0001437749-24-019781 | 10-Q | XBRL Viewer

Product Warranty Disclosure [Text Block]

(5)

Product Warranties

As of April 30, 2024 and October 31, 2023, the Company’s accrual for estimated product warranty claims totaled $75,000 and $80,000, respectively, and is included in accounts payable and accrued expenses. Warranty claims expense for the three months and six months ended April 30, 2024 totaled $39,078 and $44,266, respectively. Warranty claims expense for the three months and six months ended April 30, 2023 totaled $13,078 and $29,652, respectively.

The following table summarizes the changes in the Company’s accrual for product warranties during the six months ended April 30, 2024 and 2023:

	Six Months Ended
	April 30, 2024
	2024			2023
Balance at beginning of period	$	80,000		$	75,000
Liabilities accrued for warranties issued during the period		65,766			59,149
Warranty claims and costs paid during the period		(49,266	)		(39,652	)
Changes in liability for pre-existing warranties during the period		(21,500	)		(29,497	)
Balance at end of period	$	75,000		$	65,000

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Apr. 30, 2024	Jun. 04, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 30, 2024
Document Transition Report	false
Entity File Number	0-27022
Entity Registrant Name	OPTICAL CABLE CORPORATION
Entity Incorporation, State or Country Code	VA
Entity Tax Identification Number	54-1237042
Entity Address, Address Line One	5290 Concourse Drive
Entity Address, City or Town	Roanoke
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	24019
City Area Code	540
Local Phone Number	265‑0690
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	OCC
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		7,892,475
Entity Central Index Key	0001000230
Current Fiscal Year End Date	--10-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

Note 7 - Leases

3 Months Ended

Apr. 30, 2024

Lessee, Operating and Finance Leases Disclosure [Text Block]

(7)

Leases

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

The Company has an operating lease agreement for approximately 36,000 square feet of warehouse space in Roanoke, Virginia. During the first quarter of fiscal year 2023, the lease term was extended for an additional three 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 leases. The Company exercises judgment to determine the term of those leases when such options are present and include such options in the calculation of the lease term when it is reasonably certain that it will exercise those options.

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

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

Operating lease right-of-use assets of $407,796 and $596,578 were included in other assets at April 30, 2024 and October 31, 2023, respectively. Operating lease liabilities of $318,225 and $121,294, respectively, were included in accounts payable and accrued expenses, and other noncurrent liabilities, at April 30, 2024. 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 expense recognized during the three months and six months ended April 30, 2024 totaled $109,144 and $218,288, respectively. Operating lease expense recognized during the three months and six months ended April 30, 2023 totaled $109,144 and $212,477, respectively.

The weighted average remaining lease term was 16.5 months and the weighted average discount rate was 7.6% as of April 30, 2024.

For the three months ended April 30, 2024 and 2023, cash paid for operating lease liabilities totaled $111,770 and $109,151, respectively. For the three months ended April 30, 2024 and 2023, there were no right-of-use assets obtained in exchange for new operating lease liabilities.

Finance lease right-of-use assets of $126,593 and $141,342 were included in other assets at April 30, 2024 and October 31, 2023, respectively. Finance lease liabilities of $38,357 and $74,046, respectively, were included in accounts payable and accrued expenses, and other noncurrent liabilities at April 30, 2024. 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. Interest expense related to the finance lease totaled $1,409 and $2,927, respectively, for the three months and six months ended April 30, 2024. Interest expense related to the finance lease totaled $1,840 and $3,784, respectively, for the three months and six months ended April 30, 2023. For the three months ended April 30, 2024 and 2023, amortization expense related to the finance lease totaled $7,374. For the six months ended April 30, 2024 and 2023, amortization expense related to the finance lease totaled $14,749.

The remaining lease term for the finance lease is 28 months and the discount rate is 4.75% as of April 30, 2024.

For the three months ended April 30, 2024, cash paid for the finance lease liability totaled $1,409 for interest and $9,309 for principal. For the six months ended April 30, 2024, cash paid for the finance lease liability totaled $2,927 for interest and $18,507 for principal.

For the three months ended April 30, 2023, cash paid for the finance lease liability totaled $1,840 for interest and $8,878 for principal. For the six months ended April 30, 2023, cash paid for the finance lease liability totaled $3,784 for interest and $17,652 for principal.

