0001437749-22-022175 | 10-Q | XBRL Viewer

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Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Jul. 31, 2022	Sep. 07, 2022
Document Information [Line Items]
Entity Central Index Key	0001000230
Entity Registrant Name	OPTICAL CABLE CORP
Amendment Flag	false
Current Fiscal Year End Date	--10-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 31, 2022
Document Transition Report	false
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		7,893,194

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Jul. 31, 2022	Oct. 31, 2021
Current assets:
Cash	$ 192,294	$ 132,249
Trade accounts receivable, net of allowance for doubtful accounts of $99,590 at July 31, 2022 and $61,527 at October 31, 2021	10,153,808	8,376,000
Other receivables	19,461	2,204,456
Inventories	18,687,305	16,303,808
Prepaid expenses and other assets	348,144	549,350
Total current assets	29,401,012	27,565,863
Property and equipment, net	7,499,602	7,912,851
Intangible assets, net	630,358	646,860
Other assets, net	1,477,428	1,790,956
Total assets	39,008,400	37,916,530
Current liabilities:
Current installments of long-term debt	334,700	324,840
Accounts payable and accrued expenses	5,180,486	4,275,880
Accrued compensation and payroll taxes	1,547,501	1,553,771
Income taxes payable	13,183	13,121
Total current liabilities	7,075,870	6,167,612
Note payable, revolver - noncurrent	5,913,121	3,465,908
Long-term debt, excluding current installments	4,275,954	4,528,611
Other noncurrent liabilities	859,474	1,548,446
Total liabilities	18,124,419	15,710,577
Shareholders’ equity:
Preferred stock, no par value, authorized 1,000,000 shares; none issued and outstanding	0	0
Common stock, no par value, authorized 50,000,000 shares; issued and outstanding 7,893,194 shares at July 31, 2022 and 7,897,477 shares at October 31, 2021	14,551,332	14,337,649
Retained earnings	6,332,649	7,868,304
Total shareholders’ equity	20,883,981	22,205,953
Commitments and contingencies
Total liabilities and shareholders’ equity	$ 39,008,400	$ 37,916,530

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands	Jul. 31, 2022	Oct. 31, 2021
Allowance for doubtful accounts	$ 99,590	$ 61,527
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)	7,893,194	7,897,477
Common stock, outstanding (in shares)	7,893,194	7,897,477

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Jul. 31, 2022	Jul. 31, 2021	Jul. 31, 2022	Jul. 31, 2021
Net sales	$ 17,382,640	$ 15,634,760	$ 49,023,513	$ 43,252,447
Cost of goods sold	12,574,435	11,544,514	35,136,010	32,033,595
Gross profit	4,808,205	4,090,246	13,887,503	11,218,852
Selling, general and administrative expenses	4,954,221	4,530,563	14,770,751	13,428,079
Royalty (income) expense, net	6,572	4,809	20,116	(44,958)
Amortization of intangible assets	13,796	11,756	37,431	33,661
Loss from operations	(166,384)	(456,882)	(940,795)	(2,197,930)
Other income (expense), net:
Interest expense, net	(197,865)	(175,122)	(538,656)	(530,085)
Gain on debt extinguishment-PPP loan	0	5,041,723	0	5,041,723
Other, net	2,000	966,816	(39,028)	4,280,786
Other income (expense), net	(195,865)	5,833,417	(577,684)	8,792,424
Income (loss) before income taxes	(362,249)	5,376,535	(1,518,479)	6,594,494
Income tax expense (benefit)	9,622	3,768	17,176	(21,952)
Net income (loss)	$ (371,871)	$ 5,372,767	$ (1,535,655)	$ 6,616,446
Net income (loss) per share: Basic and diluted (in dollars per share)	$ (0.05)	$ 0.71	$ (0.20)	$ 0.88

