Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Nov. 05, 2016 | Jan. 27, 2017 | Apr. 29, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Nov. 5, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | NOBH | ||
Entity Registrant Name | NOBILITY HOMES INC | ||
Entity Central Index Key | 72,205 | ||
Current Fiscal Year End Date | --11-05 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Common Stock, Shares Outstanding | 4,004,840 | ||
Entity Public Float | $ 13,498,680 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Nov. 05, 2016 | Oct. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 24,562,638 | $ 16,769,292 |
Short-term investments | 481,025 | 462,578 |
Accounts receivable-trade | 2,641,763 | 2,937,922 |
Note receivable | 500,000 | |
Mortgage notes receivable | 9,717 | 9,851 |
Income tax receivable | 335 | |
Inventories | 6,969,081 | 6,019,705 |
Pre-owned homes, net | 1,295,694 | 1,366,974 |
Property held for sale | 213,437 | |
Prepaid expenses and other current assets | 638,939 | 826,180 |
Deferred income taxes | 556,773 | 655,193 |
Total current assets | 37,869,067 | 29,048,030 |
Property, plant and equipment, net | 4,063,711 | 3,964,878 |
Pre-owned homes, net | 1,733,610 | 2,724,190 |
Interest receivable | 48,376 | |
Note receivable, less current portion | 2,030,000 | |
Mortgage notes receivable, less current portion | 174,270 | 177,644 |
Other investments | 1,367,496 | 2,243,729 |
Property held for sale | 386,018 | |
Deferred income taxes | 1,210,630 | |
Cash surrender value of life insurance | 3,085,916 | 2,915,469 |
Other assets | 156,287 | 156,287 |
Total assets | 50,914,751 | 42,440,857 |
Current liabilities: | ||
Accounts payable | 835,279 | 704,467 |
Accrued compensation | 682,815 | 390,573 |
Accrued expenses and other current liabilities | 1,123,698 | 926,204 |
Income taxes payable | 759,128 | |
Customer deposits | 1,706,795 | 1,323,861 |
Total current liabilities | 5,107,715 | 3,345,105 |
Deferred income taxes | 1,140,529 | |
Total liabilities | 6,248,244 | 3,345,105 |
Commitments and contingent liabilities | ||
Stockholders' equity: | ||
Preferred stock, $.10 par value, 500,000 shares authorized; none issued and outstanding | ||
Common stock, $.10 par value, 10,000,000 shares authorized; 5,364,907 shares issued | 536,491 | 536,491 |
Additional paid in capital | 10,663,348 | 10,650,723 |
Retained earnings | 43,458,271 | 37,493,077 |
Accumulated other comprehensive income | 266,171 | 247,724 |
Less treasury stock at cost, 1,361,300 shares in 2016 and 1,333,338 shares in 2015 | (10,257,774) | (9,832,263) |
Total stockholders' equity | 44,666,507 | 39,095,752 |
Total liabilities and stockholders' equity | $ 50,914,751 | $ 42,440,857 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Nov. 05, 2016 | Oct. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.10 | $ 0.10 |
Preferred stock, shares authorized | 500,000 | 500,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 5,364,907 | 5,364,907 |
Treasury stock, shares | 1,361,300 | 1,333,338 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) | 12 Months Ended | |
Nov. 05, 2016 | Oct. 31, 2015 | |
Income Statement [Abstract] | ||
Net sales | $ 34,053,290 | $ 27,836,804 |
Cost of goods sold | (26,117,155) | (21,701,429) |
Gross profit | 7,936,135 | 6,135,375 |
Selling, general and administrative expenses | (3,782,336) | (3,193,923) |
Operating income | 4,153,799 | 2,941,452 |
Other income (loss): | ||
Interest income | 112,802 | 59,985 |
Undistributed earnings in joint venture-Majestic 21 | 123,772 | 138,469 |
Proceeds received under escrow arrangement | 788,566 | |
Losses from investments in retirement community limited partnerships | (146,403) | |
Gain on sale of investment in retirement community, net | 3,990,000 | |
Miscellaneous | 15,297 | 57,698 |
Total other income | 5,030,437 | 109,749 |
Income before provision for income taxes | 9,184,236 | 3,051,201 |
Income tax expense | (3,219,042) | (135,806) |
Net income | 5,965,194 | 2,915,395 |
Other comprehensive income (loss) | ||
Unrealized investment gain (loss) | 18,447 | (33,866) |
Comprehensive income | $ 5,983,641 | $ 2,881,529 |
Weighed average number of shares outstanding: | ||
Basic | 4,021,019 | 4,052,865 |
Diluted | 4,022,083 | 4,053,362 |
Net income per share: | ||
Basic | $ 1.48 | $ 0.72 |
Diluted | $ 1.48 | $ 0.72 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Treasury Stock [Member] |
Beginning balance at Nov. 01, 2014 | $ 36,549,960 | $ 536,491 | $ 10,643,866 | $ 34,577,682 | $ 281,590 | $ (9,489,669) |
Beginning balance, shares at Nov. 01, 2014 | 4,063,869 | |||||
Purchase of treasury stock | $ (360,844) | (360,844) | ||||
Purchase of treasury stock, shares | (34,800) | (34,800) | ||||
Stock-based compensation | $ 9,287 | 9,287 | ||||
Unrealized investment (loss) gain | (33,866) | (33,866) | ||||
Exercise of employee stock options | $ 15,820 | (2,430) | 18,250 | |||
Exercise of employee stock options, shares | 2,000 | 2,500 | ||||
Net income | $ 2,915,395 | 2,915,395 | ||||
Ending balance at Oct. 31, 2015 | 39,095,752 | $ 536,491 | 10,650,723 | 37,493,077 | 247,724 | (9,832,263) |
Ending balance, shares at Oct. 31, 2015 | 4,031,569 | |||||
Purchase of treasury stock | $ (458,276) | (458,276) | ||||
Purchase of treasury stock, shares | (32,375) | (32,375) | ||||
Stock-based compensation | $ 6,530 | $ 413 | 3,470 | 3,060 | ||
Unrealized investment (loss) gain | 18,447 | 18,447 | ||||
Exercise of employee stock options | $ 38,860 | 9,155 | 29,705 | |||
Exercise of employee stock options, shares | 4,000 | 4,000 | ||||
Net income | $ 5,965,194 | 5,965,194 | ||||
Ending balance at Nov. 05, 2016 | $ 44,666,507 | $ 536,491 | $ 10,663,348 | $ 43,458,271 | $ 266,171 | $ (10,257,774) |
Ending balance, shares at Nov. 05, 2016 | 4,003,607 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Nov. 05, 2016 | Oct. 31, 2015 | |
Cash flows from operating activities: | ||
Net income | $ 5,965,194 | $ 2,915,395 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 98,616 | 110,169 |
Deferred income taxes | 2,449,579 | 130,177 |
Undistributed earnings in joint venture - Majestic 21 | (123,772) | (138,469) |
Losses from investments in retirement community limited partnerships | 146,403 | |
Gain on sale of investment in retirement community, net | (3,990,000) | |
Loss on disposal of property, plant and equipment | 32,098 | |
Inventory impairment | 271,583 | 75,000 |
Stock-based compensation | 6,530 | 9,287 |
Decrease (increase) in: | ||
Accounts receivable - trade | 296,159 | (796,454) |
Inventories | (949,376) | (503,165) |
Pre-owned homes | 790,277 | 384,039 |
Income tax receivable | 335 | 5,629 |
Prepaid expenses and other current assets | 187,241 | (539,190) |
Interest receivable | (48,376) | |
Increase in: | ||
Accounts payable | 130,812 | 202,208 |
Accrued compensation | 292,242 | 70,071 |
Accrued expenses and other current liabilities | 197,494 | 399,908 |
Income taxes payable | 759,128 | |
Customer deposits | 382,934 | 294,773 |
Net cash provided by operating activities | 6,748,698 | 2,765,781 |
Cash flows from investing activities: | ||
Purchase of property, plant and equipment | (829,002) | (117,976) |
Distributions from joint venture - Majestic 21 | 1,000,005 | 500,000 |
Proceeds from sale of investment in retirement community, net | 960,000 | |
Collections on note receivable | 500,000 | |
Collections on mortgage notes receivable | 3,508 | 431 |
Increase in cash surrender value of life insurance | (170,447) | (150,332) |
Net cash provided by investing activities | 1,464,064 | 232,123 |
Cash flows from financing activities: | ||
Proceeds from exercise of employee stock options | 38,860 | 15,820 |
Purchase of treasury stock | (458,276) | (360,844) |
Net cash (used in) financing activities | (419,416) | (345,024) |
Increase in cash and cash equivalents | 7,793,346 | 2,652,880 |
Cash and cash equivalents at beginning of year | 16,769,292 | 14,116,412 |
Cash and cash equivalents at end of year | 24,562,638 | $ 16,769,292 |
Supplemental disclosure of cash flows information: | ||
Income taxes paid | 10,000 | |
Note receivable acquired from sale of investment in retirement community | $ 3,030,000 |
Reporting Entity and Significan
Reporting Entity and Significant Accounting Policies | 12 Months Ended |
