0001437749-23-034978 | 10-K | XBRL Viewer

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.

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Note 7 - Long-term Debt and Notes Payable (Details Textual) - USD ($)		12 Months Ended
	Jul. 24, 2020	Oct. 31, 2023	Oct. 31, 2022	Jul. 05, 2022	Jul. 04, 2022
Long-Term Debt, Maturity, Year One		$ 52,624
Long-Term Debt, Maturity, Year Two		8,381,756
Long-Term Debt, Maturity, Year Three		$ 2,565,260
North Mill Capital LLC [Member] \| Revolving Credit Facility [Member]
Debt Instrument, Interest Rate, Effective Percentage	4.75%	10.00%
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, Term Extensions (Year)	1 year
Long-Term Line of Credit, Total		8,300,000	$ 6,000,000
Line of Credit Facility, Remaining Borrowing Capacity		$ 2,600,000	$ 5,900,000
North Mill Capital LLC [Member] \| Revolving Credit Facility [Member] \| Prime Rate [Member]
Debt Instrument, Basis Spread on Variable Rate		1.50%
North Mill Capital LLC [Member] \| Maximum [Member] \| Revolving Credit Facility [Member]
Debt Instrument, Interest Rate, Effective Percentage		6.00%
North Mill Capital LLC [Member] \| Virginia Real Estate Loan [Member] \| Minimum [Member]
Debt Instrument, Interest Rate, Effective Percentage		8.50%

Note 4 - Property and Equipment, Net - Schedule of Property and Equipment (Details) - USD ($)	Oct. 31, 2023	Oct. 31, 2022
Property and equipment, gross	$ 38,741,003	$ 39,502,930
Less accumulated amortization and depreciation	(31,601,387)	(32,112,645)
Property and equipment, net	7,139,616	7,390,285
Land and Land Improvements [Member]
Property and equipment, gross	3,148,834	3,148,834
Building and Building Improvements [Member]
Property and equipment, gross	8,305,039	8,311,953
Machinery and Equipment [Member]
Property and equipment, gross	26,185,346	26,909,968
Furniture and Fixtures [Member]
Property and equipment, gross	902,012	902,012
Construction in Progress [Member]
Property and equipment, gross	$ 199,772	$ 230,163

Note 12 - Income Taxes - Income Tax Expense (Details) - USD ($)	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
U.S. Federal, Current Income Tax Expense (Benefit)	$ 105,756	$ 0	$ 0
U.S. Federal, Deferred Income Tax Expense (Benefit)	0	0	0
U.S. Federal, Net Income Tax Expense (Benefit)	105,756	0	0
State, Current Income Tax Expense (Benefit)	39,968	24,693	(19,898)
State, Deferred Income Tax Expense (Benefit)	0	0	0
State, Net Income Tax Expense (Benefit)	39,968	24,693	(19,898)
Total, Current Income Tax Expense (Benefit)	145,724	24,693	(19,898)
Total, Deferred Income Tax Expense (Benefit)	0	0	0
Total, Net Income Tax Expense (Benefit)	$ 145,724	$ 24,693	$ (19,898)

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

Note 15 - Shareholders' Equity

12 Months Ended

Oct. 31, 2023

Equity [Text Block]

(15)

Shareholders’ Equity

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.

Optical Cable Corporation (OCC)

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

The entire disclosure for equity.

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Consolidated Balance Sheets (Parentheticals) - USD ($) $ / shares in Thousands	Oct. 31, 2023	Oct. 31, 2022
Accounts Receivable, Allowance for Credit Loss, Current	$ 71,189	$ 69,643
Preferred Stock, No Par Value (in dollars per share)	$ 0	$ 0
Preferred Stock, Shares Authorized (in shares)	1,000,000	1,000,000
Preferred Stock, Shares Issued (in shares)	0	0
Preferred Stock, Shares Outstanding, Ending Balance (in shares)	0	0
Common Stock, No Par Value (in dollars per share)	$ 0	$ 0
Common Stock, Shares Authorized (in shares)	50,000,000	50,000,000
Common Stock, Shares, Issued (in shares)	7,893,681	7,893,194
Common Stock, Shares, Outstanding, Ending Balance (in shares)	7,893,681	7,893,194

Consolidated Statements of Operations - USD ($)	12 Months Ended
Consolidated Statements of Operations - USD ($)	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Net sales	$ 72,173,752	$ 69,079,263	$ 59,136,294
Cost of goods sold	49,879,676	48,568,410	42,862,215
Gross profit	22,294,076	20,510,853	16,274,079
Selling, general and administrative expenses	21,220,741	19,959,735	18,239,152
Royalty (income) expense, net	26,315	26,747	(37,261)
Amortization of intangible assets	53,941	51,507	45,511
Income (loss) from operations	993,079	472,864	(1,973,323)
Other income (expense), net
Interest expense	(1,152,554)	(768,286)	(690,384)
Gain on insurance proceeds, net	2,199,463	0	0
Other, net	172,234	(26,976)	9,254,325
Other income (expense), net	1,219,143	(795,262)	8,563,941
Income (loss) before income taxes	2,212,222	(322,398)	6,590,618
Income tax expense (benefit)	145,724	24,693	(19,898)
Net income (loss)	$ 2,066,498	$ (347,091)	$ 6,610,516
Net income (loss) per share - basic and diluted (in dollars per share)	$ 0.26	$ (0.05)	$ 0.87

Note 8 - Leases

12 Months Ended

Oct. 31, 2023

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. During fiscal year 2023, the lease term was extended for an additional three years. The new expiration date is April 30, 2026.

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 lease. The Company exercises judgment to determine the term of those leases when such options are present and includes 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.

Optical Cable Corporation (OCC)

Operating lease right-of-use assets of $596,578 and $662,328 were included in other assets at October 31, 2023 and 2022, respectively. Operating lease liabilities of $414,159 and $227,925, respectively, were included in accounts payable and accrued expenses, and other noncurrent liabilities at October 31, 2023. Operating lease liabilities of $355,183 and $374,570, respectively, were included in accounts payable and accrued expenses, and other noncurrent liabilities at October 31, 2022. Operating lease expense for the fiscal years ended October 31, 2023, 2022 and 2021 was $430,765, $413,333 and $407,235, respectively.

The weighted average remaining lease term for the operating leases is 21 months and the weighted average discount rate is 7.3% as of October 31, 2023.

For the fiscal years ended October 31, 2023 and 2022, cash paid for operating lease liabilities totaled $439,016 and $432,485, respectively. For the fiscal years ended October 31, 2023 and 2022, there were no right-of-use assets obtained in exchange for new operating lease liabilities.

Finance lease right-of-use assets of $141,342 and $170,839 were included in other assets at October 31, 2023 and 2022, respectively. Finance lease liabilities of $37,459 and $93,451, respectively, were included in accounts payable and accrued expenses and other noncurrent liabilities at October 31, 2023. Finance lease liabilities of $35,724 and $130,911, respectively, were included in accounts payable and accrued expenses and other noncurrent liabilities at October 31, 2022. Interest expense related to the finance lease totaled $7,144 and $8,798, respectively, for the fiscal years ended October 31, 2023 and 2022. Amortization expense related to the finance lease totaled $29,497 for the fiscal years ended October 31, 2023 and 2022.

The remaining lease term for the finance lease is 34 months and the discount rate is 4.75% as of October 31, 2023.