Condensed Consolidated Statements of Shareholders’ Equity (Unaudited) - USD ($)	Common Stock [Member]	Retained Earnings [Member]	Total
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)	(971)
Share-based compensation, net	$ 40,605		40,605
Net loss		(2,141,480)	(2,141,480)
Share-based compensation, net (in shares)	971
Balances at January 31, 2022 (in shares) at Jan. 31, 2021	7,536,116
Balances at Jan. 31, 2021	$ 14,042,735	(883,692)	13,159,043
Balances (in shares) at Oct. 31, 2020	7,537,087
Balances at Oct. 31, 2020	$ 14,002,130	1,257,788	15,259,918
Net loss			6,616,446
Balances at January 31, 2022 (in shares) at Jul. 31, 2021	7,566,171
Balances at Jul. 31, 2021	$ 14,219,584	7,874,234	22,093,818
Balances (in shares) at Jan. 31, 2021	7,536,116
Balances at Jan. 31, 2021	$ 14,042,735	(883,692)	13,159,043
Share-based compensation, net	101,762	0	101,762
Net loss	$ 0	3,385,159	3,385,159
Balances at January 31, 2022 (in shares) at Apr. 30, 2021	7,536,116
Balances at Apr. 30, 2021	$ 14,144,497	2,501,467	16,645,964
Share-based compensation, net (in shares)	30,055
Share-based compensation, net	$ 75,087	0	75,087
Net loss	$ 0	5,372,767	5,372,767
Share-based compensation, net (in shares)	(30,055)
Balances at January 31, 2022 (in shares) at Jul. 31, 2021	7,566,171
Balances at Jul. 31, 2021	$ 14,219,584	7,874,234	22,093,818
Balances (in shares) at Oct. 31, 2021	7,897,477
Balances at Oct. 31, 2021	$ 14,337,649	7,868,304	22,205,953
Share-based compensation, net (in shares)	(47,479)
Share-based compensation, net	$ 19,803		19,803
Net loss		(935,793)	(935,793)
Share-based compensation, net (in shares)	47,479
Balances at January 31, 2022 (in shares) at Jan. 31, 2022	7,849,998
Balances at Jan. 31, 2022	$ 14,357,452	6,932,511	21,289,963
Balances (in shares) at Oct. 31, 2021	7,897,477
Balances at Oct. 31, 2021	$ 14,337,649	7,868,304	22,205,953
Net loss			(1,535,655)
Balances at January 31, 2022 (in shares) at Jul. 31, 2022	7,893,194
Balances at Jul. 31, 2022	$ 14,551,332	6,332,649	20,883,981
Balances (in shares) at Jan. 31, 2022	7,849,998
Balances at Jan. 31, 2022	$ 14,357,452	6,932,511	21,289,963
Share-based compensation, net (in shares)	44,864
Share-based compensation, net	$ 113,212	0	113,212
Net loss	$ 0	(227,991)	(227,991)
Share-based compensation, net (in shares)	(44,864)
Balances at January 31, 2022 (in shares) at Apr. 30, 2022	7,894,862
Balances at Apr. 30, 2022	$ 14,470,664	6,704,520	21,175,184
Share-based compensation, net (in shares)	1,668
Share-based compensation, net	$ 80,668	0	80,668
Net loss	$ 0	(371,871)	(371,871)
Share-based compensation, net (in shares)	(1,668)
Balances at January 31, 2022 (in shares) at Jul. 31, 2022	7,893,194
Balances at Jul. 31, 2022	$ 14,551,332	$ 6,332,649	$ 20,883,981

- Definition

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

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- Definition

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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+ Details

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Jul. 31, 2022	Jul. 31, 2021
Cash flows from operating activities:
Net income (loss)	$ (1,535,655)	$ 6,616,446
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	820,117	914,403
Bad debt expense	38,063	10,828
Share-based compensation expense	324,824	217,454
Gain on debt extinguishment-PPP Loan principal	0	(4,981,400)
Loss on sale of property and equipment	29,905	3,167
(Increase) decrease in:
Trade accounts receivable	(1,815,871)	(1,560,773)
Other receivables	2,184,995	(3,623,163)
Inventories	(2,383,497)	1,364,311
Prepaid expenses and other assets	201,206	155,335
Income taxes refundable	0	25,003
Other assets	292,617	(25,099)
Increase (decrease) in:
Accounts payable and accrued expenses	920,151	789,056
Accrued compensation and payroll taxes	(6,270)	41,933
Income taxes payable	62	(5,619)
Other noncurrent liabilities	(787,338)	(151,981)
Net cash used in operating activities	(1,716,691)	(210,099)
Cash flows from investing activities:
Purchase of and deposits for the purchase of property and equipment	(197,209)	(128,984)
Investment in intangible assets	(20,929)	(22,115)
Proceeds from sale of property and equipment	2,000	0
Net cash used in investing activities	(216,138)	(151,099)
Cash flows from financing activities:
Payroll taxes withheld and remitted on share-based payments	(111,141)	0
Principal payments on long-term debt	(242,797)	(233,314)
Payments for financing costs	(75,000)	(66,667)
Principal payments on financing lease	(25,401)	0
Net cash provided by financing activities	1,992,874	341,572
Net increase (decrease) in cash	60,045	(19,626)
Cash at beginning of period	132,249	140,839
Cash at end of period	192,294	121,213
North Mill Capital LLC [Member] \| Revolving Credit Facility [Member]
Cash flows from financing activities:
Proceeds from note payable	52,179,068	42,637,013
Payments on note payable, revolver	$ (49,731,855)	$ (41,995,460)

Note 1 - General

9 Months Ended

Jul. 31, 2022

Notes to Financial Statements

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

(1)

General

The accompanying unaudited condensed consolidated financial statements of Optical Cable Corporation and its subsidiaries (collectively, the “Company” or “OCC®”) have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and the instructions to Form 10‑Q and Regulation S‑X. Accordingly, they do not include all of the information and notes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all material adjustments considered necessary for a fair presentation have been included. Operating results for the nine months ended July 31, 2022 are not necessarily indicative of the results for the fiscal year ending October 31, 2022 because the following items, among other things, may impact those results: direct and indirect impacts of the COVID-19 pandemic including (but not limited to) supply chain and labor constraints impacting production volumes, increased costs and COVID-19 related government and private industry mandates in the areas of the world in which we operate, changes in market conditions, seasonality, inflation and interest rates, changes in technology, competitive conditions, timing of certain projects and purchases by key customers, significant variations in sales resulting from high volatility and timing of large sales orders among a limited number of customers in certain markets, ability of management to execute its business plans, continued ability to maintain and/or secure future debt and/or equity financing to adequately finance ongoing operations; as well as other variables, uncertainties, contingencies and risks set forth as risks in the Company’s Annual Report on Form 10‑K for the fiscal year ended October 31, 2021 (including those set forth in the “Forward-Looking Information” section), or as otherwise set forth in other filings by the Company as variables, contingencies and/or risks possibly affecting future results. The unaudited condensed consolidated financial statements and condensed notes are presented as permitted by Form 10‑Q and do not contain certain information included in the Company’s annual consolidated financial statements and notes. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10‑K for the fiscal year ended October 31, 2021.