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

Fiscal Year	Operating leases			Finance lease
2024 ⁽¹⁾	$	225,340		$	21,434
2025		177,997			42,868
2026		63,644			55,714
Total undiscounted lease payments		466,981			120,016
Present value discount		(27,462	)		(7,613	)
Total lease liability	$	439,519		$	112,403

(1) Remaining six months of fiscal year 2024.

Note 10 - Segment Information and Business and Credit Concentrations

3 Months Ended

Apr. 30, 2024

Concentration Risk Disclosure [Text Block]

(10)

Segment Information and Business and Credit Concentrations

The Company provides credit, in the normal course of business, to various commercial enterprises, governmental entities and not‑for‑profit organizations. Concentration of credit risk with respect to trade receivables is normally limited due to the Company’s large number of customers. The Company also manages exposure to credit risk through credit approvals, credit limits and monitoring procedures. Management believes that credit risks as of April 30, 2024 have been adequately provided for in the condensed consolidated financial statements. The Company includes all entities under common ownership for the purpose of calculating business concentrations.

For the three months and six months ended April 30, 2024, 16.3% and 15.9%, respectively, of consolidated net sales were attributable to one national distributor customer. For the three months and six months ended April 30, 2023, 17.7% and 16.3%, respectively, of consolidated net sales were attributable to the same national distributor customer.

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

Note 4 - Inventories

3 Months Ended

Apr. 30, 2024

Inventory Disclosure [Text Block]

(4)

Inventories

Inventories as of April 30, 2024 and October 31, 2023 consist of the following:

	April 30,		October 31,
	2024		2023
Finished goods	$	5,646,852	$	5,937,682
Work in process		4,103,938		4,372,913
Raw materials		11,345,172		13,130,478
Production supplies		390,414		325,253
Total	$	21,486,376	$	23,766,326

Note 5 - Product Warranties (Tables)

3 Months Ended

Apr. 30, 2024

Schedule of Product Warranty Liability [Table Text Block]

	Six Months Ended
	April 30, 2024
	2024			2023
Balance at beginning of period	$	80,000		$	75,000
Liabilities accrued for warranties issued during the period		65,766			59,149
Warranty claims and costs paid during the period		(49,266	)		(39,652	)
Changes in liability for pre-existing warranties during the period		(21,500	)		(29,497	)
Balance at end of period	$	75,000		$	65,000

Note 11 - Revenue Recognition - Schedule of Revenue from External Customers by Geographical Areas (Details) - USD ($)	3 Months Ended		6 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023
Net sales	$ 16,112,098	$ 19,619,536	$ 30,966,863	$ 37,903,211
UNITED STATES
Net sales	13,024,311	15,829,216	24,993,866	30,407,301
Non-US [Member]
Net sales	$ 3,087,787	$ 3,790,320	$ 5,972,997	$ 7,495,910

