Optical Cable (OCC) 10-Q 12 Sep 22 2022 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Jul. 31, 2022	Sep. 07, 2022
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	2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 31, 2022
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		7,893,194

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Jul. 31, 2022	Oct. 31, 2021
Current assets:
Cash	$ 192,294	$ 132,249
Trade accounts receivable, net of allowance for doubtful accounts of $99,590 at July 31, 2022 and $61,527 at October 31, 2021	10,153,808	8,376,000
Other receivables	19,461	2,204,456
Inventories	18,687,305	16,303,808
Prepaid expenses and other assets	348,144	549,350
Total current assets	29,401,012	27,565,863
Property and equipment, net	7,499,602	7,912,851
Intangible assets, net	630,358	646,860
Other assets, net	1,477,428	1,790,956
Total assets	39,008,400	37,916,530
Current liabilities:
Current installments of long-term debt	334,700	324,840
Accounts payable and accrued expenses	5,180,486	4,275,880
Accrued compensation and payroll taxes	1,547,501	1,553,771
Income taxes payable	13,183	13,121
Total current liabilities	7,075,870	6,167,612
Note payable, revolver - noncurrent	5,913,121	3,465,908
Long-term debt, excluding current installments	4,275,954	4,528,611
Other noncurrent liabilities	859,474	1,548,446
Total liabilities	18,124,419	15,710,577
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 7,893,194 shares at July 31, 2022 and 7,897,477 shares at October 31, 2021	14,551,332	14,337,649
Retained earnings	6,332,649	7,868,304
Total shareholders’ equity	20,883,981	22,205,953
Commitments and contingencies
Total liabilities and shareholders’ equity	$ 39,008,400	$ 37,916,530

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands	Jul. 31, 2022	Oct. 31, 2021
Allowance for doubtful accounts	$ 99,590	$ 61,527
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)	7,893,194	7,897,477
Common stock, outstanding (in shares)	7,893,194	7,897,477

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Jul. 31, 2022	Jul. 31, 2021	Jul. 31, 2022	Jul. 31, 2021
Net sales	$ 17,382,640	$ 15,634,760	$ 49,023,513	$ 43,252,447
Cost of goods sold	12,574,435	11,544,514	35,136,010	32,033,595
Gross profit	4,808,205	4,090,246	13,887,503	11,218,852
Selling, general and administrative expenses	4,954,221	4,530,563	14,770,751	13,428,079
Royalty (income) expense, net	6,572	4,809	20,116	(44,958)
Amortization of intangible assets	13,796	11,756	37,431	33,661
Loss from operations	(166,384)	(456,882)	(940,795)	(2,197,930)
Other income (expense), net:
Interest expense, net	(197,865)	(175,122)	(538,656)	(530,085)
Gain on debt extinguishment-PPP loan	0	5,041,723	0	5,041,723
Other, net	2,000	966,816	(39,028)	4,280,786
Other income (expense), net	(195,865)	5,833,417	(577,684)	8,792,424
Income (loss) before income taxes	(362,249)	5,376,535	(1,518,479)	6,594,494
Income tax expense (benefit)	9,622	3,768	17,176	(21,952)
Net income (loss)	$ (371,871)	$ 5,372,767	$ (1,535,655)	$ 6,616,446
Net income (loss) per share: Basic and diluted (in dollars per share)	$ (0.05)	$ 0.71	$ (0.20)	$ 0.88

