Nobility Homes (NOBH) 10-K 29 Jan 21 2020 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Millions	12 Months Ended
	Oct. 31, 2020	Jan. 29, 2021	May 02, 2020
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Amendment Flag	false
Document Period End Date	Oct. 31, 2020
Entity Registrant Name	NOBILITY HOMES INC
Entity Central Index Key	0000072205
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Trading Symbol	NOBH
Current Fiscal Year End Date	--10-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		3,632,446
Entity Public Float			$ 13.8
Entity File Number	000-06506
Entity Incorporation, State or Country Code	FL
Entity Address, Address Line One	3741 S.W. 7th Street
Entity Address, City or Town	Ocala
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	34474
City Area Code	352
Local Phone Number	732-5157
Title of 12(b) Security	Common Stock
Entity Interactive Data Current	Yes
ICFR Auditor Attestation Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Oct. 31, 2020	Nov. 02, 2019
Current assets:
Cash and cash equivalents	$ 30,305,902	$ 22,533,965
Certificates of deposit	4,602,307	10,153,575
Short-term investments	358,960	521,283
Accounts receivable—trade	790,046	1,351,838
Note receivable	35,997	83,231
Mortgage notes receivable	20,162	17,896
Income taxes receivable	105,676
Inventories	9,294,677	10,616,778
Pre-owned homes, net	441,937	331,103
Prepaid expenses and other current assets	1,014,849	1,217,762
Total current assets	46,970,513	46,827,431
Property, plant and equipment, net	5,142,714	5,005,644
Pre-owned homes, net	1,077,240	808,128
Note receivable, less current portion	6,573	43,769
Mortgage notes receivable, less current portion	227,509	232,148
Other investments	1,729,364	1,649,273
Deferred income taxes	3,598	80,405
Operating lease right of use asset	715,368	0
Cash surrender value of life insurance	3,795,902	3,617,974
Other assets	156,287	156,287
Total assets	59,825,068	58,421,059
Current liabilities:
Accounts payable	928,095	1,111,216
Accrued compensation	670,520	748,626
Accrued expenses and other current liabilities	1,383,833	2,055,952
Income taxes payable		2,016,132
Operating lease obligation	24,192
Customer deposits	5,098,633	3,022,818
Total current liabilities	8,105,273	8,954,744
Operating lease obligation, less current portion	778,519
Total liabilities	8,883,792	8,954,744
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 3,631,196 and 3,664,070 outstanding, respectively	536,491	536,491
Additional paid in capital	10,694,554	10,687,662
Retained earnings	57,976,051	55,298,750
Accumulated other comprehensive income		389,164
Less treasury stock at cost, 1,733,711 shares in 2020 and 1,700,837 shares in 2019	(18,265,820)	(17,445,752)
Total stockholders' equity	50,941,276	49,466,315
Total liabilities and stockholders' equity	$ 59,825,068	$ 58,421,059

Consolidated Balance Sheets (P

Consolidated Balance Sheets (Parenthetical) - $ / shares	Oct. 31, 2020	Nov. 02, 2019
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
Common Stock, shares outstanding	3,631,196	3,664,070
Treasury stock, shares	1,733,711	1,700,837

Consolidated Statements of Inco

Consolidated Statements of Income and Comprehensive Income - USD ($)	12 Months Ended
	Oct. 31, 2020	Nov. 02, 2019
Income Statement [Abstract]
Net sales	$ 41,612,307	$ 46,347,931
Cost of sales	(29,481,820)	(32,694,931)
Gross profit	12,130,487	13,653,000
Selling, general and administrative expenses	(4,984,318)	(5,352,319)
Operating income	7,146,169	8,300,681
Other income (loss):
Interest income	286,897	556,142
Undistributed earnings in joint venture—Majestic 21	80,091	78,107
Proceeds received under escrow arrangement	421,099	379,104
Gain on sale of investment in retirement community		1,510,000
Decrease in fair value of equity investment	(155,406)
Gain on sale of assets	32,041	880,129
Miscellaneous	58,194	75,366
Total other income	722,916	3,478,848
Income before provision for income taxes	7,869,085	11,779,529
Income tax expense	(1,885,387)	(2,969,109)
Net income	5,983,698	8,810,420
Other comprehensive loss
Unrealized investment loss, net of tax effect		(1,243)
Comprehensive income	$ 5,983,698	$ 8,809,177
Weighted average number of shares outstanding:
Basic	3,638,592	3,803,400
Diluted	3,639,950	3,804,673
Net income per share:
Basic	$ 1.64	$ 2.32
Diluted	$ 1.64	$ 2.32

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($)	Total	Previously reported [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member]	Common Stock [Member]	Common Stock [Member]Previously reported [Member]	Additional Paid-in Capital [Member]	Additional Paid-in Capital [Member]Previously reported [Member]	Retained Earnings [Member]	Retained Earnings [Member]Previously reported [Member]	Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjustment [Member]	Accumulated Other Comprehensive Income [Member]	Accumulated Other Comprehensive Income [Member]Previously reported [Member]	Accumulated Other Comprehensive Income [Member]Cumulative Effect, Period of Adoption, Adjustment [Member]	Treasury Stock [Member]	Treasury Stock [Member]Previously reported [Member]
Balance at Nov. 03, 2018	$ 49,066,501			$ 536,491		$ 10,670,848		$ 50,352,546			$ 390,407			$ (12,883,791)
Balance, shares at Nov. 03, 2018				3,873,731
Cash dividend	(3,864,216)							(3,864,216)
Purchase of treasury stock	$ (4,585,861)													(4,585,861)
Purchase of treasury stock, shares	(212,396)			(212,396)
Stock-based compensation	$ 21,004					16,814								4,190
Stock-based compensation, shares				485
Unrealized investment loss, net of tax effect	(1,243)										(1,243)
Exercise of employee stock options	$ 19,710													19,710
Exercise of employee stock options, shares	2,250			2,250
Net income	$ 8,810,420							8,810,420
Balance at Nov. 02, 2019	49,466,315	$ 49,466,315		$ 536,491	$ 536,491	10,687,662	$ 10,687,662	55,298,750	$ 55,298,750		$ 389,164	$ 389,164		(17,445,752)	$ (17,445,752)
Balance (Adjustments for New Accounting Pronouncement [Member]) at Nov. 02, 2019	49,401,724			$ 536,491		10,687,662		55,623,323						(17,445,752)
Balance, shares at Nov. 02, 2019				3,664,070	3,664,070
Balance, shares (Adjustments for New Accounting Pronouncement [Member]) at Nov. 02, 2019				3,664,070
Adoption of ASU 2016 (Adoption of ASU 2016-01 [Member]) at Oct. 31, 2020										$ 389,164			$ (389,164)
Adoption of ASU 2016 (Adoption of ASU 2016-02 [Member]) at Oct. 31, 2020			$ (64,591)							$ (64,591)
Cash dividend	(3,630,970)							(3,630,970)
Purchase of treasury stock	$ (822,450)													(822,450)
Purchase of treasury stock, shares	(33,100)			(33,100)
Stock-based compensation	$ 9,274					6,892								2,382
Stock-based compensation, shares				226
Exercise of employee stock options, shares	0
Net income	$ 5,983,698							5,983,698
Balance at Oct. 31, 2020	$ 50,941,276			$ 536,491		$ 10,694,554		$ 57,976,051						$ (18,265,820)
Balance, shares at Oct. 31, 2020				3,631,196