For the fiscal year ended October 31, 2023, cash paid for the finance lease liability totaled $7,144 and $35,724 for interest and principal, respectively. For the fiscal years ended October 31, 2022, cash paid for the finance lease liability totaled $8,798 and $34,069 for interest and principal, respectively.

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

Fiscal Year	Operating leases			Finance lease
2024	$	448,298		$	42,868
2025		177,997			42,868
2026		63,644			55,715
Total undiscounted lease payments		689,939			141,451
Present value discount		(47,855	)		(10,541	)
Total lease liability	$	642,084		$	130,910

Consolidated Balance Sheets - USD ($)	Oct. 31, 2023	Oct. 31, 2022
Current assets:
Cash	$ 1,468,709	$ 215,936
Trade accounts receivable, net of allowance for credit losses of $71,189 in 2023 and $69,643 in 2022	8,727,810	10,963,753
Income taxes refundable - current	81,844	0
Other receivables	397,758	37,442
Inventories	23,766,326	19,438,766
Prepaid expenses and other assets	595,469	540,225
Total current assets	35,037,916	31,196,122
Property and equipment, net	7,139,616	7,390,285
Intangible assets, net	566,197	618,142
Other assets, net	1,135,172	1,353,257
Total assets	43,878,901	40,557,806
Current liabilities:
Current installments of long-term debt	52,624	338,094
Accounts payable and accrued expenses	5,843,044	5,354,150
Accrued compensation and payroll taxes	1,849,780	1,772,551
Income taxes payable	22,754	18,098
Total current liabilities	7,768,202	7,482,893
Note payable, revolver - noncurrent	8,324,397	5,999,663
Long-term debt, excluding current installments	2,622,620	4,190,508
Other noncurrent liabilities	441,838	725,024
Total liabilities	19,157,057	18,398,088
Shareholders’ equity:
Preferred stock, no par value, authorized 1,000,000 shares; none issued and outstanding	0	0
Common stock, no par value, authorized 50,000,000 shares; issued and outstanding 7,893,681 shares in 2023 and 7,893,194 shares in 2022	15,134,133	14,638,505
Retained earnings	9,587,711	7,521,213
Total shareholders’ equity	24,721,844	22,159,718
Commitments and Contingencies
Total liabilities and shareholders’ equity	$ 43,878,901	$ 40,557,806

Note 3 - Inventories (Tables)

12 Months Ended

Oct. 31, 2023

Schedule of Inventory, Current [Table Text Block]

	October 31,
	2023		2022
Finished goods	$	5,937,682	$	3,894,102
Work in process		4,372,913		4,054,789
Raw materials		13,130,478		11,093,140
Production supplies		325,253		396,735
Total	$	23,766,326	$	19,438,766

Note 11 - Revenue Recognition - Revenue Attributed to United States and All Other Countries (Details) - USD ($)	3 Months Ended								12 Months Ended
	Oct. 31, 2023	Jul. 31, 2023	Apr. 30, 2023	Jan. 31, 2023	Oct. 31, 2022	Jul. 31, 2022	Apr. 30, 2022	Jan. 31, 2022	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Net sales	$ 17,329,163	$ 16,941,378	$ 19,619,536	$ 18,283,675	$ 20,055,750	$ 17,382,640	$ 17,200,578	$ 14,440,295	$ 72,173,752	$ 69,079,263	$ 59,136,294
UNITED STATES
Net sales									59,062,858	58,415,280	48,537,091
Non-US [Member]
Net sales									$ 13,110,894	$ 10,663,983	$ 10,599,203

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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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

Note 2 - Allowance for Credit Losses for Trade Accounts Receivable

12 Months Ended

Oct. 31, 2023

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

(2)

Allowance for Credit Losses for Trade Accounts Receivable

A summary of changes in the allowance for credit losses for trade accounts receivable for the years ended October 31, 2023, 2022 and 2021 follows:

	Years ended October 31,
	2023		2022		2021
Balance at beginning of year	$	69,643	$	61,527	$	524,617
Bad debt expense		1,546		8,116		10,750
Losses charged to allowance		—		—		(473,840	)
Balance at end of year	$	71,189	$	69,643	$	61,527

Note 4 - Property and Equipment, Net (Tables)

12 Months Ended

Oct. 31, 2023

Property, Plant and Equipment [Table Text Block]

	October 31,
	2023			2022
Land and land improvements	$	3,148,834		$	3,148,834
Buildings and improvements		8,305,039			8,311,953
Machinery and equipment		26,185,346			26,909,968
Furniture and fixtures		902,012			902,012
Construction in progress		199,772			230,163
Total property and equipment, at cost		38,741,003			39,502,930
Less accumulated amortization and depreciation		(31,601,387	)		(32,112,645	)
Property and equipment, net	$	7,139,616		$	7,390,285

Note 6 - Product Warranties (Tables)

12 Months Ended

Oct. 31, 2023

Schedule of Product Warranty Liability [Table Text Block]

	Years ended October 31,
	2023			2022
Balance at beginning of year	$	75,000		$	75,000
Liabilities accrued for warranties issued during the year		114,577			97,501
Warranty claims paid during the period		(84,548	)		(52,465	)
Changes in liability for pre-existing warranties during the year		(25,029	)		(45,036	)
Balance at end of year	$	80,000		$	75,000

Note 4 - Property and Equipment, Net

12 Months Ended

Oct. 31, 2023

Property, Plant and Equipment Disclosure [Text Block]

(4)

Property and Equipment, Net

Property and equipment, net as of October 31, 2023 and 2022 consists of the following:

	October 31,
	2023			2022
Land and land improvements	$	3,148,834		$	3,148,834
Buildings and improvements		8,305,039			8,311,953
Machinery and equipment		26,185,346			26,909,968
Furniture and fixtures		902,012			902,012
Construction in progress		199,772			230,163
Total property and equipment, at cost		38,741,003			39,502,930
Less accumulated amortization and depreciation		(31,601,387	)		(32,112,645	)
Property and equipment, net	$	7,139,616		$	7,390,285

Note 12 - Income Taxes - Effective Income Tax (Details) - USD ($)	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
“Expected” income taxes (benefit)	$ 464,567	$ (67,704)	$ 1,384,030
State income taxes, net of federal benefit	25,751	10,217	136,875
Provision to return reconciliation adjustment	81,100	11,516	(13,721)
Excess tax benefits related to share-based compensation	(11,875)	(44,562)	(9,118)
PPP Loan forgiveness	0	0	(1,046,094)
Non-deductible life insurance premiums	5,527	5,527	5,527
Other differences, net	11,918	4,338	1,642
Change in valulation allowance	(431,264)	105,361	(479,039)
Reported income tax expense (benefit)	$ 145,724	$ 24,693	$ (19,898)

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

Note 9 - Employee Benefits (Tables)

12 Months Ended

Oct. 31, 2023

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, 2022		377,470		$	3.53
Granted		28,560			3.74
Vested		(114,876	)		3.68
Balance at October 31, 2023		291,154		$	3.49

Note 18 - Contingencies

12 Months Ended

Oct. 31, 2023

Commitments and Contingencies Disclosure [Text Block]

(18)