Nov. 05, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Reporting Entity and Significant Accounting Policies | NOTE 1 Reporting Entity and Significant Accounting Policies Description of Business and Principles of Consolidation – All intercompany accounts and transactions have been eliminated in consolidation. The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). Use of Estimates – pre-owned Fiscal Year – fifty-two Revenue Recognition – • Its receipt of a down payment, • Construction of the home is complete, • Home has been delivered and set up at the retail home buyer’s site, and title has been transferred to the retail home buyer, • Remaining funds have been released by the finance company (financed sales transaction), remaining funds have been committed by the finance company by an agreement with respect to financing obtained by the customer, usually in the form of a written approval for permanent home financing received from a lending institution, (financed construction sales transaction) or cash has been received from the home buyer (cash sales transaction), and • Completion of any other significant obligations. The Company recognizes revenue from the sale of the repurchased homes upon transfer of title to the new purchaser. The Company recognizes revenues from its independent dealers upon receiving wholesale floor plan financing or establishing retail credit approval for terms, shipping of the home, and transferring title and risk of loss to the independent dealer. For wholesale shipments to independent dealers, the Company has no obligation to setup the home or to complete any other significant obligations. The Company recognizes revenues from its wholly-owned subsidiary, Mountain Financial, Inc., as follows: commission income (and fees in lieu of commissions) is recorded as of the effective date of insurance coverage or the billing date, whichever is later. Commissions on premiums billed and collected directly by insurance companies are recorded as revenue when received which, in many cases, is the Company’s first notification of amounts earned due to the lack of policy and renewal information. Contingent commissions are recorded as revenue when received. Contingent commissions are commissions paid by insurance underwriters and are based on the estimated profit and/or overall volume of business placed with the underwriter. The data necessary for the calculation of contingent commissions cannot be reasonably obtained prior to the receipt of the commission which, in many cases, is the Company’s first notification of amounts earned. The Company provides appropriate reserves for policy cancellations based on numerous factors, including past transaction history with customers, historical experience, and other information, which is periodically evaluated and adjusted as deemed necessary. In the opinion of management, no reserve was deemed necessary for policy cancellations at November 5, 2016 or October 31, 2015. Revenues by Products and Services pre-owned 2016 2015 Manufactured housing $ 32,189,695 $ 25,904,715 Pre-owned 1,628,336 1,721,072 Insurance agent commissions 235,259 211,017 Total net sales $ 34,053,290 $ 27,836,804 Cash and Cash Equivalents – Accounts Receivable – Accounts receivable fluctuates due to the number of homes sold to independent dealers. The Company recognizes revenues from its independent dealers upon receiving wholesale floor plan financing or establishing retail credit approval for terms, shipping of the home, and transferring title and risk of loss to the independent dealer. Investments – “available-for-sale” available-for-sale The Company continually reviews its investments to determine whether a decline in fair value below the cost basis is other than temporary. If the decline in fair value is judged to be other than temporary, the cost basis of the security is written down to fair value and the amount of the write-down is included in the accompanying consolidated statements of income and other comprehensive income. Inventories – The Company acquired certain repossessed pre-owned st Other pre-owned st st st st st st Pre-owned trade-ins (Trade-in Trade-in Other inventory costs are determined on a first-in, first-out See Note 6 for further discussion of inventories. Property, Plant and Equipment – Investment in Majestic 21 – st st The Company entered into an arrangement in 2002 with 21 st pre-owned st See Note 15 for discussion of the Company’s guarantee of a $5 million note payable of Majestic 21. Other Investments - On March 31, 2016, the Company sold its 48.5% limited partnership interest in CRF III, Ltd. (“Cypress Creek”) for $3,990,000. Cypress Creek is a retirement manufactured home community located in Winter Haven, Florida. The Company received $960,000 cash, net of $40,000 cost paid and a note receivable for $3,030,000, plus interest at 3.0%, which is payable to the Company in $500,000 installments each July 1 st st See further discussion of these investments in Note 5. Impairment of Long-Lived Assets – Customer Deposits – Company Owned Life Insurance Warranty Costs – 2016 2015 Beginning accrued warranty expense $ 100,000 $ 75,000 Less: reduction for payments (476,039 ) (326,988 ) Plus: additions to accrual 501,039 351,988 Ending accrued warranty expense $ 125,000 $ 100,000 The Company’s limited warranty covers substantial defects in material or workmanship in specified components of the home including structural elements, plumbing systems, electrical systems, and heating and cooling systems which are supplied by the Company that may occur under normal use and service during a period of twelve (12) months from the date of delivery to the original homeowner, and applies to the original homeowner or any subsequent homeowner to whom this product is transferred during the duration of this twelve (12) month period. The Company tracks the warranty claims per home. Based on the history of the warranty claims, the Company has determined that a majority of warranty claims usually occur within the first three months after the home is sold. The Company determines its warranty accrual using the last three months of home sales. Accrued warranty costs are included in accrued expenses in the accompanying consolidated balance sheets. Accrued Home Setup Costs hook-ups, Stock-Based Compensation – Rebate Program – Advertising – Income Taxes – Net Income per Share – Shipping and Handling Costs – Comprehensive Income – available-for-sale Segments – Major Customers – Concentration of Credit Risk – Concentration of Retail Financing Sources – Recently Issued Accounting Pronouncements – No. 2016-02, 2016-02). 2016-02 2016-02 right-of-use In November 2015, the FASB issued ASU No. 2015-17 2015-17). 2015-17 2015-17 In July 2015, the FASB issued ASU No. 2015-11, last-in, first-out first-in, first-out In May 2014, the FASB issued ASU No. 2014-09, |
Investments
Investments | 12 Months Ended |
Nov. 05, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | NOTE 2 Investments The following is a summary of short-term investments (available for sale): November 5, 2016 Amortized Cost Gross Gross Estimated Fair Equity securities in a public company $ 167,930 $ 313,095 $ — $ 481,025 October 31, 2015 Amortized Cost Gross Gross Estimated Fair Equity securities in a public company $ 167,930 $ 294,648 $ — $ 462,578 The fair values were estimated based on unadjusted quoted prices at each respective period end. |
Fair Values of Financial Invest
Fair Values of Financial Investments | 12 Months Ended |
Nov. 05, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Values of Financial Investments | NOTE 3 Fair Values of Financial Investments The carrying amount of cash and cash equivalents, accounts and notes receivable, accounts payable and accrued expenses approximates fair value because of the short maturity of those instruments. The Company accounts for the fair value of financial investments in accordance with FASB ASC No. 820, “Fair Value Measurements” (ASC 820). ASC 820 defines fair value as the price that would be received upon the sale of an asset or paid to transfer a liability (i.e. exit price) in an orderly transaction between market participants at the measurement date. ASC 820 requires disclosures that categorize assets and liabilities measured at fair value into one of three different levels depending on the assumptions (i.e. inputs) used in the valuation. Financial assets and liabilities are classified in their entirety based on the lowest level of input significant to the fair value measurement. The ASC 820 fair value hierarchy is defined as follows: • Level 1—Valuations are based on unadjusted quoted prices in active markets for identical assets or liabilities. • Level 2—Valuations are based on quoted prices for similar assets or liabilities in active markets, or quoted prices in markets that are not active for which significant inputs are observable, either directly or indirectly. • Level 3—Valuations are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. Inputs reflect management’s best estimate of what market participants would use in valuing the asset or liability at the measurement date. The following table represents the Company’s financial assets and liabilities which are carried at fair value at November 5, 2016 and October 31, 2015. November 5, 2016 Level 1 Level 2 Level 3 Equity securities in a public company $ 481,025 $ — $ — October 31, 2015 Level 1 Level 2 Level 3 Equity securities in a public company $ 462,578 $ — $ — |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Nov. 05, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 4 Related Party Transactions Affiliated Entities TLT, Inc. – Walden Woods – |
Other Investments
Other Investments | 12 Months Ended |
Nov. 05, 2016 | |
Text Block [Abstract] | |
