Optical Cable (OCC) 10-Q 14 Jun 21 2021 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Apr. 30, 2021	Jun. 07, 2021
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	Q2
Document Fiscal Year Focus	2021
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 30, 2021
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		7,536,116

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Apr. 30, 2021	Oct. 31, 2020
Current assets:
Cash	$ 360,948	$ 140,839
Trade accounts receivable, net of allowance for doubtful accounts of $529,233 at April 30, 2021 and $524,617 at October 31, 2020	8,636,744	7,561,334
Income taxes refundable - current	0	25,003
Other receivables	3,467,013	23,145
Inventories	16,832,611	17,099,767
Prepaid expenses and other assets	365,350	472,516
Total current assets	29,662,666	25,322,604
Property and equipment, net	8,367,666	8,811,863
Intangible assets, net	658,466	665,731
Other assets, net	1,787,992	1,757,614
Total assets	40,476,790	36,557,812
Current liabilities:
Current installments of long-term debt	292,112	312,109
Accounts payable and accrued expenses	4,398,748	2,861,343
Accrued compensation and payroll taxes	1,793,168	1,463,307
Income taxes payable	17,710	13,986
Total current liabilities	11,483,138	6,266,149
Note payable, revolver - noncurrent	5,936,677	4,988,660
Long-term debt, excluding current installments	4,692,414	4,853,457
Other noncurrent liabilities	1,718,597	1,823,632
Total liabilities	23,830,826	21,297,894
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 7,536,116 shares at April 30, 2021 and 7,537,087 shares at October 31, 2020	14,144,497	14,002,130
Retained earnings	2,501,467	1,257,788
Total shareholders’ equity	16,645,964	15,259,918
Commitments and contingencies
Total liabilities and shareholders’ equity	40,476,790	36,557,812
Paycheck Protection Program CARES Act [Member]
Current liabilities:
Note payable, SBA PPP loan - current	4,981,400	1,615,404
Note payable, SBA PPP loan - noncurrent	$ 0	$ 3,365,996

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands	Apr. 30, 2021	Oct. 31, 2020
Allowance for doubtful accounts	$ 529,233	$ 524,617
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)	7,536,116	7,537,087
Common stock, outstanding (in shares)	7,536,116	7,537,087

