519
Net income (loss)					6,610,516	6,610,516
Balances (in shares) at Oct. 31, 2021				7,897,477
Balances at Oct. 31, 2021				$ 14,337,649	$ 7,868,304	$ 22,205,953

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2019
Cash flows from operating activities:
Net income (loss)	$ 6,610,516	$ (6,121,224)	$ (5,669,321)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	1,206,706	1,427,067	1,720,562
Bad debt expense	10,750	425,055	60,381
Share-based compensation expense	335,519	142,242	980,549
Gain on debt extinguishment-PPP Loan principal	(4,981,400)	0	0
Loss on sale of property and equipment	30,463	10,538	2,058
(Increase) decrease in:
Trade accounts receivable	(825,416)	2,361,208	2,424,912
Other receivables	(2,181,311)	46,582	(7,776)
Income taxes refundable	25,003	25,004	(726)
Inventories	795,959	995,860	(620,872)
Prepaid expenses and other assets	(76,834)	(167,803)	243,778
Other assets	70,081	(8,180)	21,473
Increase (decrease) in:
Accounts payable and accrued expenses	1,357,106	(3,040,820)	2,323,012
Accrued compensation and payroll taxes	90,464	(300,031)	(1,725,732)
Income taxes payable	(865)	(1,396)	(6,284)
Other noncurrent liabilities	(350,153)	652,761	(29,811)
Net cash provided by (used in) operating activities	2,116,588	(3,553,137)	(283,797)
Cash flows from investing activities:
Purchase of and deposits for the purchase of property and equipment	(166,227)	(120,001)	(487,554)
Investment in intangible assets	(26,640)	(48,457)	(62,843)
Net cash used in investing activities	(192,867)	(168,458)	(550,397)
Cash flows from financing activities:
Payroll taxes withheld and remitted on share-based payments	0	0	(943,355)
Principal payments on long-term debt	(312,115)	(743,057)	(510,961)
Payments for financing costs	(91,667)	(251,899)	0
Principal payments on financing lease	(5,777)	0	0
Repurchase of common stock	0	0	(1,573)
Net cash provided by (used in) financing activities	(1,932,311)	3,325,104	1,194,111
Net increase (decrease) in cash	(8,590)	(396,491)	359,917
Cash at beginning of year	140,839	537,330	177,413
Cash at end of year	132,249	140,839	537,330
Supplemental disclosure of cash flow information:
Cash payments for interest	492,547	523,292	515,995
Income taxes paid, net of refunds	(10,656)	(9,703)	30,483
Noncash investing and financing activities:
Capital expenditures accrued in accounts payable at year end	33,842	10,482	0
Pinnacle Financial Partners [Member] \| Virginia Real Estate Loan and North Carolina Real Estate Loan [Member]
Cash flows from financing activities:
Proceeds from note payable	0	350,000	2,850,000
Payments on note payable to bank, revolver	0	(6,000,000)	(200,000)
North Mill Capital LLC [Member] \| Revolving Credit Facility [Member]
Cash flows from financing activities:
Proceeds from note payable	58,867,884	19,540,233	0
Payments on note payable to bank, revolver	(60,390,636)	(14,551,573)	0
Paycheck Protection Program CARES Act [Member]
Cash flows from financing activities:
Proceeds from note payable	$ 0	$ 4,981,400	$ 0

Note 1 - Description of Business and Summary of Significant Accounting Policies

12 Months Ended

Oct. 31, 2021

Notes to Financial Statements

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

(1)

Description of Business and Summary of Significant Accounting Policies

(a)

Description of Business

Optical Cable Corporation and its subsidiaries (collectively, the “Company” or “OCC®”) is a leading manufacturer of a broad range of fiber optic and copper data communication cabling and connectivity solutions primarily for the enterprise market and various harsh environment and specialty markets (collectively, the non-carrier markets), and also the wireless carrier market, offering integrated suites of high quality products which operate as a system solution or seamlessly integrate with other providers’ offerings. The Company’s product offerings include designs for uses ranging from enterprise network, data center, residential, campus and Passive Optical LAN (“POL”) installations to customized products for specialty applications and harsh environments, including military, industrial, mining, petrochemical and broadcast applications, and for the wireless carrier market.

Founded in 1983, OCC is headquartered in Roanoke, Virginia with offices, manufacturing and warehouse facilities located in Roanoke, Virginia; near Asheville, North Carolina; and near Dallas, Texas.

The Company’s cabling and connectivity products are used for high bandwidth transmission of data, video and audio communications. The Company’s product offering includes products well-suited for use in various other short- to moderate-distance applications as well. The Company’s products are sold worldwide. Also see note 10.

(b)

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of Optical Cable Corporation and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

(c)

Cash and Cash Equivalents

All of the Company’s bank accounts are insured by the Federal Deposit Insurance Corporation (FDIC). As of October 31, 2021 and 2020, the Company did not have bank deposits in excess of the insured limit.

For purposes of the consolidated statements of cash flows, the Company considers all highly liquid debt instruments with original maturities of three months or less to be cash equivalents. As of October 31, 2021 and 2020, the Company had no cash equivalents.

(d)

Trade Accounts Receivable and Allowance for Doubtful Accounts

Trade accounts receivable are recorded at the invoiced amount and do not typically bear interest. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in the Company’s existing accounts receivable. The Company reviews outstanding trade accounts receivable at the end of each quarter and records allowances for doubtful accounts as deemed appropriate for (i) certain individual customers and (ii) for all other trade accounts receivable in total. In determining the amount of allowance for doubtful accounts to be recorded for individual customers, the Company considers the age of the receivable, the financial stability of the customer, discussions that may have occurred with the customer and management’s judgment as to the overall collectibility of the receivable from that customer. In addition, the Company establishes an allowance for all other receivables for which no specific allowances are deemed necessary. This portion of the allowance for doubtful accounts is based on a percentage of total trade accounts receivable with different percentages used based on different age categories of receivables. The percentages used are based on the Company’s historical experience and management’s current judgment regarding the state of the economy and the industry. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company does not have any off-balance-sheet credit exposure related to its customers.

(e)

Inventories

Inventories are stated at the lower of cost and net realizable value. The determination of cost includes raw materials, direct labor and manufacturing overhead. The cost of optical fibers, included in raw materials, is determined using specific identification for optical fibers. The cost of other raw materials and production supplies is generally determined using the first-in, first-out basis. The cost of work in process and finished goods inventories is determined either as average cost or standard cost, depending upon the product type. A standard cost system is used to estimate the actual costs of inventory for certain product types. Actual costs and production cost levels may vary from the standards established and such variances are charged to cost of goods sold or capitalized to inventory. Also see note 3.

(f)

Property and Equipment

Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are provided for using both straight-line and declining balance methods over the estimated useful lives of the assets. Estimated useful lives are thirty to thirty-nine years for buildings and three to fifteen years for building improvements, machinery and equipment and furniture and fixtures. Also see note 4.

(g)

Patents and Trademarks

The Company records legal fees associated with patent and trademark applications as intangible assets. Such intangible assets are not amortized until such time that the patent and/or trademark is granted. The Company estimates the useful life of patents and trademarks based on the period over which the intangible asset is expected to contribute directly or indirectly to future cash flows. If patents and/or trademarks are not granted, the capitalized legal fees are expensed during the period in which such notification is received. If the Company decides to abandon a patent or trademark application, the capitalized legal fees are expensed during the period in which the Company’s decision is made.

(h)

Revenue Recognition

The Company recognizes revenue at the time product is transferred to the customer (including distributors) at an amount that reflects the consideration expected to be received in exchange for the product. Customers generally do not have the right of return unless a product is defective or damaged and is within the parameters of the product warranty in effect for the sale. Also see note 11.

The Company recognizes royalty income (if any), net of related expenses, on an accrual basis and estimates royalty income earned based on historical experience.

(i)

Shipping and Handling Costs

Shipping and handling costs include the costs incurred to physically move finished goods from the Company’s warehouse to the customers’ designated location. All shipping and handling activities related to contracts with customers as a cost to fulfill its promise to transfer control of the related product are classified as sales revenue. Shipping and handling costs of approximately $1.9 million, $1.7 million and $2.1 million are included in selling, general and administrative expenses for the fiscal years ended October 31, 2021, 2020 and 2019, respectively.

(j)

Research and Development

Research and development costs are expensed as incurred. Research and development costs totaled approximately $928,000, $1.1 million and $1.2 million for the fiscal years ended October 31, 2021, 2020 and 2019, respectively, and are included in selling, general and administrative expenses in the consolidated statements of operations.

(k)

Advertising

Advertising costs are expensed as incurred. Advertising costs totaled approximately $81,000, $132,000 and $196,000 for the fiscal years ended October 31, 2021, 2020 and 2019, respectively, and are included in selling, general and administrative expenses in the consolidated statements of operations.

(l)

Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss, capital loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest and penalties related to unrecognized tax benefits as a component of income tax expense. Also see note 12.

(m)

Long-Lived Assets

Long-lived assets, such as property and equipment and intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future net cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. When applicable, assets to be disposed of are reported separately in the consolidated balance sheet at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated.

(n)

Stock Incentive Plans and Other Share-Based Compensation

The Company recognizes the cost of employee services received in exchange for awards of equity instruments based upon the grant-date fair value of those awards. Also see note 9.

(o)

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. In the case of basic net income per share, the calculation includes common shares outstanding issued as share-based compensation and still subject to vesting requirements. In the case of basic net loss per share, the calculation excludes common shares outstanding issued as share-based compensation and still subject to vesting requirements, as these shares are considered dilutive.

Diluted net income (loss) per share also is calculated by dividing net income (loss) available to common shareholders by the weighted-average number of common shares outstanding for the period, and 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 diluted net income (loss) per share calculation includes all common shares outstanding issued as share-based compensation and still subject to vesting requirements in the calculation of diluted net income, but not in the calculation of diluted net loss. Also see note 14.

(p)

Commitments and Contingencies

Liabilities for loss contingencies arising from product warranties and defects, claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated.

