Optical Cable (OCC) 10-Q 10 Sep 20 2020 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Jul. 31, 2020	Sep. 04, 2020
Document Information [Line Items]
Entity Central Index Key	0001000230
Entity Registrant Name	OPTICAL CABLE CORP
Amendment Flag	false
Current Fiscal Year End Date	--10-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2020
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 31, 2020
Document Transition Report	false
Entity File Number	0-27022
Entity Incorporation, State or Country Code	VA
Entity Tax Identification Number	54-1237042
Entity Address, Address Line One	5290 Concourse Drive
Entity Address, City or Town	Roanoke
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	24019
City Area Code	540
Local Phone Number	265-0690
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	OCC
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		7,537,087

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Jul. 31, 2020	Oct. 31, 2019
Current assets:
Cash	$ 998,662	$ 537,330
Trade accounts receivable, net of allowance for doubtful accounts of $531,308 at July 31, 2020 and $99,562 at October 31, 2019	6,799,541	10,347,597
Income taxes refundable - current	50,618	25,004
Other receivables	60,467	69,727
Inventories	17,129,461	18,095,627
Prepaid expenses and other assets	259,173	304,713
Total current assets	25,297,922	29,379,998
Property and equipment, net	9,064,679	10,010,223
Income taxes refundable - noncurrent	0	25,003
Intangible assets, net	664,561	659,280
Other assets, net	1,885,924	32,430
Total assets	36,913,086	40,106,934
Current liabilities:
Note payable, SBA PPP loan - current	2,469,042	0
Current installments of long-term debt	308,979	738,955
Note payable to bank, revolver - current	0	5,650,000
Accounts payable and accrued expenses	3,421,487	5,459,352
Accrued compensation and payroll taxes	1,379,677	1,763,338
Income taxes payable	11,843	15,382
Total current liabilities	7,591,028	13,627,027
Note payable, SBA PPP loan - noncurrent	2,512,358	0
Note payable, revolver - noncurrent	4,577,521	0
Long-term debt, excluding current installments	4,932,239	5,169,668
Other noncurrent liabilities	1,674,301	71,339
Total liabilities	21,287,447	18,868,034
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 7,537,087 shares at July 31, 2020 and 7,458,981 shares at October 31, 2019	13,961,526	13,853,334
Retained earnings	1,664,113	7,385,566
Total shareholders’ equity	15,625,639	21,238,900
Commitments and contingencies
Total liabilities and shareholders’ equity	$ 36,913,086	$ 40,106,934

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands	Jul. 31, 2020	Oct. 31, 2019
Allowance for doubtful accounts	$ 531,308	$ 99,562
Preferred stock, no par value (in dollars per share)	$ 0	$ 0
Preferred stock, authorized (in shares)	1,000,000	1,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, no par value (in dollars per share)	$ 0	$ 0
Common stock, authorized (in shares)	50,000,000	50,000,000
Common stock, issued (in shares)	7,537,087	7,458,981
Common stock, outstanding (in shares)	7,537,087	7,458,981