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Apr. 30, 2021	Apr. 30, 2020	Apr. 30, 2021	Apr. 30, 2020
Net sales	$ 15,741,114	$ 14,863,428	$ 27,617,687	$ 27,750,824
Cost of goods sold	10,921,898	10,866,678	20,489,081	21,349,934
Gross profit	4,819,216	3,996,750	7,128,606	6,400,890
Selling, general and administrative expenses	4,589,592	5,549,501	8,897,516	10,373,625
Royalty (income) expense, net	(42,800)	(2,527)	(49,767)	15,031
Amortization of intangible assets	11,011	10,176	21,905	20,167
Income (loss) from operations	261,413	(1,560,400)	(1,741,048)	(4,007,933)
Other income (expense), net:
Interest expense	(180,980)	(124,786)	(354,963)	(261,473)
Other, net	3,311,342	1,056	3,313,970	(1,579)
Other income (expense), net	3,130,362	(123,730)	2,959,007	(263,052)
Income (loss) before income taxes	3,391,775	(1,684,130)	1,217,959	(4,270,985)
Income tax expense (benefit)	6,616	5,051	(25,720)	10,084
Net income (loss)	$ 3,385,159	$ (1,689,181)	$ 1,243,679	$ (4,281,069)
Net income (loss) per share: Basic and diluted (in dollars per share)	$ 0.45	$ (0.23)	$ 0.17	$ (0.58)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($)	Cumulative Effect, Period of Adoption, Adjustment [Member]Common Stock [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Earnings [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member]	Common Stock [Member]	Retained Earnings [Member]	Total
Balances (in shares) at Oct. 31, 2019				7,458,981
Balances (Accounting Standards Update 2018-17 [Member]) at Oct. 31, 2019	$ 6,554	$ (6,554)	$ 0
Balances at Oct. 31, 2019				$ 13,853,334	$ 7,385,566	$ 21,238,900
Share-based compensation, net (in shares)				(2,909)
Share-based compensation, net				$ 34,356	0	34,356
Net income (loss)				$ 0	(2,591,888)	(2,591,888)
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 (Accounting Standards Update 2018-17 [Member]) at Oct. 31, 2019	$ 6,554	$ (6,554)	$ 0
Balances at Oct. 31, 2019				$ 13,853,334	7,385,566	21,238,900
Net income (loss)						(4,281,069)
Balances (in shares) at Apr. 30, 2020				7,456,072
Balances at Apr. 30, 2020				$ 13,920,921	3,097,943	17,018,864
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 income (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
Balances (in shares) at Oct. 31, 2020				7,537,087
Balances at Oct. 31, 2020				$ 14,002,130	1,257,788	15,259,918
Share-based compensation, net (in shares)				(971)
Share-based compensation, net				$ 40,605	0	40,605
Net income (loss)				$ 0	(2,141,480)	(2,141,480)
Balances (in shares) at Jan. 31, 2021				7,536,116
Balances at Jan. 31, 2021				$ 14,042,735	(883,692)	13,159,043
Balances (in shares) at Oct. 31, 2020				7,537,087
Balances at Oct. 31, 2020				$ 14,002,130	1,257,788	15,259,918
Net income (loss)						1,243,679
Balances (in shares) at Apr. 30, 2021				7,536,116
Balances at Apr. 30, 2021				$ 14,144,497	2,501,467	16,645,964
Balances (in shares) at Jan. 31, 2021				7,536,116
Balances at Jan. 31, 2021				$ 14,042,735	(883,692)	13,159,043
Share-based compensation, net (in shares)				0
Share-based compensation, net				$ 101,762	0	101,762
Net income (loss)				$ 0	3,385,159	3,385,159
Balances (in shares) at Apr. 30, 2021				7,536,116
Balances at Apr. 30, 2021				$ 14,144,497	$ 2,501,467	$ 16,645,964

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Apr. 30, 2021	Apr. 30, 2020
Cash flows from operating activities:
Net income (loss)	$ 1,243,679	$ (4,281,069)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	640,934	775,343
Bad debt expense	4,616	452,060
Share-based compensation expense	142,367	61,033
Loss on sale of property and equipment	3,167	4,377
(Increase) decrease in:
Trade accounts receivable	(1,080,026)	2,139,322
Other receivables	(3,443,868)	(3,389)
Inventories	267,156	1,058,475
Prepaid expenses and other assets	107,166	67,120
Income taxes refundable	25,003	0
Other assets	(119,134)	0
Increase (decrease) in:
Accounts payable and accrued expenses	1,538,457	(820,842)
Accrued compensation and payroll taxes	329,861	(363,032)
Income taxes payable	3,724	5,950
Other noncurrent liabilities	(55,035)	88,418
Net cash used in operating activities	(391,933)	(816,234)
Cash flows from investing activities:
Purchase of and deposits for the purchase of property and equipment	(90,295)	(81,494)
Investment in intangible assets	(14,640)	(22,810)
Net cash used in investing activities	(104,935)	(104,304)
Cash flows from financing activities:
Principal payments on long-term debt	(181,040)	(592,202)
Payments for financing costs	(50,000)	(61,181)
Net cash provided by financing activities	716,977	4,678,017
Net increase in cash	220,109	3,757,479
Cash at beginning of period	140,839	537,330
Cash at end of period	360,948	4,294,809
Pinnacle Financial Partners [Member] | Virginia Real Estate Loan and North Carolina Real Estate Loan [Member]
Cash flows from financing activities:
Proceeds from note payable	0	350,000
North Mill Capital LLC [Member] | Revolving Credit Facility [Member]
Cash flows from financing activities:
Proceeds from note payable	27,446,179	0
Payments on note payable, revolver	(26,498,162)	0
Paycheck Protection Program CARES Act [Member]
Cash flows from financing activities:
Proceeds from note payable	$ 0	$ 4,981,400

Note 1 - General

Note 1 - General	6 Months Ended
	Apr. 30, 2021
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®”) have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and the instructions to Form 10‑Q not six April 30, 2021 not October 31, 2021 may 19 not 10‑K October 31, 2020 10‑Q not 10‑K October 31, 2020.