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. The adoption of ASU 2019-12 did not have a material impact on the Company’s results of operations, financial position or liquidity or its related financial statement disclosures.

Note 2 - Stock Incentive Plans and Other Share-based Compensation

9 Months Ended

Jul. 31, 2022

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

(2)

Stock Incentive Plans and Other Share‑Based Compensation

As of July 31, 2022, there were approximately 356,000 remaining shares available for grant under the Optical Cable Corporation Stock Incentive Plan (“2017 Plan”).

Share-based compensation expense for employees, a consultant and non-employee Directors recognized in the condensed consolidated statements of operations for the three months and nine months ended July 31, 2022 was $87,173 and $324,824, respectively, and for the three months and nine months ended July 31, 2021 was $75,087 and $217,454, respectively. Share-based compensation expense is entirely related to expense recognized in connection with the vesting of restricted stock awards or other stock awards.

Stock Compensation

The Company has granted, and anticipates granting from time to time, restricted stock awards subject to approval by the Compensation Committee of the Board of Directors. Since fiscal year 2004, the Company has exclusively used restricted stock awards for all share-based compensation of employees and consultants, and restricted stock awards or stock awards to non-employee members of the Board of Directors.

Restricted stock award activity during the nine months ended July 31, 2022 consisted of restricted stock grants totaling 44,864 shares, restricted shares forfeited totaling 25,313 shares and restricted shares withheld for taxes in connection with the vesting of restricted shares totaling 23,834. OCC restricted stock grants provide the participant with the option to surrender shares to pay for withholding tax obligations resulting from any vesting restricted shares, or to pay cash to the Company or taxing authorities in the amount of the withholding taxes owed on the value of any vesting restricted shares in order to avoid surrendering shares.

As of July 31, 2022, the estimated amount of compensation cost related to unvested equity-based compensation awards in the form of service-based and operational performance-based shares that the Company will recognize over a 3.3 year weighted-average period is approximately $1.1 million.

Note 3 - Allowance for Doubtful Accounts for Trade Accounts Receivable

9 Months Ended

Jul. 31, 2022

Notes to Financial Statements

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

(3)

Allowance for Doubtful Accounts for Trade Accounts Receivable

A summary of changes in the allowance for doubtful accounts for trade accounts receivable for the nine months ended July 31, 2022 and 2021 follows:

	Nine Months Ended
	July 31,
	2022		2021
Balance at beginning of period	$	61,527	$	524,617
Bad debt expense		38,063		10,828
Balance at end of period	$	99,590	$	535,445

Note 4 - Inventories

9 Months Ended

Jul. 31, 2022

Notes to Financial Statements

Inventory Disclosure [Text Block]

(4)

Inventories

Inventories as of July 31, 2022 and October 31, 2021 consist of the following:

	July 31,		October 31,
	2022		2021
Finished goods	$	3,241,014	$	4,211,098
Work in process		4,088,232		4,023,693
Raw materials		10,941,240		7,763,325
Production supplies		416,819		305,692
Total	$	18,687,305	$	16,303,808

Note 5 - Product Warranties

9 Months Ended

Jul. 31, 2022

Notes to Financial Statements

Product Warranty Disclosure [Text Block]

(5)

Product Warranties

As of July 31, 2022 and October 31, 2021, the Company’s accrual for estimated product warranty claims totaled $75,000 and is included in accounts payable and accrued expenses. Warranty claims expense for the three months and nine months ended July 31, 2022 totaled $24,071 and $47,606, respectively. Warranty claims expense for the three months and nine months ended July 31, 2021 totaled $4,443 and $60,714, respectively.

The following table summarizes the changes in the Company’s accrual for product warranties during the nine months ended July 31, 2022 and 2021:

	Nine Months Ended
	July 31,
	2022			2021
Balance at beginning of period	$	75,000		$	85,000
Liabilities accrued for warranties issued during the period		98,392			86,287
Warranty claims and costs paid during the period		(47,606	)		(50,714	)
Changes in liability for pre-existing warranties during the period		(50,786	)		(25,573	)
Balance at end of period	$	75,000		$	95,000

Note 6 - Long-term Debt and Notes Payable

9 Months Ended

Jul. 31, 2022

Notes to Financial Statements

Long-Term Debt [Text Block]

(6)

Long-term Debt and Notes Payable

The Company has credit facilities consisting of a real estate term loan, as amended and restated (the “Virginia Real Estate Loan”), a supplemental real estate term loan, as amended and restated (the “North Carolina Real Estate Loan”) and a Revolving Credit Master Promissory Note and related agreements (collectively, the “Revolver”).