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Jul. 31, 2020	Jul. 31, 2019
Net sales	$ 13,639,169	$ 17,367,068	$ 41,389,993	$ 53,074,911
Cost of goods sold	10,167,008	12,875,614	31,516,942	39,711,764
Gross profit	3,472,161	4,491,454	9,873,051	13,363,147
Selling, general and administrative expenses	4,559,970	5,418,438	14,933,595	17,968,897
Royalty (income) expense, net	193,062	216	208,093	(1,272)
Amortization of intangible assets	10,806	9,597	30,973	28,494
Loss from operations	(1,291,677)	(936,797)	(5,299,610)	(4,632,972)
Other expense, net:
Interest expense	(135,725)	(135,648)	(397,198)	(381,819)
Other, net	(1,436)	10	(3,015)	(7,270)
Other expense, net	(137,161)	(135,638)	(400,213)	(389,089)
Loss before income taxes	(1,428,838)	(1,072,435)	(5,699,823)	(5,022,061)
Income tax expense (benefit)	4,992	12,859	15,076	(9,322)
Net loss	$ (1,433,830)	$ (1,085,294)	$ (5,714,899)	$ (5,012,739)
Net loss per share: Basic and diluted (in dollars per share)	$ (0.20)	$ (0.15)	$ (0.78)	$ (0.68)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Retained Earnings [Member]	Total
Balances (in shares) at Oct. 31, 2018	7,694,387
Balances at Oct. 31, 2018	$ 13,816,140	$ 12,994,697	$ 26,810,837
Adoption of accounting standard ASU 2018-07	$ 0	61,763	61,763
Share-based compensation, net (in shares)	257,222
Share-based compensation, net	$ (66,327)	0	(66,327)
Net loss	$ 0	(3,310,020)	(3,310,020)
Share-based compensation, net (in shares)	(257,222)
Repurchase and retirement of common stock (at cost) (in shares)	(258)
Repurchase and retirement of common stock (at cost)	$ 0	(1,257)	(1,257)
Balances (in shares) at Jan. 31, 2019	7,436,907
Balances at Jan. 31, 2019	$ 13,749,813	9,745,183	23,494,996
Balances (in shares) at Oct. 31, 2018	7,694,387
Balances at Oct. 31, 2018	$ 13,816,140	12,994,697	26,810,837
Net loss			(5,012,739)
Balances (in shares) at Jul. 31, 2019	7,459,056
Balances at Jul. 31, 2019	$ 13,814,038	8,042,388	21,856,426
Balances (in shares) at Jan. 31, 2019	7,436,907
Balances at Jan. 31, 2019	$ 13,749,813	9,745,183	23,494,996
Share-based compensation, net (in shares)	(23,628)
Share-based compensation, net	$ 27,169	0	27,169
Net loss	$ 0	(617,425)	(617,425)
Share-based compensation, net (in shares)	23,628
Balances (in shares) at Apr. 30, 2019	7,460,535
Balances at Apr. 30, 2019	$ 13,776,982	9,127,758	22,904,740
Share-based compensation, net (in shares)	1,461
Share-based compensation, net	$ 37,056	0	37,056
Net loss	$ 0	(1,085,294)	(1,085,294)
Share-based compensation, net (in shares)	(1,461)
Repurchase and retirement of common stock (at cost) (in shares)	(18)
Repurchase and retirement of common stock (at cost)	$ 0	(76)	(76)
Balances (in shares) at Jul. 31, 2019	7,459,056
Balances at Jul. 31, 2019	$ 13,814,038	8,042,388	21,856,426
Balances (in shares) at Oct. 31, 2019	7,458,981
Balances at Oct. 31, 2019	$ 13,853,334	7,385,566	21,238,900
Adoption of accounting standard ASU 2018-07	$ 6,554	(6,554)	0
Share-based compensation, net (in shares)	(2,909)
Share-based compensation, net	$ 34,356	0	34,356
Net loss	$ 0	(2,591,888)	(2,591,888)
Share-based compensation, net (in shares)	2,909
Balances (in shares) at Jan. 31, 2020	7,456,072
Balances at Jan. 31, 2020	$ 13,894,244	4,787,124	18,681,368
Balances (in shares) at Oct. 31, 2019	7,458,981
Balances at Oct. 31, 2019	$ 13,853,334	7,385,566	21,238,900
Net loss			(5,714,899)
Balances (in shares) at Jul. 31, 2020	7,537,087
Balances at Jul. 31, 2020	$ 13,961,526	1,664,113	15,625,639
Balances (in shares) at Jan. 31, 2020	7,456,072
Balances at Jan. 31, 2020	$ 13,894,244	4,787,124	18,681,368
Share-based compensation, net	26,677	0	26,677
Net loss	$ 0	(1,689,181)	(1,689,181)
Balances (in shares) at Apr. 30, 2020	7,456,072
Balances at Apr. 30, 2020	$ 13,920,921	3,097,943	17,018,864
Share-based compensation, net (in shares)	81,015
Share-based compensation, net	$ 40,605	0	40,605
Net loss	$ 0	(1,433,830)	(1,433,830)
Share-based compensation, net (in shares)	(81,015)
Balances (in shares) at Jul. 31, 2020	7,537,087
Balances at Jul. 31, 2020	$ 13,961,526	$ 1,664,113	$ 15,625,639

