Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Jan. 31, 2021 | Mar. 10, 2021 | |
Document Information [Line Items] | ||
Entity Registrant Name | R F INDUSTRIES LTD | |
Entity Central Index Key | 0000740664 | |
Trading Symbol | rfil | |
Current Fiscal Year End Date | --10-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 9,972,456 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Jan. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock, $0.01 par value per share |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jan. 31, 2021 | Oct. 31, 2020 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 15,489 | $ 15,797 |
Trade accounts receivable, net of allowance for doubtful accounts of $55 and $66, respectively | 5,155 | 5,669 |
Inventories | 9,019 | 8,586 |
Other current assets | 2,139 | 813 |
TOTAL CURRENT ASSETS | 31,802 | 30,865 |
Property and equipment: | ||
Equipment and tooling | 3,916 | 3,819 |
Furniture and office equipment | 1,092 | 1,073 |
Property, Plant and Equipment, Gross, Ending Balance | 5,008 | 4,892 |
Less accumulated depreciation | 4,162 | 4,082 |
Total property and equipment, net | 846 | 810 |
Operating lease right of use assets, net | 1,184 | 1,421 |
Goodwill | 2,467 | 2,467 |
Amortizable intangible assets, net | 3,024 | 3,181 |
Non-amortizable intangible assets, trademarks | 1,174 | 1,174 |
Deferred tax assets | 68 | 834 |
Other assets | 70 | 70 |
TOTAL ASSETS | 40,635 | 40,822 |
CURRENT LIABILITIES | ||
Accounts payable | 1,510 | 1,475 |
Accrued expenses | 2,617 | 2,573 |
Current portion of PPP Loans | 2,103 | 1,699 |
Current portion of operating lease liabilities | 789 | 874 |
Income taxes payable | 43 | |
Other current liabilities | 296 | |
TOTAL CURRENT LIABILITIES | 7,315 | 6,664 |
Operating lease liabilities | 477 | 635 |
PPP Loans | 685 | 1,089 |
Other long-term liabilities | 370 | |
TOTAL LIABILITIES | 8,477 | 8,758 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS’ EQUITY | ||
Common stock - authorized 20,000,000 shares of $0.01 par value; 9,962,456 and 9,814,118 shares issued and outstanding at January 31, 2021 and October 31, 2020, respectively | 100 | 98 |
Additional paid-in capital | 23,441 | 22,946 |
Retained earnings | 8,617 | 9,020 |
TOTAL STOCKHOLDERS' EQUITY | 32,158 | 32,064 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 40,635 | $ 40,822 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jan. 31, 2021 | Oct. 31, 2020 |
Trade accounts receivable, allowance for doubtful accounts | $ 55 | $ 66 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, shares issued (in shares) | 9,962,456 | 9,814,118 |
Common stock, shares outstanding (in shares) | 9,962,456 | 9,814,118 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Net sales | $ 10,002 | $ 12,414 |
Cost of sales | 7,396 | 9,161 |
Gross profit | 2,606 | 3,253 |
Operating expenses: | ||
Engineering | 431 | 596 |
Selling and general | 2,764 | 2,656 |
Total operating expenses | 3,195 | 3,252 |
Operating (loss) income | (589) | 1 |
Other (expense) income | (8) | 11 |
(Loss) income before benefit for income taxes | (597) | 12 |
Benefit from income taxes | (194) | (14) |
Consolidated net (loss) income | $ (403) | $ 26 |
(Loss) earnings per share | ||
Basic (in dollars per share) | $ (0.04) | $ 0 |
Diluted (in dollars per share) | $ (0.04) | $ 0 |
Weighted average shares outstanding | ||
Basic (in shares) | 9,864,689 | 9,564,533 |
Diluted (in shares) | 9,864,689 | 9,873,336 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Oct. 31, 2019 | 9,462,267 | |||
Balance at Oct. 31, 2019 | $ 95 | $ 21,949 | $ 9,489 | $ 31,533 |
Exercise of stock options (in shares) | 215,943 | |||
Exercise of stock options | $ 2 | 389 | 391 | |
Stock-based compensation expense | 110 | 110 | ||
Issuance of restricted stock (in shares) | 54,850 | |||