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, 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		40,605
Net loss		(2,141,480)	(2,141,480)
Share-based compensation, net (in shares)	971
Balances at January 31, 2022 (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 loss			6,616,446
Balances at January 31, 2022 (in shares) at Jul. 31, 2021	7,566,171
Balances at Jul. 31, 2021	$ 14,219,584	7,874,234	22,093,818
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	101,762	0	101,762
Net loss	$ 0	3,385,159	3,385,159
Balances at January 31, 2022 (in shares) at Apr. 30, 2021	7,536,116
Balances at Apr. 30, 2021	$ 14,144,497	2,501,467	16,645,964
Share-based compensation, net (in shares)	30,055
Share-based compensation, net	$ 75,087	0	75,087
Net loss	$ 0	5,372,767	5,372,767
Share-based compensation, net (in shares)	(30,055)
Balances at January 31, 2022 (in shares) at Jul. 31, 2021	7,566,171
Balances at Jul. 31, 2021	$ 14,219,584	7,874,234	22,093,818
Balances (in shares) at Oct. 31, 2021	7,897,477
Balances at Oct. 31, 2021	$ 14,337,649	7,868,304	22,205,953
Share-based compensation, net (in shares)	(47,479)
Share-based compensation, net	$ 19,803		19,803
Net loss		(935,793)	(935,793)
Share-based compensation, net (in shares)	47,479
Balances at January 31, 2022 (in shares) at Jan. 31, 2022	7,849,998
Balances at Jan. 31, 2022	$ 14,357,452	6,932,511	21,289,963
Balances (in shares) at Oct. 31, 2021	7,897,477
Balances at Oct. 31, 2021	$ 14,337,649	7,868,304	22,205,953
Net loss			(1,535,655)
Balances at January 31, 2022 (in shares) at Jul. 31, 2022	7,893,194
Balances at Jul. 31, 2022	$ 14,551,332	6,332,649	20,883,981
Balances (in shares) at Jan. 31, 2022	7,849,998
Balances at Jan. 31, 2022	$ 14,357,452	6,932,511	21,289,963
Share-based compensation, net (in shares)	44,864
Share-based compensation, net	$ 113,212	0	113,212
Net loss	$ 0	(227,991)	(227,991)
Share-based compensation, net (in shares)	(44,864)
Balances at January 31, 2022 (in shares) at Apr. 30, 2022	7,894,862
Balances at Apr. 30, 2022	$ 14,470,664	6,704,520	21,175,184
Share-based compensation, net (in shares)	1,668
Share-based compensation, net	$ 80,668	0	80,668
Net loss	$ 0	(371,871)	(371,871)
Share-based compensation, net (in shares)	(1,668)
Balances at January 31, 2022 (in shares) at Jul. 31, 2022	7,893,194
Balances at Jul. 31, 2022	$ 14,551,332	$ 6,332,649	$ 20,883,981

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Jul. 31, 2022	Jul. 31, 2021
Cash flows from operating activities:
Net income (loss)	$ (1,535,655)	$ 6,616,446
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	820,117	914,403
Bad debt expense	38,063	10,828
Share-based compensation expense	324,824	217,454
Gain on debt extinguishment-PPP Loan principal	0	(4,981,400)
Loss on sale of property and equipment	29,905	3,167
(Increase) decrease in:
Trade accounts receivable	(1,815,871)	(1,560,773)
Other receivables	2,184,995	(3,623,163)
Inventories	(2,383,497)	1,364,311
Prepaid expenses and other assets	201,206	155,335
Income taxes refundable	0	25,003
Other assets	292,617	(25,099)
Increase (decrease) in:
Accounts payable and accrued expenses	920,151	789,056
Accrued compensation and payroll taxes	(6,270)	41,933
Income taxes payable	62	(5,619)
Other noncurrent liabilities	(787,338)	(151,981)
Net cash used in operating activities	(1,716,691)	(210,099)
Cash flows from investing activities:
Purchase of and deposits for the purchase of property and equipment	(197,209)	(128,984)
Investment in intangible assets	(20,929)	(22,115)
Proceeds from sale of property and equipment	2,000	0
Net cash used in investing activities	(216,138)	(151,099)
Cash flows from financing activities:
Payroll taxes withheld and remitted on share-based payments	(111,141)	0
Principal payments on long-term debt	(242,797)	(233,314)
Payments for financing costs	(75,000)	(66,667)
Principal payments on financing lease	(25,401)	0
Net cash provided by financing activities	1,992,874	341,572
Net increase (decrease) in cash	60,045	(19,626)
Cash at beginning of period	132,249	140,839
Cash at end of period	192,294	121,213
North Mill Capital LLC [Member] | Revolving Credit Facility [Member]
Cash flows from financing activities:
Proceeds from note payable	52,179,068	42,637,013
Payments on note payable, revolver	$ (49,731,855)	$ (41,995,460)