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Jul. 31, 2020	Jul. 31, 2019
Cash flows from operating activities:
Net loss	$ (5,714,899)	$ (5,012,739)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,082,809	1,294,062
Bad debt expense	431,746	56,483
Share-based compensation expense	101,638	941,253
Loss on sale of property and equipment	10,305	2,058
(Increase) decrease in:
Trade accounts receivable	3,116,310	2,811,745
Other receivables	9,260	26,038
Inventories	966,166	(1,337,756)
Prepaid expenses and other assets	45,540	113,565
Income taxes refundable	(611)	(726)
Other assets	(8,180)	21,473
Increase (decrease) in:
Accounts payable and accrued expenses	(2,470,420)	2,714,909
Accrued compensation and payroll taxes	(383,661)	(1,646,435)
Income taxes payable	(3,539)	(451)
Other noncurrent liabilities	381,682	(30,803)
Net cash used in operating activities	(2,435,854)	(47,324)
Cash flows from investing activities:
Purchase of and deposits for the purchase of property and equipment	(94,536)	(483,115)
Investment in intangible assets	(36,254)	(57,425)
Net cash used in investing activities	(130,790)	(540,540)
Cash flows from financing activities:
Payroll taxes withheld and remitted on share-based payments	0	(943,355)
Proceeds from note payable to bank, SBA PPP loan	4,981,400	0
Proceeds from note payable to bank, revolver	350,000	2,850,000
Proceeds from note payable, revolver	5,530,583	0
Payments on note payable to bank, revolver	(6,000,000)	0
Payments on note payable, revolver	(953,062)	0
Principal payments on long-term debt	(667,405)	(395,249)
Payments for financing costs	(213,540)	0
Repurchase of common stock	0	(1,333)
Net cash provided by financing activities	3,027,976	1,510,063
Net increase in cash	461,332	922,199
Cash at beginning of period	537,330	177,413
Cash at end of period	$ 998,662	$ 1,099,612

Note 1 - General

Note 1 - General	9 Months Ended
	Jul. 31, 2020
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	( 1 General The accompanying unaudited condensed consolidated financial statements of Optical Cable Corporation and its subsidiaries (collectively, the “Company” or “OCC ® 10 X. not nine July 31, 2020 not October 31, 2020 may 19 10 October 31, 2019 10 not 10 October 31, 2019. In February 2016, 2016 02, Leases 2017 13, 2018 10, 2018 11, 2018 20 2019 01 842” 842 842 842 December 15, 2018, 842 November 1, 2019. no 7 In June 2018, 2018 07, Compensation – Stock Compensation (Topic 718 2018 07” 2018 07 718 2018 07 718 not 1 2 Revenue from Contracts with Customers 606 2018 07 December 15, 2018, 2018 07 November 1, 2019. not In June 2018, 2018 08, Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made 2018 08” 2018 08 not 2018 08 not 2018 08 December 15, 2018, 2018 08 November 1, 2019. 2018 08 not

Note 2 - Stock Incentive Plans

Note 2 - Stock Incentive Plans and Other Share-based Compensation	9 Months Ended
	Jul. 31, 2020
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	( 2 Stock Incentive Plans and Other Share-Based Compensation As of July 31, 2020, 2017 “2017 Share-based compensation expense for employees, a consultant and non-employee Directors recognized in the condensed consolidated statements of operations for the three nine July 31, 2020 three nine July 31, 2019 Restricted and Other Stock Awards 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, During the three July 31, 2020, 2017 one three nine July 31, 2020 three nine July 31, 2019 During the three July 31, 2020, 2017 five January 31, 2022. Restricted stock award activity during the nine July 31, 2020 As of July 31, 2020,

Note 3 - Allowance for Doubtful

Note 3 - Allowance for Doubtful Accounts for Trade Accounts Receivable	9 Months Ended
	Jul. 31, 2020
Notes to Financial Statements
Allowance for Doubtful Accounts for Trade Accounts Receivable Disclosure [Text Block]	( 3 Allowance for Doubtful Accounts for Trade Accounts Receivable A summary of changes in the allowance for doubtful accounts for trade accounts receivable for the nine July 31, 2020 2019 Nine Months Ended July 31, 2020 2019 Balance at beginning of period $ 99,562 $ 64,242 Bad debt expense 431,746 56,483 Losses charged to allowance — (25,061 ) Balance at end of period $ 531,308 $ 95,664

Note 4 - Inventories

Note 4 - Inventories	9 Months Ended
	Jul. 31, 2020
Notes to Financial Statements
Inventory Disclosure [Text Block]	( 4 Inventories Inventories as of July 31, 2020 October 31, 2019 July 31 October 31, 2020 2019 Finished goods $ 5,111,049 $ 5,845,973 Work in process 3,343,469 3,321,216 Raw materials 8,411,730 8,632,230 Production supplies 263,213 296,208 Total $ 17,129,461 $ 18,095,627

Note 5 - Product Warranties

Note 5 - Product Warranties	9 Months Ended
	Jul. 31, 2020
Notes to Financial Statements
Product Warranty Disclosure [Text Block]	( 5 Product Warranties As of July 31, 2020 October 31, 2019, three nine July 31, 2020 three nine July 31, 2019 The following table summarizes the changes in the Company’s accrual for product warranties during the nine July 31, 2020 2019: Nine Months Ended July 31 2020 2019 Balance at beginning of period $ 120,000 $ 180,000 Liabilities accrued for warranties issued during the period 141,033 222,520 Warranty claims and costs paid during the period (65,736 ) (205,629 ) Changes in liability for pre-existing warranties during the period (85,297 ) 3,109 Balance at end of period $ 110,000 $ 200,000