Note 2 - Stock Incentive Plans

Note 2 - Stock Incentive Plans and Other Share-based Compensation	6 Months Ended
	Apr. 30, 2021
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	( 2 Stock Incentive Plans and Other Share Based Compensation As of April 30, 2021, 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 six April 30, 2021 three six April 30, 2020 No 2018. 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, Restricted stock award activity during the six April 30, 2021 As of April 30, 2021,

Note 3 - Allowance for Doubtful

Note 3 - Allowance for Doubtful Accounts for Trade Accounts Receivable	6 Months Ended
	Apr. 30, 2021
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 six April 30, 2021 2020 Six Months Ended April 30, 2021 2020 Balance at beginning of period $ 524,617 $ 99,562 Bad debt expense 4,616 452,060 Balance at end of period $ 529,233 $ 551,622

Note 4 - Inventories

Note 4 - Inventories	6 Months Ended
	Apr. 30, 2021
Notes to Financial Statements
Inventory Disclosure [Text Block]	( 4 Inventories Inventories as of April 30, 2021 October 31, 2020 April 30, October 31, 2021 2020 Finished goods $ 5,102,624 $ 4,663,978 Work in process 3,754,777 4,165,289 Raw materials 7,718,396 8,010,794 Production supplies 256,814 259,706 Total $ 16,832,611 $ 17,099,767

Note 5 - Product Warranties

Note 5 - Product Warranties	6 Months Ended
	Apr. 30, 2021
Notes to Financial Statements
Product Warranty Disclosure [Text Block]	( 5 Product Warranties As of April 30, 2021 October 31, 2020, three six April 30, 2021 $56,271, three six April 30, 2020 The following table summarizes the changes in the Company’s accrual for product warranties during the six April 30, 2021 2020: Six Months Ended April 30, 2021 2020 Balance at beginning of period $ 85,000 $ 120,000 Liabilities accrued for warranties issued during the period 77,122 92,769 Warranty claims and costs paid during the period (46,271 ) (46,389 ) Changes in liability for pre-existing warranties during the period (20,851 ) (81,380 ) Balance at end of period $ 95,000 $ 85,000

Note 6 - Long-term Debt and Not

Note 6 - Long-term Debt and Notes Payable to Bank	6 Months Ended
	Apr. 30, 2021
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 April 30, 2021 October 31, 2020 April 30, October 31, 2021 2020 Virginia Real Estate Loan ($6.5 million original principal) payable in monthly installments of $31,812, including interest (at 3.95%), with final payment of $3,644,211 due May 1, 2024 $ 3,991,745 $ 4,119,850 North Carolina Real Estate Loan ($2.24 million original principal) payable in monthly installments of $10,963, including interest (at 3.95%), with final payment of $1,255,850 due May 1, 2024 992,781 1,045,716 Total long-term debt 4,984,526 5,165,566 Less current installments 292,112 312,109 Long-term debt, excluding current installments $ 4,692,414 $ 4,853,457 In fiscal year 2020, 1.00% April 30, 2021, 2020, may February 22, 2021. not ten September 29, 2020. two April 15, 2022). April 30, 2021, The Revolver with SLR Business Credit, formerly known as North Mill Capital LLC, (“SLR”) provides 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 April 30, 2021, April 30, 2021). 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 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 As of April 30, 2021 October 31, 2020,