Other Investments | NOTE 5 Other Investments Investment in Joint Venture – Majestic 21 – While Majestic 21 has been deemed to be a variable interest entity, the Company only holds a 50% interest in this entity and all allocations of profit and loss are on a 50/50 basis. Since all allocations are to be made on a 50/50 basis and the Company’s maximum exposure is limited to its investment in Majestic 21, management has concluded that the Company would not absorb a majority of Majestic 21’s expected losses nor receive a majority of Majestic 21’s expected residual returns; therefore, the Company is not required to consolidate Majestic 21 with the accounts of Nobility Homes in accordance with ASC 810. See Note 15 for discussion of the Company’s guarantee of a $5 million note payable of Majestic 21. The following is summarized financial information of the Company’s joint venture: November 5, 2016 October 31, 2015 Total Assets $ 11,207,304 $ 14,499,423 Total Liabilities $ 8,972,312 $ 10,511,965 Total Equity $ 2,234,992 $ 3,987,458 Net Income $ 247,545 $ 276,945 Distributions received from the joint venture amounted to approximately $1,000,000 and $500,000 for fiscal year 2016 and 2015 respectively. With regard to our investment in Majestic 21, there are no differences between our investment balance and the amount of underlying equity in net assets owned by Majestic 21. Investment in Retirement Community Limited Partnerships – On March 31, 2016, the Company sold its 48.5% limited partnership interest in CRF III, Ltd. (“Cypress Creek”) for $3,990,000. Cypress Creek is a retirement manufactured home community located in Winter Haven, Florida. The Company received $960,000 cash, net of $40,000 cost paid and a note receivable for $3,030,000, plus interest at 3.0%, which is payable to the Company in $500,000 installments each July 1 st st The investment in Walden Woods and Cypress Creek are accounted for under the equity method of accounting and all allocations of profit and loss are on pro-rata The following is summarized financial information of Walden Woods as of September 30, 2016 and Walden Woods and Cypress Creek as of September 30, 2015*: September 30,2016 September 30, 2015 Total Assets $ 3,747,081 $ 13,273,488 Total Liabilities $ 5,902,402 $ 17,101,517 Total Deficit $ (2,155,321 ) $ (3,828,029 ) * Due to Walden Woods, and Cypress Creek having a calendar year-end, The Company has no obligation to fund future operating losses of Walden Woods and accordingly, has not reduced the investment carrying value to less than zero. |
Inventories
Inventories | 12 Months Ended |
Nov. 05, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | NOTE 6 Inventories The Company acquired a significant amount of repossessed pre-owned A breakdown of the elements of inventory at November 5, 2016 and October 31, 2015 is as follows: November 5, 2016 October 31, 2015 Raw materials $ 717,525 $ 721,751 Work-in-process 120,693 113,891 Finished homes 6,025,268 5,114,568 Model home furniture 105,595 69,495 Inventories $ 6,969,081 $ 6,019,705 Pre-owned $ 4,014,119 $ 5,516,272 Inventory impairment reserve ** (984,815 ) (1,425,108 ) 3,029,304 4,091,164 Less homes expected to sell in 12 months (1,295,694 ) (1,366,974 ) Pre-owned $ 1,733,610 $ 2,724,190 * The following table summarizes a breakdown of pre-owned Buy Back Repossessions Trade-Ins Total Balance at November 1, 2014 $ 5,173,960 $ 1,137,968 $ 10,555 $ 6,322,483 Additions 429,109 436,478 66,610 932,197 Sales (1,287,831 ) (416,337 ) (34,240 ) (1,738,408 ) Balance at October 31, 2015 4,315,238 1,158,109 42,925 5,516,272 Additions — 350,735 56,486 407,221 Sales (1,745,955 ) (106,453 ) (56,966 ) (1,909,374 ) Balance at November 5, 2016 $ 2,569,283 $ 1,402,391 $ 42,445 $ 4,014,119 ** An analysis of the pre-owned November 5, 2016 October 31, 2015 Balance at beginning of year $ 1,425,108 $ 1,772,280 Less: Reductions for homes sold (568,797 ) (258,001 ) Inventory holding costs (143,079 ) (141,468 ) Additions to impairment reserve 271,583 52,297 Balance at end of year $ 984,815 $ 1,425,108 |
Property Held for Sale
Property Held for Sale | 12 Months Ended |
Nov. 05, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Property Held for Sale | NOTE 7 Property Held for Sale The Company has offered for sale its former sales center in Pace, Florida and its former manufacturing facility in Belleview, Florida. Accordingly, these assets have been reclassified from property, plant and equipment as property held for sale in the accompanying balance sheet as of November 5, 2016. The Company as determined the fair value of its property held for sale exceeds its carrying value and no valuation allowance is necessary. The cost of the Pace property was reclassified as a current asset in the accompanying balance sheet as the property is under contract for sale at November 5, 2016. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Nov. 05, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | NOTE 8 Property, Plant and Equipment Property, plant and equipment, along with their estimated useful lives and related accumulated depreciation are summarized as follows: Range of Lives in Years November 5, 2016 October 31, 2015 Land — $ 2,870,463 $ 2,349,383 Land improvements 10-20 689,043 839,912 Buildings and improvements 15-40 2,019,429 2,813,761 Machinery and equipment 3-10 749,360 1,180,377 Furniture and fixtures 3-10 223,537 437,432 6,551,832 7,620,865 Less accumulated depreciation (2,488,121 ) (3,655,987 ) $ 4,063,711 $ 3,964,878 Depreciation expense during the years ended November 5, 2016 and October 31, 2015 totaled $98,616 and $110,169, respectively. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Nov. 05, 2016 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | NOTE 9 Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities are comprised of the following: November 5, 2016 October 31, 2015 Accrued warranty expense $ 125,000 $ 100,000 Accrued property and sales taxes 299,710 261,289 Other accrued expenses 698,988 564,915 Total accrued expenses and other current liabilities $ 1,123,698 $ 926,204 |
Proceeds Received Under Escrow
Proceeds Received Under Escrow Arrangement | 12 Months Ended |
Nov. 05, 2016 | |
Text Block [Abstract] | |
Proceeds Received Under Escrow Arrangement | NOTE 10 Proceeds Received Under Escrow Arrangement In April 2016, the Company received $788,566 under an escrow arrangement related to a Finance Revenue Sharing Agreement between 21 st st |
Income Taxes
Income Taxes | 12 Months Ended |
Nov. 05, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 11 Income Taxes The Company computes income tax expense using the liability method. Under this method, deferred income taxes are provided, to the extent considered realizable by management, for basis differences of assets and liabilities for financial reporting and income tax purposes. The Company follows guidance issued by the FASB with respect to accounting for uncertainty in income taxes. A tax position is recognized as a benefit only if it is “more-likely-than-not” “more-likely-than-not” The Company and its subsidiaries are subject to U.S. federal income tax, as well as income tax of the state of Florida. The Company’s income tax returns for the past three years are subject to examination by tax authorities, and may change upon examination. The Company recognizes interest and/or penalties related to income tax matters in income tax expense. The Company did not reflect any amounts for interest and penalties in its 2016 or 2015 statements of operations, nor are any amounts accrued for interest and penalties at November 5, 2016 and October 31, 2015. The provision for income taxes for the years ended consists of the following: November 5, 2016 October 31, 2015 Current tax expense: Federal $ 769,463 $ 5,629 State — — 769,463 5,629 Deferred tax expense 2,449,579 1,105,489 Valuation allowance — (975,312 ) Income tax expense $ 3,219,042 $ 135,806 The following table shows the reconciliation between the statutory federal income tax rate and the actual provision for income taxes for the years ended: November 5, 2016 October 31, 2015 Provision—federal statutory tax rate $ 3,122,640 $ 1,037,408 Increase (decrease) resulting from: State taxes, net of federal tax benefit 253,435 110,759 Permanent differences: Stock option expirations — 6,045 Manufacturing and other deductions (74,544 ) — Other (82,489 ) (43,094 ) Changes in DTA valuation allowance — (975,312 ) Income tax expense $ 3,219,042 $ 135,806 The types of temporary differences between the tax bases of assets and liabilities and their financial reporting amounts and the related deferred tax assets and deferred tax liabilities are as follows: November 5, 2016 October 31, 2015 Deferred tax assets: Allowance for doubtful accounts $ 87,261 $ 87,261 Inventories 440,988 651,980 Carrying value of other investments 6,313 1,186,668 Accrued expenses 156,260 75,141 Stock-based compensation 4,717 8,971 Total deferred tax assets 695,539 2,010,021 Deferred tax liabilities: Depreciation (38,050 ) (37,982 ) Installment sales of Cypress Creek (871,277 ) — Carrying value of investments (302,147 ) — State income tax refunds — (29,598 ) Amortization (58,810 ) (58,810 ) Prepaid expenses (9,011 ) (17,808 ) Net deferred tax assets (liabilities) $ (583,756 ) $ 1,865,823 These amounts are included in the accompanying consolidated balance sheets under the following captions: November 5, 2016 October 31, 2015 Current assets: Deferred tax assets $ 684,509 $ 814,381 Deferred tax liabilities (127,736 ) (159,188 ) Net current deferred taxes 556,773 655,193 Non-current Deferred tax assets 11,030 1,307,422 Deferred tax liabilities (1,151,559 ) (96,792 ) Net non-current (1,140,529 ) 1,210,630 Net deferred tax asset (liability) $ (583,756 ) $ 1,865,823 In assessing the ability to realize a portion of the deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. For fiscal years 2016 and 2015, the Company determined that a valuation reserve for the Company’s deferred tax assets was not considered necessary as the deferred tax assets were fully realizable. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Nov. 05, 2016 | |