Note 6 - Long-term Debt and Not

Note 6 - Long-term Debt and Notes Payable to Bank	9 Months Ended
	Jul. 31, 2020
Notes to Financial Statements
Long-term Debt [Text Block]	( 6 Long-term Debt and Notes Payable to Bank The Company has credit facilities consisting of a real estate term loan, as amended and restated (the “Virginia Real Estate Loan”), a supplemental real estate term loan, as amended and restated (the “North Carolina Real Estate Loan”), a Revolving Credit Master Promissory Note and related agreements (collectively, the “Revolver”) and a Paycheck Protection Program loan (“PPP Loan”) implemented by the United States Small Business Administration (“SBA”). Both the Virginia Real Estate Loan and the North Carolina Real Estate Loan are with Pinnacle Bank (“Pinnacle”), have a fixed interest rate of 3.95% and are secured by a first Long-term debt as of July 31, 2020 October 31, 2019 July 31, October 31, 2020 2019 Virginia Real Estate Loan ($ 6.5 31,812 3.95 3,644,211 $ 4,173,324 $ 4,580,173 North Carolina Real Estate Loan ($ 2.24 10,963 3.95 1,255,850 May 1, 2024 1,067,894 1,328,450 Total long-term debt 5,241,218 5,908,623 Less current installments 308,979 738,955 Long-term debt, excluding current installments $ 4,932,239 $ 5,169,668 On April 15, 2020, 1.00% may not seven two April 15, 2022). July 31, 2020, On July 24, 2020, July 24, 2020 ( July 24, 2020 Under the Loan Agreement, North Mill agreed to provide the Company with one $5,000,000, not 100% 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 may July 31, 2020, July 31, 2020). three July 24, 2023. may one 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 North Mill; 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 Prior to the refinancing of the Revolver with North Mill Capital on July 24, 2020, one $6.5 As of July 31, 2020 October 31, 2019,

Note 7 - Leases

Note 7 - Leases	9 Months Ended
	Jul. 31, 2020
Notes to Financial Statements
Leases of Lessee Disclosure [Text Block]	( 7 Leases The Company elected the optional transition method provided by the FASB in ASU 2018 11, Leases (Topic 842 not not not 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 initial lease term expired November 30, 2019, November 30, 2024. The Company entered into an operating lease agreement in April 2015 twelve April 30, 2016. four 4 one April 30, 2020. February 6, 2020 April 25, 2015 thirty-six April 30, 2023. The Company also leases certain office equipment under operating leases with initial 60 month terms. The Company’s lease contracts may 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 Operating lease right-of-use assets of $1,349,149 were included in other assets at July 31, 2020. July 31, 2020. three nine July 31, 2020 The weighted average remaining lease term was 47.1 months and the weighted average discount rate was 5.1% as of July 31, 2020. The Company’s future payments due under operating leases reconciled to the lease liability are as follows: Fiscal Future Payments 2020 (1) $ 96,681 2021 389,398 2022 389,807 2023 327,071 2024 274,132 Thereafter 26,370 Total undiscounted lease payments 1,503,459 Present value discount (144,661 ) Total operating lease liability $ 1,358,798 ( 1 three 2020. For the three nine July 31, 2020, nine July 31, 2020,

Note 8 - Fair Value Measurement

Note 8 - Fair Value Measurements	9 Months Ended
	Jul. 31, 2020
Notes to Financial Statements
Fair Value Disclosures [Text Block]	( 8 Fair Value Measurements The carrying amounts reported in the condensed consolidated balance sheets as of July 31, 2020 October 31, 2019 July 31, 2020 October 31, 2019.