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Oct. 31, 2020	Nov. 02, 2019
Cash flows from operating activities:
Net income	$ 5,983,698	$ 8,810,420
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	180,047	163,077
Deferred income taxes	83,724	(25,008)
Undistributed earnings in joint venture—Majestic 21	(80,091)	(78,107)
Gain on sale of investment in retirement community		(1,510,000)
Gain on property held for sale		(864,887)
Gain on disposal of property, plant and equipment	(32,041)	(15,242)
Decrease in fair value of equity investments	155,406
Stock-based compensation	9,274	21,004
Amortization of operating lease right of use assets	36,340
Decrease (increase) in:
Accounts receivable - trade	561,792	431,235
Inventories	1,322,101	(3,346,228)
Pre-owned homes	(379,946)	267,600
Prepaid expenses and other current assets	202,913	(127,610)
Interest receivable	(150,459)	(73,517)
Income taxes receivable	(105,676)
(Decrease) increase in:
Accounts payable	(183,121)	26,121
Accrued compensation	(78,106)	(121,031)
Accrued expenses and other current liabilities	(672,119)	706,572
Income taxes payable	(2,016,132)	1,436,346
Customer deposits	2,075,815	(1,041,450)
Net cash provided by operating activities	6,913,419	4,659,295
Cash flows from investing activities:
Purchase of property, plant and equipment	(318,215)	(447,413)
Purchase of certificates of deposit	(20,000)	(4,080,058)
Proceeds from certificates of deposit	5,574,124
Proceeds from property held for resale		1,078,324
Proceeds from sale of investment in retirement community		1,510,000
Proceeds from disposal of property, plant and equipment	33,139
Collections on interest receivable	147,603	34,093
Collections on mortgage notes receivable	2,373	2,022
Collections on equipment and other notes receivable	84,430	62,977
Issuance of equipment and other notes receivable		(39,768)
Increase in cash surrender value of life insurance	(177,928)	(180,001)
Net cash provided by (used in) investing activities	5,325,526	(2,059,824)
Cash flows from financing activities:
Payment of cash dividend	(3,630,970)	(3,864,216)
Proceeds from exercise of employee stock options		19,710
Purchase of treasury stock	(822,450)	(4,585,861)
Reduction of operating lease obligation	(13,588)
Net cash used in financing activities	(4,467,008)	(8,430,367)
Increase (decrease) in cash and cash equivalents	7,771,937	(5,830,896)
Cash and cash equivalents at beginning of year	22,533,965	28,364,861
Cash and cash equivalents at end of year	30,305,902	22,533,965
Supplemental disclosure of cash flow information:
Income taxes paid	4,002,000	$ 1,550,000
Paycheck Protection Program Loan [Member]
Cash flows from financing activities:
Proceeds from paycheck protection program	1,449,700
Return of proceeds from paycheck protection program	$ (1,449,700)

Reporting Entity and Significan

Reporting Entity and Significant Accounting Policies	12 Months Ended
	Oct. 31, 2020
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 The Company recognizes revenue following the comprehensive framework of Financial Accounting Standards Board ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (ASU 2014-09), which established a methodology for determining how much revenue to recognize and when it should be recognized through application of the following five-step approach: 1. Identify the contract(s) with a customer; 2. Identify each performance obligation in the contract; 3. Determine the transaction price; 4. Allocate the transaction price to each performance obligation; and 5. Recognize revenue when or as each performance obligation is satisfied. The Company recognizes revenue from its retail sales of new manufactured homes upon the occurrence of the following: • 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 October 31, 2020 or November 2, 2019. Sales of homes to affiliated entities that are subject to contingent payment terms are considered inventory consignment arrangements. Revenue from such arrangements is recognized when the homes are sold to the end users and payment is collected by the affiliated entity. See Note 4 “Related Party Transactions”. Revenues by Products and Services pre-owned 2020 2019 Manufactured housing $ 40,775,887 $ 45,583,022 Pre-owned 552,421 492,543 Insurance agent commissions 283,999 272,366 Total net sales $ 41,612,307 $ 46,347,931 Cash and Cash Equivalents – Certificates of Deposit Accounts Receivable – Accounts receivable fluctuate 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 Inventories – The Company acquired certain repossessed pre-owned st Other pre-owned st st st st st st st Inventory held at consignment locations by affiliated entities is included in the Company’s inventory on the Company’s consolidated balance sheets. Consigned inventory was $1,277,681 and $1,540,949 as of October 31, 2020 and November 2, 2019, respectively. Pre-owned trade-ins (Trade-in Trade-in Other inventory costs are determined on a first-in, first-out See Note 6 “Inventories”. Property, Plant and Equipment – Property, plant and equipment are stated at cost and depreciated over their estimated useful lives using the straight-line method. Routine maintenance and repairs are charged to expense when incurred. Major replacements and improvements are capitalized. Gains or losses are credited or charged to earnings upon disposition. Investment in Majestic 21 – st st The Company entered into an arrangement in 2002 with 21 st pre-owned st See Note 15 “Commitments and Contingent Liabilities”. Other Investments - See Note 4 “Related Party Transactions”. Impairment of Long-Lived Assets – Customer Deposits – Company Owned Life Insurance Warranty Costs – 2020 2019 Beginning accrued warranty expense $ 125,000 $ 125,000 Less: reduction for payments (419,731 ) (413,734 ) Plus: additions to accrual 419,731 413,734 Ending accrued warranty expense $ 125,000 $ 125,000 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 – c Concentration of Credit Risk – Concentration of Retail Financing Sources – Recently Issued or Adopted Accounting Pronouncements – No. 2016-02, 2016-02). 2016-02 2016-02 right-of-use 2016-02, on November 3rd, 2019 right-of-use In January 2016, the FASB issued ASU No. 2016-01, 2016-01