Issuance of restricted stock | $ 1 | (1) | ||
Consolidated net income (loss) | 26 | 26 | ||
Issuance of common shares (in shares) | 12,075 | |||
Issuance of common shares | 77 | 77 | ||
Dividends | (193) | (193) | ||
Balance (in shares) at Jan. 31, 2020 | 9,745,135 | |||
Balance at Jan. 31, 2020 | $ 98 | 22,524 | 9,322 | 31,944 |
Balance (in shares) at Oct. 31, 2020 | 9,814,118 | |||
Balance at Oct. 31, 2020 | $ 98 | 22,946 | 9,020 | $ 32,064 |
Exercise of stock options (in shares) | 118,189 | 118,189 | ||
Exercise of stock options | $ 1 | 384 | $ 385 | |
Stock-based compensation expense | 123 | 123 | ||
Issuance of restricted stock (in shares) | 36,834 | |||
Issuance of restricted stock | $ 1 | (1) | ||
Forfeiture of restricted stock (in shares) | (4,318) | |||
Forfeiture of restricted stock | ||||
Tax withholding related to vesting of restricted stock (in shares) | (2,367) | |||
Tax withholding related to vesting of restricted stock | (11) | (11) | ||
Consolidated net income (loss) | (403) | (403) | ||
Balance (in shares) at Jan. 31, 2021 | 9,962,456 | |||
Balance at Jan. 31, 2021 | $ 100 | $ 23,441 | $ 8,617 | $ 32,158 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
OPERATING ACTIVITIES: | ||
Consolidated net (loss) income | $ (403,000) | $ 26,000 |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ||
Bad debt expense | (15,000) | 4,000 |
Depreciation and amortization | 237,000 | 255,000 |
Stock-based compensation expense | 123,000 | 187,000 |
Tax payments related to shares cancelled for vested restricted stock awards | (11,000) | |
Deferred income taxes | 766,000 | 62,000 |
Changes in operating assets and liabilities: | ||
Trade accounts receivable | 529,000 | 6,711,000 |
Inventories | (433,000) | 638,000 |
Other current assets | (1,326,000) | (20,000) |
Right of use assets | (6,000) | 101,000 |
Accounts payable | 35,000 | (1,295,000) |
Accrued expenses | 44,000 | (921,000) |
Income tax payable | (43,000) | (21,000) |
Other current liabilities | 296,000 | |
Other long-term liabilities | (370,000) | (121,000) |
Net cash (used in) provided by operating activities | (577,000) | 5,606,000 |
INVESTING ACTIVITIES: | ||
Capital expenditures | (116,000) | (53,000) |
Net cash used in investing activities | (116,000) | (3,954,000) |
FINANCING ACTIVITIES: | ||
Proceeds from exercise of stock options | 385,000 | 391,000 |
Dividends paid | 0 | (193,000) |
Net cash provided by financing activities | 385,000 | 198,000 |
Net (decrease) increase in cash and cash equivalents | (308,000) | 1,850,000 |
Cash and cash equivalents, beginning of period | 15,797,000 | 12,540,000 |
Cash and cash equivalents, end of period | 15,489,000 | 14,390,000 |
Supplemental cash flow information – income taxes paid | 6,000 | |
Schrofftech [Member] | ||
INVESTING ACTIVITIES: | ||
Purchase of company, net of cash acquired | $ (3,901,000) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) $ in Thousands | 3 Months Ended |
Jan. 31, 2020USD ($) | |
Schrofftech [Member] | |
Purchase of company, cash acquired | $ 99 |
Note 1 - Unaudited Interim Cond
Note 1 - Unaudited Interim Condensed Consolidated Financial Statements | 3 Months Ended |
Jan. 31, 2021 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note 1 Unaudited interim condensed consolidated financial statements Our accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10 not not October 31, 2020 October 31, 2020 10 10 October 31, 2020 three January 31, 2021 not may October 31, 2021. 