Note 7 - Leases

Note 7 - Leases	6 Months Ended
	Apr. 30, 2021
Notes to Financial Statements
Leases of Lessee 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. The lease term expires on 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 $1,204,711 and $1,265,194 were included in other assets at April 30, 2021 October 31, 2020, April 30, 2021. October 31, 2020. Operating lease expense recognized during the three six April 30, 2021 three six April 30, 2020 $194,429, The weighted average remaining lease term was 40.7 months and the weighted average discount rate was 5.0% as of April 30, 2021. The Company’s future payments due under operating leases reconciled to the lease liability are as follows: Fiscal Year Future Payments 2021 (1) $ 212,364 2022 432,485 2023 382,716 2024 331,438 Thereafter 55,023 Total undiscounted lease payments 1,414,026 Present value discount (117,041 ) Total operating lease liability $ 1,296,985 ( 1 six 2021 For the three six April 30, 2021, $97,674 $194,974, three six April 30, 2020, $189,450, For the six April 30, 2021 2020,

Note 8 - Fair Value Measurement

Note 8 - Fair Value Measurements	6 Months Ended
	Apr. 30, 2021
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 April 30, 2021 October 31, 2020 April 30, 2021 October 31, 2020.

Note 9 - Net Income (Loss) Per

Note 9 - Net Income (Loss) Per Share	6 Months Ended
	Apr. 30, 2021
Notes to Financial Statements
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, 2021 2020 2021 2020 Net income (loss) (numerator) $ 3,385,159 $ (1,689,181 ) $ 1,243,679 $ (4,281,069 ) Shares (denominator) 7,536,116 7,350,427 7,536,121 7,351,897 Basic and diluted net income (loss) per share $ 0.45 $ (0.23 ) $ 0.17 $ (0.58 ) Weighted average unvested shares for the three six April 30, 2020 not three six April 30, 2020 (

Note 10 - Segment Information a

Note 10 - Segment Information and Business and Credit Concentrations	6 Months Ended
	Apr. 30, 2021
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‑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, 2021 For the three six April 30, 2021, one three six April 30, 2020, The Company has a single

Note 11 - Revenue Recognition

Note 11 - Revenue Recognition	6 Months Ended
	Apr. 30, 2021
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 April 30, 2021 October 31, 2020. 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 $110,110 as of April 30, 2021 October 31, 2020. 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 six April 30, 2021 2020: Three months ended Six months ended April 30, April 30, 2021 2020 2021 2020 United States $ 12,381,735 $ 11,857,559 $ 22,085,345 $ 22,345,906 Outside the United States 3,359,379 3,005,869 5,532,342 5,404,918 Total net sales $ 15,741,114 $ 14,863,428 $ 27,617,687 $ 27,750,824

Note 12 - Employee Retention Ta

Note 12 - Employee Retention Tax Credit	6 Months Ended
	Apr. 30, 2021
Notes to Financial Statements
Income Tax Disclosure [Text Block]	( 12 Employee Retention Tax Credit The Employee Retention Tax Credit (“ERTC”), created in the March 2020 2021 2021, 19 70% December 31, 2020 December 31, 2021. $10,000 2021 $7,000 OCC is an eligible small employer under the gross receipts decline test when comparing the first 2021 2019, first second 2021 April 30, 2021 three six April 30, 2021.

Note 13 - Contingencies

Note 13 - Contingencies	6 Months Ended
	Apr. 30, 2021
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	( 13 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 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 14 - New Accounting Standa

Note 14 - New Accounting Standards Not Yet Adopted	6 Months Ended
	Apr. 30, 2021
Notes to Financial Statements
Accounting Standards Update and Change in Accounting Principle [Text Block]	( 14 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 not There are no not

Note 3 - Allowance for Doubtf_2

Note 3 - Allowance for Doubtful Accounts for Trade Accounts Receivable (Tables)	6 Months Ended
	Apr. 30, 2021
Notes Tables
Summary of Changes in the Allowance for Doubtful Accounts for Trade Accounts Receivable [Table Text Block]	Six Months Ended April 30, 2021 2020 Balance at beginning of period $ 524,617 $ 99,562 Bad debt expense 4,616 452,060 Balance at end of period $ 529,233 $ 551,622