Investments

Investments	12 Months Ended
	Oct. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Investments	NOTE 2 Investments The following is a summary of short-term investments (available for sale): October 31, 2020 Amortized Cost Gross Gross Estimated Fair Equity securities in a public company $ 167,930 $ 191,030 $ — $ 358,960 November 2, 2019 Amortized Cost Gross Gross Estimated Fair Equity securities in a public company $ 167,930 $ 353,353 $ — $ 521,283 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
	Oct. 31, 2020
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 October 31, 2020 and November 2, 2019. October 31, 2020 Level 1 Level 2 Level 3 Equity securities in a public company $ 358,960 $ — $ — November 2, 2019 Level 1 Level 2 Level 3 Equity securities in a public company $ 521,283 $ — $ —

Related Party Transactions

Related Party Transactions	12 Months Ended
	Oct. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 4 Related Party Transactions Affiliated Entities TLT, Inc. – Walden Woods South Repurchase of Common Stock

Other Investments

Other Investments	12 Months Ended
	Oct. 31, 2020
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 “Commitments and Contingent Liabilities”. We received no distributions from the joint venture in fiscal year 2020 or 2019. 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 –

Inventories

Inventories	12 Months Ended
	Oct. 31, 2020
Inventory Disclosure [Abstract]
Inventories	NOTE 6 Inventories The Company acquired a significant amount of repossessed pre-owned pre-owned Pre-owned trade-ins (Trade-Ins). A breakdown of the elements of inventory at October 31, 2020 and November 2, 2019 is as follows: October 31, 2020 November 2, 2019 Raw materials $ 1,203,282 $ 941,206 Work-in-process 107,651 125,371 Inventory consigned to affiliated entities 1,277,681 1,540,949 Finished homes 6,543,861 7,888,880 Model home furniture 162,202 120,372 Inventories $ 9,294,677 $ 10,616,778 Pre-owned $ 1,686,373 $ 1,311,626 Inventory impairment reserve ** (167,196 ) (172,395 ) 1,519,177 1,139,231 Less homes expected to sell in 12 months (441,937 ) (331,103 ) Pre-owned $ 1,077,240 $ 808,128 * The following table summarizes a breakdown of pre-owned 2020 2019 Buy Back Repossessions Trade-Ins Total Balance at November 3, 2018 $ 715,748 $ 1,155,643 $ 84,874 $ 1,956,265 Additions — 253,600 18,860 272,460 Sales (573,353 ) (316,496 ) (27,250 ) (917,099 ) Balance at November 2, 2019 142,395 1,092,747 76,484 1,311,626 Additions — 707,821 12,132 719,953 Sales — (328,600 ) (16,606 ) (345,206 ) Balance at October 31, 2020 $ 142,395 $ 1,471,968 $ 72,010 $ 1,686,373 ** An analysis of the pre-owned October 31, 2020 November 2, 2019 Balance at beginning of year $ 172,395 $ 549,434 Less: Reductions for homes sold — (207,180 ) Inventory holding costs (5,199 ) (36,232 ) Additions (reduction) to impairment reserve — (133,627 ) Balance at end of year $ 167,196 $ 172,395

Property Held for Sale

Property Held for Sale	12 Months Ended
	Oct. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
Property Held for Sale	NOTE 7 Property Held for Sale In June 2019 the Company sold its former Pace, Florida retail sales center property for total net proceeds of $1,078,325.

Property, Plant and Equipment

Property, Plant and Equipment	12 Months Ended
	Oct. 31, 2020
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 October 31, 2020 November 2, 2019 Land — $ 3,092,463 $ 3,092,463 Land improvements 10-20 1,245,975 908,439 Buildings and improvements 15-40 2,529,048 2,461,040 Machinery and equipment 3-10 985,746 932,040 Furniture and fixtures 3-10 301,889 294,113 Construction in progress — — 181,765 8,155,121 7,869,860 Less accumulated depreciation (3,012,407 ) (2,864,216 ) $ 5,142,714 $ 5,005,644 Depreciation expense during the years ended October 31 ,

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	12 Months Ended
	Oct. 31, 2020
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: October 31. 2020 November 2, 2019 Accrued warranty expense $ 125,000 $ 125,000 Accrued property and sales taxes 370,694 398,877 Other accrued expenses 888,139 1,532,090 Total accrued expenses and other current liabilities $ 1,383,833 $ 2,055,967

Proceeds Received Under Escrow

Proceeds Received Under Escrow Arrangement	12 Months Ended
	Oct. 31, 2020
Text Block [Abstract]
Proceeds Received Under Escrow Arrangement	NOTE 10 Proceeds Received Under Escrow Arrangement The Company received $421,099 in fiscal year 2020 and $379,104 in fiscal year 2019 under an escrow arrangement related to a Finance Revenue Sharing Agreement between 21 st st

