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v2.4.0.6
9. Income Taxes
12 Months Ended
Oct. 31, 2012
Notes  
9. Income Taxes

9. Income Taxes

 

The Company’s provision for income taxes in each fiscal year consists of current federal, state, and local minimum taxes.

 

A reconciliation of the U.S statutory tax rate to the Company’s effective tax rate for fiscal years 2012 and 2011 is as follows:

                                                                                                           

 

                       2012

                  2011

 

    Amount

   Percent

  Amount

    Percent

 

 

 

 

 

U.S. statutory tax

$    369,000

34.0%

 $    361,000

       34.0%

Decrease in valuation allowance

   (2,306,000)

(212.5)

    (2,018,000)

            (190.1)

Permanent differences

54,000

4.9

  73,000

      6.9

NOL stock-compensation adjustment

20,000

1.9

-

                    -

State tax, net of federal benefit

64,000

5.9 

12,000

      1.1

Other, net

 23,000

2.1

-

        -

 

1,776,449

 

1,571,926

 

Income tax benefit, net

$(1,776,000)

(163.7)%

$(1,572,000)

     (148.1)%

 

The tax effect of temporary differences that give rise to deferred tax assets and liabilities as of October 31, 2012 and 2011 is as follows:

 

 

        2012 

          2011

 

 

 

Deferred tax assets and liabilities:

 

 

Net operating loss carry-forward

 $ 4,263,000

       $ 4,696,000

AMT credits

   15,000

                        -

Accrued vacation

112,000

   103,000

Allowance for doubtful accounts receivable

 32,000

   40,000

Stock compensation-nonqualified

  75,000

  41,000

Depreciation

   (1,095,000)

            (984,000)

Deferred tax assets and liabilities

    3,402,000

          3,896,000

Less: valuation allowance

                   -

         (2,306,000)

Net deferred tax assets and liabilities

$ 3,402,000

$ 1,590,000

 

In accordance with accounting standards, the Company has not recorded a deferred tax asset related to the net operating losses resulting from the exercise of disqualifying stock options in the accompanying financial statements. The cumulative amount of unrecognized tax benefits at October 31, 2012 was approximately $133,000, and if the Company is able to utilize this benefit in the future, it would result in a credit to additional paid-in capital.

 

The income tax benefit for fiscal years ended October 31, 2012 and 2011 is as follows:

 

 

          2012

              2011

 

 

 

Current:

 

 

Federal

  $      14,000

       $                -

State

        21,000

      18,000

Income tax provision-current

        35,000

               18,000

 

 

  

Deferred:

 

 

Federal

(1,369,000)

(1,232,000)

State

     (442,000)

(358,000)

 

1,776,449

1,571,926

Total income tax benefit, net

  $(1,776,000)

       $(1,572,000)

 

At October 31, 2012, the Company had available a federal net operating loss carry-forward of $10,990,000 for income tax purposes, which will expire in various tax years from fiscal year 2020 through fiscal year 2029. The Company evaluates whether a valuation allowance related to deferred tax assets is required each reporting period. A valuation allowance is established if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred income tax asset will not be realized. For fiscal year 2011, the Company’s deferred tax benefit was $1,590,000, which was primarily driven by the partial reversal of the Company’s valuation allowance for the deferred tax asset of $3,896,000, as it was determined at that time that this was the amount of the Company’s deferred tax asset that was considered more likely than not to be realized. During fiscal year 2012, the Company reversed the remaining valuation allowance of $2,306,000 related to deferred tax assets, as it was determined that it is more likely than not these assets will be realized. This determination was primarily based on cumulative positive earnings in recent years and projected taxable income in the future. In evaluating whether or not to realize a deferred tax asset, the Company considered all available positive and negative evidence, including past operating results and a forecast of future taxable income.