Note 1 - General

Note 1 - General	9 Months Ended
	Jul. 31, 2022
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 nine July 31, 2022 not October 31, 2022 may 19 not 19 10‑K October 31, 2021 10‑Q not 10‑K October 31, 2021. In December 2019, 2019 12, Income Taxes (Topic 740 2019 12” 2019 12 740 2019 12 December 15, 2020. 2019 12 not

Note 2 - Stock Incentive Plans

Note 2 - Stock Incentive Plans and Other Share-based Compensation	9 Months Ended
	Jul. 31, 2022
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	( 2 Stock Incentive Plans and Other Share Based Compensation As of July 31, 2022, “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, 2022 three nine July 31, 2021 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, Restricted stock award activity during the nine July 31, 2022 As of July 31, 2022,

Note 3 - Allowance for Doubtful

Note 3 - Allowance for Doubtful Accounts for Trade Accounts Receivable	9 Months Ended
	Jul. 31, 2022
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, 2022 2021 Nine Months Ended July 31, 2022 2021 Balance at beginning of period $ 61,527 $ 524,617 Bad debt expense 38,063 10,828 Balance at end of period $ 99,590 $ 535,445

Note 4 - Inventories

Note 4 - Inventories	9 Months Ended
	Jul. 31, 2022
Notes to Financial Statements
Inventory Disclosure [Text Block]	( 4 Inventories Inventories as of July 31, 2022 October 31, 2021 July 31, October 31, 2022 2021 Finished goods $ 3,241,014 $ 4,211,098 Work in process 4,088,232 4,023,693 Raw materials 10,941,240 7,763,325 Production supplies 416,819 305,692 Total $ 18,687,305 $ 16,303,808

Note 5 - Product Warranties

Note 5 - Product Warranties	9 Months Ended
	Jul. 31, 2022
Notes to Financial Statements
Product Warranty Disclosure [Text Block]	( 5 Product Warranties As of July 31, 2022 October 31, 2021, three nine July 31, 2022 three nine July 31, 2021 The following table summarizes the changes in the Company’s accrual for product warranties during the nine July 31, 2022 2021: Nine Months Ended July 31, 2022 2021 Balance at beginning of period $ 75,000 $ 85,000 Liabilities accrued for warranties issued during the period 98,392 86,287 Warranty claims and costs paid during the period (47,606 ) (50,714 ) Changes in liability for pre-existing warranties during the period (50,786 ) (25,573 ) Balance at end of period $ 75,000 $ 95,000

Note 6 - Long-term Debt and Not

Note 6 - Long-term Debt and Notes Payable	9 Months Ended
	Jul. 31, 2022
Notes to Financial Statements
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”), a supplemental real estate term loan, as amended and restated (the “North Carolina Real Estate Loan”) and a Revolving Credit Master Promissory Note and related agreements (collectively, the “Revolver”). Both the Virginia Real Estate Loan and the North Carolina Real Estate Loan are with Northeast Bank, have a fixed interest rate of 3.95% and are secured by a first Long-term debt as of July 31, 2022 October 31, 2021 July 31, October 31, 2022 2021 Virginia Real Estate Loan ($ 6.5 31,812 3.95 3,318,029 May 1, 2024 $ 3,727,295 $ 3,899,076 North Carolina Real Estate Loan ($ 2.24 10,963 3.95 711,773 May 1, 2024 883,359 954,375 Total long-term debt 4,610,654 4,853,451 Less current installments 334,700 324,840 Long-term debt, excluding current installments $ 4,275,954 $ 4,528,611 On July 5, 2022, July 24, 2020. two July 24, 2025, The Revolver with SLR provides the Company with one 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, 2022, July 31, 2022). 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 July 31, 2022 October 31, 2021,