Income Taxes

Income Taxes	12 Months Ended
	Oct. 31, 2020
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 2020 or 2019 statements of operations, nor are any amounts accrued for interest and penalties at October 31, 2020 and November 2, 2019. The provision for income taxes for the years ended consists of the following: October 31, 2020 November 2, 2019 Current tax expense: Federal $ 1,524,703 $ 2,338,619 State 283,877 655,498 Deferred tax (benefit) 76,807 (25,007 ) Provision for income taxes $ 1,885,387 $ 2,969,109 The following table shows the reconciliation between the statutory federal income tax rate and the actual provision for income taxes for the years ended: October 31, 2020 November 2, 2019 Provision—federal statutory tax rate $ 1,652,508 $ 2,473,701 Increase (decrease) resulting from: State taxes, net of federal tax benefit 277,135 511,822 Permanent differences: Stock option expirations — 160 Decrease in FL corporate tax rate (3,306 ) — Other comprehensive income — (3,462 ) Other (40,950 ) (13,112 ) Provision for income taxes $ 1,885,387 $ 2,969,109 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: October 31, 2020 November 2, 2019 Deferred tax assets: Allowance for doubtful accounts $ 56,864 $ 58,773 Inventories 46,790 48,360 Accrued expenses 112,999 158,171 Other assets 23,224 55,903 Lease right of use liability 196,839 — Stock-based compensation 2,894 2,072 Total deferred tax assets 439,610 323,279 Deferred tax liabilities: Depreciation (141,270 ) (78,553 ) Carrying value of investments (47,435 ) (90,168 ) Amortization (38,324 ) (39,611 ) Prepaid expenses (33,562 ) (34,542 ) Lease right of use asset (175,421 ) — Net deferred tax assets (liabilities) $ 3,598 $ 80,405 These amounts are included in the accompanying consolidated balance sheets under the following captions: October 31, 2020 November 2, 2019 Current assets (liabilities): Deferred tax assets $ — $ — Deferred tax liabilities — — Net current deferred tax assets — — Non-current Deferred tax assets 439,610 323,279 Deferred tax liabilities (436,012 ) (242,874 ) Net non-current 3,598 80,405 Net deferred tax assets (liabilities) $ 3,598 $ 80,405 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 2020 and 2019, 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
	Oct. 31, 2020
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 33,100 and 212,396 shares of its common stock during fiscal years 2020 and 2019, respectively.

Stock Option Plan

Stock Option Plan	12 Months Ended
	Oct. 31, 2020
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 outstanding. The Company measures th A summary of information with respect to options granted is as follows: Number of Stock Option Price Weighted Aggregate Outstanding at November 3, 2018 5,000 $ 12.10 $ 12.10 Granted — — — Exercised 2,250 12.10 12.10 Canceled — — — Outstanding at November 2, 2019 2,750 12.10 12.10 Granted 24,550 24.00 24.00 Exercised — — — Canceled — — — Outstanding at October 31, 2020 27,300 $ 12.10 – 24.00 $ 23.36 $ 30,663 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 2020 and the exercise price times the number of shares, that would have been received by the option holder had the option holder exercised their options on October 31, 2020. The following table summarizes information about the outstanding stock options at October 31, 2020: Options Outstanding Options Exercisable Exercise Price Shares Weighted Weighted Number Weighted $ 12.10 2,750 1 $ 12.10 2,750 $ 12.10 $ 24.00 24,550 5 24.00 24,550 24.00 27,300 4.91 $ 23.36 27,300 $ 23.36 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
	Oct. 31, 2020
Retirement Benefits [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, up to a maximum of 6% of an employee’s compensation. The contribution expense charged to operations amounted to approximately $175,000 and $170,000 in fiscal years 2020 and 2019, respectively.

Commitments and Contingent Liab

Commitments and Contingent Liabilities	12 Months Ended
	Oct. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingent Liabilities	NOTE 15 Commitments and Contingent Liabilities Operating Leases – On November 3, 2019, the Company adopted ASC Topic 842 using the modified retrospective method applied to leases that were in place as of November 3, 2019. Results for reporting periods beginning after November 3, 2019 are presented under Topic 842, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under Topic 840. The Company elected the package of practical expedients permitted under the transition guidance, which allows for the historical lease classification to be carried forward, the Company’s assessments on whether a contract is or contains a lease, and the Company’s initial direct costs for any leases that exist prior to adoption of the new standard. The Company also elected the short-term lease recognition exemption for all leases that qualify. To determine the present value of minimum future lease payments for operating leases at November 3, 2019, the Company was required to estimate a rate of interest that it would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment (the “incremental borrowing rate” or “IBR”). The Company determined the appropriate IBR by identifying a reference rate and making adjustments that take into consideration financing options and certain lease-specific circumstances. For the reference rate, the Company used mortgage interest rates for similar terms. Right of use assets are included as a non-current net of amortization in the consolidated Balance Sheet as of October 31, 2020. Based on the terms of the lease agreements, all of the Company’s leases are classified as operating leases. The weighted average remaining lease term and weighted average discount rate of the operating leases is 9.16 years and 3.0%, respectively. Minimum rental payments under operating leases are recognized on a straight-line basis over the term of the lease. Individual components of the total lease cost incurred by the Company in the amount of $209,273 for the twelve months ended October 31, 2020. The amount of future minimum lease payments under operating are as follows: Operating Lease Undiscounted future minimum lease payments: 2021 $ 63,117 2022 68,401 2023 74,322 2024 80,955 Thereafter 543,361 Total 830,156 Amount representing imputed interest (27,445 ) Total operating lease liability 802,711 Current portion of operating lease liability (24,192 ) Operating lease liability, non-current $ 778,519 Majestic 21 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.

Paycheck Protection Program Loa

Paycheck Protection Program Loan	12 Months Ended
	Oct. 31, 2020
Debt Disclosure [Abstract]
Paycheck Protection Program Loan	NOTE 16 Paycheck Protection Program Loan During the second quarter of 2020, the Company applied for and received funding in the amount of approximately $1,750,000 under the CARES Act and the Paycheck Protection Program (the “PPP”). Upon receipt, the Company promptly returned the funds, as management determined that the loan was not necessary to support its ongoing operations.