10 Principles of consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of RF Industries, Ltd. and our four November 1, 2019. Risks and uncertainties In March 2020, 19” 19 may 19 The extent of the impact of the COVID- 19 three January 31, 2021. second 2021. three 19 May 2020 $2.8 13 We considered the impact of the COVID- 19 January 31, 2021. no Fair value measurement We measure at fair value certain financial assets and liabilities. Fair value is defined as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions. These two Level 1 Level 2 not Level 3 one As of January 31, 2021 October 31, 2020, 5 Recent accounting standards Recently issued accounting pronouncements not In June 2016, 2016 13, December 15, 2019. November 2019, 2019 10, 326 December 15, 2022. Recently issued accounting pronouncements adopted: In February 2016, No. 2016 02, 2016 02, November 1, 2019, 2020, 12 not may $2.3 $2.4 November 1, 2019, not In January 2017, No. 2017 04, 2 November 1, 2020, 2021, not January 31, 2021. |
Note 2 - Business Acquisition
Note 2 - Business Acquisition | 3 Months Ended |
Jan. 31, 2021 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | Note 2 Business acquisition On November 4, 2019, $4 two $2.4 The acquisition was accounted for as an acquisition of a business in accordance with the acquisition method of accounting. The acquired assets and assumed liabilities have been recorded at their estimated fair values. We determined the estimated fair values with the assistance of appraisals or valuations performed by an independent third Although the closing occurred on November 4, 2019, November 1, 2019. November 1, 2019, $151,000 November 1, 2020. The following table summarizes the components of the purchase price at fair values at November 1, 2019: Cash consideration paid $ 4,000,000 Earn-out liability 1,249,000 Total purchase price $ 5,249,000 The following table summarizes the allocation of the purchase price at fair value at November 1, 2019: Current assets $ 1,168,000 Fixed assets 58,000 Intangible assets 3,299,000 Goodwill 1,127,000 Non-interest bearing liabilities (403,000 ) Net assets $ 5,249,000 |
Note 3 - Inventories and Major
Note 3 - Inventories and Major Vendors | 3 Months Ended |
Jan. 31, 2021 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | Note 3 Inventories and major vendors Inventories, consisting of materials, labor and manufacturing overhead, are stated at the lower of cost or net realizable value. Cost has been determined using the weighted average cost method. Inventories consist of the following (in thousands): January 31, 2021 October 31, 2020 Raw materials and supplies $ 4,668 $ 4,410 Work in process 278 196 Finished goods 4,073 3,980 Totals $ 9,019 $ 8,586 No 10% three January 31, 2021 2020. |
Note 4 - Other Current Assets
Note 4 - Other Current Assets | 3 Months Ended |
Jan. 31, 2021 | |
Notes to Financial Statements | |
Other Current Assets [Text Block] | Note 4 Other current assets Other current assets consist of the following (in thousands): January 31, 2021 October 31, 2020 Prepaid taxes $ 924 $ - Prepaid expense 591 393 Other 624 420 Totals $ 2,139 $ 813 |
Note 5 - Accrued Expenses and O
Note 5 - Accrued Expenses and Other Current Liabilities | 3 Months Ended |
Jan. 31, 2021 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Noncurrent [Text Block] | Note 5 Accrued expenses and other current liabilities Accrued expenses consist of the following (in thousands): January 31, 2021 October 31, 2020 Wages payable $ 1,383 $ 1,506 Accrued receipts 823 518 Other accrued expenses 411 549 Totals $ 2,617 $ 2,573 Accrued receipts represent purchased inventory for which invoices have not The purchase agreement for the Schrofftech acquisition provides for earn-out payments of up to $2.4 October 31, 2021. January 31, 2021, January 31, 2021. We estimate the fair value of the earn-out liability using an option pricing based approach with a risk-neutral framework using Black Scholes related to Schrofftech calculated at net present value (Level 3 The following table summarizes our financial assets and liabilities measured at fair value on a recurring basis as of January 31, 2021 ( Description Level 3 Earn-out liability $ 296 The following table summarizes our financial assets and liabilities measured at fair value on a recurring basis as of October 31, 2020 ( Description Level 3 Earn-out liability $ 370 The following table summarizes the changes to the Level 3 three January 31, 2021 October 31, 2020 ( Level 3 January 31, 2021 October 31, 2020 Beginning balance $ 370 $ 1,249 Change in value (74 ) (879 ) Ending balance $ 296 $ 370 As of January 31, 2021, $296,000 |