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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Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Retained Earnings [Member]	Total
Balances (in shares) at Oct. 31, 2022	7,893,194
Balances at Oct. 31, 2022	$ 14,638,505	$ 7,521,213	$ 22,159,718
Share-based compensation, net (in shares)	(24,626)
Share-based compensation, net	$ 34,322		34,322
Net loss	$ 0	809,984	809,984
Balances (in shares) at Jan. 31, 2023	7,868,568
Balances at Jan. 31, 2023	$ 14,672,827	8,331,197	23,004,024
Balances (in shares) at Oct. 31, 2022	7,893,194
Balances at Oct. 31, 2022	$ 14,638,505	7,521,213	22,159,718
Net loss			3,233,071
Balances (in shares) at Apr. 30, 2023	7,865,121
Balances at Apr. 30, 2023	$ 14,812,334	10,754,284	25,566,618
Balances (in shares) at Jan. 31, 2023	7,868,568
Balances at Jan. 31, 2023	$ 14,672,827	8,331,197	23,004,024
Share-based compensation, net (in shares)	(3,447)
Share-based compensation, net	$ 139,507		139,507
Net loss	$ 0	2,423,087	2,423,087
Balances (in shares) at Apr. 30, 2023	7,865,121
Balances at Apr. 30, 2023	$ 14,812,334	10,754,284	25,566,618
Balances (in shares) at Oct. 31, 2023	7,893,681
Balances at Oct. 31, 2023	$ 15,134,133	9,587,711	24,721,844
Share-based compensation, net (in shares)	(40,324)
Share-based compensation, net	$ 51,490		51,490
Net loss	$ 0	(1,425,274)	(1,425,274)
Balances (in shares) at Jan. 31, 2024	7,853,357
Balances at Jan. 31, 2024	$ 15,185,623	8,162,437	23,348,060
Balances (in shares) at Oct. 31, 2023	7,893,681
Balances at Oct. 31, 2023	$ 15,134,133	9,587,711	24,721,844
Net loss			(3,026,620)
Balances (in shares) at Apr. 30, 2024	7,852,515
Balances at Apr. 30, 2024	$ 15,277,264	6,561,091	21,838,355
Balances (in shares) at Jan. 31, 2024	7,853,357
Balances at Jan. 31, 2024	$ 15,185,623	8,162,437	23,348,060
Share-based compensation, net (in shares)	(842)
Share-based compensation, net	$ 91,641		91,641
Net loss	$ 0	(1,601,346)	(1,601,346)
Balances (in shares) at Apr. 30, 2024	7,852,515
Balances at Apr. 30, 2024	$ 15,277,264	$ 6,561,091	$ 21,838,355

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 6 - Long-term Debt and Notes Payable (Details Textual) - USD ($)		3 Months Ended	6 Months Ended	12 Months Ended
	Jul. 24, 2020	Apr. 30, 2024	Apr. 30, 2024	Oct. 31, 2023
Loans Payable, Noncurrent		$ 2,599,030	$ 2,599,030	$ 2,622,620
Revolving Credit Facility [Member] \| North Mill Capital LLC [Member]
Debt Instrument, Interest Rate, Effective Percentage	4.75%	10.00%	10.00%	10.00%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:PrimeRateMember	us-gaap:PrimeRateMember		us-gaap:PrimeRateMember
Line of Credit Facility, Percent of Eligible Accounts		85.00%	85.00%
Line of Credit Facility, Percent of Eligible Inventory		35.00%	35.00%
Line of Credit Facility, Additional Capacity for Advances		$ 5,000,000	$ 5,000,000
Line of Credit Facility, Maximum Percentage of Outstanding Eligible Accounts Loan Value		100.00%	100.00%
Line of Credit Facility, Restricted Capacity for Advances		$ 1,150,000	$ 1,150,000
Line of Credit Facility, Maximum Borrowing Capacity		18,000,000	$ 18,000,000
Debt Instrument, Basis Spread on Variable Rate			1.50%
Debt Instrument, Term Extensions	1 year
Long-Term Line of Credit		8,000,000	$ 8,000,000	$ 8,300,000
Line of Credit Facility, Remaining Borrowing Capacity		$ 2,000,000	$ 2,000,000	$ 2,600,000
Maximum [Member] \| Revolving Credit Facility [Member] \| North Mill Capital LLC [Member]
Debt Instrument, Interest Rate, Effective Percentage	6.00%
Virginia Real Estate Loan [Member]
Debt Instrument, Amortization Period			240 months
Debt Instrument, Interest Rate, Effective Percentage		8.50%	8.50%	8.50%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]		us-gaap:PrimeRateMember		us-gaap:PrimeRateMember
Loans Payable, Noncurrent		$ 2,700,000	$ 2,700,000	$ 2,700,000
Virginia Real Estate Loan [Member] \| Minimum [Member]
Debt Instrument, Interest Rate, Effective Percentage		8.50%	8.50%

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

3 Months Ended

Apr. 30, 2024

Share-Based Payment Arrangement [Text Block]

(2)

Stock Incentive Plan and Other Share‑Based Compensation

As of April 30, 2024, there were approximately 397,000 remaining shares available for grant under the Optical Cable Corporation Stock Incentive Plan (“2017 Plan”).

Share-based compensation expense for employees, a consultant and non-employee Directors recognized in the condensed consolidated statements of operations for the three months and six months ended April 30, 2024 was $91,641 and $250,792, respectively. Share-based compensation expense for employees, a consultant and non-employee Directors recognized in the condensed consolidated statements of operations for the three months and six months ended April 30, 2023 was $154,639 and $289,680, respectively. Share-based compensation expense is entirely related to expense recognized in connection with the vesting of restricted stock awards or other stock awards.