Note 9 - Net Loss Per Share

Note 9 - Net Loss Per Share	9 Months Ended
	Jul. 31, 2020
Notes to Financial Statements
Earnings Per Share [Text Block]	( 9 Basic net loss per share excludes dilution and is computed by dividing net loss available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted net 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 loss of the Company. The following is a reconciliation of the numerators and denominators of the net loss per share computations for the periods presented: Three months ended Nine months ended July 31, July 31, 2020 2019 2020 2019 Net loss (numerator) $ (1,433,830 ) $ (1,085,294 ) $ (5,714,899 ) $ (5,012,739 ) Shares (denominator) 7,352,673 7,319,274 7,354,579 7,409,465 Basic and diluted net loss per share $ (0.20 ) $ (0.15 ) $ (0.78 ) $ (0.68 ) Weighted average unvested shares for the three nine July 31, 2020 not three nine July 31, 2020 ( Weighted average unvested shares for the three nine July 31, 2019 not three nine July 31, 2019 (

Note 10 - Segment Information a

Note 10 - Segment Information and Business and Credit Concentrations	9 Months Ended
	Jul. 31, 2020
Notes to Financial Statements
Concentration Risk Disclosure [Text Block]	( 10 Segment Information and Business and Credit Concentrations The Company provides credit, in the normal course of business, to various commercial enterprises, governmental entities and not July 31, 2020 For the three nine July 31, 2020, one three July 31, 2019, nine July 31, 2019, two The Company has a single reportable segment for purposes of segment reporting.

Note 11 - Revenue Recognition

Note 11 - Revenue Recognition	9 Months Ended
	Jul. 31, 2020
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	( 11 Revenue Recognition Revenues consist of product sales that are recognized at a specific point in time under the core principle of recognizing revenue when control transfers to the customer. The Company considers customer purchase orders, governed by master sales agreements or the Company’s standard terms and conditions, to be the contract with the customer. For each contract, the promise to transfer the control of the products, each of which is individually distinct, is considered to be the identified performance obligation. The Company evaluates each customer’s credit risk when determining whether to accept a contract. In determining transaction prices, the Company evaluates whether fixed order prices are subject to adjustment to determine the net consideration to which the Company expects to be entitled. Contracts do not 30 90 not not not 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 July 31, 2020 October 31, 2019. 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 $118,675 as of July 31, 2020 October 31, 2019. 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 no 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 nine July 31, 2020 2019: Three months ended Nine months ended July 31 July 31 2020 2019 2020 2019 United States $ 11,086,545 $ 14,421,221 $ 33,432,451 $ 43,460,603 Outside the United States 2,552,624 2,945,847 7,957,542 9,614,308 Total net sales $ 13,639,169 $ 17,367,068 $ 41,389,993 $ 53,074,911 OPTICAL CABLE CORPORATION Condensed Notes to Condensed Consolidated Financial Statements Nine Months Ended July 31, 2020 (Unaudited)

Note 12 - Contingencies

Note 12 - Contingencies	9 Months Ended
	Jul. 31, 2020
Notes to Financial Statements
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 The COVID- 19 19 While continuing to operate, the Company has been negatively impacted by the COVID- 19 The Company made a number of changes to business operations in response to the COVID- 19 The extent to which the COVID- 19 not 19

Note 13 - New Accounting Standa

Note 13 - New Accounting Standards Not Yet Adopted	9 Months Ended
	Jul. 31, 2020
Notes to Financial Statements
Description of New Accounting Pronouncements Not yet Adopted [Text Block]	( 13 New Accounting Standards Not In December 2019, 2019 12, Income Taxes (Topic 740 2019 12” 2019 12 740 2019 12 December 15, 2020, 2019 12 There are no not

Note 3 - Allowance for Doubtf_2

Note 3 - Allowance for Doubtful Accounts for Trade Accounts Receivable (Tables)	9 Months Ended
	Jul. 31, 2020
Notes Tables
Summary of Changes in the Allowance for Doubtful Accounts for Trade Accounts Receivable [Table Text Block]	Nine Months Ended July 31, 2020 2019 Balance at beginning of period $ 99,562 $ 64,242 Bad debt expense 431,746 56,483 Losses charged to allowance — (25,061 ) Balance at end of period $ 531,308 $ 95,664

Note 4 - Inventories (Tables)

Note 4 - Inventories (Tables)	9 Months Ended
	Jul. 31, 2020
Notes Tables
Schedule of Inventory, Current [Table Text Block]	July 31 October 31, 2020 2019 Finished goods $ 5,111,049 $ 5,845,973 Work in process 3,343,469 3,321,216 Raw materials 8,411,730 8,632,230 Production supplies 263,213 296,208 Total $ 17,129,461 $ 18,095,627

Note 5 - Product Warranties (Ta

Note 5 - Product Warranties (Tables)	9 Months Ended
	Jul. 31, 2020
Notes Tables
Schedule of Product Warranty Liability [Table Text Block]	Nine Months Ended July 31 2020 2019 Balance at beginning of period $ 120,000 $ 180,000 Liabilities accrued for warranties issued during the period 141,033 222,520 Warranty claims and costs paid during the period (65,736 ) (205,629 ) Changes in liability for pre-existing warranties during the period (85,297 ) 3,109 Balance at end of period $ 110,000 $ 200,000