Note 4 - Inventories (Tables)

Note 4 - Inventories (Tables)	6 Months Ended
	Apr. 30, 2021
Notes Tables
Schedule of Inventory, Current [Table Text Block]	April 30, October 31, 2021 2020 Finished goods $ 5,102,624 $ 4,663,978 Work in process 3,754,777 4,165,289 Raw materials 7,718,396 8,010,794 Production supplies 256,814 259,706 Total $ 16,832,611 $ 17,099,767

Note 5 - Product Warranties (Ta

Note 5 - Product Warranties (Tables)	6 Months Ended
	Apr. 30, 2021
Notes Tables
Schedule of Product Warranty Liability [Table Text Block]	Six Months Ended April 30, 2021 2020 Balance at beginning of period $ 85,000 $ 120,000 Liabilities accrued for warranties issued during the period 77,122 92,769 Warranty claims and costs paid during the period (46,271 ) (46,389 ) Changes in liability for pre-existing warranties during the period (20,851 ) (81,380 ) Balance at end of period $ 95,000 $ 85,000

Note 6 - Long-term Debt and N_2

Note 6 - Long-term Debt and Notes Payable to Bank (Tables)	6 Months Ended
	Apr. 30, 2021
Notes Tables
Schedule of Debt [Table Text Block]	April 30, October 31, 2021 2020 Virginia Real Estate Loan ($6.5 million original principal) payable in monthly installments of $31,812, including interest (at 3.95%), with final payment of $3,644,211 due May 1, 2024 $ 3,991,745 $ 4,119,850 North Carolina Real Estate Loan ($2.24 million original principal) payable in monthly installments of $10,963, including interest (at 3.95%), with final payment of $1,255,850 due May 1, 2024 992,781 1,045,716 Total long-term debt 4,984,526 5,165,566 Less current installments 292,112 312,109 Long-term debt, excluding current installments $ 4,692,414 $ 4,853,457

Note 7 - Leases (Tables)

Note 7 - Leases (Tables)	6 Months Ended
	Apr. 30, 2021
Notes Tables
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	Fiscal Year Future Payments 2021 (1) $ 212,364 2022 432,485 2023 382,716 2024 331,438 Thereafter 55,023 Total undiscounted lease payments 1,414,026 Present value discount (117,041 ) Total operating lease liability $ 1,296,985

Note 9 - Net Income (Loss) Pe_2

Note 9 - Net Income (Loss) Per Share (Tables)	6 Months Ended
	Apr. 30, 2021
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three months ended Six months ended April 30, April 30, 2021 2020 2021 2020 Net income (loss) (numerator) $ 3,385,159 $ (1,689,181 ) $ 1,243,679 $ (4,281,069 ) Shares (denominator) 7,536,116 7,350,427 7,536,121 7,351,897 Basic and diluted net income (loss) per share $ 0.45 $ (0.23 ) $ 0.17 $ (0.58 )

Note 11 - Revenue Recognition (

Note 11 - Revenue Recognition (Tables)	6 Months Ended
	Apr. 30, 2021
Notes Tables
Revenue from External Customers by Geographic Areas [Table Text Block]	Three months ended Six months ended April 30, April 30, 2021 2020 2021 2020 United States $ 12,381,735 $ 11,857,559 $ 22,085,345 $ 22,345,906 Outside the United States 3,359,379 3,005,869 5,532,342 5,404,918 Total net sales $ 15,741,114 $ 14,863,428 $ 27,617,687 $ 27,750,824

Note 2 - Stock Incentive Plan_2

Note 2 - Stock Incentive Plans and Other Share-based Compensation (Details Textual) - USD ($)	3 Months Ended		6 Months Ended		30 Months Ended
	Apr. 30, 2021	Apr. 30, 2020	Apr. 30, 2021	Apr. 30, 2020	Apr. 30, 2021
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares)			971
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)			1 year 9 months 18 days
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 249,000		$ 249,000		$ 249,000
Plan 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)	363,000		363,000		363,000
Plan 2017 [Member] | Restricted Stock [Member] | Share-based Payment Arrangement, Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)					0
Plan 2017 [Member] | Employees, Consultant and Non-employee Directors [Member]
Share-based Payment Arrangement, Expense	$ 101,762	$ 26,677	$ 142,367	$ 61,033