Reporting Entity and Signific_2

Reporting Entity and Significant Accounting Policies (Policies)	12 Months Ended
	Oct. 31, 2020
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 The Company recognizes revenue following the comprehensive framework of Financial Accounting Standards Board ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (ASU 2014-09), which established a methodology for determining how much revenue to recognize and when it should be recognized through application of the following five-step approach: 1. Identify the contract(s) with a customer; 2. Identify each performance obligation in the contract; 3. Determine the transaction price; 4. Allocate the transaction price to each performance obligation; and 5. Recognize revenue when or as each performance obligation is satisfied. The Company recognizes revenue from its retail sales of new manufactured homes upon the occurrence of the following: • 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 October 31, 2020 or November 2, 2019. Sales of homes to affiliated entities that are subject to contingent payment terms are considered inventory consignment arrangements. Revenue from such arrangements is recognized when the homes are sold to the end users and payment is collected by the affiliated entity. See Note 4 “Related Party Transactions”.
Revenues by Products and Services	Revenues by Products and Services pre-owned 2020 2019 Manufactured housing $ 40,775,887 $ 45,583,022 Pre-owned 552,421 492,543 Insurance agent commissions 283,999 272,366 Total net sales $ 41,612,307 $ 46,347,931
Cash and Cash Equivalents	Cash and Cash Equivalents –
Certificates of Deposit	Certificates of Deposit
Accounts Receivable	Accounts Receivable – Accounts receivable fluctuate 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
Inventories	Inventories – The Company acquired certain repossessed pre-owned st Other pre-owned st st st st st st st Inventory held at consignment locations by affiliated entities is included in the Company’s inventory on the Company’s consolidated balance sheets. Consigned inventory was $1,277,681 and $1,540,949 as of October 31, 2020 and November 2, 2019, respectively. Pre-owned trade-ins (Trade-in Trade-in Other inventory costs are determined on a first-in, first-out See Note 6 “Inventories”.
Property, Plant and Equipment	Property, Plant and Equipment – Property, plant and equipment are stated at cost and depreciated over their estimated useful lives using the straight-line method. Routine maintenance and repairs are charged to expense when incurred. Major replacements and improvements are capitalized. Gains or losses are credited or charged to earnings upon disposition.
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 “Commitments and Contingent Liabilities”.
Other Investments	Other Investments - See Note 4 “Related Party Transactions”.
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 – 2020 2019 Beginning accrued warranty expense $ 125,000 $ 125,000 Less: reduction for payments (419,731 ) (413,734 ) Plus: additions to accrual 419,731 413,734 Ending accrued warranty expense $ 125,000 $ 125,000 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 – c
Concentration of Credit Risk	Concentration of Credit Risk –
Concentration of Retail Financing Sources	Concentration of Retail Financing Sources –
Recently Issued or Adopted Accounting Pronouncements	Recently Issued or Adopted Accounting Pronouncements – No. 2016-02, 2016-02). 2016-02 2016-02 right-of-use 2016-02, on November 3rd, 2019 right-of-use In January 2016, the FASB issued ASU No. 2016-01, 2016-01

Reporting Entity and Signific_3

Reporting Entity and Significant Accounting Policies (Tables)	12 Months Ended
	Oct. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Revenues by Products and Services	Revenues by Products and Services pre-owned 2020 2019 Manufactured housing $ 40,775,887 $ 45,583,022 Pre-owned 552,421 492,543 Insurance agent commissions 283,999 272,366 Total net sales $ 41,612,307 $ 46,347,931
Summary of Amounts Related to Limited Warranty	Amounts related to these warranties for fiscal years 2020 and 2019 are as follows: 2020 2019 Beginning accrued warranty expense $ 125,000 $ 125,000 Less: reduction for payments (419,731 ) (413,734 ) Plus: additions to accrual 419,731 413,734 Ending accrued warranty expense $ 125,000 $ 125,000

Investments (Tables)

Investments (Tables)	12 Months Ended
	Oct. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Summary of Short-term Investments	The following is a summary of short-term investments (available for sale): October 31, 2020 Amortized Cost Gross Gross Estimated Fair Equity securities in a public company $ 167,930 $ 191,030 $ — $ 358,960 November 2, 2019 Amortized Cost Gross Gross Estimated Fair Equity securities in a public company $ 167,930 $ 353,353 $ — $ 521,283

Fair Values of Financial Inve_2

Fair Values of Financial Investments (Tables)	12 Months Ended
	Oct. 31, 2020
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 October 31, 2020 and November 2, 2019. October 31, 2020 Level 1 Level 2 Level 3 Equity securities in a public company $ 358,960 $ — $ — November 2, 2019 Level 1 Level 2 Level 3 Equity securities in a public company $ 521,283 $ — $ —

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Oct. 31, 2020
Inventory Disclosure [Abstract]
Summary of Breakdown of Elements of Inventory	A breakdown of the elements of inventory at October 31, 2020 and November 2, 2019 is as follows: October 31, 2020 November 2, 2019 Raw materials $ 1,203,282 $ 941,206 Work-in-process 107,651 125,371 Inventory consigned to affiliated entities 1,277,681 1,540,949 Finished homes 6,543,861 7,888,880 Model home furniture 162,202 120,372 Inventories $ 9,294,677 $ 10,616,778 Pre-owned $ 1,686,373 $ 1,311,626 Inventory impairment reserve ** (167,196 ) (172,395 ) 1,519,177 1,139,231 Less homes expected to sell in 12 months (441,937 ) (331,103 ) Pre-owned $ 1,077,240 $ 808,128 * The following table summarizes a breakdown of pre-owned 2020 2019 Buy Back Repossessions Trade-Ins Total Balance at November 3, 2018 $ 715,748 $ 1,155,643 $ 84,874 $ 1,956,265 Additions — 253,600 18,860 272,460 Sales (573,353 ) (316,496 ) (27,250 ) (917,099 ) Balance at November 2, 2019 142,395 1,092,747 76,484 1,311,626 Additions — 707,821 12,132 719,953 Sales — (328,600 ) (16,606 ) (345,206 ) Balance at October 31, 2020 $ 142,395 $ 1,471,968 $ 72,010 $ 1,686,373 ** An analysis of the pre-owned October 31, 2020 November 2, 2019 Balance at beginning of year $ 172,395 $ 549,434 Less: Reductions for homes sold — (207,180 ) Inventory holding costs (5,199 ) (36,232 ) Additions (reduction) to impairment reserve — (133,627 ) Balance at end of year $ 167,196 $ 172,395

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	12 Months Ended
	Oct. 31, 2020
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 October 31, 2020 November 2, 2019 Land — $ 3,092,463 $ 3,092,463 Land improvements 10-20 1,245,975 908,439 Buildings and improvements 15-40 2,529,048 2,461,040 Machinery and equipment 3-10 985,746 932,040 Furniture and fixtures 3-10 301,889 294,113 Construction in progress — — 181,765 8,155,121 7,869,860 Less accumulated depreciation (3,012,407 ) (2,864,216 ) $ 5,142,714 $ 5,005,644

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	12 Months Ended
	Oct. 31, 2020
Payables and Accruals [Abstract]
Summary of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities are comprised of the following: October 31. 2020 November 2, 2019 Accrued warranty expense $ 125,000 $ 125,000 Accrued property and sales taxes 370,694 398,877 Other accrued expenses 888,139 1,532,090 Total accrued expenses and other current liabilities $ 1,383,833 $ 2,055,967