Note 6 - Long-term Debt and N_2

Note 6 - Long-term Debt and Notes Payable to Bank (Tables)	9 Months Ended
	Jul. 31, 2020
Notes Tables
Schedule of Debt [Table Text Block]	July 31, October 31, 2020 2019 Virginia Real Estate Loan ($ 6.5 31,812 3.95 3,644,211 $ 4,173,324 $ 4,580,173 North Carolina Real Estate Loan ($ 2.24 10,963 3.95 1,255,850 May 1, 2024 1,067,894 1,328,450 Total long-term debt 5,241,218 5,908,623 Less current installments 308,979 738,955 Long-term debt, excluding current installments $ 4,932,239 $ 5,169,668

Note 7 - Leases (Tables)

Note 7 - Leases (Tables)	9 Months Ended
	Jul. 31, 2020
Notes Tables
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	Fiscal Future Payments 2020 (1) $ 96,681 2021 389,398 2022 389,807 2023 327,071 2024 274,132 Thereafter 26,370 Total undiscounted lease payments 1,503,459 Present value discount (144,661 ) Total operating lease liability $ 1,358,798

Note 9 - Net Loss Per Share (Ta

Note 9 - Net Loss Per Share (Tables)	9 Months Ended
	Jul. 31, 2020
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three months ended Nine months ended July 31, July 31, 2020 2019 2020 2019 Net loss (numerator) $ (1,433,830 ) $ (1,085,294 ) $ (5,714,899 ) $ (5,012,739 ) Shares (denominator) 7,352,673 7,319,274 7,354,579 7,409,465 Basic and diluted net loss per share $ (0.20 ) $ (0.15 ) $ (0.78 ) $ (0.68 )

Note 11 - Revenue Recognition (

Note 11 - Revenue Recognition (Tables)	9 Months Ended
	Jul. 31, 2020
Notes Tables
Revenue from External Customers by Geographic Areas [Table Text Block]	Three months ended Nine months ended July 31 July 31 2020 2019 2020 2019 United States $ 11,086,545 $ 14,421,221 $ 33,432,451 $ 43,460,603 Outside the United States 2,552,624 2,945,847 7,957,542 9,614,308 Total net sales $ 13,639,169 $ 17,367,068 $ 41,389,993 $ 53,074,911

Note 1 - General (Details Textu

Note 1 - General (Details Textual) - USD ($)	Jul. 31, 2020	Nov. 01, 2019
Operating Lease, Liability, Total	$ 1,358,798
Accounting Standards Update 2016-02 [Member]
Operating Lease, Right-of-Use Asset		$ 138,834
Operating Lease, Liability, Total		$ 139,367

Note 2 - Stock Incentive Plan_2

Note 2 - Stock Incentive Plans and Other Share-based Compensation (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Jul. 31, 2020	Jul. 31, 2019
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)			83,880
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period (in shares)			5,774
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)			2 years
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 435,000		$ 435,000
Plan 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)	362,000		362,000
Plan 2017 [Member] | Employees, Consultant and Non-employee Directors [Member]
Share-based Payment Arrangement, Expense	$ 40,605	$ 42,549	$ 101,638	$ 941,253
Plan 2017 [Member] | Non-employee Directors [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	58,880
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	1 year
Plan 2017 [Member] | Consultant [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	25,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	5 years
The 2017 Stock Incentive Plan [Member] | Restricted Stock [Member]
Deferred Compensation Arrangement with Individual, Allocated Share-based Compensation Expense	$ 35,917	$ 35,597	$ 95,245	$ 89,241

Note 3 - Allowance for Doubtf_3

Note 3 - Allowance for Doubtful Accounts for Trade Accounts Receivable - Summary of Changes in the Allowance for Doubtful Accounts for Trade Accounts Receivable (Details) - USD ($)	9 Months Ended
	Jul. 31, 2020	Jul. 31, 2019
Balance at beginning of period	$ 99,562	$ 64,242
Bad debt expense	431,746	56,483
Losses charged to allowance	0	(25,061)
Balance at end of period	$ 531,308	$ 95,664

Note 4 - Inventories - Componen

Note 4 - Inventories - Components of Inventories (Details) - USD ($)	Jul. 31, 2020	Oct. 31, 2019
Finished goods	$ 5,111,049	$ 5,845,973
Work in process	3,343,469	3,321,216
Raw materials	8,411,730	8,632,230
Production supplies	263,213	296,208
Total	$ 17,129,461	$ 18,095,627