Note 7 - Leases

Note 7 - Leases	9 Months Ended
	Jul. 31, 2022
Notes to Financial Statements
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. The lease term expires on April 30, 2023. The Company also leases certain office equipment under operating leases with initial 60 month terms. The lease terms expire in February April 2025. OCC leases printers that are used in the Roanoke, Virginia manufacturing facility. The lease term expires on August 22, 2026. seven 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 $755,737 and $1,028,639 were included in other assets at July 31, 2022 October 31, 2021, July 31, 2022. October 31, 2021. three nine July 31, 2022 three nine July 31, 2021 The weighted average remaining lease term was 27.1 months and the weighted average discount rate was 5.0% as of July 31, 2022. For the three nine July 31, 2022, three nine July 31, 2021, For the nine July 31, 2022, no nine July 31, 2021, Financing lease right-of-use assets of $178,214 and $200,337 were included in other assets at July 31, 2022 October 31, 2021, July 31, 2022. October 31, 2021. three nine July 31, 2022. three nine July 31, 2022, The remaining lease term for the financing lease is 49 months and the discount rate is 4.75% as of July 31, 2022. For the three July 31, 2022, nine July 31, 2022, The Company’s future payments due under leases reconciled to the lease liabilities are as follows: Fiscal Year Operating Finance 2022 (1) $ 108,683 $ 10,717 2023 382,716 42,868 2024 331,438 42,868 2025 55,023 42,868 2026 — 55,715 Total undiscounted lease payments 877,860 195,036 Present value discount (49,349 ) (19,732 ) Total lease liability $ 828,511 $ 175,304 ( 1 three 2022

Note 8 - Fair Value Measurement

Note 8 - Fair Value Measurements	9 Months Ended
	Jul. 31, 2022
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, 2022 October 31, 2021 July 31, 2022 October 31, 2021.

Note 9 - Net Income (Loss) Per

Note 9 - Net Income (Loss) Per Share	9 Months Ended
	Jul. 31, 2022
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 Nine months ended July 31, July 31, 2022 2021 2022 2021 Net income (loss) (numerator) $ (371,871 ) $ 5,372,767 $ (1,535,655 ) $ 6,616,446 Shares (denominator) 7,516,757 7,547,877 7,525,482 7,540,083 Basic and diluted net income (loss) per share $ (0.05 ) $ 0.71 $ (0.20 ) $ 0.88 Weighted average unvested shares for the three nine July 31, 2022 not three nine July 31, 2022 (

Note 10 - Segment Information a

Note 10 - Segment Information and Business and Credit Concentrations	9 Months Ended
	Jul. 31, 2022
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 July 31, 2022 For the three nine July 31, 2022, three nine July 31, 2021, 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, 2022
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, 2022 October 31, 2021. 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 $128,544 as of July 31, 2022 October 31, 2021. 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, 2022 2021: Three months ended Nine months ended July 31, July 31, 2022 2021 2022 2021 United States $ 14,667,822 $ 12,922,510 $ 41,604,490 $ 35,007,855 Outside the United States 2,714,818 2,712,250 7,419,023 8,244,592 Total net sales $ 17,382,640 $ 15,634,760 $ 49,023,513 $ 43,252,447

Note 12 - Employee Retention Ta

Note 12 - Employee Retention Tax Credit	9 Months Ended
	Jul. 31, 2022
Notes to Financial Statements
Employee Retention Tax Credit [Text Block]	( 12 Employee Retention Tax Credit The Employee Retention Tax Credit (“ERTC”), created in the March 2020 2021, 2021 2021, 19 70% December 31, 2020 September 30, 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 second third 2021 third 2022,

Note 13 - Contingencies

Note 13 - Contingencies	9 Months Ended
	Jul. 31, 2022
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 direct and indirect effects of 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	9 Months Ended
	Jul. 31, 2022
Notes to Financial Statements
Accounting Standards Update and Change in Accounting Principle [Text Block]	( 14 New Accounting Standards Not 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, 2022
Notes Tables
Summary of Changes in the Allowance for Doubtful Accounts for Trade Accounts Receivable [Table Text Block]	Nine Months Ended July 31, 2022 2021 Balance at beginning of period $ 61,527 $ 524,617 Bad debt expense 38,063 10,828 Balance at end of period $ 99,590 $ 535,445

Note 4 - Inventories (Tables)

Note 4 - Inventories (Tables)	9 Months Ended
	Jul. 31, 2022
Notes Tables
Schedule of Inventory, Current [Table Text Block]	July 31, October 31, 2022 2021 Finished goods $ 3,241,014 $ 4,211,098 Work in process 4,088,232 4,023,693 Raw materials 10,941,240 7,763,325 Production supplies 416,819 305,692 Total $ 18,687,305 $ 16,303,808