Equity [Abstract] | |
Stockholders' Equity | NOTE 12 Stockholders’ Equity Authorized preferred stock may be issued in series with rights and preferences designated by the Board of Directors at the time it authorizes the issuance of such stock. The Company has never issued any preferred stock. Treasury stock is recorded at cost and is presented as a reduction of stockholders’ equity in the accompanying consolidated financial statements. The Company repurchased 32,375 and 34,800 shares of its common stock during fiscal years 2016 and 2015, respectively. |
Stock Option Plan
Stock Option Plan | 12 Months Ended |
Nov. 05, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Option Plan | NOTE 13 Stock Option Plan In June 2011, the Company’s Board of Directors adopted and the Company’s shareholders later approved, the Nobility Homes, Inc. 2011 Stock Incentive Plan (the “Plan”), providing for the issuance of options to purchase shares of common stock, stock appreciation rights and other stock-based awards to employees and non-employee As of November 5, 2016, the Company has 1,000 stock options outstanding that were granted pursuant to individual award agreements outside of the 2011 Plan. The Company does not expect to award additional stock options outside of the 2011 Plan in the future. The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The cost is to be recognized over the period during which an employee is required to provide service in exchange for the award (usually the vesting period). The grant date fair value of employee share options and similar instruments will be estimated using option-pricing models adjusted for the unique characteristics of those instruments (unless observable market prices for the same or similar instruments are available). If an equity award is modified after the grant date, incremental compensation cost will be recognized in an amount equal to the excess of the fair value of the modified award over the fair value of the original award immediately before the modification. During fiscal years 2016 and 2015, the Company recognized approximately $1,500 and $9,000 in compensation cost related to stock options respectively. A summary of information with respect to options granted is as follows: Number of Stock Option Price Weighted Aggregate Outstanding at November 1, 2014 7,000 $ 7.91 - 10.45 $ 9.02 Granted — — — Exercised (2,000 ) 7.91 7.91 Canceled — — — Outstanding at October 31, 2015 5,000 $ 8.49 - 10.45 $ 9.47 Granted 5,000 12.10 12.10 Exercised (4,000 ) 8.49 - 10.45 9.72 Canceled — — — Outstanding at November 5, 2016 6,000 $ 8.49 - 12.10 $ 11.50 $ 24,010 The aggregate intrinsic value in the table above represents total intrinsic value (of options in the money), which is the difference between the Company’s closing stock price on the last trading day of fiscal year 2016 and the exercise price times the number of shares, that would have been received by the option holders had the option holders exercised their options on November 5, 2016. The following table summarizes information about the outstanding stock options at November 5, 2016: Options Outstanding Options Exercisable Exercise Shares Weighted Weighted Number Weighted $ 8.49 1,000 — $ 8.49 1,000 $ 8.49 $ 12.10 5,000 5 $ 12.10 — $ 12.10 6,000 4 $ 11.50 1,000 $ 8.49 The fair value of each option is determined using the Black-Scholes option-pricing model which values options based on the stock price at the grant date, the expected life of the option, the estimated volatility of the stock, expected dividend payments, and the risk-free interest rate over the expected life of the option. The dividend yield was calculated by dividing the current annualized dividend by the option exercise price for each grant. The expected volatility was determined considering the Company’s historical stock prices for the fiscal year the grant occurred and prior fiscal years for a period equal to the expected life of the option. The risk-free interest rate was the rate available on zero coupon U.S. government obligations with a term equal to the expected life of the option. The expected life of the option was estimated based on the exercise history from previous grants. |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Nov. 05, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plan | NOTE 14 Employee Benefit Plan The Company has a defined contribution retirement plan (the “Plan”) qualifying under Section 401(k) of the Internal Revenue Code. The Plan covers employees who have met certain service requirements. The Company makes a discretionary matching contribution of up to 20% of an employee’s contribution, up to a maximum of 6% of an employee’s compensation. The contribution expense charged to operations in fiscal years 2016 and 2015 was $20,000. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Nov. 05, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | NOTE 15 Commitments and Contingent Liabilities Operating Leases – Future minimum payments by year and in the aggregate, under the aforementioned leases and other non-cancelable 2017 $ 20,009 Majestic 21 st st On November 5, 2016 there was approximately $210,314 in loan loss reserves or 1.77% of the portfolio in Majestic 21. The Majestic 21 joint venture partnership is monitoring loan loss reserves on a monthly basis and is adjusting the loan loss reserves as necessary. The Majestic 21 joint venture is reflected on 21st Mortgage Corporation’s financial statements which are included in the financial statements of its ultimate parent which is a public company. Management believes the loan loss reserves are adequate based upon its review of the Majestic 21 joint venture partnership’s financial statements. Other Contingent Liabilities – The Company does not maintain casualty insurance on some of its property, including the inventory at our retail centers, our plant machinery and plant equipment and is at risk for those types of losses. |
Reporting Entity and Signific22
Reporting Entity and Significant Accounting Policies (Policies) | 12 Months Ended |
Nov. 05, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Principles of Consolidation | Description of Business and Principles of Consolidation – All intercompany accounts and transactions have been eliminated in consolidation. The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). |
Use of Estimates | Use of Estimates – pre-owned |
Fiscal Year | Fiscal Year – fifty-two |
Revenue Recognition | Revenue Recognition – • Its receipt of a down payment, • Construction of the home is complete, • Home has been delivered and set up at the retail home buyer’s site, and title has been transferred to the retail home buyer, • Remaining funds have been released by the finance company (financed sales transaction), remaining funds have been committed by the finance company by an agreement with respect to financing obtained by the customer, usually in the form of a written approval for permanent home financing received from a lending institution, (financed construction sales transaction) or cash has been received from the home buyer (cash sales transaction), and • Completion of any other significant obligations. The Company recognizes revenue from the sale of the repurchased homes upon transfer of title to the new purchaser. The Company recognizes revenues from its independent dealers upon receiving wholesale floor plan financing or establishing retail credit approval for terms, shipping of the home, and transferring title and risk of loss to the independent dealer. For wholesale shipments to independent dealers, the Company has no obligation to setup the home or to complete any other significant obligations. The Company recognizes revenues from its wholly-owned subsidiary, Mountain Financial, Inc., as follows: commission income (and fees in lieu of commissions) is recorded as of the effective date of insurance coverage or the billing date, whichever is later. Commissions on premiums billed and collected directly by insurance companies are recorded as revenue when received which, in many cases, is the Company’s first notification of amounts earned due to the lack of policy and renewal information. Contingent commissions are recorded as revenue when received. Contingent commissions are commissions paid by insurance underwriters and are based on the estimated profit and/or overall volume of business placed with the underwriter. The data necessary for the calculation of contingent commissions cannot be reasonably obtained prior to the receipt of the commission which, in many cases, is the Company’s first notification of amounts earned. The Company provides appropriate reserves for policy cancellations based on numerous factors, including past transaction history with customers, historical experience, and other information, which is periodically evaluated and adjusted as deemed necessary. In the opinion of management, no reserve was deemed necessary for policy cancellations at November 5, 2016 or October 31, 2015. |
Revenues by Products and Services | Revenues by Products and Services pre-owned 2016 2015 Manufactured housing $ 32,189,695 $ 25,904,715 Pre-owned 1,628,336 1,721,072 Insurance agent commissions 235,259 211,017 Total net sales $ 34,053,290 $ 27,836,804 |
Cash and Cash Equivalents | Cash and Cash Equivalents – |