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Oct. 31, 2020
Income Tax Disclosure [Abstract]
Summary of Provision for Income Taxes	The provision for income taxes for the years ended consists of the following: October 31, 2020 November 2, 2019 Current tax expense: Federal $ 1,524,703 $ 2,338,619 State 283,877 655,498 Deferred tax (benefit) 76,807 (25,007 ) Provision for income taxes $ 1,885,387 $ 2,969,109
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: October 31, 2020 November 2, 2019 Provision—federal statutory tax rate $ 1,652,508 $ 2,473,701 Increase (decrease) resulting from: State taxes, net of federal tax benefit 277,135 511,822 Permanent differences: Stock option expirations — 160 Decrease in FL corporate tax rate (3,306 ) — Other comprehensive income — (3,462 ) Other (40,950 ) (13,112 ) Provision for income taxes $ 1,885,387 $ 2,969,109
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: October 31, 2020 November 2, 2019 Deferred tax assets: Allowance for doubtful accounts $ 56,864 $ 58,773 Inventories 46,790 48,360 Accrued expenses 112,999 158,171 Other assets 23,224 55,903 Lease right of use liability 196,839 — Stock-based compensation 2,894 2,072 Total deferred tax assets 439,610 323,279 Deferred tax liabilities: Depreciation (141,270 ) (78,553 ) Carrying value of investments (47,435 ) (90,168 ) Amortization (38,324 ) (39,611 ) Prepaid expenses (33,562 ) (34,542 ) Lease right of use asset (175,421 ) — Net deferred tax assets (liabilities) $ 3,598 $ 80,405
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: October 31, 2020 November 2, 2019 Current assets (liabilities): Deferred tax assets $ — $ — Deferred tax liabilities — — Net current deferred tax assets — — Non-current Deferred tax assets 439,610 323,279 Deferred tax liabilities (436,012 ) (242,874 ) Net non-current 3,598 80,405 Net deferred tax assets (liabilities) $ 3,598 $ 80,405

Stock Option Plan (Tables)

Stock Option Plan (Tables)	12 Months Ended
	Oct. 31, 2020
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 3, 2018 5,000 $ 12.10 $ 12.10 Granted — — — Exercised 2,250 12.10 12.10 Canceled — — — Outstanding at November 2, 2019 2,750 12.10 12.10 Granted 24,550 24.00 24.00 Exercised — — — Canceled — — — Outstanding at October 31, 2020 27,300 $ 12.10 – 24.00 $ 23.36 $ 30,663
Outstanding Stock Options	The following table summarizes information about the outstanding stock options at October 31, 2020: Options Outstanding Options Exercisable Exercise Price Shares Weighted Weighted Number Weighted $ 12.10 2,750 1 $ 12.10 2,750 $ 12.10 $ 24.00 24,550 5 24.00 24,550 24.00 27,300 4.91 $ 23.36 27,300 $ 23.36

Commitments and Contingent Li_2

Commitments and Contingent Liabilities (Tables)	12 Months Ended
	Oct. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Lease Payments Under Operating	The amount of future minimum lease payments under operating are as follows: Operating Lease Undiscounted future minimum lease payments: 2021 $ 63,117 2022 68,401 2023 74,322 2024 80,955 Thereafter 543,361 Total 830,156 Amount representing imputed interest (27,445 ) Total operating lease liability 802,711 Current portion of operating lease liability (24,192 ) Operating lease liability, non-current $ 778,519

Reporting Entity and Signific_4

Reporting Entity and Significant Accounting Policies - Additional Information (Detail)	Oct. 30, 2019USD ($)	Oct. 31, 2020USD ($)RetailerSegmentPlant	Nov. 02, 2019USD ($)	Oct. 31, 2019
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items]
Number of retail centers | Retailer		10
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	$ 0
Advertising expense		$ 144,600	140,520
Number of Segment | Segment		1
Inventory consigned to affiliated entities		$ 1,277,681	1,540,949
Sales from major customers		$ 41,612,307	$ 46,347,931
Sales Revenue, Net [Member] | Customer Concentration Risk [Member]
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items]
Percentage of sales from major customers		78.00%	57.00%
Accounts receivable due from customers		$ 467,078	$ 685,671
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			$ 2,536,870
Percentage of sales from major customers			5.00%
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		$ 3,497,285	$ 2,579,380
Percentage of sales from major customers		8.00%	6.00%
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
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%			31.30%
Proceeds from sale of equity investments	$ 1,510,000
Ocala Fl [Member]
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items]
Number of manufacturing plants | Plant		1

Reporting Entity and Signific_5

Reporting Entity and Significant Accounting Policies - Revenues by Products and Services (Detail) - USD ($)	12 Months Ended
	Oct. 31, 2020	Nov. 02, 2019
Sales Information [Line Items]
Total net sales	$ 41,612,307	$ 46,347,931
Manufactured Housing [Member]
Sales Information [Line Items]
Total net sales	40,775,887	45,583,022
Pre-Owned Homes [Member]
Sales Information [Line Items]
Total net sales	552,421	492,543
Insurance Agent Commissions [Member]
Sales Information [Line Items]
Total net sales	$ 283,999	$ 272,366

Reporting Entity and Signific_6

Reporting Entity and Significant Accounting Policies - Summary of Amounts Related to Limited Warranty (Detail) - USD ($)	12 Months Ended
	Oct. 31, 2020	Nov. 02, 2019
Accounting Policies [Abstract]
Beginning accrued warranty expense	$ 125,000	$ 125,000
Less: reduction for payments	(419,731)	(413,734)
Plus: additions to accrual	419,731	413,734
Ending accrued warranty expense	$ 125,000	$ 125,000

Investments - Summary of Short-

Investments - Summary of Short-term Investments (Detail) - USD ($)	Oct. 31, 2020	Nov. 02, 2019
Investments, Debt and Equity Securities [Abstract]
Available-for-sale Securities, Amortized Cost	$ 167,930	$ 167,930
Available-for-sale Securities, Gross Unrealized Gains	191,030	353,353
Available-for-sale Securities, Gross Unrealized Losses	0	0
Available-for-sale Securities, Estimated Fair Value	$ 358,960	$ 521,283

Fair Values of Financial Inve_3

Fair Values of Financial Investments - Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - USD ($)	Oct. 31, 2020	Nov. 02, 2019
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Equity securities in a public company	$ 358,960	$ 521,283
Level 1 [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Equity securities in a public company	$ 358,960	$ 521,283