Both the Virginia Real Estate Loan and the North Carolina Real Estate Loan are with Northeast Bank, have a fixed interest rate of 3.95% and are secured by a first lien deed of trust on the Company’s real property.

Long-term debt as of July 31, 2022 and October 31, 2021 consists of the following:

	July 31,		October 31,
	2022		2021
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	$	3,727,295	$	3,899,076
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		883,359		954,375
Total long-term debt		4,610,654		4,853,451
Less current installments		334,700		324,840
Long-term debt, excluding current installments	$	4,275,954	$	4,528,611

On July 5, 2022, OCC entered into a Modification Agreement with North Mill Capital LLC (now doing business as SLR Business Credit, “SLR”) to modify the existing Loan and Security Agreement (“Loan Agreement”) dated July 24, 2020. In addition to certain other modifications to the Loan Agreement as set forth in the Modification Agreement, the Modification Agreement provides a two-year extension of the initial term of the Loan Agreement to July 24, 2025, and reduces the dollar amount of the availability block from $1,500,000 to $1,150,000.

The Revolver with SLR provides the Company with one or more advances in an amount up to: (a) 85% of the aggregate outstanding amount of eligible accounts (the “eligible accounts loan value”); plus (b) the lowest of (i) an amount up to 35% of the aggregate value of eligible inventory, (ii) $5,000,000, and (iii) an amount not to exceed 100% of the then outstanding eligible accounts loan value; minus (c) $1,150,000.

The maximum aggregate principal amount subject to the Revolver is $18,000,000. Interest accrues on the daily balance at the per annum rate of 1.5% above the Prime Rate in effect from time to time, but not less than 4.75% (the “Applicable Rate”). In the event of a default, interest may become 6.0% above the Applicable Rate. As of July 31, 2022, the Revolver accrued interest at the prime lending rate plus 1.5% (resulting in a 7.0% rate at July 31, 2022). 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 July 31, 2022 the Company had $5.9 million of outstanding borrowings on its Revolver and $4.9 million in available credit. As of October 31, 2021, the Company had $3.5 million of outstanding borrowings on its Revolver and $4.4 million in available credit.

Note 7 - Leases

9 Months Ended

Jul. 31, 2022

Notes to Financial Statements

Lessee, Operating and Finance Leases Disclosure [Text Block]

(7)

Leases

The Company has an operating lease agreement for approximately 34,000 square feet of office, manufacturing and warehouse space in Plano, Texas (near Dallas). The lease term expires on November 30, 2024.

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

The Company also leases certain office equipment under operating leases with initial 60 month terms. The lease terms expire in February and April of 2025.

OCC leases printers that are used in the Roanoke, Virginia manufacturing facility. The lease term expires on August 22, 2026. The right-of-use asset is being amortized on a straight line basis over seven years. When the lease term ends, the remaining net book value of the right-of-use asset will be classified as property and equipment.

The Company’s lease contracts may include options to extend or terminate the leases. The Company exercises judgment to determine the term of those leases when such options are present and include such options in the calculation of the lease term when it is reasonably certain that it will exercise those options.

The Company includes contract lease components in its determination of lease payments, while non-lease components of the contracts, such as taxes, insurance, and common area maintenance, are expensed as incurred. At commencement, right-of-use assets and lease liabilities are measured at the present value of future lease payments over the lease term. The Company uses its incremental borrowing rate based on information available at the time of lease commencement to measure the present value of future payments.

Operating lease expense is recognized on a straight-line basis over the lease term. Short term leases with an initial term of 12 months or less are expensed as incurred. The Company’s short term leases have month-to-month terms.

Operating lease right-of-use assets of $755,737 and $1,028,639 were included in other assets at July 31, 2022 and October 31, 2021, respectively. Operating lease liabilities of $377,953 and $450,558 were included in accounts payable and accrued expenses, and other noncurrent liabilities, respectively, at July 31, 2022. Operating lease liabilities of $385,463 and $729,753 were included in accounts payable and accrued expenses, and other noncurrent liabilities, respectively, at October 31, 2021. Operating lease expense recognized during the three months and nine months ended July 31, 2022 totaled $103,333 and $310,000, respectively. Operating lease expense recognized during the three months and nine months ended July 31, 2021 totaled $103,333 and $303,902, respectively.

The weighted average remaining lease term was 27.1 months and the weighted average discount rate was 5.0% as of July 31, 2022.

For the three months and nine months ended July 31, 2022, cash paid for operating lease liabilities totaled $108,683 and $323,802, respectively. For the three months and nine months ended July 31, 2021, cash paid for operating lease liabilities totaled $106,182 and $301,156, respectively.

For the nine months ended July 31, 2022, there were no right-of-use assets obtained in exchange for new operating lease liabilities. For the nine months ended July 31, 2021, right-of-use assets obtained in exchange for new operating lease liabilities totaled $208,390.