Note 5 - Product Warranties (Ta

Note 5 - Product Warranties (Tables)	9 Months Ended
	Jul. 31, 2022
Notes Tables
Schedule of Product Warranty Liability [Table Text Block]	Nine Months Ended July 31, 2022 2021 Balance at beginning of period $ 75,000 $ 85,000 Liabilities accrued for warranties issued during the period 98,392 86,287 Warranty claims and costs paid during the period (47,606 ) (50,714 ) Changes in liability for pre-existing warranties during the period (50,786 ) (25,573 ) Balance at end of period $ 75,000 $ 95,000

Note 6 - Long-term Debt and N_2

Note 6 - Long-term Debt and Notes Payable (Tables)	9 Months Ended
	Jul. 31, 2022
Notes Tables
Schedule of Debt [Table Text Block]	July 31, October 31, 2022 2021 Virginia Real Estate Loan ($ 6.5 31,812 3.95 3,318,029 May 1, 2024 $ 3,727,295 $ 3,899,076 North Carolina Real Estate Loan ($ 2.24 10,963 3.95 711,773 May 1, 2024 883,359 954,375 Total long-term debt 4,610,654 4,853,451 Less current installments 334,700 324,840 Long-term debt, excluding current installments $ 4,275,954 $ 4,528,611

Note 7 - Leases (Tables)

Note 7 - Leases (Tables)	9 Months Ended
	Jul. 31, 2022
Notes Tables
Lessee, Lease Liability, Maturity [Table Text Block]	Fiscal Year Operating Finance 2022 (1) $ 108,683 $ 10,717 2023 382,716 42,868 2024 331,438 42,868 2025 55,023 42,868 2026 — 55,715 Total undiscounted lease payments 877,860 195,036 Present value discount (49,349 ) (19,732 ) Total lease liability $ 828,511 $ 175,304

Note 9 - Net Income (Loss) Pe_2

Note 9 - Net Income (Loss) Per Share (Tables)	9 Months Ended
	Jul. 31, 2022
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three months ended Nine months ended July 31, July 31, 2022 2021 2022 2021 Net income (loss) (numerator) $ (371,871 ) $ 5,372,767 $ (1,535,655 ) $ 6,616,446 Shares (denominator) 7,516,757 7,547,877 7,525,482 7,540,083 Basic and diluted net income (loss) per share $ (0.05 ) $ 0.71 $ (0.20 ) $ 0.88

Note 11 - Revenue Recognition (

Note 11 - Revenue Recognition (Tables)	9 Months Ended
	Jul. 31, 2022
Notes Tables
Revenue from External Customers by Geographic Areas [Table Text Block]	Three months ended Nine months ended July 31, July 31, 2022 2021 2022 2021 United States $ 14,667,822 $ 12,922,510 $ 41,604,490 $ 35,007,855 Outside the United States 2,714,818 2,712,250 7,419,023 8,244,592 Total net sales $ 17,382,640 $ 15,634,760 $ 49,023,513 $ 43,252,447

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, 2022	Jul. 31, 2021	Jul. 31, 2022	Jul. 31, 2021
Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)			44,864
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares)			25,313
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares)			23,834
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)			3 years 3 months 18 days
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 1,100,000		$ 1,100,000
Plan 2017 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)	356,000		356,000
Plan 2017 [Member] | Employees, Consultant and Non-employee Directors [Member]
Share-Based Payment Arrangement, Expense	$ 87,173	$ 75,087	$ 324,824	$ 217,454

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, 2022	Jul. 31, 2021
Balance at beginning of period	$ 61,527	$ 524,617
Bad debt expense	38,063	10,828
Balance at end of period	$ 99,590	$ 535,445

Note 4 - Inventories - Componen

Note 4 - Inventories - Components of Inventories (Details) - USD ($)	Jul. 31, 2022	Oct. 31, 2021
Finished goods	$ 3,241,014	$ 4,211,098
Work in process	4,088,232	4,023,693
Raw materials	10,941,240	7,763,325
Production supplies	416,819	305,692
Total	$ 18,687,305	$ 16,303,808