(q)

Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Note 2 - Allowance for Doubtful Accounts for Trade Accounts Receivable

12 Months Ended

Oct. 31, 2021

Notes to Financial Statements

Allowance for Doubtful Accounts for Trade Accounts Receivable Disclosure [Text Block]

(2)

Allowance for Doubtful Accounts for Trade Accounts Receivable

A summary of changes in the allowance for doubtful accounts for trade accounts receivable for the years ended October 31, 2021, 2020 and 2019 follows:

	Years ended October 31,
	2021			2020		2019
Balance at beginning of year	$	524,617		$	99,562	$	64,242
Bad debt expense		10,750			425,055		60,381
Losses charged to allowance		(473,840	)		—		(25,061	)
Balance at end of year	$	61,527		$	524,617	$	99,562

Note 3 - Inventories

12 Months Ended

Oct. 31, 2021

Notes to Financial Statements

Inventory Disclosure [Text Block]

(3)

Inventories

Inventories as of October 31, 2021 and 2020 consist of the following:

	October 31,
	2021		2020
Finished goods	$	4,211,098	$	4,663,978
Work in process		4,023,693		4,165,289
Raw materials		7,763,325		8,010,794
Production supplies		305,692		259,706
Total	$	16,303,808	$	17,099,767

Note 4 - Property and Equipment, Net

12 Months Ended

Oct. 31, 2021

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

(4)

Property and Equipment, Net

Property and equipment, net as of October 31, 2021 and 2020 consists of the following:

	October 31,
	2021			2020
Land and land improvements	$	3,148,834		$	3,148,834
Building and improvements		8,303,055			8,245,585
Machinery and equipment		27,214,996			27,476,894
Furniture and fixtures		904,256			904,256
Construction in progress		171,499			217,137
Total property and equipment, at cost		39,742,640			39,992,706
Less accumulated amortization and depreciation		(31,829,789	)		(31,180,843	)
Property and equipment, net	$	7,912,851		$	8,811,863

Note 5 - Intangible Assets

12 Months Ended

Oct. 31, 2021

Notes to Financial Statements

Intangible Assets Disclosure [Text Block]

(5)

Intangible Assets

Aggregate amortization expense for amortizing intangible assets was $45,511, $42,006 and $38,598 for the years ended October 31, 2021, 2020 and 2019, respectively. Amortization of intangible assets is calculated using a straight-line method over the estimated useful lives of the intangible assets. Amortization expense is estimated to be approximately $45,000 for each of the next five years. The gross carrying amounts and accumulated amortization of intangible assets subject to amortization as of October 31, 2021 was $763,718 and $222,910, respectively. The gross carrying amounts and accumulated amortization of intangible assets subject to amortization as of October 31, 2020 was $693,435 and $177,399, respectively.

Note 6 - Product Warranties

12 Months Ended

Oct. 31, 2021

Notes to Financial Statements

Product Warranty Disclosure [Text Block]

(6)

Product Warranties

The Company generally warrants its products against certain manufacturing and other defects in material and workmanship. These product warranties are provided for specific periods of time and are applicable assuming the product has not been subjected to misuse, improper installation, negligent handling or shipping damage. As of October 31, 2021 and 2020, the Company’s accrual for estimated product warranty claims totaled $75,000 and $85,000, respectively, and is included in accounts payable and accrued expenses. Warranty claims expense includes the costs to investigate claims and potential claims, and the costs to replace and/or repair product pursuant to claims, which can include claims not deemed valid by the Company. The accrued product warranty costs are based primarily on historical experience of actual warranty claims and costs as well as current information with respect to potential warranty claims and costs. Warranty claims expense for the years ended October 31, 2021, 2020 and 2019 totaled $55,592, $67,150 and $158,426, respectively.

The following table summarizes the changes in the Company’s accrual for product warranties during the fiscal years ended October 31, 2021 and 2020:

	Years ended October 31,
	2021			2020
Balance at beginning of year	$	85,000		$	120,000
Liabilities accrued for warranties issued during the year		74,555			140,847
Warranty claims paid during the period		(65,592	)		(102,150	)
Changes in liability for pre-existing warranties during the year		(18,963	)		(73,697	)
Balance at end of year	$	75,000		$	85,000

Note 7 - Long-term Debt and Notes Payable

12 Months Ended

Oct. 31, 2021

Notes to Financial Statements

Long-term Debt [Text Block]

(7)

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”).

Effective July 15, 2021, Northeast Bank purchased both the Virginia Real Estate Loan and the North Carolina Real Estate Loan from Pinnacle Bank (“Pinnacle”), with all terms of the real estate loans remaining the same. The real estate loans have a fixed interest rate of 3.95% and are secured by a first lien deed of trust on the Company’s real property.

Long-term debt as of October 31, 2021 and 2020 consists of the following:

	October 31,
	2021		2020
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	$	3,899,076	$	4,119,850
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		954,375		1,045,716
Total long-term debt		4,853,451		5,165,566
Less current installments		324,840		312,109
Long-term debt, excluding current installments	$	4,528,611	$	4,853,457

In fiscal year 2020, the Company obtained an unsecured Paycheck Protection Program loan (“PPP Loan”) implemented by the United States Small Business Administration (“SBA”) through Pinnacle in the amount of $4,981,400. The loan was made through the SBA as part of the PPP under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). The interest rate was fixed at 1.00% per year, and the Company accrued interest totaling $60,323 on the PPP Loan during the period the PPP Loan was outstanding. Under the CARES Act and the Paycheck Protection Program Flexibility Act of 2020, all or a portion of the loan (principal and interest) would be forgiven if certain requirements were met. The Company met these requirements and applied for forgiveness of the entire balance of the loan (including accrued interest), submitting an application to Pinnacle on February 22, 2021. On July 1, 2021, the SBA forgave the entire balance of the PPP Loan (including accrued interest). As a result, the Company recognized a gain on the extinguishment of debt totaling $5,041,723 (principal amount of $4,981,400 plus accrued interest totaling $60,323) in fiscal year 2021.

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) $1,500,000.

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 October 31, 2021, the Revolver accrued interest at the prime lending rate plus 1.5% (resulting in a 4.75% rate at October 31, 2021). The initial term of the Revolver is three years, with a termination date of July 24, 2023. After the initial term and unless otherwise terminated, the loan may be extended in one year periods subject to the agreement of SLR.

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 October 31, 2021, the Company had $3.5 million of outstanding borrowings on its Revolver and $4.4 million in available credit. As of October 31, 2020 the Company had $5.0 million of outstanding borrowings on its Revolver and $1.6 million in available credit.

The aggregate maturities of long-term debt for each of the three years subsequent to October 31, 2021 are: $324,840 in fiscal year 2022, $3,803,998 in fiscal year 2023 and $4,190,521 in fiscal year 2024.

Note 8 - Leases

12 Months Ended

Oct. 31, 2021

Notes to Financial Statements

Lessee, Operating and Finance Leases Disclosure [Text Block]

(8)

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 for approximately 36,000 square feet of warehouse space in Roanoke, Virginia. The lease term expires on April 30, 2023.

The Company also leases certain office equipment under operating leases with initial 60 month terms.

In fiscal year 2021, OCC entered into a financing lease for 15 printers to be 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 lease. 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 $1,028,639 and $1,265,194 were included in other assets at October 31, 2021 and 2020, respectively. Operating lease liabilities of $385,463 and $729,753, respectively, were included in accounts payable and accrued expenses, and other noncurrent liabilities at October 31, 2021. Operating lease liabilities of $332,329 and $946,653, respectively, were included in accounts payable and accrued expenses, and other noncurrent liabilities at October 31, 2020. Operating lease expense for the fiscal years ended October 31, 2021, 2020 and 2019 was $407,235, $396,066 and $403,097, respectively.

The weighted average remaining lease term for the operating leases is 35.1 months and the weighted average discount rate is 5.0% as of October 31, 2021.

For the fiscal year ended October 31, 2021, cash paid for operating lease liabilities totaled $407,338 and right-of-use assets obtained in exchange for new operating lease liabilities totaled $208,390. For the fiscal year ended October 31, 2020, cash paid for operating lease liabilities totaled $382,812 and right-of-use assets obtained in exchange for new operating lease liabilities totaled $1,462,817.

Financing lease right-of-use asset of $200,337 was included in other assets at October 31, 2021. Financing lease liabilities of $34,071 and $166,634, respectively, were included in accounts payable and accrued expenses and other noncurrent liabilities at October 31, 2021. Interest expense and amortization expense related to the financing lease totaled $2,439 and $6,145, respectively, for the fiscal year ended October 31, 2021.

The remaining lease term for the financing lease is 58 months and the discount rate is 4.75% as of October 31, 2021.

For the fiscal year ended October 31, 2021, cash paid for the financing lease liability totaled $2,439 and $5,777 for interest and principal, respectively, and the right-of-use asset obtained in exchange for the new financing lease liability totaled $206,482.

The Company’s future payments due under leases reconciled to the lease liabilities are as follows:

Fiscal Year	Operating leases			Finance lease
2022	$	432,485		$	42,868
2023		382,716			42,868
2024		331,438			42,868
2025		55,023			42,868
2026		—			55,715
Total undiscounted lease payments		1,201,662			227,187
Present value discount		(86,446	)		(26,482	)
Total lease liability	$	1,115,216		$	200,705

Note 9 - Employee Benefits

12 Months Ended

Oct. 31, 2021

Notes to Financial Statements

Compensation and Employee Benefit Plans [Text Block]

(9)

Employee Benefits

Health Insurance Coverage

The Company contracts for health insurance coverage for employees and their dependents through third-party administrators. During the years ended October 31, 2021, 2020 and 2019, total expense of $2,697,167, $3,165,736 and $3,549,189, respectively, was recognized under the Company’s insured health care program.

401(k) Plan

The Company maintains a 401(k) retirement savings plan for the benefit of its eligible employees. Substantially all of the Company’s employees who meet certain service and age requirements are eligible to participate in the plan. The Company’s plan document provides that the Company’s matching contributions are discretionary. The Company made or accrued matching contributions to the plan of $65,416, $66,804 and $68,467 for the years ended October 31, 2021, 2020 and 2019, respectively.

Stock Incentives for Key Employees and Non-Employee Directors

Optical Cable Corporation uses stock incentives to increase the personal financial interest that key employees and non-employee Directors have in the future success of the Company, thereby aligning their interests with those of other shareholders and strengthening their desire to remain with the Company.

In March 2017, the Company’s shareholders approved the Optical Cable Corporation 2017 Stock Incentive Plan (the “2017 Plan”) that was recommended for approval by the Company’s Board of Directors. The 2017 Plan reserved 500,000 new common shares of the Company for issuance under the 2017 Plan and succeeds and replaces the Optical Cable Corporation Second Amended and Restated 2011 Stock Incentive Plan (the “2011 Plan”). As of October 31, 2021, there were approximately 2,000 remaining shares available for grant under the 2017 Plan.

Share-based compensation expense for employees, a consultant and non-employee members of the Company’s Board of Directors recognized in the consolidated statements of operations for the years ended October 31, 2021, 2020 and 2019 was $335,519, $142,242 and $980,549, respectively.