Financing lease right-of-use assets of $178,214 and $200,337 were included in other assets at July 31, 2022 and October 31, 2021, respectively. Financing lease liabilities of $35,303 and $140,001 were included in accounts payable and accrued expenses, and other noncurrent liabilities, respectively, at July 31, 2022. Financing lease liabilities of $34,071 and $166,634 were included in accounts payable and accrued expenses, and other noncurrent liabilities, respectively, at October 31, 2021. Interest expense related to the financing lease totaled $2,150 and $6,751, respectively, for the three months and nine months ended July 31, 2022. Amortization expense related to the financing lease totaled $7,374 and $22,123 for the three months and nine months ended July 31, 2022, respectively.

The remaining lease term for the financing lease is 49 months and the discount rate is 4.75% as of July 31, 2022.

For the three months ended July 31, 2022, cash paid for the financing lease liability totaled $2,150 for interest and $8,567 for principal. For the nine months ended July 31, 2022, cash paid for the financing lease liability totaled $6,751 for interest and $25,401 for principal.

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

Fiscal Year	Operating leases			Finance lease
2022 (1)	$	108,683		$	10,717
2023		382,716			42,868
2024		331,438			42,868
2025		55,023			42,868
2026		—			55,715
Total undiscounted lease payments		877,860			195,036
Present value discount		(49,349	)		(19,732	)
Total lease liability	$	828,511		$	175,304

(1) Remaining three months of fiscal year 2022

Note 8 - Fair Value Measurements

9 Months Ended

Jul. 31, 2022

Notes to Financial Statements

Fair Value Disclosures [Text Block]

(8)

Fair Value Measurements

The carrying amounts reported in the condensed consolidated balance sheets as of July 31, 2022 and October 31, 2021 for cash, trade accounts receivable, other receivables, current installments of long-term debt, and accounts payable and accrued expenses, and 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, revolver – noncurrent, and long-term debt, excluding current installments, approximate fair value based on similar long-term debt issues available to the Company as of July 31, 2022 and October 31, 2021. 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.

- 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 9 - Net Income (Loss) Per Share

9 Months Ended

Jul. 31, 2022

Notes to Financial Statements

Earnings Per Share [Text Block]

(9)

Net Income (Loss) Per Share

Basic net income (loss) per share excludes dilution and is computed by dividing net income (loss) available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted net income (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the net income (loss) of the Company.

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

	Three months ended					Nine months ended
	July 31,					July 31,
	2022			2021		2022			2021
Net income (loss) (numerator)	$	(371,871	)	$	5,372,767	$	(1,535,655	)	$	6,616,446
Shares (denominator)		7,516,757			7,547,877		7,525,482			7,540,083
Basic and diluted net income (loss) per share	$	(0.05	)	$	0.71	$	(0.20	)	$	0.88

Weighted average unvested shares for the three months and nine months ended July 31, 2022 totaling 377,470 and 351,340, respectively, while issued and outstanding, were not included in the computation of basic and diluted net loss per share for the three months and nine months ended July 31, 2022 (because to include such shares would have been antidilutive, or in other words, to do so would have reduced the net loss per share for those periods).

Note 10 - Segment Information and Business and Credit Concentrations

9 Months Ended

Jul. 31, 2022

Notes to Financial Statements

Concentration Risk Disclosure [Text Block]

(10)

Segment Information and Business and Credit Concentrations

The Company provides credit, in the normal course of business, to various commercial enterprises, governmental entities and not‑for‑profit organizations. Concentration of credit risk with respect to trade receivables is normally limited due to the Company’s large number of customers. The Company also manages exposure to credit risk through credit approvals, credit limits and monitoring procedures. Management believes that credit risks as of July 31, 2022 have been adequately provided for in the condensed consolidated financial statements. The Company includes all entities under common ownership for the purpose of calculating business concentrations.

For the three months and nine months ended July 31, 2022, 15.8% and 16.7%, respectively, of consolidated net sales were attributable to one national distributor customer. For the three months and nine months ended July 31, 2021, 20.9% and 20.0%, respectively, of consolidated net sales were attributable to one national distributor customer.

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

Note 11 - Revenue Recognition

9 Months Ended

Jul. 31, 2022

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 $309,007 as of July 31, 2022 and $308,406 as of October 31, 2021.

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 $128,544 as of July 31, 2022 and $159,125 as of October 31, 2021.

The Company offers standard product warranty coverage which provides assurance that its products will conform to contractually agreed-upon specifications for a limited period from the date of shipment. Separately-priced warranty coverage is not offered. The warranty claim is generally limited to a credit equal to the purchase price or a promise to repair or replace the product for a specified period of time at no additional charge.

The Company accounts for shipping and handling activities related to contracts with customers as a cost to fulfill its promise to transfer control of the related product. Shipping and handling costs are included in selling, general and administrative expenses in the accompanying Condensed Consolidated Statements of Operations.

The Company incurs sales commissions to acquire customer contracts that are directly attributable to the contracts. The commissions are expensed as selling expenses during the period that the related products are transferred to customers.