Contingencies

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

Note 5 - Intangible Assets (Details Textual) - USD ($)	12 Months Ended
Note 5 - Intangible Assets (Details Textual) - USD ($)	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Amortization of Intangible Assets	$ 53,941	$ 51,507	$ 45,511
Finite-Lived Intangible Asset, Expected Amortization, Year One	54,000
Finite-Lived Intangible Asset, Expected Amortization, Year Two	54,000
Finite-Lived Intangible Asset, Expected Amortization, Year Three	54,000
Finite-Lived Intangible Asset, Expected Amortization, Year Four	54,000
Finite-Lived Intangible Asset, Expected Amortization, Year Five	54,000
Finite-Lived Intangible Assets, Gross	868,564	856,167
Finite-Lived Intangible Assets, Accumulated Amortization	$ 313,927	$ 274,417

Note 17 - 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	Oct. 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	$ 4,340,365

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, 2023	Oct. 31, 2022	Oct. 31, 2021
Balance at beginning of year	$ 69,643	$ 61,527	$ 524,617
Bad debt expense	1,546	8,116	10,750
Losses charged to allowance	0	0	(473,840)
Balance at end of year	$ 71,189	$ 69,643	$ 61,527

Note 7 - Long-term Debt and Notes Payable

12 Months Ended

Oct. 31, 2023

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”) and a Revolving Credit Master Promissory Note and related Loan and Security Agreement (collectively, the “Revolver”).

On October 31, 2023, OCC and Northeast Bank entered into an Omnibus Amendment of Loan Documents (the “Amendment”) to modify certain loan documents currently in effect between the parties related to the Virginia Real Estate Loan and a supplemental real estate term loan (the “North Carolina Real Estate Loan”). The primary purpose of the Amendment was to: (i) pay off the North Carolina Real Estate Loan; (ii) pay down the balance on the Virginia Real Estate Loan; (iii) extend the maturity date of the Virginia Real Estate Loan through May 5, 2026; (iv) release the collateral of the North Carolina Real Estate Loan; and (v) effective October 5, 2023, modify the interest rate of the Virginia Real Estate Loan to a variable rate equal to the Prime Rate, provided that the interest rate shall never be less than 8.5% per annum.

The Loan remains generally secured by a first lien deed of trust on the land and buildings at the Company’s headquarters and manufacturing facilities located in Roanoke, Virginia. All other terms of the Virginia Real Estate Loan remain unaltered and remain in full force and effect.

The Virginia Real Estate Loan is payable in monthly installments of principal and interest. Principal is calculated using the unpaid balance of the loan and a two hundred forty (240) month amortization schedule. Interest is computed on the aggregate principal balance outstanding at a rate equal to the Prime Rate, adjusted monthly on the fifth day of each calendar month in accordance with changes to the Prime Rate, provided, however, that the interest rate is never less than 8.5% per annum on the basis of a 360-day year times the actual number of days elapsed.

Long-term debt as of October 31, 2023 and 2022 consists of the following:

	October 31,
	2023		2022
Virginia Real Estate Loan ($6.5 million original principal)	$	2,675,244	$	3,669,294
North Carolina Real Estate Loan ($2.24 million original principal)		—		859,308
Total long-term debt		2,675,244		4,528,602
Less current installments		52,624		338,094
Long-term debt, excluding current installments	$	2,622,620	$	4,190,508

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 Revolver dated July 24, 2020. In addition to certain other modifications to the Revolver as set forth in the Modification Agreement, the Modification Agreement provided a two-year extension of the initial term of the Revolver to July 24, 2025, and reduced 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 October 31, 2023, the Revolver accrued interest at the prime lending rate plus 1.5% (resulting in a 10.0% rate at October 31, 2023). The loan may be extended in one year periods subject to the agreement of SLR.

Optical Cable Corporation (OCC)

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 Revolver.

As of October 31, 2023, the Company had $8.3 million of outstanding borrowings on its Revolver and $2.6 million in available credit. As of October 31, 2022 the Company had $6.0 million of outstanding borrowings on its Revolver and $5.9 million in available credit.

The aggregate maturities of long-term debt for each of the three years subsequent to October 31, 2023 are $52,624 in fiscal year 2024, $8,381,756 in fiscal year 2025 and $2,565,260 in fiscal year 2026.

Note 6 - Product Warranties (Details Textual) - USD ($)	12 Months Ended
Note 6 - Product Warranties (Details Textual) - USD ($)	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Standard and Extended Product Warranty Accrual, Ending Balance	$ 80,000	$ 75,000	$ 75,000
Product Warranty Expense	89,548	52,465	$ 55,592
Accounts Payable and Accrued Liabilities [Member]
Standard and Extended Product Warranty Accrual, Ending Balance	$ 80,000	$ 75,000

Note 12 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($)	Oct. 31, 2023	Oct. 31, 2022
Accounts receivable, due to allowances for credit losses and sales returns	$ 35,563	$ 32,600
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	1,099,469	894,666
Liabilities recorded for accrued expenses, deductible for tax purposes when paid	67,842	90,306
Share-based compensation expense	116,939	72,925
Section 163(j) interest	3,450	101,682
Research and experimental expenditures, due to capitalization for tax purposes	85,419	0
Net operating loss carryforwards	2,494,887	3,156,960
Plant and equipment, due to differences in depreciation and capital gain recognition	43,229	13,822
Other	8,122	23,223
Total gross deferred tax assets	3,954,920	4,386,184
Valuation allowance	(3,954,920)	(4,386,184)
Net deferred tax assets	$ 0	$ 0

Note 8 - Leases (Details Textual)	12 Months Ended
Note 8 - Leases (Details Textual)	Oct. 31, 2023 USD ($) ft²	Oct. 31, 2022 USD ($)	Oct. 31, 2021 USD ($)
Operating Lease, Expense	$ 430,765	$ 413,333	$ 407,235
Operating Lease, Weighted Average Remaining Lease Term (Month)	21 months
Operating Lease, Weighted Average Discount Rate, Percent	7.30%
Operating Lease, Payments	$ 439,016	432,485
Finance Lease, Interest Expense	7,144	8,798
Finance Lease, Right-of-Use Asset, Amortization	$ 29,497	29,497
Lessee, Finance Lease, Remaining Lease Term (Month)	34 months
Lessee, Finance Lease, Discount Rate	4.75%
Finance Lease, Principal Payments	$ 35,724	34,069	$ 5,777
Other Assets [Member]
Operating Lease, Right-of-Use Asset	596,578	662,328
Finance Lease, Right-of-Use Asset, after Accumulated Amortization, Total	141,342	170,839
Accounts Payable and Accrued Liabilities [Member]
Operating Lease, Liability, Current	414,159	355,183
Other Noncurrent Liabilities [Member]
Operating Lease, Liability, Noncurrent	227,925	374,570
Finance Lease, Liability, Noncurrent	93,451	130,911
Accounts Payable and Accrued Liabilities, Current [Member]
Finance Lease, Liability, Current	$ 37,459	$ 35,724
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
Lessee, Operating Lease, Term of Contract	3 years
Operating Lease For Office Equipment [Member]
Lessee, Operating Lease, Term of Contract	60 months

Note 3 - Inventories

12 Months Ended

Oct. 31, 2023

Inventory Disclosure [Text Block]

(3)

Inventories

Inventories as of October 31, 2023 and 2022 consist of the following:

	October 31,
	2023		2022
Finished goods	$	5,937,682	$	3,894,102
Work in process		4,372,913		4,054,789
Raw materials		13,130,478		11,093,140
Production supplies		325,253		396,735
Total	$	23,766,326	$	19,438,766

