Nobility Homes (NOBH) 10-Q 16 Mar 21 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Jan. 30, 2021	Mar. 16, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jan. 30, 2021
Entity Registrant Name	NOBILITY HOMES INC
Entity Central Index Key	0000072205
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Trading Symbol	NOBH
Current Fiscal Year End Date	--10-30
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		3,632,100
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

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Jan. 30, 2021	Oct. 31, 2020
Current assets:
Cash and cash equivalents	$ 32,963,523	$ 30,305,902
Certificates of Deposit	3,082,111	4,602,307
Short-term investments	438,916	358,960
Accounts receivable-trade	1,057,086	790,046
Note receivable	29,259	35,997
Mortgage notes receivable	20,776	20,162
Income taxes receivable		105,676
Inventories	10,604,393	9,294,677
Pre-owned homes, net	389,679	441,937
Prepaid expenses and other current assets	1,553,057	1,014,849
Total current assets	50,138,800	46,970,513
Property, plant and equipment, net	5,363,841	5,142,714
Pre-owned homes, net	1,346,471	1,077,240
Note receivable, less current portion	6,573	6,573
Mortgage notes receivable, less current portion	226,286	227,509
Other investments	1,743,072	1,729,364
Deferred income taxes	3,598	3,598
Operating lease right of use assets	705,037	715,368
Cash surrender value of life insurance	3,840,452	3,795,902
Other assets	156,287	156,287
Total assets	63,530,417	59,825,068
Current liabilities:
Accounts payable	1,100,355	928,095
Accrued compensation	446,745	670,520
Accrued expenses and other current liabilities	1,113,685	1,383,833
Income taxes payable	230,133
Operating lease obligation	27,128	24,192
Customer deposits	7,799,815	5,098,633
Total current liabilities	10,717,861	8,105,273
Operating lease obligation, less current portion	769,869	778,519
Total liabilities	11,487,730	8,883,792
Commitments and contingencies
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; 3,632,446 and 3,631,196 outstanding, respectively	536,491	536,491
Additional paid in capital	10,717,025	10,694,554
Retained earnings	59,041,816	57,976,051
Less treasury stock at cost, 1,732,461 shares in 2021 and 1,733,711 shares in 2020	(18,252,645)	(18,265,820)
Total stockholders' equity	52,042,687	50,941,276
Total liabilities and stockholders' equity	$ 63,530,417	$ 59,825,068

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jan. 30, 2021	Oct. 31, 2020
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	3,632,446	3,631,196
Treasury stock, shares	1,732,461	1,733,711

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income and Comprehensive Income - USD ($)	3 Months Ended
	Jan. 30, 2021	Feb. 01, 2020
Income Statement [Abstract]
Net sales	$ 9,071,511	$ 9,443,852
Cost of sales	(6,574,064)	(6,554,003)
Gross profit	2,497,447	2,889,849
Selling, general and administrative expenses	(1,273,381)	(1,256,144)
Operating income	1,224,066	1,633,705
Other income :
Interest income	30,656	101,883
Undistributed earnings in joint venture - Majestic 21	13,708	19,872
Proceeds received under escrow arrangement	45,868	83,109
Increase in fair value of equity investment	79,956
Miscellaneous	7,320	7,152
Total other income	177,508	212,016
Income before provision for income taxes	1,401,574	1,845,721
Income tax expense	(335,809)	(445,580)
Net income	$ 1,065,765	$ 1,400,141
Weighted average number of shares outstanding:
Basic	3,631,924	3,659,241
Diluted	3,633,493	3,660,638
Net income per share:
Basic	$ 0.29	$ 0.38
Diluted	$ 0.29	$ 0.38