The Company has granted, and anticipates granting, from time to time, restricted stock awards to employees, subject to approval by the Compensation Committee of the Board of Directors. The restricted stock awards granted under the 2017 Plan vest over time if certain operational performance-based criteria are met. Failure to meet the criteria required for vesting will result in a portion or all of the shares being forfeited. During the three months ended October 31, 2021, restricted stock awards for employees under the 2017 Plan totaling 333,310 shares were approved by the Compensation Committee of the Board of Directors of the Company. All of the restricted shares granted are operational performance-based shares vesting over approximately four years beginning on January 31, 2023 based on the achievement of certain quantitative operational performance goals. The Company uses gross profit growth as its performance-based measure for restricted stock awards granted to employees. No restricted stock awards were granted to employees during fiscal years 2020 and 2019.

The Company recognizes expense each quarter on service-based shares based on the actual number of shares vested during the quarter multiplied by the closing price of the Company’s shares of common stock on the date of grant. The Company recognizes expense each quarter on operational performance-based shares of employees using an estimate of the shares expected to vest multiplied by the closing price of the Company’s shares of common stock on the date of grant.

A summary of the status of the Company’s nonvested shares granted to employees, a consultant and non-employee Directors under the 2017 Plan as of October 31, 2021, and changes during the year ended October 31, 2021, is as follows:

Nonvested shares	Shares			Weighted-average grant date fair value
Balance at October 31, 2020		185,098		$	2.52
Granted		363,365			3.50
Vested		(62,004	)		2.51
Forfeited		(2,975	)		3.18
Balance at October 31, 2021		483,484		$	3.25

As of October 31, 2021, the estimated amount of compensation cost related to nonvested equity-based compensation awards in the form of service-based and operational performance-based shares that the Company will recognize over a 3.9 year weighted-average period is approximately $1.3 million.

During the fiscal year ended October 31, 2021, 2020 and 2019, stock awards to non-employee Directors under the 2017 Plan totaling 30,055 shares, 58,880 shares and 30,360 shares, respectively, were approved by the Board of Directors of the Company. The shares are part of the non-employee Directors’ annual compensation for service on the Board of Directors. The shares granted to non-employee Directors under the 2017 Plan are subject to a one-year vesting period. The Company recorded compensation expense for shares granted to non-employee Directors totaling $108,801, $131,162 and $124,838 during the years ended October 31, 2021, 2020 and 2019, respectively.

Note 10 - Business and Credit Concentrations, Major Customers and Geographic Information

12 Months Ended

Oct. 31, 2021

Notes to Financial Statements

Concentration Risk Disclosure [Text Block]

(10)

Business and Credit Concentrations, Major Customers and Geographic Information

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 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 October 31, 2021 and 2020 have been adequately provided for in the consolidated financial statements.

For the year ended October 31, 2021, 19.1%, or approximately $11.3 million of consolidated net sales were attributable to one national distributor customer. No other customer accounted for more than 10% of consolidated net sales for the year ended October 31, 2021. As of October 31, 2021, the same customer had an outstanding balance payable to the Company totaling 9.5% of total consolidated shareholders’ equity. No other customer had an outstanding balance payable to the Company in excess of 5% of total consolidated shareholders’ equity.

For the year ended October 31, 2020, 17.6%, or approximately $9.7 million of consolidated net sales were attributable to one national distributor customer. No other customer accounted for more than 10% of consolidated net sales for the year ended October 31, 2020. As of October 31, 2020, the same customer had an outstanding balance payable to the Company totaling 11.5% of total consolidated shareholders’ equity. One other customer had an outstanding balance payable to the Company totaling 5.1% of total consolidated shareholders’ equity. No other customer had an outstanding balance payable to the Company in excess of 5% of total consolidated shareholders’ equity.

For the year ended October 31, 2019, 14.9% and 12.2%, or approximately $10.6 million and $8.7 million, of consolidated net sales were attributable to two customers. No other customer accounted for more than 10% of consolidated net sales for the year ended October 31, 2019. As of October 31, 2019, the same two customers had outstanding balances payable to the Company totaling 9.6% and 5.7%, respectively, of total consolidated shareholders’ equity. No other customer had an outstanding balance payable to the Company in excess of 5% of total consolidated shareholders’ equity.

For the years ended October 31, 2021, 2020 and 2019, approximately 82%, 81% and 82%, respectively, of net sales were from customers in the United States, while approximately 18%, 19% and 18%, respectively, were from customers outside of the United States.

The Company has a single reportable segment for purposes of segment reporting.

Note 11 - Revenue Recognition

12 Months Ended

Oct. 31, 2021

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 $308,406 and $63,283 as of October 31, 2021 and 2020, respectively.

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 $159,125 and $119,989 as of October 31, 2021 and 2020, respectively.

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 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 fiscal years ended October 31, 2021, 2020 and 2019:

	Years ended October 31,
	2021		2020		2019
United States	$	48,537,091	$	44,661,958	$	58,207,966
Outside the United States		10,599,203		10,615,442		13,116,480
Total net sales	$	59,136,294	$	55,277,400	$	71,324,446

No individual country outside of the United States accounted for more than 10% of total net sales in fiscal years 2021, 2020 or 2019.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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+ Details

Note 12 - Income Taxes

12 Months Ended

Oct. 31, 2021

Notes to Financial Statements

Income Tax Disclosure [Text Block]

(12)

Income Taxes

Income tax expense (benefit) for the years ended October 31, 2021, 2020 and 2019 consists of:

Fiscal year ended October 31, 2021	Current			Deferred		Total
U.S. Federal	$	—		$	—	$	—
State		(19,898	)		—		(19,898	)
Totals	$	(19,898	)	$	—	$	(19,898	)

Fiscal year ended October 31, 2020	Current		Deferred		Total
U.S. Federal	$	—	$	—	$	—
State		18,041		—		18,041
Totals	$	18,041	$	—	$	18,041

Fiscal year ended October 31, 2019	Current			Deferred			Total
U.S. Federal	$	726		$	(726	)	$	—
State		(5,805	)		—			(5,805	)
Totals	$	(5,079	)	$	(726	)	$	(5,805	)

Reported income tax expense for the years ended October 31, 2021, 2020 and 2019 differs from the “expected” tax expense (benefit), computed by applying the U.S. Federal statutory income tax rate of 21% in fiscal years 2021, 2020 and 2019 to income before income taxes as follows:

	Years ended October 31,
	2021			2020			2019
“Expected” income taxes (benefit)	$	1,384,030		$	(1,281,668	)	$	(1,191,776	)
Increase (reduction) in income tax expense (benefit)
resulting from:
State income taxes, net of federal benefit		136,875			(139,736	)		(12,875	)
Meals and Entertainment		1,523			7,317			17,999
Provision to return reconciliation adjustment		(13,721	)		350			6,400
Excess tax benefits related to share-based compensation		(9,118	)		14,473			(90,603	)
Non-deductible officers' compensation		—			—			31,456
PPP Loan forgiveness		(1,046,094	)		—			—
Other differences, net		5,646			6,088			3,434
Change in valulation allowance		(479,039	)		1,411,217			1,230,160
Reported income tax expense (benefit)	$	(19,898	)	$	18,041		$	(5,805	)

The Tax Cuts and Jobs Act (the “Tax Act”), enacted on December 22, 2017, repealed the corporate AMT for tax years beginning after December 31, 2017, and provides that existing AMT credit carryforwards are refundable in tax years beginning after December 31, 2017. Under the CARES Act, the entire amount of any remaining AMT credit is refundable in the tax year beginning in 2018 instead of recovering the credit through refunds over a period of years, as originally enacted by the Tax Act. The Company has recovered all of its AMT credits as of October 31, 2021. For the fiscal year ended October 31, 2020, the Company recorded $25,003 of AMT credit carryforwards. This amount is a deferred tax asset for which a valuation allowance is not necessary, and is presented as income taxes refundable-current on the consolidated balance sheet as of October 31, 2020.

The tax effects of temporary differences that give rise to significant portions of the Company’s deferred tax assets and deferred tax liabilities as of October 31, 2021 and 2020 are presented below:

	October 31,
	2021			2020
Deferred tax assets:
Accounts receivable, due to allowances for doubtful accounts and sales returns	$	30,238		$	139,809
Inventories, due to allowance for damaged and slow-moving inventories and additional costs inventoried for tax purposes pursuant to the Tax Reform Act of 1986		873,433			764,183
Liabilities recorded for accrued expenses, deductible for tax purposes when paid		187,108			294,857
Share-based compensation expense		59,622			16,814
Section 163(j) interest		18,527			254,520
Expenses incurred related to expected PPP Loan forgiveness		—			1,162,161
Net operating loss carryforwards		3,114,714			2,163,956
AMT credit carryforwards		—			25,003
Other		33,383			53,136
Total gross deferred tax assets		4,317,025			4,874,439
Valuation allowance		(4,280,823	)		(4,759,862	)
Net deferred tax assets		36,202			114,577
Deferred tax liabilities:
Plant and equipment, due to differences in depreciation and capital gain recognition		(36,202	)		(86,997	)
Other receivables, due to accrual for financial reporting purposes		—			(2,577	)
Total gross deferred tax liabilities		(36,202	)		(89,574	)
Net deferred tax asset	$	—		$	25,003

As a result of the acquisition of AOS, the Company recorded certain deferred tax assets totaling $1,517,605 (after purchase accounting adjustments), related to gross net operating loss (“NOL”) carryforwards of $4,455,525, estimated to be available after considering Internal Revenue Code Section 382 limitations. As of October 31, 2021, $896,000 of these gross NOL carryforwards remain unused and may be used to reduce future taxable income. These remaining gross NOL carryforwards begin to expire in fiscal year ending October 31, 2028. Additionally, the Company has federal and state gross NOL carryforwards of $13,013,389 and $2,056,028, respectively, originating with certain fiscal years from 2015 through 2020, and will not begin to expire until fiscal year 2031.

For the fiscal years ended October 31, 2021 and 2020, the Company considered all positive and negative evidence available to assess whether it is “more likely than not” that some portion or all of the deferred tax assets will not be realized. For each year, the Company concluded that in accordance with the provisions of Accounting Standards Codification 740, Income Taxes, the negative evidence outweighed the objectively verifiable positive evidence. As a result, the Company established a valuation allowance of $4,280,823 and $4,759,862, respectively, against net deferred tax assets existing as of October 31, 2021 and 2020.

The Company estimates a liability for uncertain tax positions taken or expected to be taken in a tax return. The liability for uncertain tax positions is included in other noncurrent liabilities on the accompanying consolidated balance sheets.