Optical Cable Corporation (OCC)

Note 7 - Long-term Debt and Notes Payable - Long-term Debt (Details) - USD ($)	Oct. 31, 2023	Oct. 31, 2022
Long-term debt	$ 2,675,244	$ 4,528,602
Less current installments	52,624	338,094
Long-term debt, excluding current installments	2,622,620	4,190,508
Virginia Real Estate Loan [Member]
Long-term debt	2,675,244	3,669,294
North Carolina Real Estate Loan [Member]
Long-term debt	$ 0	$ 859,308

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

Note 11 - Revenue Recognition (Details Textual) - USD ($)	Oct. 31, 2023	Oct. 31, 2022
Contract with Customer, Liability, Total	$ 110,336	$ 317,310
Contract with Customer, Refund Liability, Total	$ 252,264	$ 233,494

Note 3 - Inventories - Components of Inventories (Details) - USD ($)	Oct. 31, 2023	Oct. 31, 2022
Finished goods	$ 5,937,682	$ 3,894,102
Work in process	4,372,913	4,054,789
Raw materials	13,130,478	11,093,140
Production supplies	325,253	396,735
Total	$ 23,766,326	$ 19,438,766

Note 13 - Fair Value Measurements

12 Months Ended

Oct. 31, 2023

Fair Value Disclosures [Text Block]

(13)

Fair Value Measurements

The carrying amounts reported in the consolidated balance sheets for cash, trade accounts receivable, other receivables, current installments of long-term debt, accounts payable and accrued expenses, income taxes refundable – current, accrued compensation and payroll taxes, and income taxes payable 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 because the interest rates vary with the market. 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.

Optical Cable Corporation (OCC)

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.

Note 12 - Income Taxes

12 Months Ended

Oct. 31, 2023

Income Tax Disclosure [Text Block]

(12)

Income Taxes

Income tax expense (benefit) for the years ended October 31, 2023, 2022 and 2021 consists of:

Fiscal year ended October 31, 2023	Current			Deferred		Total
U.S. Federal	$	105,756		$	—	$	105,756
State		39,968			—		39,968
Totals	$	145,724		$	—	$	145,724
Fiscal year ended October 31, 2022	Current			Deferred		Total
U.S. Federal	$	—		$	—	$	—
State		24,693			—		24,693
Totals	$	24,693		$	—	$	24,693
Fiscal year ended October 31, 2021	Current			Deferred		Total
U.S. Federal	$	—		$	—	$	—
State		(19,898	)		—		(19,898	)
Totals	$	(19,898	)	$	—	$	(19,898	)

Reported income tax expense for the years ended October 31, 2023, 2022 and 2021 differs from the “expected” tax expense (benefit), computed by applying the U.S. Federal statutory income tax rate of 21% in fiscal years 2023, 2022 and 2021 to income before income taxes as follows:

	Years ended October 31,
	2023			2022			2021
“Expected” income taxes (benefit)	$	464,567		$	(67,704	)	$	1,384,030
Increase (reduction) in income tax expense (benefit) resulting from:
State income taxes, net of federal benefit		25,751			10,217			136,875
Provision to return reconciliation adjustment		81,100			11,516			(13,721	)
Excess tax benefits related to share-based compensation		(11,875	)		(44,562	)		(9,118	)
PPP Loan forgiveness		—			—			(1,046,094	)
Non-deductible life insurance premiums		5,527			5,527			5,527
Other differences, net		11,918			4,338			1,642
Change in valulation allowance		(431,264	)		105,361			(479,039	)
Reported income tax expense (benefit)	$	145,724		$	24,693		$	(19,898	)

Optical Cable Corporation (OCC)

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, 2023 and 2022 are presented below:

	October 31,
	2023			2022
Deferred tax assets:
Accounts receivable, due to allowances for credit losses and sales returns	$	35,563		$	32,600
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		1,099,469			894,666
Liabilities recorded for accrued expenses, deductible for tax purposes when paid		67,842			90,306
Share-based compensation expense		116,939			72,925
Section 163(j) interest		3,450			101,682
Research and experimental expenditures, due to capitalization for tax purposes		85,419			—
Net operating loss carryforwards		2,494,887			3,156,960
Plant and equipment, due to differences in depreciation and capital gain recognition		43,229			13,822
Other		8,122			23,223
Total gross deferred tax assets		3,954,920			4,386,184
Valuation allowance		(3,954,920	)		(4,386,184	)
Net deferred tax assets	$	—		$	—

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, 2023, $672,000 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 $10,712,376 and $1,756,107, respectively. Federal NOL carryforwards originate with certain fiscal years from 2019 through 2022 and do not expire. State NOL carryforwards originate with certain fiscal years from 2015 through 2022 and will not begin to expire until fiscal year 2030.

For the fiscal years ended October 31, 2023 and 2022, 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 $3,954,920 and $4,386,184, respectively, against net deferred tax assets existing as of October 31, 2023 and 2022.

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.

Optical Cable Corporation (OCC)

A reconciliation of the unrecognized tax benefits for fiscal years 2023 and 2022 follows:

	October 31,
	2023			2022
Unrecognized tax benefits balance at beginning of year	$	28,488		$	28,488
Gross decreases for tax positions of prior years		(1,330	)		—
Gross increases for current year tax positions		1,036			—
Unrecognized tax benefits balance at end of year	$	28,194		$	28,488

During fiscal year 2023, the Company increased accrued interest by $1,546 and decreased accrued penalties by $332 related to unrecognized tax benefits. During fiscal year 2022, the Company increased accrued interest by $2,448 and no penalties were accrued related to unrecognized tax benefits. As of October 31, 2023 and 2022, the Company had approximately $17,268 and $16,055, 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 $20,073 and $20,630 as of October 31, 2023 and 2022, 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, 2020 through October 31, 2022.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
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Note 2 - Allowance for Credit Losses for Trade Accounts Receivable (Tables)

12 Months Ended

Oct. 31, 2023

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

	Years ended October 31,
	2023		2022		2021
Balance at beginning of year	$	69,643	$	61,527	$	524,617
Bad debt expense		1,546		8,116		10,750
Losses charged to allowance		—		—		(473,840	)
Balance at end of year	$	71,189	$	69,643	$	61,527

Note 8 - Leases (Tables)

12 Months Ended

Oct. 31, 2023

Lessee, Lease Liability, Maturity [Table Text Block]

Fiscal Year	Operating leases			Finance lease
2024	$	448,298		$	42,868
2025		177,997			42,868
2026		63,644			55,715
Total undiscounted lease payments		689,939			141,451
Present value discount		(47,855	)		(10,541	)
Total lease liability	$	642,084		$	130,910