Accounts Receivable | Accounts Receivable – Accounts receivable fluctuates due to the number of homes sold to independent dealers. The Company recognizes revenues from its independent dealers upon receiving wholesale floor plan financing or establishing retail credit approval for terms, shipping of the home, and transferring title and risk of loss to the independent dealer. |
Investments | Investments – “available-for-sale” available-for-sale The Company continually reviews its investments to determine whether a decline in fair value below the cost basis is other than temporary. If the decline in fair value is judged to be other than temporary, the cost basis of the security is written down to fair value and the amount of the write-down is included in the accompanying consolidated statements of income and other comprehensive income. |
Inventories | Inventories – The Company acquired certain repossessed pre-owned st Other pre-owned st st st st st st Pre-owned trade-ins (Trade-in Trade-in Other inventory costs are determined on a first-in, first-out |
Property, Plant and Equipment | Property, Plant and Equipment – |
Investment in Majestic 21 | Investment in Majestic 21 – st st The Company entered into an arrangement in 2002 with 21 st pre-owned st See Note 15 for discussion of the Company’s guarantee of a $5 million note payable of Majestic 21. |
Other Investments | Other Investments - On March 31, 2016, the Company sold its 48.5% limited partnership interest in CRF III, Ltd. (“Cypress Creek”) for $3,990,000. Cypress Creek is a retirement manufactured home community located in Winter Haven, Florida. The Company received $960,000 cash, net of $40,000 cost paid and a note receivable for $3,030,000, plus interest at 3.0%, which is payable to the Company in $500,000 installments each July 1 st st See further discussion of these investments in Note 5. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets – |
Customer Deposits | Customer Deposits – |
Company Owned Life Insurance | Company Owned Life Insurance |
Warranty Costs | Warranty Costs – 2016 2015 Beginning accrued warranty expense $ 100,000 $ 75,000 Less: reduction for payments (476,039 ) (326,988 ) Plus: additions to accrual 501,039 351,988 Ending accrued warranty expense $ 125,000 $ 100,000 The Company’s limited warranty covers substantial defects in material or workmanship in specified components of the home including structural elements, plumbing systems, electrical systems, and heating and cooling systems which are supplied by the Company that may occur under normal use and service during a period of twelve (12) months from the date of delivery to the original homeowner, and applies to the original homeowner or any subsequent homeowner to whom this product is transferred during the duration of this twelve (12) month period. The Company tracks the warranty claims per home. Based on the history of the warranty claims, the Company has determined that a majority of warranty claims usually occur within the first three months after the home is sold. The Company determines its warranty accrual using the last three months of home sales. Accrued warranty costs are included in accrued expenses in the accompanying consolidated balance sheets. |
Accrued Home Setup Costs | Accrued Home Setup Costs hook-ups, |
Stock-Based Compensation | Stock-Based Compensation – |
Rebate Program | Rebate Program – |
Advertising | Advertising – |
Income Taxes | Income Taxes – |
Net Income per Share | Net Income per Share – |
Shipping and Handling Costs | Shipping and Handling Costs – |
Comprehensive Income | Comprehensive Income – available-for-sale |
Segments | Segments – |
Major Customers | Major Customers – |
Concentration of Credit Risk | Concentration of Credit Risk – |
Concentration of Retail Financing Sources | Concentration of Retail Financing Sources – |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements – No. 2016-02, 2016-02). 2016-02 2016-02 right-of-use In November 2015, the FASB issued ASU No. 2015-17 2015-17). 2015-17 2015-17 In July 2015, the FASB issued ASU No. 2015-11, last-in, first-out first-in, first-out In May 2014, the FASB issued ASU No. 2014-09, |
Fair Value Measurements | The Company accounts for the fair value of financial investments in accordance with FASB ASC No. 820, “Fair Value Measurements” (ASC 820). ASC 820 defines fair value as the price that would be received upon the sale of an asset or paid to transfer a liability (i.e. exit price) in an orderly transaction between market participants at the measurement date. ASC 820 requires disclosures that categorize assets and liabilities measured at fair value into one of three different levels depending on the assumptions (i.e. inputs) used in the valuation. Financial assets and liabilities are classified in their entirety based on the lowest level of input significant to the fair value measurement. The ASC 820 fair value hierarchy is defined as follows: • Level 1—Valuations are based on unadjusted quoted prices in active markets for identical assets or liabilities. • Level 2—Valuations are based on quoted prices for similar assets or liabilities in active markets, or quoted prices in markets that are not active for which significant inputs are observable, either directly or indirectly. • Level 3—Valuations are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. Inputs reflect management’s best estimate of what market participants would use in valuing the asset or liability at the measurement date. |
Reporting Entity and Signific23
Reporting Entity and Significant Accounting Policies (Tables) | 12 Months Ended |
Nov. 05, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Revenues by Products and Services | Revenues by Products and Services pre-owned 2016 2015 Manufactured housing $ 32,189,695 $ 25,904,715 Pre-owned 1,628,336 1,721,072 Insurance agent commissions 235,259 211,017 Total net sales $ 34,053,290 $ 27,836,804 |
Summary of Amounts Related to Limited Warranty | Amounts related to these warranties for fiscal years 2016 and 2015 are as follows: 2016 2015 Beginning accrued warranty expense $ 100,000 $ 75,000 Less: reduction for payments (476,039 ) (326,988 ) Plus: additions to accrual 501,039 351,988 Ending accrued warranty expense $ 125,000 $ 100,000 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Nov. 05, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Short-term Investments | The following is a summary of short-term investments (available for sale): November 5, 2016 Amortized Cost Gross Gross Estimated Fair Equity securities in a public company $ 167,930 $ 313,095 $ — $ 481,025 October 31, 2015 Amortized Cost Gross Gross Estimated Fair Equity securities in a public company $ 167,930 $ 294,648 $ — $ 462,578 |
Fair Values of Financial Inve25
Fair Values of Financial Investments (Tables) | 12 Months Ended |
Nov. 05, 2016 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets and Liabilities Measured at Fair Value | The following table represents the Company’s financial assets and liabilities which are carried at fair value at November 5, 2016 and October 31, 2015. November 5, 2016 Level 1 Level 2 Level 3 Equity securities in a public company $ 481,025 $ — $ — October 31, 2015 Level 1 Level 2 Level 3 Equity securities in a public company $ 462,578 $ — $ — |
Other Investments (Tables)
Other Investments (Tables) | 12 Months Ended |
Nov. 05, 2016 | |
Majestic 21 [Member] | |
Summarized Financial Information of Company's Other Investments | The following is summarized financial information of the Company’s joint venture: November 5, 2016 October 31, 2015 Total Assets $ 11,207,304 $ 14,499,423 Total Liabilities $ 8,972,312 $ 10,511,965 Total Equity $ 2,234,992 $ 3,987,458 Net Income $ 247,545 $ 276,945 |
Walden Woods and Cypress Creek [Member] | |
Summarized Financial Information of Company's Other Investments | The following is summarized financial information of Walden Woods as of September 30, 2016 and Walden Woods and Cypress Creek as of September 30, 2015*: September 30,2016 September 30, 2015 Total Assets $ 3,747,081 $ 13,273,488 Total Liabilities $ 5,902,402 $ 17,101,517 Total Deficit $ (2,155,321 ) $ (3,828,029 ) * Due to Walden Woods, and Cypress Creek having a calendar year-end, |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Nov. 05, 2016 | |
Inventory Disclosure [Abstract] | |