Disaggregation of Revenue

The following table presents net sales attributable to the United States and all other countries in total for the three months and nine months ended July 31, 2022 and 2021:

	Three months ended				Nine months ended
	July 31,				July 31,
	2022		2021		2022		2021
United States	$	14,667,822	$	12,922,510	$	41,604,490	$	35,007,855
Outside the United States		2,714,818		2,712,250		7,419,023		8,244,592
Total net sales	$	17,382,640	$	15,634,760	$	49,023,513	$	43,252,447

- 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
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Section 50
-Paragraph 15
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Note 12 - Employee Retention Tax Credit

9 Months Ended

Jul. 31, 2022

Notes to Financial Statements

Employee Retention Tax Credit [Text Block]

(12)

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, 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 were limited to $10,000 per employee per calendar quarter in 2021 so the maximum ERTC available was $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. During the third quarter of fiscal year 2022, the remaining ERTC receivable of $2,162,391 was received by the Company.

Note 13 - Contingencies

9 Months Ended

Jul. 31, 2022

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

(13)

Contingencies

From time to time, the Company is involved in various claims, legal actions and regulatory reviews arising in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on the Company’s financial position, results of operations or liquidity.

The direct and indirect effects of the COVID-19 pandemic continue to impact global economic conditions. While recently improving, the Company has continued to experience challenges recruiting additional personnel (particularly, production personnel), as well as certain raw material supply chain challenges. These challenges have impacted shipped product volumes and sales. Additionally, as product demand has grown, these challenges have resulted in longer lead times for certain products, and contributed to increases in sales order backlog/forward load. The Company has taken steps to successfully mitigate (to a certain extent) the impacts of these challenges; however, at this time the Company believes these challenges will continue.

The extent to which the COVID-19 pandemic will directly and indirectly 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 future outbreaks; the timing and extent of the imposition or easing of restrictions on businesses and individuals in various markets; the impact on product demand in certain of the Company’s markets; the potential for a resurgence of the virus (including its variant strains); supply chain and labor constraints impacting production volumes and costs directly or indirectly resulting from the pandemic and after effects of the pandemic; as well as a variety of other unknowable factors. The longer the various direct and indirect impacts of COVID-19 persist, the greater the potential negative financial effects on the Company.

Note 14 - New Accounting Standards Not Yet Adopted

9 Months Ended

Jul. 31, 2022

Notes to Financial Statements

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

(14)

New Accounting Standards Not Yet Adopted

There are no new accounting standards issued, but not yet adopted by the Company, which are expected to materially impact the Company’s financial position, operating results or financial statement disclosures.

- 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.

+ References

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

Note 3 - Allowance for Doubtful Accounts for Trade Accounts Receivable (Tables)

9 Months Ended

Jul. 31, 2022

Notes Tables

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

	Nine Months Ended
	July 31,
	2022		2021
Balance at beginning of period	$	61,527	$	524,617
Bad debt expense		38,063		10,828
Balance at end of period	$	99,590	$	535,445

Note 4 - Inventories (Tables)

9 Months Ended

Jul. 31, 2022

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	July 31,		October 31,
	2022		2021
Finished goods	$	3,241,014	$	4,211,098
Work in process		4,088,232		4,023,693
Raw materials		10,941,240		7,763,325
Production supplies		416,819		305,692
Total	$	18,687,305	$	16,303,808

Note 5 - Product Warranties (Tables)

9 Months Ended

Jul. 31, 2022

Notes Tables

Schedule of Product Warranty Liability [Table Text Block]

	Nine Months Ended
	July 31,
	2022			2021
Balance at beginning of period	$	75,000		$	85,000
Liabilities accrued for warranties issued during the period		98,392			86,287
Warranty claims and costs paid during the period		(47,606	)		(50,714	)
Changes in liability for pre-existing warranties during the period		(50,786	)		(25,573	)
Balance at end of period	$	75,000		$	95,000

Note 6 - Long-term Debt and Notes Payable (Tables)

9 Months Ended

Jul. 31, 2022

Notes Tables

Schedule of Debt [Table Text Block]

	July 31,		October 31,
	2022		2021
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	$	3,727,295	$	3,899,076
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		883,359		954,375
Total long-term debt		4,610,654		4,853,451
Less current installments		334,700		324,840
Long-term debt, excluding current installments	$	4,275,954	$	4,528,611

Note 7 - Leases (Tables)

9 Months Ended

Jul. 31, 2022

Notes Tables

Lessee, Lease Liability, Maturity [Table Text Block]

Fiscal Year	Operating leases			Finance lease
2022 (1)	$	108,683		$	10,717
2023		382,716			42,868
2024		331,438			42,868
2025		55,023			42,868
2026		—			55,715
Total undiscounted lease payments		877,860			195,036
Present value discount		(49,349	)		(19,732	)
Total lease liability	$	828,511		$	175,304

Note 9 - Net Income (Loss) Per Share (Tables)

9 Months Ended

Jul. 31, 2022

Notes Tables

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

	Three months ended					Nine months ended
	July 31,					July 31,
	2022			2021		2022			2021
Net income (loss) (numerator)	$	(371,871	)	$	5,372,767	$	(1,535,655	)	$	6,616,446
Shares (denominator)		7,516,757			7,547,877		7,525,482			7,540,083
Basic and diluted net income (loss) per share	$	(0.05	)	$	0.71	$	(0.20	)	$	0.88