Note 20 - Quarterly Results of Operations (Unaudited) - Schedule of Quarterly Financial Information (Details) - USD ($)	3 Months Ended								12 Months Ended
	Oct. 31, 2023	Jul. 31, 2023	Apr. 30, 2023	Jan. 31, 2023	Oct. 31, 2022	Jul. 31, 2022	Apr. 30, 2022	Jan. 31, 2022	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Net sales	$ 17,329,163	$ 16,941,378	$ 19,619,536	$ 18,283,675	$ 20,055,750	$ 17,382,640	$ 17,200,578	$ 14,440,295	$ 72,173,752	$ 69,079,263	$ 59,136,294
Gross profit	3,874,131	5,116,030	6,782,706	6,521,209	6,623,350	4,808,205	5,033,446	4,045,852	22,294,076	20,510,853	16,274,079
Selling, general and administrative expenses	5,145,418	4,957,518	5,662,339	5,455,466	5,188,984	4,954,221	5,036,331	4,780,199	21,220,741	19,959,735	18,239,152
Income (loss) from operations	(1,291,388)	138,425	1,100,106	1,045,936	1,413,659	(166,384)	(21,011)	(753,400)	993,079	472,864	(1,973,323)
Income (loss) before income taxes	(1,228,129)	99,883	2,498,020	842,448	1,196,081	(362,249)	(233,185)	(923,045)	$ 2,212,222	$ (322,398)	$ 6,590,618
Net income (loss)	$ (1,267,376)	$ 100,803	$ 2,423,087	$ 809,984	$ 1,188,564	$ (371,871)	$ (227,991)	$ (935,793)
Net income (loss) per share - basic and diluted (in dollars per share)	$ (0.17)	$ 0.01	$ 0.31	$ 0.1	$ 0.15	$ (0.05)	$ (0.03)	$ (0.12)	$ 0.26	$ (0.05)	$ 0.87

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

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Note 11 - Revenue Recognition (Tables)

12 Months Ended

Oct. 31, 2023

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

	Years ended October 31,
	2023		2022		2021
United States	$	59,062,858	$	58,415,280	$	48,537,091
Outside the United States		13,110,894		10,663,983		10,599,203
Total net sales	$	72,173,752	$	69,079,263	$	59,136,294

Note 16 - Gain on Insurance Proceeds (Details Textual) - USD ($)	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Proceeds from Insurance Settlement, Investing Activities	$ 1,946,992	$ 0	$ 0
Other Nonoperating Income (Expense) [Member]
Proceeds from Insurance Settlement, Investing Activities	2,199,463
Water Damage from Pipe Burst [Member]
Unusual or Infrequent Item, or Both, Net of Insurance Proceeds	2,580,986
Unusual or Infrequent Item, or Both, Gain, Gross	7,538
Unusual or Infrequent Item, or Both, Loss, Gross	$ 381,523

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

12 Months Ended

Oct. 31, 2023

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

	Years ended October 31,
	2023		2022			2021
Net income (loss) (numerator)	$	2,066,498	$	(347,091	)	$	6,610,516
Shares (denominator)		7,880,429		7,523,022			7,587,686
Basic and diluted net income (loss) per share	$	0.26	$	(0.05	)	$	0.87

Note 12 - Income Taxes (Details Textual) - USD ($)	12 Months Ended
Note 12 - Income Taxes (Details Textual) - USD ($)	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021	Oct. 31, 2009
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	21.00%	21.00%
Deferred Tax Assets, Gross	$ 3,954,920	$ 4,386,184
Deferred Tax Assets, Operating Loss Carryforwards	2,494,887	3,156,960
Deferred Tax Assets, Operating Loss Carryforwards, Domestic	10,712,376
Deferred Tax Assets, Operating Loss Carryforwards, State and Local	1,756,107
Deferred Tax Assets, Valuation Allowance	3,954,920	4,386,184
Unrecognized Tax Benefits, Interest on Income Taxes Accrued	1,546	2,448
Unrecognized Tax Benefits, Income Tax Penalties Accrued	332	0
Income Tax Examination, Penalties and Interest Accrued	17,268	16,055
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	20,073	$ 20,630
AOS Acquisition [Member]
Deferred Tax Assets, Gross				$ 1,517,605
Deferred Tax Assets, Operating Loss Carryforwards	$ 672,000			$ 4,455,525

Note 16 - Gain on Insurance Proceeds

12 Months Ended

Oct. 31, 2023

Unusual or Infrequent Items, or Both, Disclosure [Text Block]

(16)

Gain on Insurance Proceeds

During fiscal year 2023, the Company received insurance proceeds in connection with the office building and its contents at the Company’s Asheville facilities sustaining water damage from a burst pipe at the end of December 2022. The office building damaged is separate from the Company’s manufacturing building, which houses its manufacturing operations and certain offices at the same location. There was no significant impact to the Company’s operations as a result of this event.

Insurance proceeds received, or expected to be received, for all assets covered, net of applicable deductibles, totaled $2,580,986. During fiscal year 2023, the Company recorded a loss on property and equipment totaling $7,538 and incurred expenses for building stabilization and cleaning, removal of damaged items, and other miscellaneous and related activities totaling $381,523.

Insurance proceeds in excess of expenses incurred through October 31, 2023, a net total of $2,199,463, is included in other income (expense), net as a gain on insurance proceeds on the Company’s condensed consolidated statement of operations.

To the extent the Company incurs expenses in future periods for renovation, repair or replacement or damaged assets, the Company may recognize offsetting losses in those future periods. The Company does not expect any future restoration and repair costs to exceed any insurance proceeds.

Consolidated Statements of Shareholders' Equity - 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)	360,390
Share-based compensation, net	$ 335,519	0	335,519
Net income (loss)	$ 0	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
Share-based compensation, net (in shares)	(4,283)
Share-based compensation, net	$ 300,856	0	300,856
Net income (loss)	$ 0	(347,091)	(347,091)
Balances (in shares) at Oct. 31, 2022	7,893,194
Balances at Oct. 31, 2022	$ 14,638,505	7,521,213	22,159,718
Share-based compensation, net (in shares)	487
Share-based compensation, net	$ 495,628	0	495,628
Net income (loss)	$ 0	2,066,498	2,066,498
Balances (in shares) at Oct. 31, 2023	7,893,681
Balances at Oct. 31, 2023	$ 15,134,133	$ 9,587,711	$ 24,721,844

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

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Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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Note 15 - Shareholders' Equity (Details Textual)	Nov. 02, 2021 shares	Oct. 28, 2011 $ / shares shares	Oct. 31, 2023 shares
Common Stock Dividends, Rights Per Share (in shares) \| shares	1	1
Minimum Percentage of Stock Owner in Stockholder Protection Rights Agreement		15.00%
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) \| shares			100,000

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

12 Months Ended

Oct. 31, 2023

Schedule of Debt [Table Text Block]

	October 31,
	2023		2022
Virginia Real Estate Loan ($6.5 million original principal)	$	2,675,244	$	3,669,294
North Carolina Real Estate Loan ($2.24 million original principal)		—		859,308
Total long-term debt		2,675,244		4,528,602
Less current installments		52,624		338,094
Long-term debt, excluding current installments	$	2,622,620	$	4,190,508

Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Oct. 31, 2023	Dec. 13, 2023	Apr. 30, 2023
Document Information [Line Items]
Entity Registrant Name	OPTICAL CABLE CORPORATION
Document Type	10-K
Document, Annual Report	true
Document Period End Date	Oct. 31, 2023
Current Fiscal Year End Date	--10-31
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
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, 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
Document, Financial Statement Error Correction Flag	false
Entity Shell Company	false
Entity, Public Float			$ 25,396,122
Entity, Common Stock Shares, Outstanding		7,893,681
Amendment Flag	false
Auditor Name	Brown, Edwards & Company, L.L.P.
Auditor Firm ID	423
Auditor Location	Roanoke, Virginia
Entity Central Index Key	0001000230

Note 12 - Income Taxes (Tables)