Note 6 - (Loss) Earnings Per Sh
Note 6 - (Loss) Earnings Per Share | 3 Months Ended |
Jan. 31, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 6 (Loss) earnings per share Basic (loss) earnings per share is computed by dividing net (loss) income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income by the weighted average number of common shares outstanding increased by the effects of assuming that other potentially dilutive securities (such as stock options) outstanding during the period had been exercised and the treasury stock method had been applied. During the three January 31, 2021, 331,338 392,838 three January 31, 2021 2020, The following table summarizes the computation of basic and diluted weighted average shares outstanding: Three Months Ended January 31, 2021 2020 Weighted average shares outstanding for basic (loss) earnings per share 9,864,689 9,564,533 Add effects of potentially dilutive securities-assumed exercise of stock options - 308,803 Weighted average shares outstanding for diluted (loss) earnings per share 9,864,689 9,873,336 |
Note 7 - Stock-based Compensati
Note 7 - Stock-based Compensation and Equity Transactions | 3 Months Ended |
Jan. 31, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | Note 7 Stock-based compensation and equity transactions On December 6, 2019, one 50,000 10,000 10,000 four December 6, 2019, ten On January 9, 2020, ● Stock grants for a total of 12,075 three $77,000; ● A total of 3,241 two ● A total of 38,500 77,000 five four one January 9, 2021; twelve three ten On June 30, 2020, one 10,000 2,500 2,500 three June 30, 2020, ten On January 12, 2021, 33,500 67,000 one three four one January 12, 2022; twelve three ten No three January 31, 2021 2020. The weighted average fair value of employee stock options that were granted during the three January 31, 2021 2020 $2.46 $3.13, Three Months Ended January 31, 2021 2020 Risk-free interest rate 0.39 % 1.57 % Dividend yield 0.00 % 1.23 % Expected life of the option (in years) 7.00 6.47 Volatility factor 51.94 % 49.14 % Expected volatilities are based on historical volatility of our stock price and other factors. We used the historical method to calculate the expected life of the 2021 2020 Company stock option plans Descriptions of our stock option plans are included in Note 9 10 October 31, 2020. January 31, 2021 three Weighted Average Shares Exercise Price Outstanding at November 1, 2020 789,179 $ 4.66 Options granted 67,000 $ 4.98 Options exercised (118,189 ) $ 3.26 Options cancelled (91,793 ) $ 5.88 Options outstanding at January 31, 2021 646,197 $ 4.78 Options exercisable at January 31, 2021 298,781 $ 4.85 Options vested and expected to vest at January 31, 2021 645,861 $ 4.78 Weighted average remaining contractual life of options outstanding as of January 31, 2021: 6.30 Weighted average remaining contractual life of options exercisable as of January 31, 2021: 4.54 Weighted average remaining contractual life of options vested and expected to vest as of January 31, 2021: 6.30 Aggregate intrinsic value of options outstanding at January 31, 2021: $1,077,000 Aggregate intrinsic value of options exercisable at January 31, 2021: $531,000 Aggregate intrinsic value of options vested and expected to vest at January 31, 2021: $1,069,000 As of January 31, 2021, $708,000 $461,000 3.92 1.30 Non-employee directors receive a compensation package of $50,0 00 one one 2020, November 1, 2019 August 31, 2020. November 4, 2019, five 3,270 $25,000 10 August 31, 2020 20 $6.36 August 31, 2020. 