Note 5 - Product Warranties (De

Note 5 - Product Warranties (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Jul. 31, 2020	Jul. 31, 2019	Oct. 31, 2019	Oct. 31, 2018
Standard and Extended Product Warranty Accrual, Ending Balance	$ 110,000	$ 200,000	$ 110,000	$ 200,000	$ 120,000	$ 180,000
Product Warranty Expense	44,347	$ 69,075	55,736	$ 225,629
Accounts Payable and Accrued Liabilities [Member]
Standard and Extended Product Warranty Accrual, Ending Balance	$ 110,000		$ 110,000		$ 120,000

Note 5 - Product Warranties - C

Note 5 - Product Warranties - Changes in Accrual for Product Warranties (Details) - USD ($)	9 Months Ended
	Jul. 31, 2020	Jul. 31, 2019
Balance at beginning of period	$ 120,000	$ 180,000
Liabilities accrued for warranties issued during the period	141,033	222,520
Warranty claims and costs paid during the period	(65,736)	(205,629)
Changes in liability for pre-existing warranties during the period	(85,297)	3,109
Balance at end of period	$ 110,000	$ 200,000

Note 6 - Long-term Debt and N_3

Note 6 - Long-term Debt and Notes Payable to Bank (Details Textual) - USD ($)	Jul. 31, 2020	Jul. 24, 2020	Apr. 15, 2020	Jul. 31, 2020	Jul. 31, 2019	Oct. 31, 2019
Proceeds from Paycheck Protection Program Under CARES Act			$ 4,981,400	$ 4,981,400	$ 0
Notes Payable, SBA PPP Loan, Periodic Payment,			$ 280,335
Notes Payable, SBA PPP Loan, Current	$ 2,469,042			2,469,042		$ 0
Notes Payable, SBA PPP Loan, Noncurrent	2,512,358			2,512,358		0
Pinnacle Financial Partners [Member] | Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity		$ 6,500,000
Long-term Line of Credit, Noncurrent	4,600,000			4,600,000
Line of Credit Facility, Remaining Borrowing Capacity	$ 2,200,000			$ 2,200,000		850,000
Line of Credit, Current						$ 5,700,000
North Mill Capital LLC [Member] | Revolving Credit Facility [Member]
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, Restricted Capacity for Advances		1,500,000
Line of Credit Facility, Maximum Borrowing Capacity		$ 18,000,000
Debt Instrument, Interest Rate, Effective Percentage	4.75%	4.75%		4.75%
Debt Instrument, Term (Year)	3 years
Debt Instrument, Term Extensions (Year)		1 year
North Mill Capital LLC [Member] | Revolving Credit Facility [Member] | Maximum [Member]
Debt Instrument, Interest Rate, Effective Percentage		6.00%
North Mill Capital LLC [Member] | Revolving Credit Facility [Member] | Prime Rate [Member]
Debt Instrument, Basis Spread on Variable Rate		1.50%		1.50%
Virginia Real Estate Loan and North Carolina Real Estate Loan [Member] | Pinnacle Financial Partners [Member]
Debt Instrument, Interest Rate, Stated Percentage	3.95%			3.95%

Note 6 - Long-term Debt and N_4

Note 6 - Long-term Debt and Note Payable to Bank - Long-term Debt (Details) - USD ($)	Jul. 31, 2020	Oct. 31, 2019
Long-term Loan	$ 5,241,218	$ 5,908,623
Less current installments	308,979	738,955
Long-term debt, excluding current installments	4,932,239	5,169,668
Virginia Real Estate Loan [Member]
Long-term Loan	4,173,324	4,580,173
North Carolina Real Estate Loan [Member]
Long-term Loan	$ 1,067,894	$ 1,328,450

Note 6 - Long-term Debt and N_5

Note 6 - Long-term Debt and Note Payable to Bank - Long-term Debt (Details) (Parentheticals) - USD ($)	9 Months Ended	12 Months Ended
	Jul. 31, 2020	Oct. 31, 2019
Virginia Real Estate Loan [Member]
Original principal	$ 6,500,000	$ 6,500,000
Monthly installments	$ 31,812	$ 31,812
Debt Instrument, Interest Rate, Stated Percentage	3.95%	3.95%
Final payment	$ 3,644,211
North Carolina Real Estate Loan [Member]
Original principal	2,240,000	$ 2,240,000
Monthly installments	$ 10,963	$ 10,963
Debt Instrument, Interest Rate, Stated Percentage	3.95%	3.95%
Final payment	$ 1,255,850	$ 1,255,850
Maturity date	May 1, 2024	May 1, 2024