12 Months Ended

Oct. 31, 2023

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

Fiscal year ended October 31, 2023	Current			Deferred		Total
U.S. Federal	$	105,756		$	—	$	105,756
State		39,968			—		39,968
Totals	$	145,724		$	—	$	145,724
Fiscal year ended October 31, 2022	Current			Deferred		Total
U.S. Federal	$	—		$	—	$	—
State		24,693			—		24,693
Totals	$	24,693		$	—	$	24,693
Fiscal year ended October 31, 2021	Current			Deferred		Total
U.S. Federal	$	—		$	—	$	—
State		(19,898	)		—		(19,898	)
Totals	$	(19,898	)	$	—	$	(19,898	)

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

	Years ended October 31,
	2023			2022			2021
“Expected” income taxes (benefit)	$	464,567		$	(67,704	)	$	1,384,030
Increase (reduction) in income tax expense (benefit) resulting from:
State income taxes, net of federal benefit		25,751			10,217			136,875
Provision to return reconciliation adjustment		81,100			11,516			(13,721	)
Excess tax benefits related to share-based compensation		(11,875	)		(44,562	)		(9,118	)
PPP Loan forgiveness		—			—			(1,046,094	)
Non-deductible life insurance premiums		5,527			5,527			5,527
Other differences, net		11,918			4,338			1,642
Change in valulation allowance		(431,264	)		105,361			(479,039	)
Reported income tax expense (benefit)	$	145,724		$	24,693		$	(19,898	)

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

	October 31,
	2023			2022
Deferred tax assets:
Accounts receivable, due to allowances for credit losses and sales returns	$	35,563		$	32,600
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		1,099,469			894,666
Liabilities recorded for accrued expenses, deductible for tax purposes when paid		67,842			90,306
Share-based compensation expense		116,939			72,925
Section 163(j) interest		3,450			101,682
Research and experimental expenditures, due to capitalization for tax purposes		85,419			—
Net operating loss carryforwards		2,494,887			3,156,960
Plant and equipment, due to differences in depreciation and capital gain recognition		43,229			13,822
Other		8,122			23,223
Total gross deferred tax assets		3,954,920			4,386,184
Valuation allowance		(3,954,920	)		(4,386,184	)
Net deferred tax assets	$	—		$	—

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

	October 31,
	2023			2022
Unrecognized tax benefits balance at beginning of year	$	28,488		$	28,488
Gross decreases for tax positions of prior years		(1,330	)		—
Gross increases for current year tax positions		1,036			—
Unrecognized tax benefits balance at end of year	$	28,194		$	28,488

Note 9 - Employee Benefits - Restricted Stock Activity (Details) - Restricted Stock [Member] - The 2017 Stock Incentive Plan [Member]	12 Months Ended
	Oct. 31, 2023 $ / shares shares
Balance (in shares) \| shares	377,470
Balance, weighted-average grant date fair value (in dollars per share) \| $ / shares	$ 3.53
Granted (in shares) \| shares	28,560
Granted, weighted-average grant date fair value (in dollars per share) \| $ / shares	$ 3.74
Vested (in shares) \| shares	(114,876)
Vested, weighted-average grant date fair value (in dollars per share) \| $ / shares	$ 3.68
Balance (in shares) \| shares	291,154
Balance, weighted-average grant date fair value (in dollars per share) \| $ / shares	$ 3.49

Note 6 - Product Warranties - Changes in Accrual for Product Warranties (Details) - USD ($)	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022
Balance at beginning of year	$ 75,000	$ 75,000
Liabilities accrued for warranties issued during the year	114,577	97,501
Warranty claims paid during the period	(84,548)	(52,465)
Changes in liability for pre-existing warranties during the year	(25,029)	(45,036)
Balance at end of year	$ 80,000	$ 75,000

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

12 Months Ended

Oct. 31, 2023

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 components. 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, renewable energy 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, 2023, the Company had bank deposits in excess of the insured limit totaling $1.2 million. As of October 31, 2022, 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, 2023 and 2022, the Company had no cash equivalents.

(d)

Trade Accounts Receivable and Allowance for Credit Losses

Trade accounts receivable are recorded at the invoiced amount and do not typically bear interest. The allowance for credit losses 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 expected credit losses 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 credit losses to be recorded for individual customers, the Company assesses the net amount expected to be collected from each 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 credit losses 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 expectations of net amounts expected to be collected. 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.

Optical Cable Corporation (OCC)

(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, if material, 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 $2.1 million, $2.1 million and $1.9 million are included in selling, general and administrative expenses for the fiscal years ended October 31, 2023, 2022 and 2021, respectively.

Optical Cable Corporation (OCC)

(j)

Research and Development

Research and development costs are expensed as incurred. Research and development costs totaled approximately $983,000, $973,000 and $928,000 for the fiscal years ended October 31, 2023, 2022 and 2021, 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 $191,000, $159,000 and $81,000 for the fiscal years ended October 31, 2023, 2022 and 2021, 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.

Optical Cable Corporation (OCC)

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 7 - Long-term Debt and Notes Payable - Long-term Debt (Details) (Parentheticals) - USD ($) $ in Thousands	Oct. 31, 2023	Oct. 31, 2022
Virginia Real Estate Loan [Member]
Debt Instrument, Face Amount	$ 6,500	$ 6,500
North Carolina Real Estate Loan [Member]
Debt Instrument, Face Amount	$ 2,240	$ 2,240

Note 17 - Employee Retention Tax Credit

12 Months Ended

Oct. 31, 2023

Employee Retention Tax Credit [Text Block]

(17)

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 could 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 was 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 was included in other income on the Company’s consolidated statement of operations for year ended October 31, 2021. During fiscal year 2022, the remaining ERTC receivable of $2,162,391 was received by the Company.

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Cash flows from operating activities:
Net income (loss)	$ 2,066,498	$ (347,091)	$ 6,610,516
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	946,457	1,074,671	1,206,706
Bad debt expense	1,546	8,116	10,750
Share-based compensation expense	611,480	411,997	335,519
Gain on insurance proceeds, net	(2,199,463)	0	0
Gain on debt extinguishment─PPP Loan principal	0	0	(4,981,400)
Loss on disposal of property and equipment	8,335	22,247	30,463
(Increase) decrease in:
Trade accounts receivable	2,234,397	(2,595,869)	(825,416)
Other receivables	(107,845)	2,167,014	(2,181,311)
Income taxes refundable	(81,844)	0	25,003
Inventories	(4,327,560)	(3,134,958)	795,959
Prepaid expenses and other assets	(55,244)	9,125	(76,834)
Other assets	92,036	392,597	70,081
Increase (decrease) in:
Accounts payable and accrued expenses	479,372	1,068,549	1,357,106
Accrued compensation and payroll taxes	77,229	218,780	90,464
Income taxes payable	4,656	4,977	(865)
Other noncurrent liabilities	(145,726)	(887,699)	(350,153)
Net cash provided by (used in) operating activities	(395,676)	(1,587,544)	2,116,588
Cash flows from investing activities:
Purchase of and deposits for the purchase of property and equipment	(520,847)	(279,810)	(166,227)
Insurance proceeds received	1,946,992	0	0
Investment in intangible assets	(1,996)	(22,789)	(26,640)
Proceeds from sale of property and equipment	4,500	10,134	0
Net cash provided by (used in) investing activities	1,428,649	(292,465)	(192,867)
Cash flows from financing activities:
Payroll taxes withheld and remitted on share-based payments	(115,852)	(111,141)	0
Principal payments on long-term debt	(1,853,358)	(324,849)	(312,115)
Payments for financing costs	(100,000)	(100,000)	(91,667)
Principal payments on financing lease	(35,724)	(34,069)	(5,777)
Net cash provided by (used in) financing activities	219,800	1,963,696	(1,932,311)
Net increase (decrease) in cash	1,252,773	83,687	(8,590)
Cash at beginning of year	215,936	132,249	140,839
Cash at end of year	1,468,709	215,936	132,249
Supplemental disclosure of cash flow information:
Cash payments for interest	1,028,762	640,592	492,547
Income taxes paid, net of refunds	221,993	17,384	(10,656)
Noncash investing and financing activities:
Capital expenditures accrued in accounts payable at year end	22,081	31,560	33,842
North Mill Capital LLC [Member] \| Revolving Credit Facility [Member]
Cash flows from financing activities:
Proceeds from note payable, revolver	79,258,692	71,733,254	58,867,884
Payments on note payable, revolver	$ (76,933,958)	$ (69,199,499)	$ (60,390,636)