Note 11 - Revenue Recognition (Tables)

9 Months Ended

Jul. 31, 2022

Notes Tables

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

	Three months ended				Nine months ended
	July 31,				July 31,
	2022		2021		2022		2021
United States	$	14,667,822	$	12,922,510	$	41,604,490	$	35,007,855
Outside the United States		2,714,818		2,712,250		7,419,023		8,244,592
Total net sales	$	17,382,640	$	15,634,760	$	49,023,513	$	43,252,447

Note 2 - Stock Incentive Plans and Other Share-based Compensation (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Jul. 31, 2022	Jul. 31, 2021	Jul. 31, 2022	Jul. 31, 2021
Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)			44,864
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares)			25,313
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares)			23,834
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)			3 years 3 months 18 days
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 1,100,000		$ 1,100,000
Plan 2017 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)	356,000		356,000
Plan 2017 [Member] \| Employees, Consultant and Non-employee Directors [Member]
Share-Based Payment Arrangement, Expense	$ 87,173	$ 75,087	$ 324,824	$ 217,454

Note 3 - Allowance for Doubtful Accounts for Trade Accounts Receivable - Summary of Changes in the Allowance for Doubtful Accounts for Trade Accounts Receivable (Details) - USD ($)	9 Months Ended
	Jul. 31, 2022	Jul. 31, 2021
Balance at beginning of period	$ 61,527	$ 524,617
Bad debt expense	38,063	10,828
Balance at end of period	$ 99,590	$ 535,445

Note 4 - Inventories - Components of Inventories (Details) - USD ($)	Jul. 31, 2022	Oct. 31, 2021
Finished goods	$ 3,241,014	$ 4,211,098
Work in process	4,088,232	4,023,693
Raw materials	10,941,240	7,763,325
Production supplies	416,819	305,692
Total	$ 18,687,305	$ 16,303,808

Note 5 - Product Warranties (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
Note 5 - Product Warranties (Details Textual) - USD ($)	Jul. 31, 2022	Jul. 31, 2021	Jul. 31, 2022	Jul. 31, 2021	Oct. 31, 2021	Oct. 31, 2020
Standard and Extended Product Warranty Accrual, Ending Balance	$ 75,000	$ 95,000	$ 75,000	$ 95,000	$ 75,000	$ 85,000
Product Warranty Expense	24,071	$ 4,443	47,606	$ 60,714
Accounts Payable and Accrued Liabilities [Member]
Standard and Extended Product Warranty Accrual, Ending Balance	$ 75,000		$ 75,000

Note 5 - Product Warranties - Changes in Accrual for Product Warranties (Details) - USD ($)	9 Months Ended
	Jul. 31, 2022	Jul. 31, 2021
Balance at beginning of period	$ 75,000	$ 85,000
Liabilities accrued for warranties issued during the period	98,392	86,287
Warranty claims and costs paid during the period	(47,606)	(50,714)
Changes in liability for pre-existing warranties during the period	(50,786)	(25,573)
Balance at end of period	$ 75,000	$ 95,000

Note 6 - Long-term Debt and Notes Payable (Details Textual) - USD ($)		9 Months Ended
	Jul. 24, 2020	Jul. 31, 2022	Jul. 05, 2022	Jul. 04, 2022	Oct. 31, 2021
Revolving Credit Facility [Member] \| Prime Rate [Member]
Debt Instrument, Basis Spread on Variable Rate		1.50%
Pinnacle Financial Partners [Member]
Debt Instrument, Interest Rate, Stated Percentage		3.95%
Pinnacle Financial Partners [Member] \| Revolving Credit Facility [Member]
Long-Term Line of Credit, Total		$ 5,900,000			$ 3,500,000
Line of Credit Facility, Remaining Borrowing Capacity		4,900,000			$ 4,400,000
North Mill Capital LLC [Member] \| Revolving Credit Facility [Member]
Line of Credit Facility, Restricted Capacity for Advances		$ 1,150,000	$ 1,150,000	$ 1,500,000
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, Maximum Borrowing Capacity		$ 18,000,000
Debt Instrument, Interest Rate, Effective Percentage	4.75%	7.00%
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%

Note 6 - Long-term Debt and Notes Payable - Long-term Debt (Details) - USD ($)	Jul. 31, 2022	Oct. 31, 2021
Long-term debt	$ 4,610,654	$ 4,853,451
Less current installments	334,700	324,840
Long-term debt, excluding current installments	4,275,954	4,528,611
Virginia Real Estate Loan [Member]
Long-term debt	3,727,295	3,899,076
North Carolina Real Estate Loan [Member]
Long-term debt	$ 883,359	$ 954,375