Note 7 - Leases (Details Textua

Note 7 - Leases (Details Textual)	3 Months Ended	9 Months Ended
	Jul. 31, 2020USD ($)ft²	Jul. 31, 2020USD ($)ft²	Feb. 06, 2020	Apr. 30, 2015ft²
Operating Lease, Expense	$ 99,327	$ 293,756
Operating Lease, Weighted Average Remaining Lease Term (Month)	47 months 3 days	47 months 3 days
Operating Lease, Weighted Average Discount Rate, Percent	5.10%	5.10%
Operating Lease, Payments	$ 96,681	$ 286,131
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability		1,462,817
Other Assets [Member]
Operating Lease, Right-of-Use Asset	1,349,149	1,349,149
Accounts Payable and Accrued Liabilities [Member]
Operating Lease, Liability, Current	327,869	327,869
Other Noncurrent Liabilities [Member]
Operating Lease, Liability, Noncurrent	$ 1,030,929	$ 1,030,929
Operating Lease for Office, Manufacturing and Warehouse Space in Plano, Texas [Member]
Area of Real Estate Property (Square Foot) | ft²	34,000	34,000
Operating Lease for Warehouse Space in Roanoke, Virginia [Member]
Area of Real Estate Property (Square Foot) | ft²				36,000
Lessee, Operating Lease, Term of Contract (Month)				12 months
Lease Term, Extension, Term (Year)		1 year
Lessee, Operating Lease, Renewal Term (Month)			36 months
Operating Lease For Office Equipment [Member]
Lessee, Operating Lease, Term of Contract (Month)	60 months	60 months

Note 7 - Leases - Future Paymen

Note 7 - Leases - Future Payments Due (Details)	Jul. 31, 2020USD ($)
2020 (1)	$ 96,681	[1]
2021	389,398
2022	389,807
2023	327,071
2024	274,132
Thereafter	26,370
Total undiscounted lease payments	1,503,459
Present value discount	(144,661)
Total operating lease liability	$ 1,358,798
[1]	Remaining three months of fiscal year 2020.

Note 9 - Net Loss Per Share (De

Note 9 - Net Loss Per Share (Details Textual) - shares	3 Months Ended		9 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Jul. 31, 2020	Jul. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	173,115	141,257	125,877	124,242

Note 9 - Net Loss Per Share - C

Note 9 - Net Loss Per Share - Components of Reconciliation of Numerators and Denominators Net Loss Per Share (Details) - USD ($)	3 Months Ended						9 Months Ended
	Jul. 31, 2020	Apr. 30, 2020	Jan. 31, 2020	Jul. 31, 2019	Apr. 30, 2019	Jan. 31, 2019	Jul. 31, 2020	Jul. 31, 2019
Net loss (numerator)	$ (1,433,830)	$ (1,689,181)	$ (2,591,888)	$ (1,085,294)	$ (617,425)	$ (3,310,020)	$ (5,714,899)	$ (5,012,739)
Shares (denominator) (in shares)	7,352,673			7,319,274			7,354,579	7,409,465
Basic and diluted net loss per share (in dollars per share)	$ (0.20)			$ (0.15)			$ (0.78)	$ (0.68)

Note 10 - Segment Information_2

Note 10 - Segment Information and Business and Credit Concentrations (Details Textual) - Customer Concentration Risk [Member] - Revenue Benchmark [Member]	3 Months Ended		9 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Jul. 31, 2020	Jul. 31, 2019
Concentration Risk, Number of Customers	1	1	1	2
One Customer [Member]
Concentration Risk, Percentage	16.10%	15.10%	13.70%
Customer One [Member]
Concentration Risk, Percentage				14.50%
Customer Two [Member]
Concentration Risk, Percentage				14.10%

Note 11 - Revenue Recognition_2

Note 11 - Revenue Recognition (Details Textual) - USD ($)	Jul. 31, 2020	Oct. 31, 2019
Contract with Customer, Liability, Total	$ 110,937	$ 19,850
Contract with Customer, Refund Liability, Total	$ 118,675	$ 273,512

Note 11 - Revenue Recognition -

Note 11 - Revenue Recognition - Revenue Attributed to United States and All Other Countries (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Jul. 31, 2020	Jul. 31, 2019
Net sales	$ 13,639,169	$ 17,367,068	$ 41,389,993	$ 53,074,911
UNITED STATES
Net sales	11,086,545	14,421,221	33,432,451	43,460,603
Non-US [Member]
Net sales	$ 2,552,624	$ 2,945,847	$ 7,957,542	$ 9,614,308