Stock Compensation

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

Restricted stock award activity during the six months ended April 30, 2024 consisted of restricted shares forfeited totaling 842 shares and restricted shares withheld for taxes in connection with the vesting of restricted shares totaling 40,324 shares. OCC restricted stock grants provide the participant with the option to surrender shares to pay for withholding tax obligations resulting from any vesting restricted shares, or to pay cash to the Company or taxing authorities in the amount of the withholding taxes owed on the value of any vesting restricted shares in order to avoid surrendering shares.

As of April 30, 2024, the estimated amount of compensation cost related to unvested equity-based compensation awards in the form of service-based and operational performance-based shares that the Company will recognize over a 1 year weighted-average period is approximately $262,000.

On May 17, 2024, subsequent to the Company’s fiscal quarter end, the Company granted restricted stock awards totaling 39,960 shares to non-employee Directors under the 2017 Plan. The shares are subject to a one-year vesting period and are part of the non-employee Directors’ annual compensation for service on the Board of Directors.

Note 12 - Contingencies

3 Months Ended

Apr. 30, 2024

Commitments and Contingencies Disclosure [Text Block]

(12)

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.

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023
Net sales	$ 16,112,098	$ 19,619,536	$ 30,966,863	$ 37,903,211
Cost of goods sold	12,073,462	12,836,830	23,214,705	24,599,296
Gross profit	4,038,636	6,782,706	7,752,158	13,303,915
Selling, general and administrative expenses	5,319,580	5,662,339	10,412,685	11,117,805
Royalty expense, net	6,677	6,572	13,263	13,158
Amortization of intangible assets	13,516	13,689	27,032	26,910
Income (loss) from operations	(1,301,137)	1,100,106	(2,700,822)	2,146,042
Other income (expense), net:
Interest expense, net	(280,618)	(286,065)	(579,228)	(556,688)
Gain on insurance proceeds, net	0	1,696,290	218,902	1,696,290
Other, net	(12,364)	(12,311)	48,834	54,824
Other income (expense), net	(292,982)	1,397,914	(311,492)	1,194,426
Income (loss) before income taxes	(1,594,119)	2,498,020	(3,012,314)	3,340,468
Income tax expense	7,227	74,933	14,306	107,397
Net income (loss)	$ (1,601,346)	$ 2,423,087	$ (3,026,620)	$ 3,233,071
Net income (loss) per share: Basic and diluted (in dollars per share)	$ (0.21)	$ 0.31	$ (0.39)	$ 0.41

Note 9 - Net Income (Loss) Per Share (Details Textual) - shares	3 Months Ended	6 Months Ended
	Apr. 30, 2024	Apr. 30, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	141,723	141,723

Note 8 - Fair Value Measurements

3 Months Ended

Apr. 30, 2024

Fair Value Disclosures [Text Block]

(8)

Fair Value Measurements

The carrying amounts reported in the condensed consolidated balance sheets as of April 30, 2024 and October 31, 2023 for cash, trade accounts receivable, income taxes refundable – current, other receivables, current installments of long-term debt, accounts payable and accrued expenses, accrued compensation and payroll taxes, and income taxes payable approximate fair value because of the short maturity of these instruments. The carrying value of the Company’s note payable, revolver – noncurrent, and long-term debt, excluding current installments, approximates 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 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.

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Note 11 - Revenue Recognition

3 Months Ended

Apr. 30, 2024

Revenue from Contract with Customer [Text Block]

(11)

Revenue Recognition

Revenues consist of product sales that are recognized at a specific point in time under the core principle of recognizing revenue when control transfers to the customer. The Company considers customer purchase orders, governed by master sales agreements or the Company’s standard terms and conditions, to be the contract with the customer. For each contract, the promise to transfer the control of the products, each of which is individually distinct, is considered to be the identified performance obligation. The Company evaluates each customer’s credit risk when determining whether to accept a contract.