Note 1 - Description of Business and Summary of Significant Accounting Policies (Details Textual) - USD ($)	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Cash, Uninsured Amount	$ 1,200,000	$ 0
Cash Equivalents, at Carrying Value, Total	0	0
Selling, General and Administrative Expenses [Member]
Shipping and Handling Costs	2,100,000	2,100,000	$ 1,900,000
Research and Development Expense	983,000	973,000	928,000
Advertising Expense	$ 191,000	$ 159,000	$ 81,000
Building [Member] \| Minimum [Member]
Property, Plant and Equipment, Useful Life	30 years
Building [Member] \| Maximum [Member]
Property, Plant and Equipment, Useful Life	39 years
Building Improvements [Member] \| Minimum [Member]
Property, Plant and Equipment, Useful Life	3 years
Building Improvements [Member] \| Maximum [Member]
Property, Plant and Equipment, Useful Life	15 years
Machinery and Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment, Useful Life	3 years
Machinery and Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment, Useful Life	15 years
Furniture and Fixtures [Member] \| Minimum [Member]
Property, Plant and Equipment, Useful Life	3 years
Furniture and Fixtures [Member] \| Maximum [Member]
Property, Plant and Equipment, Useful Life	15 years

Note 8 - Leases - Future Payments Due (Details)	Oct. 31, 2023 USD ($)
2024, operating	$ 448,298
2024, finance	42,868
2025, operating	177,997
2025, finance	42,868
2026, operating	63,644
2026, finance	55,715
Total undiscounted lease payments, operating	689,939
Total undiscounted lease payments, finance	141,451
Present value discount, operating	(47,855)
Present value discount, finance	(10,541)
Total lease liability, operating	642,084
Total lease liability, finance	$ 130,910

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

12 Months Ended

Oct. 31, 2023

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, 2023 and 2022 have been adequately provided for in the consolidated financial statements.

For the year ended October 31, 2023, 16.3%, or approximately $11.8 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, 2023. As of October 31, 2023, the same customer had an outstanding balance payable to the Company totaling 6.3% 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, 2022, 17.0%, or approximately $11.8 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, 2022. As of October 31, 2022, the same customer had an outstanding balance payable to the Company totaling 11.2% of total consolidated shareholders’ equity. One other customer had an outstanding balance payable to the Company totaling 7.5% 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, 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 years ended October 31, 2023, 2022 and 2021, approximately 82%, 85% and 82%, respectively, of net sales were from customers in the United States, while approximately 18%, 15% and 18%, respectively, were from customers outside of the United States.

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

Note 9 - Employee Benefits (Details Textual) - USD ($)	12 Months Ended			24 Months Ended
Note 9 - Employee Benefits (Details Textual) - USD ($)	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021	Oct. 31, 2023
Health Insurance Coverage Expense	$ 3,448,622	$ 3,021,642	$ 2,697,167
Defined Contribution Plan, Employer Discretionary Contribution Amount	61,736	62,517	65,416
Share-Based Payment Arrangement, Expense	611,480	$ 411,997	$ 335,519
Services and Performance Based Shares [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition				1 year 4 months 24 days
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 515,000			$ 515,000
The 2017 Stock Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant	356,000			356,000
The 2017 Stock Incentive Plan [Member] \| Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period	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	28,560	27,364	30,055

Significant Accounting Policies (Policies)

12 Months Ended

Oct. 31, 2023

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

Cash and Cash Equivalents, Policy [Policy Text Block]

(c)

Cash and Cash Equivalents

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

(d)

Trade Accounts Receivable and Allowance for Credit Losses

Inventory, Policy [Policy Text Block]

(e)

Inventories

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

(f)

Property and Equipment

Patents and Trademarks [Policy Text Block]

(g)

Patents and Trademarks

Revenue [Policy Text Block]

(h)

Revenue Recognition

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

Research and Development Expense, Policy [Policy Text Block]

(j)

Research and Development

Advertising Cost [Policy Text Block]

(k)

Advertising

Income Tax, Policy [Policy Text Block]

(l)

Income Taxes

Long-Lived and Intangible Assets [Policy Text Block]

(m)

Long-Lived Assets

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

Optical Cable Corporation (OCC)

Commitments and Contingencies, Policy [Policy Text Block]

(p)

Commitments and Contingencies

Use of Estimates, Policy [Policy Text Block]

(q)

Use of Estimates

Note 20 - Quarterly Results of Operations (Unaudited) (Tables)

12 Months Ended

Oct. 31, 2023

Quarterly Financial Information [Table Text Block]

	Quarter ended
Fiscal year ended October 31, 2023	January 31		April 30		July 31		October 31
Net sales	$	18,283,675	$	19,619,536	$	16,941,378	$	17,329,163
Gross profit		6,521,209		6,782,706		5,116,030		3,874,131
Selling, general & administrative expenses		5,455,466		5,662,339		4,957,518		5,145,418
Income (loss) from operations		1,045,936		1,100,106		138,425		(1,291,388	)
Income (loss) before income taxes		842,448		2,498,020		99,883		(1,228,129	)
Net income (loss)		809,984		2,423,087		100,803		(1,267,376	)
Basic and diluted net income (loss) per share	$	0.10	$	0.31	$	0.01	$	(0.17	)

	Quarter ended
Fiscal year ended October 31, 2022	January 31			April 30			July 31			October 31
Net sales	$	14,440,295		$	17,200,578		$	17,382,640		$	20,055,750
Gross profit		4,045,852			5,033,446			4,808,205			6,623,350
Selling, general & administrative expenses		4,780,199			5,036,331			4,954,221			5,188,984
Income (loss) from operations		(753,400	)		(21,011	)		(166,384	)		1,413,659
Income (loss) before income taxes		(923,045	)		(233,185	)		(362,249	)		1,196,081
Net income (loss)		(935,793	)		(227,991	)		(371,871	)		1,188,564
Basic and diluted net income (loss) per share	$	(0.12	)	$	(0.03	)	$	(0.05	)	$	0.15

Note 19 - New Accounting Standards Not Yet Adopted

12 Months Ended

Oct. 31, 2023

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

(19)

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.