2021 September 2021, five 5,757 $25,000 20 $4.34 December 31, 2020, 3,334 2021 $25,000 8.5 2021 20 $5.31 Non-employee directors who are also a chairperson of a committee of the Board receive additional compensation of $15,000 June 5, 2020, July 1, 2020 July 31, 2020, four 279 $4.47 September 15, 2020, four 3,454 $15,000 2021 $15,000 20 $4.34 Stock option expense During the three January 31, 2021 2020, $123,000 $187,000, |
Note 8 - Concentrations of Cred
Note 8 - Concentrations of Credit Risk | 3 Months Ended |
Jan. 31, 2021 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | Note 8 Concentrations of credit risk Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. We maintain our cash and cash equivalents with high-credit quality financial institutions. At January 31, 2021, $14.3 For the three January 31, 2021, two 16% 12% 15% 19%, January 31, 2021. two 11% three January 31, 2020, one 17% three January 31, 2020. two 12% January 31, 2020. not |
Note 9 - Segment Information
Note 9 - Segment Information | 3 Months Ended |
Jan. 31, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 9 Segment information We aggregate operating divisions into two 1 2 3 4 5 January 31, 2021, two The RF Connector segment consisted of one four five Management identifies segments based on strategic business units that are, in turn, based along market lines. These strategic business units offer products and services to different markets in accordance with their customer base and product usage. For segment reporting purposes, the RF Connector division constitutes the RF Connector segment, and the Cables Unlimited, Rel-Tech, C Enterprises, and Schrofftech divisions constitute the Custom Cabling segment. As reviewed by our chief operating decision maker, we evaluate the performance of each segment based on income or loss before income taxes. We charge depreciation and amortization directly to each division within the segment. Accounts receivable, inventory, property and equipment, right of use assets, goodwill and intangible assets are the only assets identified by segment. Except as discussed above, the accounting policies for segment reporting are the same for the Company as a whole. All of our operations are conducted in the United States; however, we derive a portion of our revenue from export sales. We attribute sales to geographic areas based on the location of the customers. The following table presents the sales by geographic area for the three January 31, 2021 2020 Three Months Ended January 31, 2021 2020 United States $ 9,379 $ 12,173 Foreign Countries: Canada 525 116 Mexico - 5 All Other 98 120 623 241 Totals $ 10,002 $ 12,414 Net sales, income (loss) before provision (benefit) for income taxes and other related segment information for the three January 31, 2021 2020 RF Connector Custom Cabling and Manufacturing and Cable Assembly Assembly Corporate Total 2021 Net sales $ 3,575 $ 6,427 $ - $ 10,002 Income (loss) before benefit for income taxes 453 (1,042 ) (8 ) (597 ) Depreciation and amortization 35 202 - 237 Total assets 7,667 15,202 17,766 40,635 2020 Net sales $ 3,189 $ 9,225 $ - $ 12,414 Income (loss) before provision for income taxes 282 (281 ) 11 12 Depreciation and amortization 42 213 - 255 Total assets 7,496 17,158 15,178 39,832 |
Note 10 - Income Taxes
Note 10 - Income Taxes | 3 Months Ended |