In determining transaction prices, the Company evaluates whether fixed order prices are subject to adjustment to determine the net consideration to which the Company expects to be entitled. Contracts do not include financing components, as payment terms are generally due 30 to 90 days after shipment. Taxes assessed by governmental authorities and collected from the customer including, but not limited to, sales and use taxes and value-added taxes, are not included in the transaction price and are not included in net sales.

The Company recognizes revenue at the point in time when products are shipped or delivered from its manufacturing facility to its customer, in accordance with the agreed-upon shipping terms. Since the Company typically invoices the customer at the same time that performance obligations are satisfied, no contract assets are recognized. The Company’s contract liability represents advance consideration received from customers prior to transfer of the product. This liability was $180,431 as of April 30, 2024 and $110,336 as of October 31, 2023.

Sales to certain customers are made pursuant to agreements that provide price adjustments and limited return rights with respect to the Company’s products. The Company maintains a reserve for estimated future price adjustment claims, rebates and returns as a refund liability. The Company’s refund liability was $133,201 as of April 30, 2024 and $252,264 as of October 31, 2023.

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

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

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

Disaggregation of Revenue

The following table presents net sales attributable to the United States and all other countries in total for the three months and six months ended April 30, 2024 and 2023:

	Three months ended				Six months ended
	April 30,				April 30,
	2024		2023		2024		2023
United States	$	13,024,311	$	15,829,216	$	24,993,866	$	30,407,301
Outside the United States		3,087,787		3,790,320		5,972,997		7,495,910
Total net sales	$	16,112,098	$	19,619,536	$	30,966,863	$	37,903,211

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 5 - Product Warranties (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
Note 5 - Product Warranties (Details Textual) - USD ($)	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023	Oct. 31, 2023	Oct. 31, 2022
Standard and Extended Product Warranty Accrual	$ 75,000	$ 65,000	$ 75,000	$ 65,000	$ 80,000	$ 75,000
Product Warranty Expense	39,078	$ 13,078	44,266	$ 29,652
Accounts Payable and Accrued Liabilities [Member]
Standard and Extended Product Warranty Accrual	$ 75,000		$ 75,000		$ 80,000

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

3 Months Ended

Apr. 30, 2024

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

	Three months ended					Six months ended
	April 30,					April 30,
	2024			2023		2024			2023
Net income (loss) (numerator)	$	(1,601,346	)	$	2,423,087	$	(3,026,620	)	$	3,233,071
Shares (denominator)		7,710,801			7,867,755		7,731,605			7,880,685
Basic and diluted net income (loss) per share	$	(0.21	)	$	0.31	$	(0.39	)	$	0.41

Note 10 - Segment Information and Business and Credit Concentrations (Details Textual)	3 Months Ended		6 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023
Number of Reportable Segments			1
Customer Concentration Risk [Member] \| Revenue Benchmark [Member]
Concentration Risk, Number of Customers	1	1	1	1
Customer Concentration Risk [Member] \| Revenue Benchmark [Member] \| One Customer [Member]
Concentration Risk, Percentage	16.30%	17.70%	15.90%	16.30%

Note 11 - Revenue Recognition (Tables)

3 Months Ended

Apr. 30, 2024

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

	Three months ended				Six months ended
	April 30,				April 30,
	2024		2023		2024		2023
United States	$	13,024,311	$	15,829,216	$	24,993,866	$	30,407,301
Outside the United States		3,087,787		3,790,320		5,972,997		7,495,910
Total net sales	$	16,112,098	$	19,619,536	$	30,966,863	$	37,903,211

Note 4 - Inventories - Components of Inventories (Details) - USD ($)	Apr. 30, 2024	Oct. 31, 2023
Finished goods	$ 5,646,852	$ 5,937,682
Work in process	4,103,938	4,372,913
Raw materials	11,345,172	13,130,478
Production supplies	390,414	325,253
Total	$ 21,486,376	$ 23,766,326