Condensed Consolidated Statem_2

Condensed 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]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. 02, 2019		$ 49,466,315			$ 536,491		$ 10,687,662		$ 55,298,750		$ 389,164			$ (17,445,752)
Balance (Adjustments for New Accounting Pronouncement [Member]) at Nov. 02, 2019				$ 536,491
Balance, shares at Nov. 02, 2019					3,664,070
Adoption of ASU 2016 (Adoption of ASU 2016-01 [Member]) at Feb. 01, 2020										$ 389,164		$ (389,164)
Adoption of ASU 2016 (Adoption of ASU 2016-02 [Member]) at Feb. 01, 2020			$ (64,591)							$ (64,591)
Purchase of treasury stock	$ (345,600)												$ (345,600)
Purchase of treasury stock, shares				(14,400)
Stock-based compensation	906					$ 906
Net income	1,400,141							$ 1,400,141
Balance at Feb. 01, 2020	50,457,171			$ 536,491		10,688,568		57,023,464					(17,791,352)
Balance (Adjustments for New Accounting Pronouncement [Member]) at Feb. 01, 2020	49,401,724					10,687,662		55,623,323					(17,445,752)
Balance, shares at Feb. 01, 2020				3,649,670
Balance, shares (Adjustments for New Accounting Pronouncement [Member]) at Feb. 01, 2020				3,664,070
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
Stock-based compensation	20,521					20,521
Exercise of employee stock options	15,125					1,950							13,175
Exercise of employee stock options, shares				1,250
Net income	1,065,765							1,065,765
Balance at Jan. 30, 2021	$ 52,042,687			$ 536,491		$ 10,717,025		$ 59,041,816					$ (18,252,645)
Balance, shares at Jan. 30, 2021				3,632,446

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Jan. 30, 2021	Feb. 01, 2020
Cash flows from operating activities:
Net income	$ 1,065,765	$ 1,400,141
Adjustments to reconcile net income to net cash provide by operating activities:
Depreciation	56,943	39,453
Deferred income taxes		26,877
Undistributed earnings in joint venture - Majestic 21	(13,708)	(19,872)
(Increase) Decrease in fair market value of equity investments	(79,956)	10,710
Stock-based compensation	20,521	906
Amortization of operating lease right of use assets	10,331	20,288
Decrease (Increase) in:
Accounts receivable - trade	(267,040)	(482,648)
Inventories	(1,309,716)	(34,891)
Pre-owned homes	(216,973)	(270,995)
Prepaid expenses and other current assets	(538,208)	2,449
Interest receivable	(8,444)	(48,242)
Income tax receivables	105,676
(Decrease) increase in:
Accounts payable	172,260	(538,411)
Accrued compensation	(223,775)	(291,764)
Accrued expenses and other current liabilities	(270,148)	(330,909)
Income taxes payable	230,133	(1,608,214)
Customer deposits	2,701,182	(529,473)
Net cash provided by operating activities	1,434,843	(2,654,595)
Cash flows from investing activities:
Purchase of property, plant and equipment	(278,070)	(232,649)
Purchase of certificates of deposit		(20,000)
Proceeds from certicates of deposit	1,500,000
Collections on interest receivable	28,640	50,998
Collections on mortgage notes receivable	609	696
Collections on equipment and other notes receivable	6,738	16,252
Increase in cash surrender value of life insurance	(44,550)	(48,000)
Net cash provided by (used in) investing activities	1,213,367	(232,703)
Cash flows from financing activities:
Proceeds from excerise of employee stock options	15,125
Purchase of treasury stock		(345,600)
Reduction of operating lease obligation	(5,714)	(14,503)
Net cash provided by (used in) financing activities	9,411	(360,103)
Increase (Decrease) in cash and cash equivalents	2,657,621	(3,247,401)
Cash and cash equivalents at beginning of year	30,305,902	22,533,965
Cash and cash equivalents at end of quarter	$ 32,963,523	19,286,564
Supplemental disclosure of cash flows information:
Income taxes paid		$ 2,020,000

Basis of Presentation and Accou

Basis of Presentation and Accounting Policies	3 Months Ended
	Jan. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Accounting Policies	Note 1 Basis of Presentation and Accounting Policies The accompanying unaudited condensed financial statements for the three months ended January 30, 2021 have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission for Form 10-Q. The unaudited financial information included in this report includes all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary to reflect a fair statement of the results for the interim periods. The results of operations for the three months ended January 30, 2021 are not necessarily indicative of the results of the full fiscal year. The condensed consolidated financial statements included in this report should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K