Summary of Breakdown of Elements of Inventory | A breakdown of the elements of inventory at November 5, 2016 and October 31, 2015 is as follows: November 5, 2016 October 31, 2015 Raw materials $ 717,525 $ 721,751 Work-in-process 120,693 113,891 Finished homes 6,025,268 5,114,568 Model home furniture 105,595 69,495 Inventories $ 6,969,081 $ 6,019,705 Pre-owned $ 4,014,119 $ 5,516,272 Inventory impairment reserve ** (984,815 ) (1,425,108 ) 3,029,304 4,091,164 Less homes expected to sell in 12 months (1,295,694 ) (1,366,974 ) Pre-owned $ 1,733,610 $ 2,724,190 * The following table summarizes a breakdown of pre-owned Buy Back Repossessions Trade-Ins Total Balance at November 1, 2014 $ 5,173,960 $ 1,137,968 $ 10,555 $ 6,322,483 Additions 429,109 436,478 66,610 932,197 Sales (1,287,831 ) (416,337 ) (34,240 ) (1,738,408 ) Balance at October 31, 2015 4,315,238 1,158,109 42,925 5,516,272 Additions — 350,735 56,486 407,221 Sales (1,745,955 ) (106,453 ) (56,966 ) (1,909,374 ) Balance at November 5, 2016 $ 2,569,283 $ 1,402,391 $ 42,445 $ 4,014,119 ** An analysis of the pre-owned November 5, 2016 October 31, 2015 Balance at beginning of year $ 1,425,108 $ 1,772,280 Less: Reductions for homes sold (568,797 ) (258,001 ) Inventory holding costs (143,079 ) (141,468 ) Additions to impairment reserve 271,583 52,297 Balance at end of year $ 984,815 $ 1,425,108 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Nov. 05, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment with Estimated Useful Lives and Related Accumulated Depreciation | Property, plant and equipment, along with their estimated useful lives and related accumulated depreciation are summarized as follows: Range of Lives in Years November 5, 2016 October 31, 2015 Land — $ 2,870,463 $ 2,349,383 Land improvements 10-20 689,043 839,912 Buildings and improvements 15-40 2,019,429 2,813,761 Machinery and equipment 3-10 749,360 1,180,377 Furniture and fixtures 3-10 223,537 437,432 6,551,832 7,620,865 Less accumulated depreciation (2,488,121 ) (3,655,987 ) $ 4,063,711 $ 3,964,878 |
Accrued Expenses and Other Cu29
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Nov. 05, 2016 | |
Payables and Accruals [Abstract] | |
Summary of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities are comprised of the following: November 5, 2016 October 31, 2015 Accrued warranty expense $ 125,000 $ 100,000 Accrued property and sales taxes 299,710 261,289 Other accrued expenses 698,988 564,915 Total accrued expenses and other current liabilities $ 1,123,698 $ 926,204 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Nov. 05, 2016 | |
Income Tax Disclosure [Abstract] | |
Summary of Provision for Income Taxes | The provision for income taxes for the years ended consists of the following: November 5, 2016 October 31, 2015 Current tax expense: Federal $ 769,463 $ 5,629 State — — 769,463 5,629 Deferred tax expense 2,449,579 1,105,489 Valuation allowance — (975,312 ) Income tax expense $ 3,219,042 $ 135,806 |
Reconciliation Between Statutory Federal Income Tax Rate and Actual Provision for Income Taxes | The following table shows the reconciliation between the statutory federal income tax rate and the actual provision for income taxes for the years ended: November 5, 2016 October 31, 2015 Provision—federal statutory tax rate $ 3,122,640 $ 1,037,408 Increase (decrease) resulting from: State taxes, net of federal tax benefit 253,435 110,759 Permanent differences: Stock option expirations — 6,045 Manufacturing and other deductions (74,544 ) — Other (82,489 ) (43,094 ) Changes in DTA valuation allowance — (975,312 ) Income tax expense $ 3,219,042 $ 135,806 |
Deferred Tax Assets and Deferred Tax Liabilities | The types of temporary differences between the tax bases of assets and liabilities and their financial reporting amounts and the related deferred tax assets and deferred tax liabilities are as follows: November 5, 2016 October 31, 2015 Deferred tax assets: Allowance for doubtful accounts $ 87,261 $ 87,261 Inventories 440,988 651,980 Carrying value of other investments 6,313 1,186,668 Accrued expenses 156,260 75,141 Stock-based compensation 4,717 8,971 Total deferred tax assets 695,539 2,010,021 Deferred tax liabilities: Depreciation (38,050 ) (37,982 ) Installment sales of Cypress Creek (871,277 ) — Carrying value of investments (302,147 ) — State income tax refunds — (29,598 ) Amortization (58,810 ) (58,810 ) Prepaid expenses (9,011 ) (17,808 ) Net deferred tax assets (liabilities) $ (583,756 ) $ 1,865,823 |
Accompanying Deferred Current and Non current Tax Assets and Liabilities in Consolidated Balance Sheet | These amounts are included in the accompanying consolidated balance sheets under the following captions: November 5, 2016 October 31, 2015 Current assets: Deferred tax assets $ 684,509 $ 814,381 Deferred tax liabilities (127,736 ) (159,188 ) Net current deferred taxes 556,773 655,193 Non-current Deferred tax assets 11,030 1,307,422 Deferred tax liabilities (1,151,559 ) (96,792 ) Net non-current (1,140,529 ) 1,210,630 Net deferred tax asset (liability) $ (583,756 ) $ 1,865,823 |
Stock Option Plan (Tables)
Stock Option Plan (Tables) | 12 Months Ended |
Nov. 05, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Options Granted | A summary of information with respect to options granted is as follows: Number of Stock Option Price Weighted Aggregate Outstanding at November 1, 2014 7,000 $ 7.91 - 10.45 $ 9.02 Granted — — — Exercised (2,000 ) 7.91 7.91 Canceled — — — Outstanding at October 31, 2015 5,000 $ 8.49 - 10.45 $ 9.47 Granted 5,000 12.10 12.10 Exercised (4,000 ) 8.49 - 10.45 9.72 Canceled — — — Outstanding at November 5, 2016 6,000 $ 8.49 - 12.10 $ 11.50 $ 24,010 |
Outstanding Stock Options | The following table summarizes information about the outstanding stock options at November 5, 2016: Options Outstanding Options Exercisable Exercise Shares Weighted Weighted Number Weighted $ 8.49 1,000 — $ 8.49 1,000 $ 8.49 $ 12.10 5,000 5 $ 12.10 — $ 12.10 6,000 4 $ 11.50 1,000 $ 8.49 |
Commitments and Contingent Li32
Commitments and Contingent Liabilities (Tables) | 12 Months Ended |
Nov. 05, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future Minimum Payments by Year | Future minimum payments by year and in the aggregate, under the aforementioned leases and other non-cancelable 2017 $ 20,009 |
Reporting Entity and Signific33
Reporting Entity and Significant Accounting Policies - Additional Information (Detail) | Mar. 31, 2016USD ($) | Jun. 30, 2016USD ($) | Nov. 05, 2016USD ($)RetailerSegmentPlant | Oct. 31, 2015USD ($) |
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
Number of retail centers | Retailer | 10 | |||
Guarantee obligations note payable principal amount | $ 5,000,000 | |||
Gain (Loss) on sale of interest in partnership unit | $ (146,403) | |||
Down payment by retail customers | $ 500 | |||
Percentage of retail contract price | 35.00% | |||
Percentage of retail contract price withhold by company | 20.00% | |||
Warranty period of homes | 12 months | |||
Rebate liability | $ 0 | 73,647 | ||
Advertising expense | $ 211,000 | 243,000 | ||
Number of Segment | Segment | 1 | |||
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | ||||
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
Accounts receivable due from customers | $ 1,196,813 | 2,754,599 | ||
Real Estate Investment Trust One [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | ||||
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
Sales from major customers | $ 3,581,320 | $ 1,209,705 | ||
Percentage of sales from major customers | 11.00% | 4.00% | ||
Real Estate Investment Trust Two [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | ||||
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
Sales from major customers | $ 629,345 | $ 2,166,625 | ||
Percentage of sales from major customers | 2.00% | 8.00% | ||
Other Real Estate Investment Trust [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | ||||
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
Sales from major customers | $ 1,416,180 | $ 3,120,000 | ||
Percentage of sales from major customers | 4.00% | 11.00% | ||
Majestic 21 [Member] | ||||
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
Variable Interest Entity | 50.00% | |||
Impairment charges related to Investment in Majestic 21 | $ 0 | $ 0 | ||
Guarantee obligations note payable principal amount | $ 5,000,000 | |||
Percentage of ownership interest | 50.00% | |||
Walden Woods South LLC [Member] | ||||
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
Percentage of ownership interest | 31.30% | |||
CRF III, Ltd [Member] | ||||
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
Percentage of ownership interest | 48.50% | |||
Proceeds from sale of interest in partnership unit | $ 3,990,000 | |||
Basis spread on variable rate | 3.00% | |||
Proceeds from sale in installments | $ 500,000 | $ 500,000 | ||
Gain (Loss) on sale of interest in partnership unit | $ 3,990,000 | |||
Sale proceeds in partnership unit description | The Company received $960,000 cash, net of $40,000 cost paid and a note receivable for $3,030,000, plus interest at 3.0%, which is payable to the Company in $500,000 installments each July 1st and January 1st, commencing January 1, 2017 through July 1, 2019. | |||
Cost on sale of partnership interest | $ 40,000 | |||
CRF III, Ltd [Member] | Note Receivable [Member] | ||||
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
Proceeds from sale of interest in partnership unit | 3,030,000 | |||
CRF III, Ltd [Member] | Cash [Member] | ||||
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
Proceeds from sale of interest in partnership unit | $ 960,000 | |||
Ocala Fl [Member] | ||||
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
Number of manufacturing plants | Plant | 1 |
Reporting Entity and Signific34
Reporting Entity and Significant Accounting Policies - Revenues by Products and Services (Detail) - USD ($) | 12 Months Ended | |
Nov. 05, 2016 | Oct. 31, 2015 | |
Sales Information [Line Items] | ||
Total net sales | $ 34,053,290 | $ 27,836,804 |
Manufactured Housing [Member] | ||
Sales Information [Line Items] | ||
Total net sales | 32,189,695 | 25,904,715 |
Pre-Owned Homes [Member] | ||
Sales Information [Line Items] | ||
Total net sales | 1,628,336 | 1,721,072 |
Insurance Agent Commissions [Member] | ||
Sales Information [Line Items] | ||
Total net sales | $ 235,259 | $ 211,017 |