Note 7 - Leases (Details Textual)	3 Months Ended			6 Months Ended
Note 7 - Leases (Details Textual)	Apr. 30, 2024 USD ($) ft²	Apr. 30, 2023 USD ($)	Jan. 31, 2023 USD ($)	Apr. 30, 2024 USD ($) ft²	Apr. 30, 2023 USD ($)	Oct. 31, 2023 USD ($)
Operating Lease, Right-of-Use Asset	$ 407,796			$ 407,796		$ 596,578
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets, net			Other assets, net		Other assets, net
Operating Lease, Liability, Current	$ 318,225			$ 318,225		$ 414,159
Operating Lease, Liability, Noncurrent	$ 121,294			$ 121,294		$ 227,925
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accounts payable and accrued expenses			Accounts payable and accrued expenses		Accounts payable and accrued expenses
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other noncurrent liabilities			Other noncurrent liabilities		Other noncurrent liabilities
Operating Lease, Expense	$ 109,144	$ 109,144	$ 212,477	$ 218,288
Operating Lease, Weighted Average Remaining Lease Term	16 months 15 days			16 months 15 days
Operating Lease, Weighted Average Discount Rate, Percent	7.60%			7.60%
Operating Lease, Payments	$ 111,770	109,151
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	0	0
Finance Lease, Right-of-Use Asset, after Accumulated Amortization	$ 126,593			$ 126,593		$ 141,342
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets, net			Other assets, net		Other assets, net
Finance Lease, Liability, Current	$ 38,357			$ 38,357		$ 37,459
Finance Lease, Liability, Noncurrent	$ 74,046			$ 74,046		$ 93,451
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accounts payable and accrued expenses			Accounts payable and accrued expenses		Accounts payable and accrued expenses
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other noncurrent liabilities			Other noncurrent liabilities		Other noncurrent liabilities
Finance Lease, Interest Expense	$ 1,409	1,840		$ 2,927	$ 3,784
Finance Lease, Right-of-Use Asset, Amortization	$ 7,374	7,374		$ 14,749	14,749
Lessee, Finance Lease, Remaining Lease Term	28 months			28 months
Lessee, Finance Lease, Discount Rate	4.75%			4.75%
Finance Lease, Principal Payments	$ 9,309	$ 8,878		$ 18,507	$ 17,652
Operating Lease for Office, Manufacturing and Warehouse Space in Plano, Texas [Member]
Area of Real Estate Property \| ft²	34,000			34,000
Operating Lease for Warehouse Space in Roanoke, Virginia [Member]
Area of Real Estate Property \| ft²	36,000			36,000
Lessee, Operating Lease, Term of Contract	3 years			3 years
Operating Lease For Office Equipment [Member]
Lessee, Operating Lease, Term of Contract	60 months			60 months

Note 2 - Stock Incentive Plans and Other Share-based Compensation (Details Textual) - USD ($)		3 Months Ended		6 Months Ended
	May 17, 2024	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023
Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period				842
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation				40,324
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition				1 year
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount		$ 262,000		$ 262,000
Plan 2017 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant		397,000		397,000
Plan 2017 [Member] \| Restricted Stock [Member] \| Subsequent Event [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period	39,960
Plan 2017 [Member] \| Employees, Consultant and Non-employee Directors [Member]
Share-Based Payment Arrangement, Expense		$ 91,641	$ 154,639	$ 250,792	$ 289,680

Note 4 - Inventories (Tables)

3 Months Ended

Apr. 30, 2024

Schedule of Inventory, Current [Table Text Block]

	April 30,		October 31,
	2024		2023
Finished goods	$	5,646,852	$	5,937,682
Work in process		4,103,938		4,372,913
Raw materials		11,345,172		13,130,478
Production supplies		390,414		325,253
Total	$	21,486,376	$	23,766,326

Note 7 - Leases (Tables)

3 Months Ended

Apr. 30, 2024

Lessee, Lease Liability, Maturity [Table Text Block]

Fiscal Year	Operating leases			Finance lease
2024 ⁽¹⁾	$	225,340		$	21,434
2025		177,997			42,868
2026		63,644			55,714
Total undiscounted lease payments		466,981			120,016
Present value discount		(27,462	)		(7,613	)
Total lease liability	$	439,519		$	112,403

(1) Remaining six months of fiscal year 2024.