A reconciliation of the unrecognized tax benefits for fiscal years 2021 and 2020 follows:

	October 31,
	2021			2020
Unrecognized tax benefits balance at beginning of year	$	48,941		$	48,941
Gross decreases for tax positions of prior years		(20,453	)		—
Gross increases for current year tax positions		—			—
Unrecognized tax benefits balance at end of year	$	28,488		$	48,941

During fiscal year 2021, the Company decreased accrued interest by $7,815 and decreased accrued penalties by $5,113, related to unrecognized tax benefits. During fiscal year 2020, the Company increased accrued interest by $4,137, and no penalties were accrued, related to unrecognized tax benefits. As of October 31, 2021 and 2020, the Company had approximately $13,607 and $26,535, respectively, of accrued interest and penalties related to uncertain tax positions. The total amount of unrecognized tax benefits that would affect the Company’s effective tax rate if recognized is $21,144 and $35,661 as of October 31, 2021 and 2020, respectively. The Company does not expect its unrecognized tax benefits to change significantly in the next 12 months.

The Company files income tax returns in the U.S. federal jurisdiction and in various state jurisdictions. The statute of limitations remains open for U.S. and certain state income tax examinations for years ended October 31, 2018 through October 31, 2020.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Note 13 - Fair Value Measurements

12 Months Ended

Oct. 31, 2021

Notes to Financial Statements

Fair Value Disclosures [Text Block]

(13)

Fair Value Measurements

The carrying amounts reported in the consolidated balance sheets for cash, trade accounts receivable, income taxes refundable-current, other receivables, note payable, SBA PPP Loan – current, and accounts payable and accrued expenses, including accrued compensation and payroll taxes approximate fair value because of the short maturity of these instruments. The carrying values of the Company’s note payable, SBA PPP Loan – noncurrent, note payable, revolver – noncurrent, and long-term debt approximate fair value based on similar long-term debt issues available to the Company as of October 31, 2021 and 2020. 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.

The Company uses a fair value hierarchy that prioritizes the inputs for valuation methods used to measure fair value. The three levels of the fair value hierarchy are as follows:

●

Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

●

Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

●

Level 3 inputs are unobservable inputs for the asset or liability.

The Company utilizes the best available information in measuring fair value.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Note 14 - Net Income (Loss) Per Share

12 Months Ended

Oct. 31, 2021

Notes to Financial Statements

Earnings Per Share [Text Block]

(14)

Net Income (Loss) Per Share

The following is a reconciliation of the numerators and denominators of the net income (loss) per share computations for the periods presented:

	Years ended October 31,
	2021		2020			2019
Net income (loss) (numerator)	$	6,610,516	$	(6,121,224	)	$	(5,669,321	)
Shares (denominator)		7,587,686		7,354,513			7,387,141
Basic and diluted net income (loss) per share	$	0.87	$	(0.83	)	$	(0.77	)

Nonvested shares which have been issued and are outstanding as of October 31, 2020 and October 31, 2019 totaling 140,179 and 127,750, respectively, were not included in the computation of basic and diluted net loss per share for the years ended October 31, 2020 and October 31, 2019 (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 15 - Shareholders' Equity

12 Months Ended

Oct. 31, 2021

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

(15)

Shareholders’ Equity

Share Repurchases

The Company, through plans approved by its Board of Directors and other programs, has repurchased and retired certain of its outstanding common stock. The following is a summary of the Company’s repurchase of shares and the costs associated with the repurchases, including brokerage and legal fees, for the periods presented.

Fiscal years ended October 31,	Shares repurchased		Cost
2021		—	$	—
2020		—		—
2019		351		1,573

After the Company’s purchase and retirement of the shares of its common stock as set forth in the table above, the Company had 7,897,477 shares of its common stock issued and outstanding at October 31, 2021.

On July 14, 2015, our Board of Directors approved a plan to purchase and retire up to 400,000 shares of the Company’s common stock, or approximately 6.0% of the shares then outstanding (the “Repurchase Plan”). When the Repurchase Plan was approved, the Company anticipated that the purchases would be made over a 24- to 36-month period, but there was no definite time period for repurchase or plan expiration. As of October 31, 2021, the Company had 398,400 shares of its outstanding common stock remaining to purchase under the Repurchase Plan, and it has made no specific determination whether and over what period these shares may or may not be purchased. Until future notice, the Company has no current plans to repurchase and retire its common stock and has suspended the Repurchase Plan.

Stockholder Protection Rights Agreement

On October 28, 2011, the Board of Directors of the Company adopted a Stockholder Protection Rights Agreement (the “Rights Agreement”) and declared a dividend of one preferred share purchase right for each outstanding share of common stock. These purchase rights and the related Rights Agreement were set to expire on November 2, 2021. On November 2, 2021, the Board of Directors of the Company amended and restated the Rights Agreement (the "Amended Rights Agreement") to amend and restate the Rights Agreement to continue the dividend of one preferred share purchase right (a “Right”) for each outstanding share of Common Stock, no par value, of the Company (“Common Shares”), held of record at the close of business on November 2, 2021, or issued thereafter. Except to extend the Amended Rights Agreement to November 2, 2031, no other material changes were made to the Rights Agreement by the Amended Rights Agreement.

Under the terms of the Amended Rights Agreement, if a person or group who is deemed an Acquiring Person as defined in the Amended Rights Agreement acquires 15% (or other applicable percentage, as provided in the Amended Rights Agreement) or more of the outstanding common stock, each Right will entitle its holder (other than such person or members of such group) to purchase, at the Right’s then current exercise price, a number of shares of common stock having a market value of twice such price. In addition, if the Company is acquired in a merger or other business transaction after a person or group who is deemed an Acquiring Person has acquired such percentage of the outstanding common stock, each Right will entitle its holder (other than such person or members of such group) to purchase, at the Right’s then current exercise price, a number of the acquiring company’s common shares having a market value of twice such price.

Upon the occurrence of certain events, each Right will entitle its holder to purchase from the Company one one‑thousandth of a Series A Participating Preferred Share (“Preferred Share”), no par value, at an exercise price of $25, subject to adjustment. Each Preferred Share will entitle its holder to 1,000 votes and will have an aggregate dividend rate of 1,000 times the amount, if any, paid to holders of common stock. The Rights will expire on November 2, 2031, unless the Rights are earlier redeemed or exchanged by the Company for $0.0001 per Right. The adoption of the Rights Agreement and the Amended Rights Agreement has no impact on the financial position or results of operations of the Company.

The Company has reserved 100,000 shares of its authorized preferred stock for issuance upon exercise of the Rights.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Note 16 - Employee Retention Tax Credit

12 Months Ended

Oct. 31, 2021

Notes to Financial Statements

Employee Retention Tax Credit [Text Block]

(16)

Employee Retention Tax Credit

The Employee Retention Tax Credit (“ERTC”), created in the March 2020 CARES Act and then subsequently amended by the Consolidated Appropriation Act (“CAA”) of 2021, the American Rescue Plan Act (“ARPA”) of 2021 and the Infrastructure Investment and Jobs Act (“IIJA”) of 2021, is a refundable payroll credit for qualifying businesses keeping employees on their payroll during the COVID-19 pandemic. Under CAA, the ARPA and IIJA amendments, employers can claim a refundable tax credit against the employer share of social security tax equal to 70% of the qualified wages (including certain health care expenses) paid to employees after December 31, 2020 through September 30, 2021. Qualified wages are limited to $10,000 per employee per calendar quarter in 2021 so the maximum ERTC available is $7,000 per employee per calendar quarter.

OCC is an eligible small employer under the gross receipts decline test when comparing the first calendar quarter of 2021 to the same quarter in calendar year 2019, which qualified the Company to claim ERTC in both the first and second calendar quarters of 2021 under the amended ERTC program. The Company qualified for a refundable payroll tax credit totaling $3,375,815 during its second fiscal quarter and $964,550 during its third fiscal quarter of 2021 for a total of $4,340,365. The $4,340,365 is included in other income on the Company’s consolidated statement of operations for year ended October 31, 2021. The $2,162,391 in ERTC still to be refunded is included in other receivables on the Company’s consolidated balance sheet as of October 31, 2021.

Note 17 - Contingencies

12 Months Ended

Oct. 31, 2021

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

(17)

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.

The COVID-19 pandemic has had a significant impact on businesses and individuals in the United States and globally. Actions taken by governments and private industry to limit the spread of the disease (including its variant strains) have resulted in an unprecedented disruption of normal activities as businesses have been forced to shut down or operate on a limited basis. The Company is obligated and continues to operate during the COVID-19 pandemic because the Company’s workforce is classified a “Defense Industrial Base Essential Critical Infrastructure Workforce” under guidelines from the U.S. Department of Defense and an “Essential Critical Infrastructure Workforce” under guidelines by the U.S. Department of Homeland Security, Cybersecurity and Infrastructure Security Agency (CISA).

In response to the continued uncertainty of the impact of COVID-19, the Company continues to maintain certain protocols at each of its facilities including: limiting business travel and face-to-face meetings, having a portion of its non-manufacturing employees work remotely, and implementing strict social distancing, symptom self-assessments and mask protocols within its facilities.

The extent to which the COVID-19 pandemic will affect the Company in the future will depend on ongoing developments, which are highly uncertain and cannot be reasonably predicted, including, but not limited to, the duration and severity of the outbreak, the timing and extent of the easing of restrictions on businesses and individuals, the timing of recovery in certain of the Company’s markets, the potential for a resurgence of the virus (including its variant strains), as well as a variety of other unknowable factors. The longer the various impacts of COVID-19 persist, the greater the potential negative financial effects on the Company.

Note 18 - New Accounting Standards Not Yet Adopted

12 Months Ended

Oct. 31, 2021

Notes to Financial Statements

Accounting Standards Update and Change in Accounting Principle [Text Block]

(18)

New Accounting Standards Not Yet Adopted

In December 2019, the FASB issued Accounting Standards Update 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020, with early adoption permitted. The adoption of ASU 2019-12 is not expected to have a material impact on the Company’s results of operations, financial position or liquidity or its related financial statement disclosures.