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - $ / shares	1 Months Ended	12 Months Ended
	Jun. 30, 2019	Oct. 31, 2020	Nov. 02, 2019	Oct. 31, 2019	Oct. 30, 2019	Oct. 29, 2019
Related Party Transaction [Line Items]
Repurchased shares of common stock		33,100	212,396
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%	31.30%
President [Member]
Related Party Transaction [Line Items]
Repurchased shares of common stock	100,000
Purchase price of common stock	$ 21.95
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%
President [Member] | Walden Woods South LLC [Member]
Related Party Transaction [Line Items]
Percentage of ownership interest					59.43%	59.43%
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%
Executive Vice President [Member] | Walden Woods South LLC [Member]
Related Party Transaction [Line Items]
Percentage of ownership interest					23.04%

Other Investments - Additional

Other Investments - Additional Information (Detail) - USD ($)	Oct. 30, 2019	Oct. 31, 2020	Nov. 02, 2019	Oct. 31, 2019
Distributions from joint venture - Majestic 21		$ 0	$ 0
Amount invested in joint venture - Majestic 21		$ 250,000
Majestic 21 [Member]
Equity Method Investment, Ownership Percentage		50.00%
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage		50.00%
Profit and loss basis point		50/50 basis
Walden Woods South LLC [Member]
Equity Method Investment, Ownership Percentage	31.30%			31.30%
Proceeds from sale of equity investments	$ 1,510,000

Inventories - Summary of Breakd

Inventories - Summary of Breakdown of Elements of Inventory (Detail) - USD ($)	Oct. 31, 2020	Nov. 02, 2019	Nov. 03, 2018
Inventory Disclosure [Abstract]
Raw materials	$ 1,203,282	$ 941,206
Work-in-process	107,651	125,371
Inventory consigned to affiliated entities	1,277,681	1,540,949
Finished homes	6,543,861	7,888,880
Model home furniture	162,202	120,372
Inventories	9,294,677	10,616,778
Pre-owned homes	1,686,373	1,311,626	$ 1,956,265
Inventory impairment reserve	(167,196)	(172,395)	$ (549,434)
Pre-owned homes, net	1,519,177	1,139,231
Less homes expected to sell in 12 months	(441,937)	(331,103)
Pre-owned homes, long-term	$ 1,077,240	$ 808,128

Inventories - Summary of Brea_2

Inventories - Summary of Breakdown of Elements of Inventory (Parenthetical) (Detail) - USD ($)	12 Months Ended
	Oct. 31, 2020	Nov. 02, 2019
Inventory [Line Items]
Beginning Balance	$ 1,311,626	$ 1,956,265
Additions	719,953	272,460
Sales	(345,206)	(917,099)
Ending Balance	1,686,373	1,311,626
Beginning inventory impairment reserve	172,395	549,434
Less: Reductions for homes sold	0	(207,180)
Inventory holding costs	(5,199)	(36,232)
Additions to impairment reserve	0	(133,627)
Ending inventory impairment reserve	167,196	172,395
Buy Back [Member]
Inventory [Line Items]
Beginning Balance	142,395	715,748
Sales	0	(573,353)
Ending Balance	142,395	142,395
Repossessions [Member]
Inventory [Line Items]
Beginning Balance	1,092,747	1,155,643
Additions	707,821	253,600
Sales	(328,600)	(316,496)
Ending Balance	1,471,968	1,092,747
Trade-Ins [Member]
Inventory [Line Items]
Beginning Balance	76,484	84,874
Additions	12,132	18,860
Sales	(16,606)	(27,250)
Ending Balance	$ 72,010	$ 76,484

Property Held for Sale - Additi

Property Held for Sale - Additional Information (Detail) - USD ($)	Jun. 28, 2019	Nov. 02, 2019
Property, Plant and Equipment [Line Items]
Proceeds from sale of property held-for-sale	$ 1,078,325	$ 1,078,324

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
	Oct. 31, 2020	Nov. 02, 2019
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	$ 8,155,121	$ 7,869,860
Less accumulated depreciation	(3,012,407)	(2,864,216)
Property plant and equipment, net	5,142,714	5,005,644
Land [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	3,092,463	3,092,463
Land Improvements [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	1,245,975	908,439
Building and Improvements [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	2,529,048	2,461,040
Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	985,746	932,040
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	301,889	294,113
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross		$ 181,765
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
Minimum Range [Member] | Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, estimated useful life
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
Maximum Range [Member] | Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, estimated useful life

Property Plant and Equipment -

Property Plant and Equipment - Additional Information (Detail) - USD ($)	12 Months Ended
	Oct. 31, 2020	Nov. 02, 2019
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 180,047	$ 163,077

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Detail) - USD ($)	Oct. 31, 2020	Nov. 02, 2019
Payables and Accruals [Abstract]
Accrued warranty expense	$ 125,000	$ 125,000
Accrued property and sales taxes	370,694	398,877
Other accrued expenses	888,139	1,532,090
Total accrued expenses and other current liabilities	$ 1,383,833	$ 2,055,967

Proceeds Received Under Escro_2

Proceeds Received Under Escrow Arrangement - Additional Information (Detail) - USD ($)	12 Months Ended
	Oct. 31, 2020	Nov. 02, 2019
Related Party Transaction [Line Items]
Proceeds received under escrow arrangement	$ 421,099	$ 379,104
Majestic 21 [Member]
Related Party Transaction [Line Items]
Proceeds received under escrow arrangement	$ 421,099	$ 379,104

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	12 Months Ended
	Oct. 31, 2020USD ($)
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
	Oct. 31, 2020	Nov. 02, 2019
Current tax expense:
Federal	$ 1,524,703	$ 2,338,619
State	283,877	655,498
Deferred tax (benefit)	76,807	(25,007)
Provision for income taxes	$ 1,885,387	$ 2,969,109

Income Taxes - Reconciliation b

Income Taxes - Reconciliation between Statutory Federal Income Tax Rate and Actual Provision for Income Taxes (Detail) - USD ($)	12 Months Ended
	Oct. 31, 2020	Nov. 02, 2019
Income Tax Disclosure [Abstract]
Provision - federal statutory tax rate	$ 1,652,508	$ 2,473,701
Increase (decrease) resulting from:
State taxes, net of federal tax benefit	277,135	511,822
Permanent differences:
Stock option expirations		160
Decrease in FL corporate tax rate	(3,306)
Other comprehensive income		(3,462)
Other	(40,950)	(13,112)
Provision for income taxes	$ 1,885,387	$ 2,969,109