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Note 6 - Long-term Debt and Notes Payable - Long-term Debt (Details) (Parentheticals) - USD ($)	9 Months Ended	12 Months Ended
	Jul. 31, 2022	Oct. 31, 2021
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	$ 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 7 - Leases (Details Textual)	3 Months Ended		9 Months Ended
Note 7 - Leases (Details Textual)	Jul. 31, 2022 USD ($) ft²	Jul. 31, 2021 USD ($)	Jul. 31, 2022 USD ($) ft²	Jul. 31, 2021 USD ($)	Oct. 31, 2021 USD ($)
Operating Lease, Expense	$ 103,333	$ 103,333	$ 310,000	$ 303,902
Operating Lease, Weighted Average Remaining Lease Term (Year)	27 years 1 month 6 days		27 years 1 month 6 days
Operating Lease, Weighted Average Discount Rate, Percent	5.00%		5.00%
Operating Lease, Payments	$ 108,683	$ 106,182	$ 323,802	301,156
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability			0	208,390
Finance Lease, Interest Expense	2,150		6,751
Finance Lease, Right-of-Use Asset, Amortization	$ 7,374		$ 22,123
Lessee, Finance Lease, Remaining Lease Term (Month)	49 months		49 months
Lessee, Finance Lease, Discount Rate	4.75%		4.75%
Finance Lease, Principal Payments	$ 8,567		$ 25,401	$ (0)
Other Assets [Member]
Operating Lease, Right-of-Use Asset	755,737		755,737		$ 1,028,639
Finance Lease, Right-of-Use Asset, after Accumulated Amortization, Total	178,214		178,214		200,337
Accounts Payable and Accrued Liabilities and Noncurrent Liabilities [Member]
Operating Lease, Liability, Current	377,953		377,953		385,463
Finance Lease, Liability, Current	35,303		35,303		34,071
Other Noncurrent Liabilities [Member]
Operating Lease, Liability, Noncurrent	450,558		450,558		729,753
Finance Lease, Liability, Noncurrent	$ 140,001		$ 140,001		$ 166,634
Operating Lease for Office, Manufacturing and Warehouse Space in Plano, Texas [Member]
Area of Real Estate Property (Square Foot) \| ft²	34,000		34,000
Operating Lease for Warehouse Space in Roanoke, Virginia [Member]
Area of Real Estate Property (Square Foot) \| ft²	36,000		36,000
Operating Lease For Office Equipment [Member]
Lessee, Operating Lease, Term of Contract (Month)	60 months		60 months

Note 7 - Leases - Future Payments Due (Details)

Jul. 31, 2022

USD ($)

2022, operating

$ 108,683

^[1]

10,717

382,716

42,868

331,438

42,868

55,023

42,868

55,715

Total undiscounted operating lease payments

877,860

Total undiscounted finance lease payments

195,036

Present value discount, operating

(49,349)

Present value discount, finance

(19,732)

Accounts Payable and Accrued Liabilities and Noncurrent Liabilities [Member]

Total lease liability, operating

828,511

Total lease liability, finance

$ 175,304

[1]	(1) Remaining nine months of fiscal year 2022

Note 9 - Net Income (Loss) Per Share (Details Textual) - shares	3 Months Ended	9 Months Ended
	Jul. 31, 2022	Jul. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	377,470	351,340

Note 9 - Net Income (Loss) Per Share - Components of Reconciliation of Numerators and Denominators Net Loss Per Share (Details) - USD ($)	3 Months Ended						9 Months Ended
	Jul. 31, 2022	Apr. 30, 2022	Jan. 31, 2022	Jul. 31, 2021	Apr. 30, 2021	Jan. 31, 2021	Jul. 31, 2022	Jul. 31, 2021
Net income (loss)	$ (371,871)	$ (227,991)	$ (935,793)	$ 5,372,767	$ 3,385,159	$ (2,141,480)	$ (1,535,655)	$ 6,616,446
Shares (denominator) (in shares)	7,516,757			7,547,877			7,525,482	7,540,083
Net income (loss) per share: Basic and diluted (in dollars per share)	$ (0.05)			$ 0.71			$ (0.20)	$ 0.88

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

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+ Details

- Definition

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

+ References

+ Details

Note 10 - Segment Information and Business and Credit Concentrations (Details Textual) - Customer Concentration Risk [Member] - Revenue Benchmark [Member]	3 Months Ended		9 Months Ended
	Jul. 31, 2022	Jul. 31, 2021	Jul. 31, 2022	Jul. 31, 2021
Concentration Risk, Number of Customers			1	1
Customer One [Member]
Concentration Risk, Percentage	15.80%	20.90%	16.70%	20.00%

Note 11 - Revenue Recognition (Details Textual) - USD ($)	Jul. 31, 2022	Oct. 31, 2021
Contract with Customer, Liability, Total	$ 309,007	$ 308,406
Contract with Customer, Refund Liability, Total	$ 128,544	$ 159,125

Note 11 - Revenue Recognition - Revenue Attributed to United States and All Other Countries (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jul. 31, 2022	Jul. 31, 2021	Jul. 31, 2022	Jul. 31, 2021
Net sales	$ 17,382,640	$ 15,634,760	$ 49,023,513	$ 43,252,447
UNITED STATES
Net sales	14,667,822	12,922,510	41,604,490	35,007,855
Non-US [Member]
Net sales	$ 2,714,818	$ 2,712,250	$ 7,419,023	$ 8,244,592

- 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 - Employee Retention Tax Credit (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Apr. 30, 2021	Jul. 31, 2021	Jul. 31, 2022
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