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
Cash flows from operating activities:
Net income (loss)	$ (3,026,620)	$ 3,233,071
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	431,414	496,661
Bad debt expense (recovery)	(16,928)	14,959
Share-based compensation expense	250,792	289,680
Gain on insurance proceeds, net	(218,902)	(1,696,290)
Loss on disposal of property and equipment	796	10,307
(Increase) decrease in:
Trade accounts receivable	446,843	(357,932)
Other receivables	384,530	(35,867)
Inventories	2,279,950	(3,661,198)
Prepaid expenses and other assets	111,560	80,602
Other assets	201,924	(103,560)
Increase (decrease) in:
Accounts payable and accrued expenses	(436,535)	(102,154)
Accrued compensation and payroll taxes	(202,007)	218,168
Income taxes payable	12,023	55,329
Other noncurrent liabilities	(106,235)	65,078
Net cash provided by (used in) operating activities	112,605	(1,493,146)
Cash flows from investing activities:
Purchase of and deposits for the purchase of property and equipment	(235,823)	(230,252)
Insurance proceeds, net	218,902	1,696,290
Investment in intangible assets	0	(1,997)
Net cash provided by (used in) investing activities	(16,921)	1,464,041
Cash flows from financing activities:
Payroll taxes withheld and remitted on share-based payments	(107,661)	(115,851)
Principal payments on long-term debt	(20,770)	(167,596)
Payments for financing costs	(50,000)	(50,000)
Principal payments on finance lease	(18,507)	(17,652)
Net cash provided by (used in) financing activities	(474,481)	1,656,048
Net increase (decrease) in cash	(378,797)	1,626,943
Cash at beginning of period	1,468,709	215,936
Cash at end of period	1,089,912	1,842,879
North Mill Capital LLC [Member] \| Revolving Credit Facility [Member]
Cash flows from financing activities:
Proceeds from note payable, revolver	31,812,257	41,292,679
Payments on note payable, revolver	$ (32,089,800)	$ (39,285,532)

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands	Apr. 30, 2024	Oct. 31, 2023
Accounts Receivable, Allowance for Credit Loss, Current	$ 54,261	$ 71,189
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 (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)	7,852,515	7,893,681
Common Stock, Shares, Outstanding (in shares)	7,852,515	7,893,681

Note 13 - New Accounting Standards Not Yet Adopted

3 Months Ended

Apr. 30, 2024

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

(13)

New Accounting Standards Not Yet Adopted

In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 requires enhanced disclosures about significant segment expenses and enhanced disclosures in interim periods. The guidance in ASU 2023-07 will be applied retrospectively and is effective for annual reporting periods in fiscal years beginning after December 15, 2023 and interim reporting periods in fiscal years beginning after December 31, 2024, with early adoption permitted. The Company is currently evaluating the impact ASU 2023-07 will have on its financial statement disclosures.

In December 2023, the FASB issued Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). The objective of ASU 2023-09 is to enhance disclosures related to income taxes, including specific thresholds for inclusion within the tabular disclosure of income tax rate reconciliation and specified information about income taxes paid. ASU 2023-09 is effective for public companies starting in annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact ASU 2023-09 will have on its financial statement disclosures.

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

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 9 - Net Income (Loss) Per Share

3 Months Ended

Apr. 30, 2024

Earnings Per Share [Text Block]

(9)

Net Income (Loss) Per Share

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

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

	Three months ended					Six months ended
	April 30,					April 30,
	2024			2023		2024			2023
Net income (loss) (numerator)	$	(1,601,346	)	$	2,423,087	$	(3,026,620	)	$	3,233,071
Shares (denominator)		7,710,801			7,867,755		7,731,605			7,880,685
Basic and diluted net income (loss) per share	$	(0.21	)	$	0.31	$	(0.39	)	$	0.41

Weighted average unvested shares for the three months and six months ended April 30, 2024 totaling 141,723, while issued and outstanding, were not included in the computation of basic and diluted net loss per share for the three months and six months ended April 30, 2024 (because to include such shares would have been anti-dilutive, or in other words, to do so would have reduced the net loss per share for those periods).

