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EXCEL - IDEA: XBRL DOCUMENT - OPT SCIENCES CORPFinancial_Report.xls
10-K - FORM 10-K FISCAL YEAR 2012 - OPT SCIENCES CORPopt_10-k_2012_final.htm
XML - IDEA: XBRL DOCUMENT - OPT SCIENCES CORPR9.htm
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EX-32 - EXHIBIT 32.1 CERTIFICATION - OPT SCIENCES CORPExhibit_32-1_10K_2012.htm
EX-31 - EXHIBIT 31.1 CERTIFICATION - OPT SCIENCES CORPExhibit_31-1_10K_2012.htm
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Summary of Significant Accounting Policies
12 Months Ended
Oct. 27, 2012
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

NOTE 1 -   Summary of Significant Accounting Policies

The consolidated financial statements include the accounts of OPT-Sciences Corporation and its wholly owned subsidiary. All significant intercompany accounts and transactions have been eliminated.

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and 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.

Cash and Cash Equivalents

The Company considers certificates of deposit and debt securities purchased with a maturity of three months or less to be cash equivalents.

Line of Business and Credit Concentration

The Company, through its wholly owned subsidiary, is engaged in the business of applying anti-reflective, conductive and/or other coatings to the faceplates of instruments for aircraft cockpits. The Company grants credit to companies within the aerospace industry.

Accounts Receivable

Bad debts are charged to operations in the year in which the account is determined to be uncollectible. If the allowance method for doubtful accounts were used, it would not have a material effect on the financial statements.

Inventories

Raw materials are stated at the lower of average cost or market. Work in process and finished goods are stated at accumulated cost of raw material, labor and overhead, or market, whichever is lower. Market is net realizable value.

Marketable Securities

Marketable securities consist of debt and equity securities and mutual funds. Equity securities include both common and preferred stock.

The Company's investment securities are classified as "available-for-sale". Accordingly, unrealized gains and losses and the related deferred income tax effects when material, are excluded from earnings and reported as a separate component of stockholders' equity as accumulated other comprehensive income. Realized gains or losses are computed based on specific identification of the securities sold.

Property and Equipment

Property and equipment are comprised of land, building and improvements, machinery and equipment, small tools, furniture and fixtures, office equipment and automobiles. These assets are recorded at cost. Depreciation for financial statement purposes is calculated over estimated useful lives of three to twenty-five years, using the straight-line method. Maintenance and repairs are charged to expense as incurred.

Income Taxes

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.

Employee Benefit Plans

On October 1, 1998, the Company implemented a 401(k) profit sharing plan. All eligible employees of the Company are covered by the Plan. The Company's current plan includes Company matching contributions the amount of which is determined at the discretion of the Board of Directors. Company contributions were $30,362 and $28,889 for the years ended October 27, 2012 and October 29, 2011, respectively.

Earnings per Common Share

Earnings per common share were computed by dividing net income by the weighted average number of common shares outstanding.

Revenue Recognition

The Company recognizes revenue from product sales in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 605, Revenue Recognition when products are shipped and risk of loss and title has passed to the customer.

Consideration of Subsequent Events

These financial statements were approved and authorized for issue by the Board of Directors on January 25, 2013.