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 ($)	6 Months Ended
	Apr. 30, 2021	Apr. 30, 2020
Balance at beginning of period	$ 524,617	$ 99,562
Bad debt expense	4,616	452,060
Balance at end of period	$ 529,233	$ 551,622

Note 4 - Inventories - Componen

Note 4 - Inventories - Components of Inventories (Details) - USD ($)	Apr. 30, 2021	Oct. 31, 2020
Finished goods	$ 5,102,624	$ 4,663,978
Work in process	3,754,777	4,165,289
Raw materials	7,718,396	8,010,794
Production supplies	256,814	259,706
Total	$ 16,832,611	$ 17,099,767

Note 5 - Product Warranties (De

Note 5 - Product Warranties (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Apr. 30, 2021	Apr. 30, 2020	Apr. 30, 2021	Apr. 30, 2020	Oct. 31, 2020	Oct. 31, 2019
Standard and Extended Product Warranty Accrual, Ending Balance	$ 95,000	$ 85,000	$ 95,000	$ 85,000	$ 85,000	$ 120,000
Product Warranty Expense	37,923	$ 48,646	56,271	$ 11,389
Accounts Payable and Accrued Liabilities [Member]
Standard and Extended Product Warranty Accrual, Ending Balance	$ 95,000		$ 95,000		$ 85,000

Note 5 - Product Warranties - C

Note 5 - Product Warranties - Changes in Accrual for Product Warranties (Details) - USD ($)	6 Months Ended
	Apr. 30, 2021	Apr. 30, 2020
Balance at beginning of period	$ 85,000	$ 120,000
Liabilities accrued for warranties issued during the period	77,122	92,769
Warranty claims and costs paid during the period	(46,271)	(46,389)
Changes in liability for pre-existing warranties during the period	(20,851)	(81,380)
Balance at end of period	$ 95,000	$ 85,000

Note 6 - Long-term Debt and N_3

Note 6 - Long-term Debt and Notes Payable to Bank (Details Textual) - USD ($)	Jul. 24, 2020	Apr. 30, 2021	Sep. 29, 2020	Oct. 31, 2020
Paycheck Protection Program CARES Act [Member]
Proceeds from Issuance of Unsecured Debt				$ 4,981,400
Interest Payable		$ 51,998
Debt Instrument, Periodic Payment, Total			$ 560,000
Pinnacle Financial Partners [Member] | Revolving Credit Facility [Member]
Long-term Line of Credit, Total		5,900,000		5,000,000
Line of Credit Facility, Remaining Borrowing Capacity		$ 2,500,000		$ 1,600,000
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%
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%

Note 6 - Long-term Debt and N_4

Note 6 - Long-term Debt and Notes Payable - Long-term Debt (Details) - USD ($)	Apr. 30, 2021	Oct. 31, 2020
Long-term Loan	$ 4,984,526	$ 5,165,566
Less current installments	292,112	312,109
Long-term debt, excluding current installments	4,692,414	4,853,457
Virginia Real Estate Loan [Member]
Long-term Loan	3,991,745	4,119,850
North Carolina Real Estate Loan [Member]
Long-term Loan	$ 992,781	$ 1,045,716