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Apr. 30, 2024	Oct. 31, 2023
Current assets:
Cash	$ 1,089,912	$ 1,468,709
Trade accounts receivable, net of allowance for credit losses of $54,261 at April 30, 2024 and $71,189 at October 31, 2023	8,297,895	8,727,810
Income taxes refundable - current	81,844	81,844
Other receivables	13,228	397,758
Inventories	21,486,376	23,766,326
Prepaid expenses and other assets	483,909	595,469
Total current assets	31,453,164	35,037,916
Property and equipment, net	7,079,322	7,139,616
Intangible assets, net	539,168	566,197
Other assets, net	813,250	1,135,172
Total assets	39,884,904	43,878,901
Current liabilities:
Current installments of long-term debt	55,445	52,624
Accounts payable and accrued expenses	5,396,473	5,843,044
Accrued compensation and payroll taxes	1,647,773	1,849,780
Income taxes payable	34,777	22,754
Total current liabilities	7,134,468	7,768,202
Note payable, revolver - noncurrent	8,046,853	8,324,397
Long-term debt, excluding current installments	2,599,030	2,622,620
Other noncurrent liabilities	266,198	441,838
Total liabilities	18,046,549	19,157,057
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 7,852,515 shares at April 30, 2024 and 7,893,681 shares at October 31, 2023	15,277,264	15,134,133
Retained earnings	6,561,091	9,587,711
Total shareholders’ equity	21,838,355	24,721,844
Commitments and Contingencies
Total liabilities and shareholders’ equity	$ 39,884,904	$ 43,878,901

Note 6 - Long-term Debt and Notes Payable

3 Months Ended

Apr. 30, 2024

Long-Term Debt [Text Block]

(6)

Long-term Debt and Notes Payable

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

The Virginia Real Estate Loan is with Northeast Bank and 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. The Prime Rate was 8.5% per annum at April 30, 2024 and October 31, 2023. The maturity date of the Virginia Real Estate Loan is May 5, 2026.

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 Company had an outstanding balance on its Virginia Real Estate Loan of $2.7 million, as of April 30, 2024 and October 31, 2023.

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

The maximum aggregate principal amount subject to the Revolver is $18,000,000. Interest accrues on the daily balance at the per annum rate of 1.5% above the Prime Rate in effect from time to time, but not less than 4.75% (the “Applicable Rate”). As a result, the Revolver accrued interest at a 10.0% rate at April 30, 2024 and October 31, 2023. In the event of a default, interest may become 6.0% above the Applicable Rate. The termination date of the Revolver is July 24, 2025 and the loan may be extended in one year periods subject to the agreement of SLR.

The Revolver is secured by all of the following assets: properties, rights and interests in property of the Company whether now owned or existing, or hereafter acquired or arising, and wherever located; all accounts, equipment, commercial tort claims, general intangibles, chattel paper, inventory, negotiable collateral, investment property, financial assets, letter-of-credit rights, supporting obligations, deposit accounts, money or assets of the Company, which hereafter come into the possession, custody, or control of SLR; all proceeds and products, whether tangible or intangible, of any of the foregoing, including proceeds of insurance covering any or all of the foregoing; any and all tangible or intangible property resulting from the sale, lease, license or other disposition of any of the foregoing, or any portion thereof or interest therein, and all proceeds thereof; and any other assets of the Company which may be subject to a lien in favor of SLR as security for the obligations under the Loan Agreement.

As of April 30, 2024, the Company had $8.0 million of outstanding borrowings on its Revolver and $2.0 million in available credit. As of October 31, 2023, the Company had $8.3 million of outstanding borrowings on its Revolver and $2.6 million in available credit.

Note 3 - Allowance for Credit Losses for Trade Accounts Receivable

3 Months Ended

Apr. 30, 2024

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

(3)

Allowance for Credit Losses for Trade Accounts Receivable

A summary of changes in the allowance for credit losses for trade accounts receivable for the six months ended April 30, 2024 and 2023 follows:

	Six Months Ended
	April 30,
	2024			2023
Balance at beginning of period	$	71,189		$	69,643
Bad debt expense (recovery)		(16,928	)		14,959
Balance at end of period	$	54,261		$	84,602

Note 3 - Allowance for Credit Losses for Trade Accounts Receivable (Tables)

3 Months Ended

Apr. 30, 2024

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

	Six Months Ended
	April 30,
	2024			2023
Balance at beginning of period	$	71,189		$	69,643
Bad debt expense (recovery)		(16,928	)		14,959
Balance at end of period	$	54,261		$	84,602

Note 1 - General

3 Months Ended

Apr. 30, 2024