Note 5 - Product Warranties (De

Note 5 - Product Warranties (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Jul. 31, 2022	Jul. 31, 2021	Jul. 31, 2022	Jul. 31, 2021	Oct. 31, 2021	Oct. 31, 2020
Standard and Extended Product Warranty Accrual, Ending Balance	$ 75,000	$ 95,000	$ 75,000	$ 95,000	$ 75,000	$ 85,000
Product Warranty Expense	24,071	$ 4,443	47,606	$ 60,714
Accounts Payable and Accrued Liabilities [Member]
Standard and Extended Product Warranty Accrual, Ending Balance	$ 75,000		$ 75,000

Note 5 - Product Warranties - C

Note 5 - Product Warranties - Changes in Accrual for Product Warranties (Details) - USD ($)	9 Months Ended
	Jul. 31, 2022	Jul. 31, 2021
Balance at beginning of period	$ 75,000	$ 85,000
Liabilities accrued for warranties issued during the period	98,392	86,287
Warranty claims and costs paid during the period	(47,606)	(50,714)
Changes in liability for pre-existing warranties during the period	(50,786)	(25,573)
Balance at end of period	$ 75,000	$ 95,000

Note 6 - Long-term Debt and N_3

Note 6 - Long-term Debt and Notes Payable (Details Textual) - USD ($)		9 Months Ended
	Jul. 24, 2020	Jul. 31, 2022	Jul. 05, 2022	Jul. 04, 2022	Oct. 31, 2021
Revolving Credit Facility [Member] | Prime Rate [Member]
Debt Instrument, Basis Spread on Variable Rate		1.50%
Pinnacle Financial Partners [Member]
Debt Instrument, Interest Rate, Stated Percentage		3.95%
Pinnacle Financial Partners [Member] | Revolving Credit Facility [Member]
Long-Term Line of Credit, Total		$ 5,900,000			$ 3,500,000
Line of Credit Facility, Remaining Borrowing Capacity		4,900,000			$ 4,400,000
North Mill Capital LLC [Member] | Revolving Credit Facility [Member]
Line of Credit Facility, Restricted Capacity for Advances		$ 1,150,000	$ 1,150,000	$ 1,500,000
Line of Credit Facility, Percent of Eligible Accounts		85%
Line of Credit Facility, Percent of Eligible Inventory		35%
Line of Credit Facility, Additional Capacity for Advances		$ 5,000,000
Line of Credit Facility, Maximum Borrowing Capacity		$ 18,000,000
Debt Instrument, Interest Rate, Effective Percentage	4.75%	7%
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%
North Mill Capital LLC [Member] | Revolving Credit Facility [Member] | Prime Rate [Member]
Debt Instrument, Basis Spread on Variable Rate		1.50%

Note 6 - Long-term Debt and N_4

Note 6 - Long-term Debt and Notes Payable - Long-term Debt (Details) - USD ($)	Jul. 31, 2022	Oct. 31, 2021
Long-term debt	$ 4,610,654	$ 4,853,451
Less current installments	334,700	324,840
Long-term debt, excluding current installments	4,275,954	4,528,611
Virginia Real Estate Loan [Member]
Long-term debt	3,727,295	3,899,076
North Carolina Real Estate Loan [Member]
Long-term debt	$ 883,359	$ 954,375

Note 6 - Long-term Debt and N_5

Note 6 - Long-term Debt and Notes Payable - Long-term Debt (Details) (Parentheticals) - USD ($)	9 Months Ended	12 Months Ended
	Jul. 31, 2022	Oct. 31, 2021
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	$ 3,318,029	$ 3,318,029
Maturity date	May 01, 2024	May 01, 2024
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	$ 711,773	$ 711,773
Maturity date	May 01, 2024	May 01, 2024