Note 7 - Leases (Details Textua

Note 7 - Leases (Details Textual)	3 Months Ended		6 Months Ended
	Apr. 30, 2021USD ($)ft²	Apr. 30, 2020USD ($)	Apr. 30, 2021USD ($)ft²	Apr. 30, 2020USD ($)	Oct. 31, 2020USD ($)
Operating Lease, Expense	$ 100,203	$ 98,558	$ 200,568	$ 194,429
Operating Lease, Weighted Average Remaining Lease Term (Month)	40 months 21 days		40 months 21 days
Operating Lease, Weighted Average Discount Rate, Percent	5.00%		5.00%
Operating Lease, Payments	$ 97,674	$ 95,251	$ 194,974	189,450
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability			208,390	$ 1,462,817
Other Assets [Member]
Operating Lease, Right-of-Use Asset	1,204,711		1,204,711		$ 1,265,194
Accounts Payable and Accrued Liabilities [Member]
Operating Lease, Liability, Current	370,951		370,951		332,329
Other Noncurrent Liabilities [Member]
Operating Lease, Liability, Noncurrent	$ 926,034		$ 926,034		$ 946,653
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		36,000
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)	Apr. 30, 2021USD ($)
2021 (1)	$ 212,364	[1]
2022	432,485
2023	382,716
2024	331,438
Thereafter	55,023
Total undiscounted lease payments	1,414,026
Present value discount	(117,041)
Accounts Payable and Accrued Liabilities and Noncurrent Liabilities [Member]
Total operating lease liability	$ 1,296,985
[1]	Remaining six months of fiscal year 2021

Note 9 - Net Income (Loss) Pe_3

Note 9 - Net Income (Loss) Per Share (Details Textual) - shares	3 Months Ended	6 Months Ended
	Apr. 30, 2020	Apr. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	105,645	105,645

Note 9 - Net Income (Loss) Pe_4

Note 9 - Net Income (Loss) Per Share - Components of Reconciliation of Numerators and Denominators Net Loss Per Share (Details) - USD ($)	3 Months Ended				6 Months Ended
	Apr. 30, 2021	Jan. 31, 2021	Apr. 30, 2020	Jan. 31, 2020	Apr. 30, 2021	Apr. 30, 2020
Net income (loss) (numerator)	$ 3,385,159	$ (2,141,480)	$ (1,689,181)	$ (2,591,888)	$ 1,243,679	$ (4,281,069)
Shares (denominator) (in shares)	7,536,116		7,350,427		7,536,121	7,351,897
Basic and diluted net income (loss) per share (in dollars per share)	$ 0.45		$ (0.23)		$ 0.17	$ (0.58)

Note 10 - Segment Information_2

Note 10 - Segment Information and Business and Credit Concentrations (Details Textual)	3 Months Ended		6 Months Ended
	Apr. 30, 2021	Apr. 30, 2020	Apr. 30, 2021	Apr. 30, 2020
Number of Reportable Segments			1
Customer Concentration Risk [Member] | Revenue Benchmark [Member]
Concentration Risk, Percentage		10.60%		12.50%
Concentration Risk, Number of Customers	1	1	1	1
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | One Customer [Member]
Concentration Risk, Percentage	16.60%		19.50%

Note 11 - Revenue Recognition_2

Note 11 - Revenue Recognition (Details Textual) - USD ($)	Apr. 30, 2021	Oct. 31, 2020
Contract with Customer, Liability, Total	$ 64,138	$ 63,283
Contract with Customer, Refund Liability, Total	$ 110,110	$ 119,989

Note 11 - Revenue Recognition -

Note 11 - Revenue Recognition - Revenue Attributed to United States and All Other Countries (Details) - USD ($)	3 Months Ended		6 Months Ended
	Apr. 30, 2021	Apr. 30, 2020	Apr. 30, 2021	Apr. 30, 2020
Net sales	$ 15,741,114	$ 14,863,428	$ 27,617,687	$ 27,750,824
UNITED STATES
Net sales	12,381,735	11,857,559	22,085,345	22,345,906
Non-US [Member]
Net sales	$ 3,359,379	$ 3,005,869	$ 5,532,342	$ 5,404,918

Note 12 - Employee Retention _2

Note 12 - Employee Retention Tax Credit (Details Textual)	Apr. 30, 2021USD ($)
Employee Tax Retention Credit	$ 3,375,815