There are no other 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.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

Note 19 - Quarterly Results of Operations (Unaudited)

12 Months Ended

Oct. 31, 2021

Notes to Financial Statements

Quarterly Financial Information [Text Block]

(19)

Quarterly Results of Operations (Unaudited)

The following is a summary of the unaudited quarterly results of operations for the years ended October 31, 2021 and 2020:

	Quarter ended
Fiscal year ended October 31, 2021	January 31			April 30		July 31		October 31
Net sales	$	11,876,573		$	15,741,114	$	15,634,760	$	15,883,847
Gross profit		2,309,390			4,819,216		4,090,246		5,055,227
Selling, general & administrative expenses		4,307,924			4,589,592		4,530,563		4,811,073
Income (loss) before income taxes		(2,173,816	)		3,391,775		5,376,535		(3,876	)
Net income (loss)		(2,141,480	)		3,385,159		5,372,767		(5,930	)
Basic and diluted net income (loss) per share	$	(0.29	)	$	0.45	$	0.71	$	0.00

	Quarter ended
Fiscal year ended October 31, 2020	January 31			April 30			July 31			October 31
Net sales	$	12,887,396		$	14,863,428		$	13,639,169		$	13,887,407
Gross profit		2,404,140			3,996,750			3,472,161			4,213,327
Selling, general & administrative expenses		4,824,124			5,549,501			4,559,970			4,311,907
Loss before income taxes		(2,586,855	)		(1,684,130	)		(1,428,838	)		(403,360	)
Net loss		(2,591,888	)		(1,689,181	)		(1,433,830	)		(406,325	)
Basic and diluted net loss per share	$	(0.35	)	$	(0.23	)	$	(0.20	)	$	(0.06	)

Significant Accounting Policies (Policies)

12 Months Ended

Oct. 31, 2021

Accounting Policies [Abstract]

Description of Business [Policy Text Block]

(a)

Description of Business

Founded in 1983, OCC is headquartered in Roanoke, Virginia with offices, manufacturing and warehouse facilities located in Roanoke, Virginia; near Asheville, North Carolina; and near Dallas, Texas.

Consolidation, Policy [Policy Text Block]

(b)

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of Optical Cable Corporation and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

Cash and Cash Equivalents, Policy [Policy Text Block]

(c)

Cash and Cash Equivalents

All of the Company’s bank accounts are insured by the Federal Deposit Insurance Corporation (FDIC). As of October 31, 2021 and 2020, the Company did not have bank deposits in excess of the insured limit.

For purposes of the consolidated statements of cash flows, the Company considers all highly liquid debt instruments with original maturities of three months or less to be cash equivalents. As of October 31, 2021 and 2020, the Company had no cash equivalents.

Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block]

(d)

Trade Accounts Receivable and Allowance for Doubtful Accounts

Trade accounts receivable are recorded at the invoiced amount and do not typically bear interest. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in the Company’s existing accounts receivable. The Company reviews outstanding trade accounts receivable at the end of each quarter and records allowances for doubtful accounts as deemed appropriate for (i) certain individual customers and (ii) for all other trade accounts receivable in total. In determining the amount of allowance for doubtful accounts to be recorded for individual customers, the Company considers the age of the receivable, the financial stability of the customer, discussions that may have occurred with the customer and management’s judgment as to the overall collectibility of the receivable from that customer. In addition, the Company establishes an allowance for all other receivables for which no specific allowances are deemed necessary. This portion of the allowance for doubtful accounts is based on a percentage of total trade accounts receivable with different percentages used based on different age categories of receivables. The percentages used are based on the Company’s historical experience and management’s current judgment regarding the state of the economy and the industry. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company does not have any off-balance-sheet credit exposure related to its customers.

Inventory, Policy [Policy Text Block]

(e)

Inventories

Inventories are stated at the lower of cost and net realizable value. The determination of cost includes raw materials, direct labor and manufacturing overhead. The cost of optical fibers, included in raw materials, is determined using specific identification for optical fibers. The cost of other raw materials and production supplies is generally determined using the first-in, first-out basis. The cost of work in process and finished goods inventories is determined either as average cost or standard cost, depending upon the product type. A standard cost system is used to estimate the actual costs of inventory for certain product types. Actual costs and production cost levels may vary from the standards established and such variances are charged to cost of goods sold or capitalized to inventory. Also see note 3.

Property, Plant and Equipment, Policy [Policy Text Block]

(f)

Property and Equipment

Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are provided for using both straight-line and declining balance methods over the estimated useful lives of the assets. Estimated useful lives are thirty to thirty-nine years for buildings and three to fifteen years for building improvements, machinery and equipment and furniture and fixtures. Also see note 4.

Patents and Trademarks [Policy Text Block]

(g)

Patents and Trademarks

The Company records legal fees associated with patent and trademark applications as intangible assets. Such intangible assets are not amortized until such time that the patent and/or trademark is granted. The Company estimates the useful life of patents and trademarks based on the period over which the intangible asset is expected to contribute directly or indirectly to future cash flows. If patents and/or trademarks are not granted, the capitalized legal fees are expensed during the period in which such notification is received. If the Company decides to abandon a patent or trademark application, the capitalized legal fees are expensed during the period in which the Company’s decision is made.

Revenue [Policy Text Block]

(h)

Revenue Recognition

The Company recognizes revenue at the time product is transferred to the customer (including distributors) at an amount that reflects the consideration expected to be received in exchange for the product. Customers generally do not have the right of return unless a product is defective or damaged and is within the parameters of the product warranty in effect for the sale. Also see note 11.

The Company recognizes royalty income (if any), net of related expenses, on an accrual basis and estimates royalty income earned based on historical experience.

Shipping and Handling Costs [Policy Text Block]

(i)

Shipping and Handling Costs

Shipping and handling costs include the costs incurred to physically move finished goods from the Company’s warehouse to the customers’ designated location. All shipping and handling activities related to contracts with customers as a cost to fulfill its promise to transfer control of the related product are classified as sales revenue. Shipping and handling costs of approximately $1.9 million, $1.7 million and $2.1 million are included in selling, general and administrative expenses for the fiscal years ended October 31, 2021, 2020 and 2019, respectively.

Research and Development Expense, Policy [Policy Text Block]

(j)

Research and Development

Research and development costs are expensed as incurred. Research and development costs totaled approximately $928,000, $1.1 million and $1.2 million for the fiscal years ended October 31, 2021, 2020 and 2019, respectively, and are included in selling, general and administrative expenses in the consolidated statements of operations.

Advertising Cost [Policy Text Block]

(k)

Advertising

Advertising costs are expensed as incurred. Advertising costs totaled approximately $81,000, $132,000 and $196,000 for the fiscal years ended October 31, 2021, 2020 and 2019, respectively, and are included in selling, general and administrative expenses in the consolidated statements of operations.

Income Tax, Policy [Policy Text Block]

(l)

Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss, capital loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest and penalties related to unrecognized tax benefits as a component of income tax expense. Also see note 12.

Long-Lived and Intangible Assets [Policy Text Block]

(m)

Long-Lived Assets

Long-lived assets, such as property and equipment and intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future net cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. When applicable, assets to be disposed of are reported separately in the consolidated balance sheet at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated.

Share-based Payment Arrangement [Policy Text Block]

(n)

Stock Incentive Plans and Other Share-Based Compensation

The Company recognizes the cost of employee services received in exchange for awards of equity instruments based upon the grant-date fair value of those awards. Also see note 9.

Earnings Per Share, Policy [Policy Text Block]

(o)

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. In the case of basic net income per share, the calculation includes common shares outstanding issued as share-based compensation and still subject to vesting requirements. In the case of basic net loss per share, the calculation excludes common shares outstanding issued as share-based compensation and still subject to vesting requirements, as these shares are considered dilutive.

Diluted net income (loss) per share also is calculated by dividing net income (loss) available to common shareholders by the weighted-average number of common shares outstanding for the period, and 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 diluted net income (loss) per share calculation includes all common shares outstanding issued as share-based compensation and still subject to vesting requirements in the calculation of diluted net income, but not in the calculation of diluted net loss. Also see note 14.

Commitments and Contingencies, Policy [Policy Text Block]

(p)

Commitments and Contingencies

Liabilities for loss contingencies arising from product warranties and defects, claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated.

Use of Estimates, Policy [Policy Text Block]

(q)

Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Note 2 - Allowance for Doubtful Accounts for Trade Accounts Receivable (Tables)

12 Months Ended

Oct. 31, 2021

Notes Tables

Summary of Changes in the Allowance for Doubtful Accounts for Trade Accounts Receivable [Table Text Block]

	Years ended October 31,
	2021			2020		2019
Balance at beginning of year	$	524,617		$	99,562	$	64,242
Bad debt expense		10,750			425,055		60,381
Losses charged to allowance		(473,840	)		—		(25,061	)
Balance at end of year	$	61,527		$	524,617	$	99,562

Note 3 - Inventories (Tables)

12 Months Ended

Oct. 31, 2021

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	October 31,
	2021		2020
Finished goods	$	4,211,098	$	4,663,978
Work in process		4,023,693		4,165,289
Raw materials		7,763,325		8,010,794
Production supplies		305,692		259,706
Total	$	16,303,808	$	17,099,767

Note 4 - Property and Equipment, Net (Tables)

12 Months Ended

Oct. 31, 2021

Notes Tables

Property, Plant and Equipment [Table Text Block]

	October 31,
	2021			2020
Land and land improvements	$	3,148,834		$	3,148,834
Building and improvements		8,303,055			8,245,585
Machinery and equipment		27,214,996			27,476,894
Furniture and fixtures		904,256			904,256
Construction in progress		171,499			217,137
Total property and equipment, at cost		39,742,640			39,992,706
Less accumulated amortization and depreciation		(31,829,789	)		(31,180,843	)
Property and equipment, net	$	7,912,851		$	8,811,863

Note 6 - Product Warranties (Tables)

12 Months Ended

Oct. 31, 2021

Notes Tables

Schedule of Product Warranty Liability [Table Text Block]

	Years ended October 31,
	2021			2020
Balance at beginning of year	$	85,000		$	120,000
Liabilities accrued for warranties issued during the year		74,555			140,847
Warranty claims paid during the period		(65,592	)		(102,150	)
Changes in liability for pre-existing warranties during the year		(18,963	)		(73,697	)
Balance at end of year	$	75,000		$	85,000

Note 7 - Long-term Debt and Notes Payable (Tables)

12 Months Ended

Oct. 31, 2021

Notes Tables

Schedule of Debt [Table Text Block]

	October 31,
	2021		2020
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	$	3,899,076	$	4,119,850
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		954,375		1,045,716
Total long-term debt		4,853,451		5,165,566
Less current installments		324,840		312,109
Long-term debt, excluding current installments	$	4,528,611	$	4,853,457

Note 8 - Leases (Tables)

12 Months Ended

Oct. 31, 2021

Notes Tables

Lessee, Lease Liability, Maturity [Table Text Block]