Inventories

Inventories	3 Months Ended
	Jan. 30, 2021
Inventory Disclosure [Abstract]
Inventories	Note 2 Inventories New home inventory is carried at the lower of cost or net realizable value. The cost of finished home inventories determined on the specific identification method is removed from inventories and recorded as a component of cost of sales at the time revenue is recognized. In addition, an allocation of depreciation and amortization is included in cost of goods sold. Under the specific identification method, if finished home inventory can be sold for a profit there is no basis to write down the inventory below the lower of cost or net realizable value. The Company acquired certain repossessed pre-owned st Other pre-owned 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 condensed consolidated balance sheets. Consigned inventory was $1,385,470 and $1,277,681 as of January 30, 2021 and October 31, 2020, respectively. Pre-owned trade-ins (Trade-in Trade-in Other inventory costs are determined on a first-in, first-out January 30, October 31, 2021 2020 Raw materials $ 1,263,104 $ 1,203,282 Work-in-process 100,935 107,651 Inventory consigned to affiliated entities 1,385,470 1,277,681 Finished homes 7,708,327 6,543,861 Model home furniture 146,557 162,202 Inventories $ 10,604,393 $ 9,294,677 Pre-owned $ 1,875,477 $ 1,686,373 Inventory impairment reserve (139,327 ) (167,196 ) 1,736,150 1,519,177 Less homes expected to sell in 12 months (389,679 ) (441,937 ) Pre-owned $ 1,346,471 $ 1,077,240

Short-term Investments

Short-term Investments	3 Months Ended
	Jan. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Short-term Investments	Note 3 Short-term Investments The following is a summary of short-term investments (available for sale): January 30, 2021 Cost Gross Gross Estimated Equity securities in a public company $ 167,930 $ 270,986 $ — $ 438,916 October 31, 2020 Cost Gross Gross Estimated Equity securities in a public company $ 167,930 $ 191,030 $ — $ 358,960 The fair values were estimated based on quoted market prices in active markets at each respective period end.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Jan. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Note 4 Fair Value of Financial Instruments 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 Accounting Standards Codification (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 tables represent the Company’s financial assets and liabilities which are carried at fair value. January 30, 2021 Level 1 Level 2 Level 3 Equity securities in a public company $ 438,916 $ — $ — October 31, 2020 Level 1 Level 2 Level 3 Equity securities in a public company $ 358,960 $ — $ —

Net Income per Share

Net Income per Share	3 Months Ended
	Jan. 30, 2021
Earnings Per Share [Abstract]
Net Income per Share	Note 5 Net Income per Share These financial statements include “basic” and “diluted” net income per share information for all periods presented. The basic net income per share is calculated by dividing net income by the weighted-average number of shares outstanding. The diluted net income per share is calculated by dividing net income by the weighted-average number of shares outstanding, adjusted for dilutive common shares.

Revenues by Products and Servic

Revenues by Products and Service	3 Months Ended
	Jan. 30, 2021
Segment Reporting [Abstract]
Revenues by Products and Service	Note 6 Revenues by Products and Service The Company operates in one business segment, which is manufactured housing and ancillary services. The Company considers there to be revenue concentration risks for distribution of its products where net product revenues exceed 10% of consolidated net product revenues. The concentration of the Company’s distribution net product revenues below may have a material adverse effect on the Company’s revenues and results of operations if sales in the respective distribution channels experience difficulties. Revenues by net sales from manufactured housing, pre-owned Three Months Ended January 30, February 1, 2021 2020 Manufactured housing Homes sold through Company owned sales centers $ 7,543,182 $ 6,758,531 Homes sold to independent dealers 1,203,736 2,153,322 Homes sold through manufactured home parks 218,435 359,742 $ 8,965,353 $ 9,271,595 Pre-owned 40,187 105,509 Insurance agent commissions 65,971 66,748 Total net sales $ 9,071,511 $ 9,443,852

Operating Leases

Operating Leases	3 Months Ended
	Jan. 30, 2021
Leases [Abstract]
Operating Leases	Note 7 Operating Leases The Company leases the property for several Prestige retail sales centers from various unrelated entities under operating lease agreements expiring through December 2021. The Company also leases certain equipment under unrelated operating leases. These leases have varying renewal options. Right of use assets are included as a non-current 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 8.91 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 $48,406 for the three months ended January 30, 2021. The amount of future minimum lease payments under operating leases are as follows: Operating Lease Undiscounted future minimum lease payments: 2021 (9 months remaining) $ 47,447 2022 68,401 2023 74,322 2024 80,955 Thereafter 458,175 Total 817,687 Amount representing imputed interest (20,690 ) Total operating lease liability 796,997 Current portion of operating lease liability (27,128 ) Operating lease liability, non-current $ 769,869