Reporting Entity and Signific35
Reporting Entity and Significant Accounting Policies - Summary of Amounts Related to Limited Warranty (Detail) - USD ($) | 12 Months Ended | |
Nov. 05, 2016 | Oct. 31, 2015 | |
Accounting Policies [Abstract] | ||
Beginning accrued warranty expense | $ 100,000 | $ 75,000 |
Less: reduction for payments | (476,039) | (326,988) |
Plus: additions to accrual | 501,039 | 351,988 |
Ending accrued warranty expense | $ 125,000 | $ 100,000 |
Investments - Summary of Short-
Investments - Summary of Short-term Investments (Detail) - USD ($) | Nov. 05, 2016 | Oct. 31, 2015 |
Investments, Debt and Equity Securities [Abstract] | ||
Available-for-sale Securities, Amortized Cost | $ 167,930 | $ 167,930 |
Available-for-sale Securities, Gross Unrealized Gains | 313,095 | 294,648 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | 0 |
Available-for-sale Securities, Estimated Fair Value | $ 481,025 | $ 462,578 |
Fair Values of Financial Inve37
Fair Values of Financial Investments - Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - USD ($) | Nov. 05, 2016 | Oct. 31, 2015 |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Equity securities in a public company | $ 481,025 | $ 462,578 |
Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Equity securities in a public company | $ 481,025 | $ 462,578 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) | Nov. 05, 2016 |
TLT Incorporation [Member] | |
Related Party Transaction [Line Items] | |
Percentage of ownership interest | 50.00% |
Walden Woods South LLC [Member] | |
Related Party Transaction [Line Items] | |
Percentage of ownership interest | 31.30% |
Walden Woods South LLC [Member] | Majority Shareholder [Member] | |
Related Party Transaction [Line Items] | |
Percentage of ownership interest | 51.00% |
President [Member] | TLT Incorporation [Member] | Minimum Range [Member] | |
Related Party Transaction [Line Items] | |
Percentage of ownership interest | 24.75% |
President [Member] | TLT Incorporation [Member] | Maximum Range [Member] | |
Related Party Transaction [Line Items] | |
Percentage of ownership interest | 49.50% |
Executive Vice President [Member] | TLT Incorporation [Member] | Minimum Range [Member] | |
Related Party Transaction [Line Items] | |
Percentage of ownership interest | 49.50% |
Executive Vice President [Member] | TLT Incorporation [Member] | Maximum Range [Member] | |
Related Party Transaction [Line Items] | |
Percentage of ownership interest | 57.75% |
Other Investments - Additional
Other Investments - Additional Information (Detail) | Mar. 31, 2016USD ($) | Jun. 30, 2016USD ($) | Nov. 05, 2016USD ($)Residential | Oct. 31, 2015USD ($) | Nov. 01, 1997USD ($) |
Investment [Line Items] | |||||
Guarantee obligations note payable principal amount | $ 5,000,000 | ||||
Distributions from joint venture - Majestic 21 | $ 1,000,005 | $ 500,000 | |||
Gain (Loss) on sale of interest in partnership unit | $ (146,403) | ||||
Majestic 21 [Member] | |||||
Investment [Line Items] | |||||
Amount invested in joint venture - Majestic 21 | $ 250,000 | ||||
Percentage of ownership interest | 50.00% | ||||
Variable Interest Entity | 50.00% | ||||
Profit and loss basis point | 50/50 basis | ||||
Guarantee obligations note payable principal amount | $ 5,000,000 | ||||
Walden Woods South LLC [Member] | |||||
Investment [Line Items] | |||||
Percentage of ownership interest | 31.30% | ||||
CRF III, Ltd [Member] | |||||
Investment [Line Items] | |||||
Percentage of ownership interest | 48.50% | ||||
Proceeds from sale of interest in partnership unit | $ 3,990,000 | ||||
Basis spread on variable rate | 3.00% | ||||
Proceeds from sale in installments | $ 500,000 | $ 500,000 | |||
Gain (Loss) on sale of interest in partnership unit | $ 3,990,000 | ||||
Sale proceeds in partnership unit description | The Company received $960,000 cash, net of $40,000 cost paid and a note receivable for $3,030,000, plus interest at 3.0%, which is payable to the Company in $500,000 installments each July 1st and January 1st, commencing January 1, 2017 through July 1, 2019. | ||||
Cost on sale of partnership interest | $ 40,000 | ||||
CRF III, Ltd [Member] | Note Receivable [Member] | |||||
Investment [Line Items] | |||||
Proceeds from sale of interest in partnership unit | 3,030,000 | ||||
CRF III, Ltd [Member] | Cash [Member] | |||||
Investment [Line Items] | |||||
Proceeds from sale of interest in partnership unit | $ 960,000 | ||||
Cypress Creek [Member] | Winter Haven, Florida [Member] | |||||
Investment [Line Items] | |||||
Number of residential lots | Residential | 300 |
Other Investments - Summarized
Other Investments - Summarized Financial Information of Company's Joint Venture (Detail) - Majestic 21 [Member] - USD ($) | 12 Months Ended | |
Nov. 05, 2016 | Oct. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | ||
Total Assets | $ 11,207,304 | $ 14,499,423 |
Total Liabilities | 8,972,312 | 10,511,965 |
Total Equity | 2,234,992 | 3,987,458 |
Net Income | $ 247,545 | $ 276,945 |
Other Investments - Summarize41
Other Investments - Summarized Financial Information of Walden Woods and Cypress Creek (Detail) - Walden Woods and Cypress Creek [Member] - USD ($) | Sep. 30, 2016 | Sep. 30, 2015 |
Schedule of Equity Method Investments [Line Items] | ||
Total Assets | $ 3,747,081 | $ 13,273,488 |
Total Liabilities | 5,902,402 | 17,101,517 |
Total Deficit | $ (2,155,321) | $ (3,828,029) |
Inventories - Summary of Breakd
Inventories - Summary of Breakdown of Elements of Inventory (Detail) - USD ($) | Nov. 05, 2016 | Oct. 31, 2015 | Nov. 01, 2014 |
Inventory Disclosure [Abstract] | |||
Raw materials | $ 717,525 | $ 721,751 | |
Work-in-process | 120,693 | 113,891 | |
Finished homes | 6,025,268 | 5,114,568 | |
Model home furniture | 105,595 | 69,495 | |
Inventories | 6,969,081 | 6,019,705 | |
Pre-owned homes | 4,014,119 | 5,516,272 | $ 6,322,483 |
Inventory impairment reserve | (984,815) | (1,425,108) | $ (1,772,280) |
Pre-owned homes, net | 3,029,304 | 4,091,164 | |
Pre-owned homes, net | 3,029,304 | 4,091,164 | |
Less homes expected to sell in 12 months | (1,295,694) | (1,366,974) | |
Pre-owned homes, long-term | $ 1,733,610 | $ 2,724,190 |
Inventories - Summary of Brea43
Inventories - Summary of Breakdown of Elements of Inventory (Parenthetical) (Detail) - USD ($) | 12 Months Ended | |
Nov. 05, 2016 | Oct. 31, 2015 | |
Inventory [Line Items] | ||
Beginning Balance | $ 5,516,272 | $ 6,322,483 |
Additions | 407,221 | 932,197 |
Sales | (1,909,374) | (1,738,408) |
Ending Balance | 4,014,119 | 5,516,272 |
Beginning inventory impairment reserve | 1,425,108 | 1,772,280 |
Less: Reductions for homes sold | (568,797) | (258,001) |
Inventory holding costs | (143,079) | (141,468) |
Additions to impairment reserve | 271,583 | 52,297 |
Ending inventory impairment reserve | 984,815 | 1,425,108 |
Buy Back [Member] | ||
Inventory [Line Items] | ||
Beginning Balance | 4,315,238 | 5,173,960 |
Additions | 429,109 | |
Sales | (1,745,955) | (1,287,831) |
Ending Balance | 2,569,283 | 4,315,238 |
Repossessions [Member] | ||
Inventory [Line Items] | ||
Beginning Balance | 1,158,109 | 1,137,968 |
Additions | 350,735 | 436,478 |
Sales | (106,453) | (416,337) |
Ending Balance | 1,402,391 | 1,158,109 |
Trade-Ins [Member] | ||
Inventory [Line Items] | ||
Beginning Balance | 42,925 | 10,555 |
Additions | 56,486 | 66,610 |
Sales | (56,966) | (34,240) |
Ending Balance | $ 42,445 | $ 42,925 |
Property, Plant and Equipment -
Property, Plant and Equipment - Property, Plant and Equipment with Estimated Useful Lives and Related Accumulated Depreciation (Detail) - USD ($) | 12 Months Ended | |
Nov. 05, 2016 | Oct. 31, 2015 | |
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | $ 6,551,832 | $ 7,620,865 |
Less accumulated depreciation | (2,488,121) | (3,655,987) |
Property plant and equipment, net | 4,063,711 | 3,964,878 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | 2,870,463 | 2,349,383 |
Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | 689,043 | 839,912 |
Building and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | 2,019,429 | 2,813,761 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | 749,360 | 1,180,377 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | $ 223,537 | $ 437,432 |
Minimum Range [Member] | Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, estimated useful life | ||
Minimum Range [Member] | Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, estimated useful life | 10 years | |
Minimum Range [Member] | Building and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, estimated useful life | 15 years | |
Minimum Range [Member] | Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, estimated useful life | 3 years | |
Minimum Range [Member] | Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, estimated useful life | 3 years | |
Maximum Range [Member] | Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, estimated useful life | ||
Maximum Range [Member] | Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, estimated useful life | 20 years | |
Maximum Range [Member] | Building and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, estimated useful life | 40 years | |
Maximum Range [Member] | Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, estimated useful life | 10 years | |
Maximum Range [Member] | Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, estimated useful life | 10 years |