Fiscal Year	Operating leases			Finance lease
2022	$	432,485		$	42,868
2023		382,716			42,868
2024		331,438			42,868
2025		55,023			42,868
2026		—			55,715
Total undiscounted lease payments		1,201,662			227,187
Present value discount		(86,446	)		(26,482	)
Total lease liability	$	1,115,216		$	200,705

Note 9 - Employee Benefits (Tables)

12 Months Ended

Oct. 31, 2021

Notes Tables

Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block]

Nonvested shares	Shares			Weighted-average grant date fair value
Balance at October 31, 2020		185,098		$	2.52
Granted		363,365			3.50
Vested		(62,004	)		2.51
Forfeited		(2,975	)		3.18
Balance at October 31, 2021		483,484		$	3.25

Note 11 - Revenue Recognition (Tables)

12 Months Ended

Oct. 31, 2021

Notes Tables

Revenue from External Customers by Geographic Areas [Table Text Block]

	Years ended October 31,
	2021		2020		2019
United States	$	48,537,091	$	44,661,958	$	58,207,966
Outside the United States		10,599,203		10,615,442		13,116,480
Total net sales	$	59,136,294	$	55,277,400	$	71,324,446

Note 12 - Income Taxes (Tables)

12 Months Ended

Oct. 31, 2021

Notes Tables

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

Fiscal year ended October 31, 2021	Current			Deferred		Total
U.S. Federal	$	—		$	—	$	—
State		(19,898	)		—		(19,898	)
Totals	$	(19,898	)	$	—	$	(19,898	)

Fiscal year ended October 31, 2020	Current		Deferred		Total
U.S. Federal	$	—	$	—	$	—
State		18,041		—		18,041
Totals	$	18,041	$	—	$	18,041

Fiscal year ended October 31, 2019	Current			Deferred			Total
U.S. Federal	$	726		$	(726	)	$	—
State		(5,805	)		—			(5,805	)
Totals	$	(5,079	)	$	(726	)	$	(5,805	)

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	Years ended October 31,
	2021			2020			2019
“Expected” income taxes (benefit)	$	1,384,030		$	(1,281,668	)	$	(1,191,776	)
Increase (reduction) in income tax expense (benefit)
resulting from:
State income taxes, net of federal benefit		136,875			(139,736	)		(12,875	)
Meals and Entertainment		1,523			7,317			17,999
Provision to return reconciliation adjustment		(13,721	)		350			6,400
Excess tax benefits related to share-based compensation		(9,118	)		14,473			(90,603	)
Non-deductible officers' compensation		—			—			31,456
PPP Loan forgiveness		(1,046,094	)		—			—
Other differences, net		5,646			6,088			3,434
Change in valulation allowance		(479,039	)		1,411,217			1,230,160
Reported income tax expense (benefit)	$	(19,898	)	$	18,041		$	(5,805	)

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	October 31,
	2021			2020
Deferred tax assets:
Accounts receivable, due to allowances for doubtful accounts and sales returns	$	30,238		$	139,809
Inventories, due to allowance for damaged and slow-moving inventories and additional costs inventoried for tax purposes pursuant to the Tax Reform Act of 1986		873,433			764,183
Liabilities recorded for accrued expenses, deductible for tax purposes when paid		187,108			294,857
Share-based compensation expense		59,622			16,814
Section 163(j) interest		18,527			254,520
Expenses incurred related to expected PPP Loan forgiveness		—			1,162,161
Net operating loss carryforwards		3,114,714			2,163,956
AMT credit carryforwards		—			25,003
Other		33,383			53,136
Total gross deferred tax assets		4,317,025			4,874,439
Valuation allowance		(4,280,823	)		(4,759,862	)
Net deferred tax assets		36,202			114,577
Deferred tax liabilities:
Plant and equipment, due to differences in depreciation and capital gain recognition		(36,202	)		(86,997	)
Other receivables, due to accrual for financial reporting purposes		—			(2,577	)
Total gross deferred tax liabilities		(36,202	)		(89,574	)
Net deferred tax asset	$	—		$	25,003

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

	October 31,
	2021			2020
Unrecognized tax benefits balance at beginning of year	$	48,941		$	48,941
Gross decreases for tax positions of prior years		(20,453	)		—
Gross increases for current year tax positions		—			—
Unrecognized tax benefits balance at end of year	$	28,488		$	48,941

Note 14 - Net Income (Loss) Per Share (Tables)

12 Months Ended

Oct. 31, 2021

Notes Tables

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	Years ended October 31,
	2021		2020			2019
Net income (loss) (numerator)	$	6,610,516	$	(6,121,224	)	$	(5,669,321	)
Shares (denominator)		7,587,686		7,354,513			7,387,141
Basic and diluted net income (loss) per share	$	0.87	$	(0.83	)	$	(0.77	)

Note 15 - Shareholders' Equity (Tables)

12 Months Ended

Oct. 31, 2021

Notes Tables

Schedule of Share Repurchases [Table Text Block]

Fiscal years ended October 31,	Shares repurchased		Cost
2021		—	$	—
2020		—		—
2019		351		1,573

Note 19 - Quarterly Results of Operations (Unaudited) (Tables)

12 Months Ended

Oct. 31, 2021

Notes Tables

Quarterly Financial Information [Table Text Block]

	Quarter ended
Fiscal year ended October 31, 2021	January 31			April 30		July 31		October 31
Net sales	$	11,876,573		$	15,741,114	$	15,634,760	$	15,883,847
Gross profit		2,309,390			4,819,216		4,090,246		5,055,227
Selling, general & administrative expenses		4,307,924			4,589,592		4,530,563		4,811,073
Income (loss) before income taxes		(2,173,816	)		3,391,775		5,376,535		(3,876	)
Net income (loss)		(2,141,480	)		3,385,159		5,372,767		(5,930	)
Basic and diluted net income (loss) per share	$	(0.29	)	$	0.45	$	0.71	$	0.00

	Quarter ended
Fiscal year ended October 31, 2020	January 31			April 30			July 31			October 31
Net sales	$	12,887,396		$	14,863,428		$	13,639,169		$	13,887,407
Gross profit		2,404,140			3,996,750			3,472,161			4,213,327
Selling, general & administrative expenses		4,824,124			5,549,501			4,559,970			4,311,907
Loss before income taxes		(2,586,855	)		(1,684,130	)		(1,428,838	)		(403,360	)
Net loss		(2,591,888	)		(1,689,181	)		(1,433,830	)		(406,325	)
Basic and diluted net loss per share	$	(0.35	)	$	(0.23	)	$	(0.20	)	$	(0.06	)

Note 1 - Description of Business and Summary of Significant Accounting Policies (Details Textual) - USD ($)	12 Months Ended
	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2019
Cash, Uninsured Amount	$ 0	$ 0
Cash Equivalents, at Carrying Value, Total	0	0
Selling, General and Administrative Expenses [Member]
Shipping and Handling Costs	1,900,000	1,700,000	$ 2,100,000
Research and Development Expense, Total	928,000	1,100,000	1,200,000
Advertising Expense	$ 81,000	$ 132,000	$ 196,000
Building [Member] \| Minimum [Member]
Property, Plant and Equipment, Useful Life (Year)	30 years
Building [Member] \| Maximum [Member]
Property, Plant and Equipment, Useful Life (Year)	39 years
Building Improvements [Member] \| Minimum [Member]
Property, Plant and Equipment, Useful Life (Year)	3 years
Building Improvements [Member] \| Maximum [Member]
Property, Plant and Equipment, Useful Life (Year)	15 years

Note 2 - Allowance for Doubtful Accounts for Trade Accounts Receivable - Summary of Changes in the Allowance for Doubtful Accounts for Trade Accounts Receivable (Details) - USD ($)	12 Months Ended
	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2019
Balance at beginning of year	$ 524,617	$ 99,562	$ 64,242
Bad debt expense	10,750	425,055	60,381
Losses charged to allowance	(473,840)	0	(25,061)
Balance at end of year	$ 61,527	$ 524,617	$ 99,562

Note 3 - Inventories - Components of Inventories (Details) - USD ($)	Oct. 31, 2021	Oct. 31, 2020
Finished goods	$ 4,211,098	$ 4,663,978
Work in process	4,023,693	4,165,289
Raw materials	7,763,325	8,010,794
Production supplies	305,692	259,706
Total	$ 16,303,808	$ 17,099,767

Note 4 - Property and Equipment, Net - Schedule of Property and Equipment (Details) - USD ($)	Oct. 31, 2021	Oct. 31, 2020
Property and equipment, gross	$ 39,742,640	$ 39,992,706
Less accumulated amortization and depreciation	(31,829,789)	(31,180,843)
Property and equipment, net	7,912,851	8,811,863
Land [Member]
Property and equipment, gross	3,148,834	3,148,834
Building and Building Improvements [Member]
Property and equipment, gross	8,303,055	8,245,585
Machinery and Equipment [Member]
Property and equipment, gross	27,214,996	27,476,894
Furniture and Fixtures [Member]
Property and equipment, gross	904,256	904,256
Construction in Progress [Member]
Property and equipment, gross	$ 171,499	$ 217,137

Note 5 - Intangible Assets (Details Textual) - USD ($)	12 Months Ended
Note 5 - Intangible Assets (Details Textual) - USD ($)	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2019
Amortization of Intangible Assets, Total	$ 45,511	$ 42,006	$ 38,598
Finite-Lived Intangible Asset, Expected Amortization, Year One	45,000
Finite-Lived Intangible Assets, Gross, Total	763,718	693,435
Finite-Lived Intangible Assets, Accumulated Amortization	222,910	$ 177,399
Finite-Lived Intangible Asset, Expected Amortization, Year Two	45,000
Finite-Lived Intangible Asset, Expected Amortization, Year Three	45,000
Finite-Lived Intangible Asset, Expected Amortization, Year Four	45,000
Finite-Lived Intangible Asset, Expected Amortization, Year Five	$ 45,000

Note 6 - Product Warranties (Details Textual) - USD ($)	12 Months Ended
Note 6 - Product Warranties (Details Textual) - USD ($)	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2019
Standard and Extended Product Warranty Accrual, Ending Balance	$ 75,000	$ 85,000	$ 120,000
Product Warranty Expense	55,592	67,150	$ 158,426
Accounts Payable and Accrued Liabilities [Member]
Standard and Extended Product Warranty Accrual, Ending Balance	$ 75,000	$ 85,000

Note 6 - Product Warranties - Changes in Accrual for Product Warranties (Details) - USD ($)	12 Months Ended
	Oct. 31, 2021	Oct. 31, 2020
Balance at beginning of year	$ 85,000	$ 120,000
Liabilities accrued for warranties issued during the year	74,555	140,847
Warranty claims paid during the period	(65,592)	(102,150)
Changes in liability for pre-existing warranties during the year	(18,963)	(73,697)
Balance at end of year	$ 75,000	$ 85,000