Subsequent Event

Subsequent Event	3 Months Ended
	Jan. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Note 8 Subsequent Events The Board of Directors declared a one-time cash dividend of $1.00 per common share for fiscal year 2020. The cash dividend is payable on March 26, 2021 to stockholders of record as of March 12, 2021. On February 1, 2021, the Company purchased land in Ocala for a future retail sales center for $1,040,000. The Company repurchased 346 shares of its common stock in February 2021 at a price per share of $30.50.

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Jan. 30, 2021
Inventory Disclosure [Abstract]
Summary of Breakdown of Elements of Inventory	Other inventory costs are determined on a first-in, first-out January 30, October 31, 2021 2020 Raw materials $ 1,263,104 $ 1,203,282 Work-in-process 100,935 107,651 Inventory consigned to affiliated entities 1,385,470 1,277,681 Finished homes 7,708,327 6,543,861 Model home furniture 146,557 162,202 Inventories $ 10,604,393 $ 9,294,677 Pre-owned $ 1,875,477 $ 1,686,373 Inventory impairment reserve (139,327 ) (167,196 ) 1,736,150 1,519,177 Less homes expected to sell in 12 months (389,679 ) (441,937 ) Pre-owned $ 1,346,471 $ 1,077,240

Short-term Investments (Tables)

Short-term Investments (Tables)	3 Months Ended
	Jan. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Summary of Short-term Investments	The following is a summary of short-term investments (available for sale): January 30, 2021 Cost Gross Gross Estimated Equity securities in a public company $ 167,930 $ 270,986 $ — $ 438,916 October 31, 2020 Cost Gross Gross Estimated Equity securities in a public company $ 167,930 $ 191,030 $ — $ 358,960

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Jan. 30, 2021
Fair Value Disclosures [Abstract]
Summary of Assets and Liabilities Measured at Fair Value	The following tables represent the Company’s financial assets and liabilities which are carried at fair value. January 30, 2021 Level 1 Level 2 Level 3 Equity securities in a public company $ 438,916 $ — $ — October 31, 2020 Level 1 Level 2 Level 3 Equity securities in a public company $ 358,960 $ — $ —

Revenues by Products and Serv_2

Revenues by Products and Service (Tables)	3 Months Ended
	Jan. 30, 2021
Segment Reporting [Abstract]
Revenues by Net Sales	Revenues by net sales from manufactured housing, pre-owned Three Months Ended January 30, February 1, 2021 2020 Manufactured housing Homes sold through Company owned sales centers $ 7,543,182 $ 6,758,531 Homes sold to independent dealers 1,203,736 2,153,322 Homes sold through manufactured home parks 218,435 359,742 $ 8,965,353 $ 9,271,595 Pre-owned 40,187 105,509 Insurance agent commissions 65,971 66,748 Total net sales $ 9,071,511 $ 9,443,852

Operating Leases (Table)

Operating Leases (Table)	3 Months Ended
	Jan. 30, 2021
Leases [Abstract]
Schedule of future minimum rental payments for operating leases	The amount of future minimum lease payments under operating leases are as follows: Operating Lease Undiscounted future minimum lease payments: 2021 (9 months remaining) $ 47,447 2022 68,401 2023 74,322 2024 80,955 Thereafter 458,175 Total 817,687 Amount representing imputed interest (20,690 ) Total operating lease liability 796,997 Current portion of operating lease liability (27,128 ) Operating lease liability, non-current $ 769,869

Inventories - Additional Inform

Inventories - Additional Information (Detail) - USD ($)	Jan. 30, 2021	Oct. 31, 2020
Inventory Disclosure [Abstract]
Inventory Consigned To Affiliated Entities	$ 1,385,470	$ 1,277,681