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets and Deferred Tax Liabilities (Detail) - USD ($)	Oct. 31, 2020	Nov. 02, 2019
Deferred tax assets:
Allowance for doubtful accounts	$ 56,864	$ 58,773
Inventories	46,790	48,360
Accrued expenses	112,999	158,171
Other assets	23,224	55,903
Lease right of use liability	196,839
Stock-based compensation	2,894	2,072
Total deferred tax assets	439,610	323,279
Deferred tax liabilities:
Depreciation	(141,270)	(78,553)
Carrying value of investments	(47,435)	(90,168)
Amortization	(38,324)	(39,611)
Prepaid expenses	(33,562)	(34,542)
Lease right of use asset	(175,421)
Net deferred tax assets (liabilities)	$ 3,598	$ 80,405

Income Taxes - Accompanying Def

Income Taxes - Accompanying Deferred Current and Non-current Tax Assets and Liabilities in Consolidated Balance Sheet (Detail) - USD ($)	Oct. 31, 2020	Nov. 02, 2019
Current assets (liabilities):
Deferred tax assets
Deferred tax liabilities
Net current deferred tax assets
Non-current assets (liabilities):
Deferred tax assets	439,610	$ 323,279
Deferred tax liabilities	(436,012)	(242,874)
Net non-current deferred tax liabilities	3,598	80,405
Net deferred tax assets (liabilities)	$ 3,598	$ 80,405

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - shares	12 Months Ended
	Oct. 31, 2020	Nov. 02, 2019
Equity [Abstract]
Repurchased shares of common stock	33,100	212,396

Stock Option Plan - Additional

Stock Option Plan - Additional Information (Detail) - USD ($)	12 Months Ended
	Oct. 31, 2020	Nov. 02, 2019	Nov. 03, 2018	Jun. 30, 2011
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Shares reserved for issuance	272,700			300,000
Options Outstanding, Shares Outstanding	27,300	2,750	5,000
Compensation cost related to the vesting of stock options	$ 3,624	$ 21,000

Stock Option Plan - Option Gran

Stock Option Plan - Option Granted (Detail) - USD ($)	12 Months Ended
	Oct. 31, 2020	Nov. 02, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding Beginning, Number of Shares	2,750	5,000
Granted, Number of Shares	0	0
Exercised, Number of Shares	0	2,250
Canceled, Number of Shares	0	0
Outstanding Ending, Number of Shares	27,300	2,750
Outstanding Beginning, Stock Option Price Range	$ 12.10	$ 12.10
Granted, Stock Option Price Range	0	0
Exercised, Stock Option Price Range	0	0
Canceled, Stock Option Price Range	0	0
Outstanding Ending, Stock Option Price Range		12.10
Outstanding Beginning, Weighted Average Exercise Price	12.10	12.10
Granted, Weighted Average Exercise Price	0	0
Exercised, Weighted Average Exercise Price	0	0
Canceled, Weighted Average Exercise Price	0	0
Outstanding Ending, Weighted Average Exercise Price	$ 23.36	$ 12.10
Outstanding Ending, Aggregate Intrinsic Value	$ 30,663
Minimum Range [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding Ending, Stock Option Price Range	$ 12.10
Maximum Range [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding Ending, Stock Option Price Range	$ 24

Stock Option Plan - Outstanding

Stock Option Plan - Outstanding Stock Options (Detail) - $ / shares	12 Months Ended
	Oct. 31, 2020	Nov. 02, 2019	Nov. 03, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Outstanding, Shares Outstanding	27,300	2,750	5,000
Options Outstanding, Weighted Average Remaining Contractual Life (years)	4 years 10 months 27 days
Options Outstanding, Weighted Average Exercise Price	$ 23.36
Options Exercisable, Number Exercisable	27,300
Options Exercisable, Weighted Average Exercise Price	$ 23.36
Range One [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Outstanding, Exercise Price	$ 12.10
Options Outstanding, Shares Outstanding	2,750
Options Outstanding, Weighted Average Remaining Contractual Life (years)	1 year
Options Outstanding, Weighted Average Exercise Price	$ 12.10
Options Exercisable, Number Exercisable	2,750
Options Exercisable, Weighted Average Exercise Price	$ 12.10
Range Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Outstanding, Exercise Price	$ 24
Options Outstanding, Shares Outstanding	24,550
Options Outstanding, Weighted Average Remaining Contractual Life (years)	5 years
Options Outstanding, Weighted Average Exercise Price	$ 24
Options Exercisable, Number Exercisable	24,550
Options Exercisable, Weighted Average Exercise Price	$ 24

Employee Benefit Plan - Additio

Employee Benefit Plan - Additional Information (Detail) - USD ($)	12 Months Ended
	Oct. 31, 2020	Nov. 02, 2019
Defined Benefit Plan Disclosure [Line Items]
Maximum employee compensation	6.00%
Contribution expense charged to operations	$ 175,000	$ 170,000

Commitments and Contingent Li_3

Commitments and Contingent Liabilities - Additional Information (Detail) - USD ($)	Feb. 01, 2019	Oct. 31, 2020
Commitments And Contingencies [Line Items]
Percentage of joint venture loan guaranteed by company		50.00%
Guarantee obligations note payable principal amount		$ 5,000,000
Operating lease right of use assets		715,368
Lease cost		$ 209,273
Weighted average remaining lease term		9 years 1 month 27 days
Weighted average discount rate		3.00%
Majestic 21 [Member]
Commitments And Contingencies [Line Items]
Percentage of ownership interest		50.00%
Payment of guarantee obligations	$ 94,694

Commitments and Contingent Li_4

Commitments and Contingent Liabilities - Schedule of Future Minimum Lease Payments Under Operating (Detail)	Oct. 31, 2020USD ($)
Commitments and Contingencies Disclosure [Abstract]
2021	$ 63,117
2022	68,401
2023	74,322
2024	80,955
Thereafter	543,361
Total	830,156
Amount representing imputed interest	(27,445)
Total operating lease liability	802,711
Current portion of operating lease liability	(24,192)
Operating lease liability, non-current	$ 778,519

Paycheck Protection Program L_2

Paycheck Protection Program Loan - Additional Information (Detail) - USD ($)	3 Months Ended	12 Months Ended
	May 02, 2020	Oct. 31, 2020
Paycheck Protection Program Loan [Member]
Proceeds from lines of credit	$ 1,750,000	$ 1,449,700