Note 7 - Long-term Debt and Notes Payable (Details Textual) - USD ($)		3 Months Ended	12 Months Ended
	Jul. 24, 2020	Jul. 31, 2021	Oct. 31, 2021	Oct. 31, 2020
Long-Term Debt, Maturity, Year One			$ 324,840
Long-Term Debt, Maturity, Year Two			3,803,998
Long-Term Debt, Maturity, Year Three			4,190,521
Paycheck Protection Program CARES Act [Member]
Debt Instrument, Interest Rate, Stated Percentage				1.00%
Proceeds from Issuance of Unsecured Debt				$ 4,981,400
Interest Payable		$ 60,323
Gain (Loss) on Extinguishment of Debt, Including Interest		5,041,723
Extinguishment of Debt, Amount		$ 4,981,400
Pinnacle Financial Partners [Member] \| Revolving Credit Facility [Member]
Long-term Line of Credit, Total			3,500,000	5,000,000.0
Line of Credit Facility, Remaining Borrowing Capacity			$ 4,400,000	$ 1,600,000
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	85.00%
Line of Credit Facility, Percent of Eligible Inventory	35.00%
Line of Credit Facility, Additional Capacity for Advances	$ 5,000,000
Line of Credit Facility, Restricted Capacity for Advances	1,500,000
Line of Credit Facility, Maximum Borrowing Capacity	$ 18,000,000
Debt Instrument, Interest Rate, Effective Percentage	4.75%		4.75%
Debt Instrument, Term (Year)	3 years
Debt Instrument, Term Extensions (Year)	1 year
North Mill Capital LLC [Member] \| Revolving Credit Facility [Member] \| Maximum [Member]
Debt Instrument, Interest Rate, Effective Percentage	6.00%
North Mill Capital LLC [Member] \| Revolving Credit Facility [Member] \| Prime Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	1.50%		1.50%

Note 7 - Long-term Debt and Notes Payable - Long-term Debt (Details) - USD ($)	Oct. 31, 2021	Oct. 31, 2020
Long-term debt	$ 4,853,451	$ 5,165,566
Less current installments	324,840	312,109
Long-term debt, excluding current installments	4,528,611	4,853,457
Virginia Real Estate Loan [Member]
Long-term debt	3,899,076	4,119,850
North Carolina Real Estate Loan [Member]
Long-term debt	$ 954,375	$ 1,045,716

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

Note 7 - Long-term Debt and Notes Payable - Long-term Debt (Details) (Parentheticals) - USD ($)	12 Months Ended
	Oct. 31, 2021	Oct. 31, 2020
Virginia Real Estate Loan [Member]
Original principal	$ 6,500,000	$ 6,500,000
Monthly installments	$ 31,812	$ 31,812
Debt Instrument, Interest Rate, Stated Percentage	3.95%	3.95%
Final payment	$ 3,318,029	$ 3,318,029
Maturity date	May 01, 2024	May 01, 2024
North Carolina Real Estate Loan [Member]
Original principal	$ 2,240,000	$ 2,240,000
Monthly installments	$ 10,963
Debt Instrument, Interest Rate, Stated Percentage	3.95%	3.95%
Final payment	$ 711,773	$ 711,773
Maturity date	May 01, 2024	May 01, 2024

Note 8 - Leases (Details Textual)	12 Months Ended
Note 8 - Leases (Details Textual)	Oct. 31, 2021 USD ($) ft²	Oct. 31, 2020 USD ($)	Oct. 31, 2019 USD ($)
Operating Lease, Expense	$ 407,235	$ 396,066	$ 403,097
Operating Lease, Weighted Average Remaining Lease Term (Month)	35 months 3 days
Operating Lease, Weighted Average Discount Rate, Percent	5.00%
Operating Lease, Payments	$ 407,338	382,812
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	208,390	1,462,817
Finance Lease, Interest Expense	2,439
Finance Lease, Right-of-Use Asset, Amortization	$ 6,145
Lessee, Finance Lease, Remaining Lease Term (Month)	58 months
Lessee, Finance Lease, Discount Rate	4.75%
Finance Lease, Principal Payments	$ 5,777	(0)	$ (0)
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability	206,482
Other Assets [Member]
Operating Lease, Right-of-Use Asset	1,028,639
Other Noncurrent Liabilities [Member]
Operating Lease, Right-of-Use Asset		1,265,194
Operating Lease, Liability, Noncurrent	729,753
Accounts Payable and Accrued Liabilities [Member]
Operating Lease, Liability, Current	385,463	332,329
Other Liabilities [Member]
Operating Lease, Liability, Noncurrent		$ 946,653
Finance Lease, Right-of-Use Asset, after Accumulated Amortization, Total	200,337
Finance Lease, Liability, Noncurrent	166,634
Accounts Payable and Accrued Liabilities, Current [Member]
Finance Lease, Liability, Current	$ 34,071
Operating Lease for Office, Manufacturing and Warehouse Space in Plano, Texas [Member]
Area of Real Estate Property (Square Foot) \| ft²	34,000
Operating Lease for Warehouse Space in Roanoke, Virginia [Member]
Area of Real Estate Property (Square Foot) \| ft²	36,000
Operating Lease For Office Equipment [Member]
Lessee, Operating Lease, Term of Contract (Month)	60 months

Note 8 - Leases - Future Payments Due (Details)	Oct. 31, 2021 USD ($)
2022, operating	$ 432,485
2022, finance	42,868
2023, operating	382,716
2023, finance	42,868
2024, operating	331,438
2024, finance	42,868
2025, operating	55,023
2025, finance	42,868
2026, operating	0
2026, finance	55,715
Total undiscounted operating lease payments	1,201,662
Total undiscounted finance lease payments	227,187
Present value discount, operating	(86,446)
Present value discount, finance	(26,482)
Accounts Payable and Accrued Liabilities and Noncurrent Liabilities [Member]
Total lease liability, operating	1,115,216
Total lease liability, finance	$ 200,705

Note 9 - Employee Benefits (Details Textual) - USD ($)	1 Months Ended	3 Months Ended	12 Months Ended
Note 9 - Employee Benefits (Details Textual) - USD ($)	Mar. 31, 2017	Oct. 31, 2021	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2019
Health Insurance Coverage Expense			$ 2,697,167	$ 3,165,736	$ 3,549,189
Defined Contribution Plan, Employer Discretionary Contribution Amount			$ 65,416	66,804	68,467
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)		2,000	2,000
Share-based Payment Arrangement, Expense			$ 335,519	$ 142,242	$ 980,549
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)				0	0
Services and Performance Based Shares [Member]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)			3 years 10 months 24 days
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total		$ 1,300,000	$ 1,300,000
The 2017 Stock Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares)	500,000
The 2017 Stock Incentive Plan [Member] \| Restricted Stock [Member]
Share-based Payment Arrangement, Expense			$ 108,801	$ 131,162	$ 124,838
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)			363,365
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)				1 year
The 2017 Stock Incentive Plan [Member] \| Restricted Stock [Member] \| Non-employee Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)			30,055	58,880	30,360
The 2017 Stock Incentive Plan [Member] \| Restricted Stock [Member] \| Share-based Payment Arrangement, Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)		333,310
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)		4 years

Note 9 - Employee Benefits - Restricted Stock Activity (Details) - Restricted Stock [Member] - $ / shares	12 Months Ended
	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2019
Granted (in shares)		0	0
The 2017 Stock Incentive Plan [Member]
Balance (in shares)	185,098
Balance, weighted-average grant date fair value (in dollars per share)	$ 2.52
Granted (in shares)	363,365
Granted, weighted-average grant date fair value (in dollars per share)	$ 3.50
Vested (in shares)	(62,004)
Vested, weighted-average grant date fair value (in dollars per share)	$ 2.51
Forfeited (in shares)	(2,975)
Forfeited, weighted-average grant date fair value (in dollars per share)	$ 3.18
Balance (in shares)	483,484	185,098
Balance, weighted-average grant date fair value (in dollars per share)	$ 3.25	$ 2.52

Note 10 - Business and Credit Concentrations, Major Customers and Geographic Information (Details Textual) $ in Millions	12 Months Ended
	Oct. 31, 2021 USD ($)	Oct. 31, 2020 USD ($)	Oct. 31, 2019 USD ($)
Customer One [Member]
Revenues, Total	$ 11.3	$ 9.7	$ 10.6
Customer Two [Member]
Revenues, Total			$ 8.7
Customer Concentration Risk [Member] \| Revenue Benchmark [Member]
Concentration Risk, Number of Customers	1	1	2
Customer Concentration Risk [Member] \| Revenue Benchmark [Member] \| Customer One [Member]
Concentration Risk, Percentage	19.10%	17.60%	14.90%
Customer Concentration Risk [Member] \| Revenue Benchmark [Member] \| Customer Two [Member]
Concentration Risk, Percentage			12.20%
Customer Concentration Risk [Member] \| Accounts Receivable [Member]
Concentration Risk, Number of Customers			2
Customer Concentration Risk [Member] \| Accounts Receivable [Member] \| Customer One [Member]
Concentration Risk, Percentage	9.50%	11.50%	9.60%
Customer Concentration Risk [Member] \| Accounts Receivable [Member] \| Customer Two [Member]
Concentration Risk, Percentage		5.10%	5.70%
Customer Concentration Risk [Member] \| Customer One [Member]
Concentration Risk, Number of Customers		1
Geographic Concentration Risk [Member] \| Revenue Benchmark [Member] \| UNITED STATES
Concentration Risk, Percentage	82.00%	81.00%	82.00%
Geographic Concentration Risk [Member] \| Revenue Benchmark [Member] \| Non-US [Member]
Concentration Risk, Percentage	18.00%	19.00%	18.00%

Note 11 - Revenue Recognition (Details Textual) - USD ($)	Oct. 31, 2021	Oct. 31, 2020
Contract with Customer, Liability, Total	$ 308,406	$ 63,283
Contract with Customer, Refund Liability, Total	$ 159,125	$ 119,989