Optical Cable Corporation (OCC)

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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Note 12 - Income Taxes - Unrecognized Tax Benefits (Details) - USD ($)	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022
Unrecognized tax benefits balance at beginning of year	$ 28,488	$ 28,488
Gross decreases for tax positions of prior years	(1,330)	0
Gross increases for current year tax positions	1,036	0
Unrecognized tax benefits balance at end of year	$ 28,194	$ 28,488

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, 2023	Jul. 31, 2023	Apr. 30, 2023	Jan. 31, 2023	Oct. 31, 2022	Jul. 31, 2022	Apr. 30, 2022	Jan. 31, 2022	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Net income (loss)									$ 2,066,498	$ (347,091)	$ 6,610,516
Shares (denominator) (in shares)									7,880,429	7,523,022	7,587,686
Net income (loss) per share - basic and diluted (in dollars per share)	$ (0.17)	$ 0.01	$ 0.31	$ 0.1	$ 0.15	$ (0.05)	$ (0.03)	$ (0.12)	$ 0.26	$ (0.05)	$ 0.87

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

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

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-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

Note 14 - Net Income (Loss) Per Share

12 Months Ended

Oct. 31, 2023

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,
	2023		2022			2021
Net income (loss) (numerator)	$	2,066,498	$	(347,091	)	$	6,610,516
Shares (denominator)		7,880,429		7,523,022			7,587,686
Basic and diluted net income (loss) per share	$	0.26	$	(0.05	)	$	0.87

Nonvested shares which have been issued and are outstanding as of October 31, 2022 totaling 357,927 were not included in the computation of basic and diluted net loss per share for the year ended October 31, 2022 (because to include such shares would have been antidilutive, or in other words, to do so would have reduced the net loss per share for that period).

Note 20 - Quarterly Results of Operations (Unaudited)

12 Months Ended

Oct. 31, 2023

Quarterly Financial Information [Text Block]

(20)

Quarterly Results of Operations (Unaudited)

The following is a summary of the unaudited quarterly results of operations for the years ended October 31, 2023 and 2022:

	Quarter ended
Fiscal year ended October 31, 2023	January 31		April 30		July 31		October 31
Net sales	$	18,283,675	$	19,619,536	$	16,941,378	$	17,329,163
Gross profit		6,521,209		6,782,706		5,116,030		3,874,131
Selling, general & administrative expenses		5,455,466		5,662,339		4,957,518		5,145,418
Income (loss) from operations		1,045,936		1,100,106		138,425		(1,291,388	)
Income (loss) before income taxes		842,448		2,498,020		99,883		(1,228,129	)
Net income (loss)		809,984		2,423,087		100,803		(1,267,376	)
Basic and diluted net income (loss) per share	$	0.10	$	0.31	$	0.01	$	(0.17	)

	Quarter ended
Fiscal year ended October 31, 2022	January 31			April 30			July 31			October 31
Net sales	$	14,440,295		$	17,200,578		$	17,382,640		$	20,055,750
Gross profit		4,045,852			5,033,446			4,808,205			6,623,350
Selling, general & administrative expenses		4,780,199			5,036,331			4,954,221			5,188,984
Income (loss) from operations		(753,400	)		(21,011	)		(166,384	)		1,413,659
Income (loss) before income taxes		(923,045	)		(233,185	)		(362,249	)		1,196,081
Net income (loss)		(935,793	)		(227,991	)		(371,871	)		1,188,564
Basic and diluted net income (loss) per share	$	(0.12	)	$	(0.03	)	$	(0.05	)	$	0.15

Optical Cable Corporation (OCC)

Note 5 - Intangible Assets

12 Months Ended

Oct. 31, 2023

Intangible Assets Disclosure [Text Block]

(5)

Intangible Assets

Aggregate amortization expense for amortizing intangible assets was $53,941, $51,507 and $45,511 for the years ended October 31, 2023, 2022 and 2021, 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 $54,000 for each of the next five years. The gross carrying amounts and accumulated amortization of intangible assets subject to amortization as of October 31, 2023 was $868,564 and $313,927, respectively. The gross carrying amounts and accumulated amortization of intangible assets subject to amortization as of October 31, 2022 was $856,167 and $274,417, respectively.

Note 14 - Net Income (Loss) Per Share (Details Textual)	12 Months Ended
Note 14 - Net Income (Loss) Per Share (Details Textual)	Oct. 31, 2022 shares
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	357,927

Note 10 - Business and Credit Concentrations, Major Customers and Geographic Information (Details Textual) $ in Millions	12 Months Ended
	Oct. 31, 2023 USD ($)	Oct. 31, 2022 USD ($)	Oct. 31, 2021 USD ($)
Customer One [Member]
Revenues	$ 11.8	$ 11.8	$ 11.3
Customer Concentration Risk [Member] \| Revenue Benchmark [Member]
Concentration Risk, Number of Customers	1	1	1
Customer Concentration Risk [Member] \| Revenue Benchmark [Member] \| Customer One [Member]
Concentration Risk, Percentage	16.30%	17.00%	19.10%
Customer Concentration Risk [Member] \| Accounts Receivable [Member] \| Customer One [Member]
Concentration Risk, Percentage	6.30%	11.20%	9.50%
Customer Concentration Risk [Member] \| Accounts Receivable [Member] \| Customer Two [Member]
Concentration Risk, Percentage		7.50%
Geographic Concentration Risk [Member] \| Revenue Benchmark [Member] \| UNITED STATES
Concentration Risk, Percentage	82.00%	85.00%	82.00%
Geographic Concentration Risk [Member] \| Revenue Benchmark [Member] \| Non-US [Member]
Concentration Risk, Percentage	18.00%	15.00%	18.00%

Note 9 - Employee Benefits

12 Months Ended

Oct. 31, 2023

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, 2023, 2022 and 2021, total expense of $3,448,622, $3,021,642 and $2,697,167, 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 $61,736, $62,517 and $65,416 for the years ended October 31, 2023, 2022 and 2021, respectively.

Optical Cable Corporation (OCC)

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.

As of October 31, 2023, there were approximately 356,000 remaining shares available for grant under the Optical Cable Corporation Stock Incentive Plan (“2017 Plan”).

Share-based compensation expense for employees, a consultant and non-employee members of the Company’s Board of Directors recognized in the consolidated statements of operations for the years ended October 31, 2023, 2022 and 2021 was $611,480, $411,997 and $335,519, 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.

The Company recognizes expense each quarter on service-based shares based on the number of shares expected to vest 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, 2023, and changes during the year ended October 31, 2023, is as follows:

Nonvested shares	Shares			Weighted- average grant date fair value
Balance at October 31, 2022		377,470		$	3.53
Granted		28,560			3.74
Vested		(114,876	)		3.68
Balance at October 31, 2023		291,154		$	3.49

As of October 31, 2023, the estimated amount of compensation cost related to nonvested equity-based compensation awards that the Company will recognize over a 1.4 year weighted-average period is approximately $515,000. Such nonvested equity-based compensation awards are in the form of (i) operational performance-based shares and (ii) operational performance-based shares which have been converted to service-based shares after performance-based criteria have been met.

During the fiscal year ended October 31, 2023, 2022 and 2021, stock awards to non-employee Directors under the 2017 Plan totaling 28,560 shares, 27,364 shares and 30,055 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.

Optical Cable Corporation (OCC)

Note 6 - Product Warranties

12 Months Ended

Oct. 31, 2023