Property Plant and Equipment -
Property Plant and Equipment - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Nov. 05, 2016 | Oct. 31, 2015 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 98,616 | $ 110,169 |
Accrued Expenses and Other Cu46
Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) | Nov. 05, 2016 | Oct. 31, 2015 |
Payables and Accruals [Abstract] | ||
Accrued warranty expense | $ 125,000 | $ 100,000 |
Accrued property and sales taxes | 759,128 | 261,289 |
Other accrued expenses | 698,988 | 564,915 |
Total accrued expenses and other current liabilities | $ 1,123,698 | $ 926,204 |
Proceeds Received Under Escro47
Proceeds Received Under Escrow Arrangement - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended |
Apr. 30, 2016 | Nov. 05, 2016 | |
Related Party Transaction [Line Items] | ||
Proceeds received under escrow arrangement | $ 788,566 | |
Majestic 21 [Member] | ||
Related Party Transaction [Line Items] | ||
Proceeds received under escrow arrangement | $ 788,566 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 12 Months Ended |
Nov. 05, 2016USD ($) | |
Income Tax Disclosure [Abstract] | |
Percentage of tax benefit | 50.00% |
Tax benefit | $ 0 |
Income Taxes - Summary of Provi
Income Taxes - Summary of Provision for Income Taxes (Detail) - USD ($) | 12 Months Ended | |
Nov. 05, 2016 | Oct. 31, 2015 | |
Current tax expense: | ||
Federal | $ 769,463 | $ 5,629 |
State | 0 | 0 |
Total current tax expense (benefit) | 769,463 | 5,629 |
Deferred tax expense | 2,449,579 | 1,105,489 |
Valuation allowance | (975,312) | |
Income tax expense | $ 3,219,042 | $ 135,806 |
Income Taxes - Reconciliation b
Income Taxes - Reconciliation between Statutory Federal Income Tax Rate and Actual Provision for Income Taxes (Detail) - USD ($) | 12 Months Ended | |
Nov. 05, 2016 | Oct. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Provision-federal statutory tax rate | $ 3,122,640 | $ 1,037,408 |
Increase (decrease) resulting from: | ||
State taxes, net of federal tax benefit | 253,435 | 110,759 |
Permanent differences: | ||
Stock option expirations | 6,045 | |
Manufacturing and other deductions | (74,544) | |
Other | (82,489) | (43,094) |
Changes in DTA valuation allowance | (975,312) | |
Income tax expense | $ 3,219,042 | $ 135,806 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Deferred Tax Liabilities (Detail) - USD ($) | Nov. 05, 2016 | Oct. 31, 2015 |
Deferred tax assets: | ||
Allowance for doubtful accounts | $ 87,261 | $ 87,261 |
Inventories | 440,988 | 651,980 |
Carrying value of other investments | 6,313 | 1,186,668 |
Accrued expenses | 156,260 | 75,141 |
Stock-based compensation | 4,717 | 8,971 |
Total deferred tax assets | 695,539 | 2,010,021 |
Deferred tax liabilities: | ||
Depreciation | (38,050) | (37,982) |
Installment sales of Cypress Creek | (871,277) | |
Carrying value of investments | (302,147) | |
State income tax refunds | (29,598) | |
Amortization | (58,810) | (58,810) |
Prepaid expenses | (9,011) | (17,808) |
Net deferred tax liability | $ (583,756) | |
Net deferred tax asset | $ 1,865,823 |
Income Taxes - Accompanying Def
Income Taxes - Accompanying Deferred Current and Non-current Tax Assets and Liabilities in Consolidated Balance Sheet (Detail) - USD ($) | Nov. 05, 2016 | Oct. 31, 2015 |
Current assets: | ||
Deferred tax assets | $ 684,509 | $ 814,381 |
Deferred tax liabilities | (127,736) | (159,188) |
Net current deferred taxes | 556,773 | 655,193 |
Non-current assets: | ||
Deferred tax assets | 11,030 | 1,307,422 |
Deferred tax liabilities | (1,151,559) | (96,792) |
Net non-current deferred taxes | (1,140,529) | 1,210,630 |
Net deferred tax liability | $ (583,756) | |
Net deferred tax asset | $ 1,865,823 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - shares | 12 Months Ended | |
Nov. 05, 2016 | Oct. 31, 2015 | |
Equity [Abstract] | ||
Repurchased shares of common stock | 32,375 | 34,800 |
Stock Option Plan - Additional
Stock Option Plan - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Nov. 05, 2016 | Oct. 31, 2015 | Nov. 01, 2014 | Jun. 30, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares reserved for issuance | 295,000 | 300,000 | ||
Options Outstanding, Shares Outstanding | 6,000 | 5,000 | 7,000 | |
Compensation cost related to stock options | $ 1,500 | $ 9,000 | ||
Range Two [Member] | Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Outstanding, Shares Outstanding | 5,000 | |||
Range One [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Outstanding, Shares Outstanding | 1,000 |
Stock Option Plan - Option Gran
Stock Option Plan - Option Granted (Detail) - USD ($) | 12 Months Ended | |
Nov. 05, 2016 | Oct. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding Beginning, Number of Shares | 5,000 | 7,000 |
Granted, Number of Shares | 5,000 | |
Exercised, Number of Shares | (4,000) | (2,000) |
Canceled, Number of Shares | 0 | 0 |
Outstanding Ending, Number of Shares | 6,000 | 5,000 |
Granted, Stock Option Price Range | $ 12.10 | |
Exercised, Stock Option Price Range | $ 7.91 | |
Canceled, Stock Option Price Range | 0 | 0 |
Outstanding Beginning, Weighted Average Exercise Price | 9.47 | 9.02 |
Granted, Weighted Average Exercise Price | 12.10 | |
Exercised, Weighted Average Exercise Price | 9.72 | 7.91 |
Canceled, Weighted Average Exercise Price | 0 | 0 |
Outstanding Ending, Weighted Average Exercise Price | $ 11.50 | 9.47 |
Outstanding Ending, Aggregate Intrinsic Value | $ 24,010 | |
Minimum Range [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding Beginning, Stock Option Price Range | $ 8.49 | 7.91 |
Exercised, Stock Option Price Range | 8.49 | |
Canceled, Stock Option Price Range | 0 | 0 |
Outstanding Ending, Stock Option Price Range | 8.49 | 8.49 |
Maximum Range [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding Beginning, Stock Option Price Range | 10.45 | 10.45 |
Exercised, Stock Option Price Range | 10.45 | |
Canceled, Stock Option Price Range | 0 | 0 |
Outstanding Ending, Stock Option Price Range | $ 12.10 | $ 10.45 |
Stock Option Plan - Outstanding
Stock Option Plan - Outstanding Stock Options (Detail) - $ / shares | 12 Months Ended | ||
Nov. 05, 2016 | Oct. 31, 2015 | Nov. 01, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options Outstanding, Shares Outstanding | 6,000 | 5,000 | 7,000 |
Options Outstanding, Weighted Average Remaining Contractual Life (years) | 4 years | ||
Options Outstanding, Weighted Average Exercise Price | $ 11.50 | ||
Options Exercisable, Number Exercisable | 1,000 | ||
Options Exercisable, Weighted Average Exercise Price | $ 8.49 | ||
Range One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options Outstanding, Exercise Price | $ 8.49 | ||
Options Outstanding, Shares Outstanding | 1,000 | ||
Options Outstanding, Weighted Average Remaining Contractual Life (years) | 0 years | ||
Options Outstanding, Weighted Average Exercise Price | $ 8.49 | ||
Options Exercisable, Number Exercisable | 1,000 | ||
Options Exercisable, Weighted Average Exercise Price | $ 8.49 | ||
Range Two [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options Outstanding, Exercise Price | $ 12.10 | ||
Options Outstanding, Weighted Average Remaining Contractual Life (years) | 5 years | ||
Options Outstanding, Weighted Average Exercise Price | $ 12.10 | ||
Options Exercisable, Weighted Average Exercise Price | $ 12.10 | ||
Range Two [Member] | Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options Outstanding, Shares Outstanding | 5,000 |
Employee Benefit Plan - Additio
Employee Benefit Plan - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Nov. 05, 2016 | Oct. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Maximum employee compensation | 6.00% | |
Contribution expense charged to operations | $ 20,000 | $ 20,000 |
Maximum Range [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of discretionary matching contribution | 20.00% |
Commitments and Contingent Li58
Commitments and Contingent Liabilities - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Nov. 05, 2016 | Oct. 31, 2015 | |
Commitments And Contingencies [Line Items] | ||
Total rent expenses for operating leases | $ 188,416 | $ 189,333 |
Percentage of joint venture loan guaranteed by company | 50.00% | |
Guarantee obligations note payable principal amount | $ 5,000,000 | |
Guarantee obligations maximum limit of note payable principal amount for maturity | $ 750,000 | |
Guarantee obligations principal balance of pool of loans percentage | 80.00% | |
Percentage of collateral value for pool of loan securing note | 100.00% | |
Guarantee obligations outstanding note payable principal amount | $ 915,373 | |
Collateral value for pool of loan securing note payable by joint venture | 1,762,128 | |
Loan loss reserve | $ 210,314 | |
Loan loss reserve as percentage of portfolio | 1.77% | |
Majestic 21 [Member] | ||
Commitments And Contingencies [Line Items] | ||
Guarantee obligations note payable principal amount | $ 5,000,000 | |
Percentage of ownership interest | 50.00% | |
Percentage of outstanding principal balance, Company's maximum exposure | 50.00% | |
Amount of outstanding principal balance, Company's maximum exposure | $ 457,687 |
Commitments and Contingent Li59
Commitments and Contingent Liabilities - Future Minimum Payments by Year (Detail) | Nov. 05, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,017 | $ 20,009 |