Note 11 - Revenue Recognition - Revenue Attributed to United States and All Other Countries (Details) - USD ($)	3 Months Ended								12 Months Ended
	Oct. 31, 2021	Jul. 31, 2021	Apr. 30, 2021	Jan. 31, 2021	Oct. 31, 2020	Jul. 31, 2020	Apr. 30, 2020	Jan. 31, 2020	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2019
Net sales	$ 15,883,847	$ 15,634,760	$ 15,741,114	$ 11,876,573	$ 13,887,407	$ 13,639,169	$ 14,863,428	$ 12,887,396	$ 59,136,294	$ 55,277,400	$ 71,324,446
UNITED STATES
Net sales									48,537,091	44,661,958	58,207,966
Non-US [Member]
Net sales									$ 10,599,203	$ 10,615,442	$ 13,116,480

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

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+ Details

Note 12 - Income Taxes (Details Textual) - USD ($)	12 Months Ended		24 Months Ended
Note 12 - Income Taxes (Details Textual) - USD ($)	Oct. 31, 2021	Oct. 31, 2019	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2009
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	21.00%	21.00%
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax	$ 0		$ 0	$ 25,003
Deferred Tax Assets, Gross, Total	4,317,025		4,317,025	4,874,439
Deferred Tax Assets, Operating Loss Carryforwards, Total	3,114,714		3,114,714	2,163,956
Deferred Tax Assets, Operating Loss Carryforwards, Domestic	13,013,389		13,013,389
Deferred Tax Assets, Operating Loss Carryforwards, State and Local	2,056,028		2,056,028
Deferred Tax Assets, Valuation Allowance, Total	4,280,823		4,280,823	4,759,862
Unrecognized Tax Benefits, Interest on Income Taxes Accrued	7,815		7,815	4,137
Unrecognized Tax Benefits, Income Tax Penalties Accrued	5,113		5,113	0
Income Tax Examination, Penalties and Interest Accrued, Total	13,607		13,607	26,535
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	21,144		21,144	$ 35,661
Decrease in Unrecognized Tax Benefits is Reasonably Possible	$ 0		0
Open Tax Year	2018 2019 2020
AOS Acquisition [Member]
Deferred Tax Assets, Gross, Total					$ 1,517,605
Deferred Tax Assets, Operating Loss Carryforwards, Total	$ 896,000		$ 896,000		$ 4,455,525

Note 12 - Income Taxes - Income Tax Expense (Details) - USD ($)	12 Months Ended
	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2019
U.S. Federal, Current Income Tax Expense (Benefit)	$ 0	$ 0	$ 726
U.S. Federal, Deferred Income Tax Expense (Benefit)	0	0	(726)
U.S. Federal, Net Income Tax Expense (Benefit)	0	0	0
State, Current Income Tax Expense (Benefit)	(19,898)	18,041	(5,805)
State, Deferred Income Tax Expense (Benefit)	0	0	0
State, Net Income Tax Expense (Benefit)	(19,898)	18,041	(5,805)
Total, Current Income Tax Expense (Benefit)	(19,898)	18,041	(5,079)
Total, Deferred Income Tax Expense (Benefit)	0	0	(726)
Total, Net Income Tax Expense (Benefit)	$ (19,898)	$ 18,041	$ (5,805)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Note 12 - Income Taxes - Effective Income Tax (Details) - USD ($)	12 Months Ended
	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2019
“Expected” income taxes (benefit)	$ 1,384,030	$ (1,281,668)	$ (1,191,776)
State income taxes, net of federal benefit	136,875	(139,736)	(12,875)
Meals and Entertainment	1,523	7,317	17,999
Provision to return reconciliation adjustment	(13,721)	350	6,400
Excess tax benefits related to share-based compensation	(9,118)	14,473	(90,603)
Non-deductible officers' compensation	0	0	31,456
Other differences, net	5,646	6,088	3,434
Change in valuation allowance	(479,039)	1,411,217	1,230,160
Total, Net Income Tax Expense (Benefit)	(19,898)	18,041	(5,805)
Paycheck Protection Program CARES Act [Member]
PPP Loan forgiveness	$ (1,046,094)	$ 0	$ 0

Note 12 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($)	Oct. 31, 2021	Oct. 31, 2020
Accounts receivable, due to allowances for doubtful accounts and sales returns	$ 30,238	$ 139,809
Inventories, due to allowance for damaged and slow-moving inventories and additional costs inventoried for tax purposes pursuant to the Tax Reform Act of 1986	873,433	764,183
Liabilities recorded for accrued expenses, deductible for tax purposes when paid	187,108	294,857
Share-based compensation expense	59,622	16,814
Section 163(j) interest	18,527	254,520
Expenses incurred related to expected PPP Loan forgiveness	0	1,162,161
Net operating loss carryforwards	3,114,714	2,163,956
AMT credit carryforwards	0	25,003
Other	33,383	53,136
Total gross deferred tax assets	4,317,025	4,874,439
Valuation allowance	(4,280,823)	(4,759,862)
Net deferred tax assets	36,202	114,577
Plant and equipment, due to differences in depreciation and capital gain recognition	(36,202)	(86,997)
Other receivables, due to accrual for financial reporting purposes	0	(2,577)
Total gross deferred tax liabilities	(36,202)	(89,574)
Net deferred tax asset	$ 0	$ 25,003

Note 12 - Income Taxes - Unrecognized Tax Benefits (Details) - USD ($)	12 Months Ended
	Oct. 31, 2021	Oct. 31, 2020
Unrecognized tax benefits balance at beginning of year	$ 48,941	$ 48,941
Gross decreases for tax positions of prior years	(20,453)	0
Gross increases for current year tax positions	0	0
Unrecognized tax benefits balance at end of year	$ 28,488	$ 48,941

Note 14 - Net Income (Loss) Per Share (Details Textual) - shares	12 Months Ended
	Oct. 31, 2020	Oct. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	140,179	127,750

Note 14 - Net Income (Loss) Per Share - Components of Reconciliation of Numerators and Denominators Net Loss Per Share (Details) - USD ($)	3 Months Ended								12 Months Ended
	Oct. 31, 2021	Jul. 31, 2021	Apr. 30, 2021	Jan. 31, 2021	Oct. 31, 2020	Jul. 31, 2020	Apr. 30, 2020	Jan. 31, 2020	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2019
Net income (loss) (numerator)									$ 6,610,516	$ (6,121,224)	$ (5,669,321)
Shares (denominator) (in shares)									7,587,686	7,354,513	7,387,141
Basic and diluted net income (loss) per share (in dollars per share)	$ 0.00	$ 0.71	$ 0.45	$ (0.29)	$ (0.06)	$ (0.20)	$ (0.23)	$ (0.35)	$ 0.87	$ (0.83)	$ (0.77)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Note 15 - Shareholders' Equity (Details Textual)			12 Months Ended
Note 15 - Shareholders' Equity (Details Textual)	Nov. 02, 2021 shares	Oct. 28, 2011 $ / shares shares	Oct. 31, 2021 shares	Oct. 31, 2020 shares	Jul. 14, 2015 shares
Common Stock, Shares, Outstanding, Ending Balance (in shares)			7,897,477	7,537,087
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares)					400,000
Purchase And Retire Percentage Of Shares In Common Stock Outstanding					6.00%
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased (in shares)			398,400
Common Stock Dividends, Rights Per Share (in shares)		1
Minimum Percentage of Stock Owner in Stockholder Protection Rights Agreement		15.00%
Preferred Stock Dividends, Rights Per Share, No Par Value (in dollars per share) \| $ / shares		$ 0
Preferred Stock, Exercise Price (in dollars per share) \| $ / shares		$ 25
Preferred Stock, Number of Votes		1,000
Preferred Stock, Dividend Rate, Common Stock Dividend Amount Multiplier		1,000
Preferred Stock, Redemption Price Per Share (in dollars per share) \| $ / shares		$ 0.0001
Preferred Stock, Capital Shares Reserved for Future Issuance (in shares)			100,000
Subsequent Event [Member]
Common Stock Dividends, Rights Per Share (in shares)	1
Minimum [Member]
Stock Repurchase Program, Period in Force (Month)			24 months
Maximum [Member]
Stock Repurchase Program, Period in Force (Month)			36 months

Note 15 - Shareholders' Equity - Share Repurchases (Details) - USD ($)	12 Months Ended
	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2019
Shares repurchased (in shares)	0	0	351
Shares repurchased, at cost	$ 0	$ 0	$ 1,573

Note 16 - Employee Retention Tax Credit (Details Textual) - USD ($)	3 Months Ended		6 Months Ended	12 Months Ended
	Jul. 31, 2021	Apr. 30, 2021	Jul. 31, 2021	Oct. 31, 2021
Other Receivables [Member]
Employee Retention Tax Credit Receivable				$ 2,162,391
Nonoperating Income (Expense) [Member]
Employee Retention Tax Credit	$ 964,550	$ 3,375,815	$ 4,340,365	$ 4,340,365

Note 19 - Quarterly Results of Operations (Unaudited) - Schedule of Quarterly Financial Information (Details) - USD ($)	3 Months Ended								12 Months Ended
	Oct. 31, 2021	Jul. 31, 2021	Apr. 30, 2021	Jan. 31, 2021	Oct. 31, 2020	Jul. 31, 2020	Apr. 30, 2020	Jan. 31, 2020	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2019
Net sales	$ 15,883,847	$ 15,634,760	$ 15,741,114	$ 11,876,573	$ 13,887,407	$ 13,639,169	$ 14,863,428	$ 12,887,396	$ 59,136,294	$ 55,277,400	$ 71,324,446
Gross profit	5,055,227	4,090,246	4,819,216	2,309,390	4,213,327	3,472,161	3,996,750	2,404,140	16,274,079	14,086,378	18,304,747
Selling, general and administrative expenses	4,811,073	4,530,563	4,589,592	4,307,924	4,311,907	4,559,970	5,549,501	4,824,124	18,239,152	19,245,502	23,434,360
Income (loss) before income taxes	(3,876)	5,376,535	3,391,775	(2,173,816)	(403,360)	(1,428,838)	(1,684,130)	(2,586,855)	$ 6,590,618	$ (6,103,183)	$ (5,675,126)
Income (loss), net	$ (5,930)	$ 5,372,767	$ 3,385,159	$ (2,141,480)	$ (406,325)	$ (1,433,830)	$ (1,689,181)	$ (2,591,888)
Basic and diluted net income (loss) per share (in dollars per share)	$ 0.00	$ 0.71	$ 0.45	$ (0.29)	$ (0.06)	$ (0.20)	$ (0.23)	$ (0.35)	$ 0.87	$ (0.83)	$ (0.77)
Net income (loss) per share - basic and diluted (in dollars per share)	$ 0.00	$ 0.71	$ 0.45	$ (0.29)	$ (0.06)	$ (0.20)	$ (0.23)	$ (0.35)	$ 0.87	$ (0.83)	$ (0.77)

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

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The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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