Note 7 - Leases (Details Textua

Note 7 - Leases (Details Textual)	3 Months Ended		9 Months Ended
	Jul. 31, 2022 USD ($) ft²	Jul. 31, 2021 USD ($)	Jul. 31, 2022 USD ($) ft²	Jul. 31, 2021 USD ($)	Oct. 31, 2021 USD ($)
Operating Lease, Expense	$ 103,333	$ 103,333	$ 310,000	$ 303,902
Operating Lease, Weighted Average Remaining Lease Term (Year)	27 years 1 month 6 days		27 years 1 month 6 days
Operating Lease, Weighted Average Discount Rate, Percent	5%		5%
Operating Lease, Payments	$ 108,683	$ 106,182	$ 323,802	301,156
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability			0	208,390
Finance Lease, Interest Expense	2,150		6,751
Finance Lease, Right-of-Use Asset, Amortization	$ 7,374		$ 22,123
Lessee, Finance Lease, Remaining Lease Term (Month)	49 months		49 months
Lessee, Finance Lease, Discount Rate	4.75%		4.75%
Finance Lease, Principal Payments	$ 8,567		$ 25,401	$ 0
Other Assets [Member]
Operating Lease, Right-of-Use Asset	755,737		755,737		$ 1,028,639
Finance Lease, Right-of-Use Asset, after Accumulated Amortization, Total	178,214		178,214		200,337
Accounts Payable and Accrued Liabilities and Noncurrent Liabilities [Member]
Operating Lease, Liability, Current	377,953		377,953		385,463
Finance Lease, Liability, Current	35,303		35,303		34,071
Other Noncurrent Liabilities [Member]
Operating Lease, Liability, Noncurrent	450,558		450,558		729,753
Finance Lease, Liability, Noncurrent	$ 140,001		$ 140,001		$ 166,634
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)	Jul. 31, 2022 USD ($)
2022, operating	$ 108,683	[1]
2022, finance	10,717
2023, operating	382,716
2023, finance	42,868
2024, operating	331,438
2024, finance	42,868
2025, operating	55,023
2025, finance	42,868
2026, operating	0
2026, finance	55,715
Total undiscounted operating lease payments	877,860
Total undiscounted finance lease payments	195,036
Present value discount, operating	(49,349)
Present value discount, finance	(19,732)
Accounts Payable and Accrued Liabilities and Noncurrent Liabilities [Member]
Total lease liability, operating	828,511
Total lease liability, finance	$ 175,304
[1](1) Remaining nine months of fiscal year 2022

Note 9 - Net Income (Loss) Pe_3

Note 9 - Net Income (Loss) Per Share (Details Textual) - shares	3 Months Ended	9 Months Ended
	Jul. 31, 2022	Jul. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	377,470	351,340

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						9 Months Ended
	Jul. 31, 2022	Apr. 30, 2022	Jan. 31, 2022	Jul. 31, 2021	Apr. 30, 2021	Jan. 31, 2021	Jul. 31, 2022	Jul. 31, 2021
Net income (loss)	$ (371,871)	$ (227,991)	$ (935,793)	$ 5,372,767	$ 3,385,159	$ (2,141,480)	$ (1,535,655)	$ 6,616,446
Shares (denominator) (in shares)	7,516,757			7,547,877			7,525,482	7,540,083
Net income (loss) per share: Basic and diluted (in dollars per share)	$ (0.05)			$ 0.71			$ (0.20)	$ 0.88

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, 2022	Jul. 31, 2021	Jul. 31, 2022	Jul. 31, 2021
Concentration Risk, Number of Customers			1	1
Customer One [Member]
Concentration Risk, Percentage	15.80%	20.90%	16.70%	20%

Note 11 - Revenue Recognition_2

Note 11 - Revenue Recognition (Details Textual) - USD ($)	Jul. 31, 2022	Oct. 31, 2021
Contract with Customer, Liability, Total	$ 309,007	$ 308,406
Contract with Customer, Refund Liability, Total	$ 128,544	$ 159,125

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, 2022	Jul. 31, 2021	Jul. 31, 2022	Jul. 31, 2021
Net sales	$ 17,382,640	$ 15,634,760	$ 49,023,513	$ 43,252,447
UNITED STATES
Net sales	14,667,822	12,922,510	41,604,490	35,007,855
Non-US [Member]
Net sales	$ 2,714,818	$ 2,712,250	$ 7,419,023	$ 8,244,592

Note 12 - Employee Retention _2

Note 12 - Employee Retention Tax Credit (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Apr. 30, 2021	Jul. 31, 2021	Jul. 31, 2022
Other Receivables [Member]
Employee Retention Tax Credit Receivable				$ 2,162,391
Nonoperating Income (Expense) [Member]
Employee Retention Tax Credit	$ 964,550	$ 3,375,815	$ 4,340,365