Inventories - Summary of Breakd

Inventories - Summary of Breakdown of Elements of Inventory (Detail) - USD ($)	Jan. 30, 2021	Oct. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 1,263,104	$ 1,203,282
Work-in-process	100,935	107,651
Inventory consigned to affiliated entities	1,385,470	1,277,681
Finished homes	7,708,327	6,543,861
Model home furniture	146,557	162,202
Inventories	10,604,393	9,294,677
Pre-owned homes	1,875,477	1,686,373
Inventory impairment reserve	(139,327)	(167,196)
Pre-owned homes, net	1,736,150	1,519,177
Less homes expected to sell in 12 months	(389,679)	(441,937)
Pre-owned homes, long-term	$ 1,346,471	$ 1,077,240

Short-term Investments - Summar

Short-term Investments - Summary of Short-term Investments (Detail) - USD ($)	Jan. 30, 2021	Oct. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Available-for-sale Securities, Amortized Cost	$ 167,930	$ 167,930
Available-for-sale Securities, Gross Unrealized Gains	270,986	191,030
Available-for-sale Securities, Gross Unrealized Losses	0	0
Available-for-sale Securities, Estimated Fair Value	$ 438,916	$ 358,960

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - USD ($)	Jan. 30, 2021	Oct. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Equity securities in a public company	$ 438,916	$ 358,960
Level 1 [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Equity securities in a public company	$ 438,916	$ 358,960

Revenues by Products and Serv_3

Revenues by Products and Service - Revenues by Net Sales - Additional Information (Detail)	3 Months Ended
	Jan. 30, 2021
Revenue Concentration Risks Recognation terms	The Company considers there to be revenue concentration risks for distribution of its products where net product revenues exceed 10% of consolidated net product revenues.

Revenues by Products and Serv_4

Revenues by Products and Service - Revenues by Net Sales (Detail) - USD ($)	3 Months Ended
	Jan. 30, 2021	Feb. 01, 2020
Sales Information [Line Items]
Total net sales	$ 9,071,511	$ 9,443,852
Manufactured Housing [Member]
Sales Information [Line Items]
Total net sales	8,965,353	9,271,595
Manufactured Housing [Member] | Homes sold through Company owned sales centers
Sales Information [Line Items]
Total net sales	7,543,182	6,758,531
Manufactured Housing [Member] | Homes sold to independent dealers
Sales Information [Line Items]
Total net sales	1,203,736	2,153,322
Manufactured Housing [Member] | Homes sold through manufactured home parks
Sales Information [Line Items]
Total net sales	218,435	359,742
Pre-Owned Homes [Member]
Sales Information [Line Items]
Total net sales	40,187	105,509
Insurance Agent Commissions [Member]
Sales Information [Line Items]
Total net sales	$ 65,971	$ 66,748

Operating Leases - Additional I

Operating Leases - Additional Information (Detail)	3 Months Ended
	Jan. 30, 2021USD ($)
Leases [Abstract]
Operating lease right of use assets	$ 705,037
Lease cost	$ 48,406
Weighted Average Remaining Lease term, Operating Lease	8 years 10 months 27 days
Weighted Average Discount Rate, Operating Lease	3.00%

Operating Leases - Summary of f

Operating Leases - Summary of future minimum lease payments (Detail) - USD ($)	Jan. 30, 2021	Oct. 31, 2020
Leases [Abstract]
2021 (9 months remaining)	$ 47,447
2022	68,401
2023	74,322
2024	80,955
Thereafter	458,175
Total	817,687
Amount representing imputed interest	(20,690)
Total operating lease liability	796,997
Current portion of operating lease liability	(27,128)
Operating lease liability, non-current	$ 769,869	$ 778,519

Subsequent Event - Additional I

Subsequent Event - Additional Information (Detail) - USD ($)	Feb. 01, 2021	Jan. 30, 2021
Subsequent Event [Line Items]
Dividend declared		$ 1
Dividend payable date		Mar. 26, 2021
Dividend record date		Mar. 12, 2021
Ocala [Member] | Land [Member]
Subsequent Event [Line Items]
Purchase of land for a future retail sales center	$ 1,040,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Repurchased shares of common stock	346
Shares Issued, Price Per Share	$ 30.50