Jan. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 10 Income taxes We use an estimated annual effective tax rate, which is based on expected annual income, statutory tax rates and tax planning opportunities available in the various jurisdictions in which we operate, to determine its quarterly provision (benefit) for income taxes. Certain significant or unusual items are separately recognized in the quarter in which they occur and can be a source of variability in the effective tax rates from quarter to quarter. During the first 2021, $0.7 32% 120% three January 31, 2021 ( 2021 2020 2020 2020 2021 We had $134,000 $107,000 January 31, 2021 October 31, 2020, $35,000 January 31, 2021. |
Note 11 - Intangible Assets
Note 11 - Intangible Assets | 3 Months Ended |
Jan. 31, 2021 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | Note 11 Intangible assets Intangible assets consist of the following (in thousands): January 31, 2021 October 31, 2020 Amortizable intangible assets: Non-compete agreement (estimated life 5 years) $ 423 $ 423 Accumulated amortization (256 ) (245 ) 167 178 Customer relationships (estimated lives 7 - 15 years) 5,058 5,058 Accumulated amortization (2,483 ) (2,367 ) 2,575 2,691 Backlog (estimated life 1 - 2 years) 287 287 Accumulated amortization (287 ) (266 ) - 21 Patents (estimated life 10 - 14 years) 368 368 Accumulated amortization (86 ) (77 ) 282 291 Totals $ 3,024 $ 3,181 Non-amortizable intangible assets: Trademarks $ 1,174 $ 1,174 Amortization expense for the three January 31, 2021 October 31, 2020 $157,000 $692,000, January 31, 2021, 5.66 |
Note 12 - Commitments
Note 12 - Commitments | 3 Months Ended |
Jan. 31, 2021 | |
Notes to Financial Statements | |
Commitments Disclosure [Text Block] | Note 12 Commitments We have operating leases for corporate offices, manufacturing facilities, and certain storage units. Our leases have remaining lease terms of 1 3 5 $14,000 We also have other operating leases for certain equipment. The components of our facilities and equipment operating lease expenses for the period ending January 31, 2021 Three Months Ended January 31, 2021 Operating lease cost $ 247 Short-term lease cost - Other information related to leases was as follows (in thousands): January 31, 2021 October 31, 2020 Supplemental Cash Flows Information Right of use assets obtained in exchange for lease obligations: Operating leases $ 1,184 $ 1,421 Weighted Average Remaining Lease Term Operating leases (in months) 20.78 22.94 Weighted Average Discount Rate Operating leases 3.54 % 3.54 % Future minimum lease payments under non-cancellable leases as of January 31, 2021 Year ended October 31, Operating Leases 2021 (excluding three months ended January 31, 2021) $ 667 2022 532 2023 166 2024 - 2025 - Thereafter - Total future minimum lease payments 1,365 Less imputed interest (99 ) Total $ 1,266 Reported as of January 31, 2021 Operating Leases Other current liabilities $ 789 Operating lease liabilities 477 Finance lease liabilities - Total $ 1,266 As of January 31, 2021, $1.2 $1.3 $789,000 no January 31, 2021. |
Note 13 - Line of Credit and PP
Note 13 - Line of Credit and PPP Loans | 3 Months Ended |
Jan. 31, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 13 Line of credit and PPP loans In November 2019, $5.0 2.0% first may December 1, 2021. December 30, 2020, no In May 2020 $2.8 not two 1%, six January 31, 2021, January 31, 2021, Future minimum loan payments as of January 31, 2021 Year ended October 31, PPP Loans 2021 (excluding three months ended January 31, 2021) $ 1,575 2022 1,213 Total future minimum payments $ 2,788 |
Note 14 - Cash Dividend and Dec
Note 14 - Cash Dividend and Declared Dividends | 3 Months Ended |
Jan. 31, 2021 | |
Notes to Financial Statements | |
Cash Dividend and Declared Dividends [Text Block] | Note 14 Cash dividend and declared dividends We did not three January 31, 2021. three January 31, 2020, $0.02 $193,000. |
Note 15 - Subsequent Events
Note 15 - Subsequent Events | 3 Months Ended |
Jan. 31, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 15 Subsequent events In February 2021, $2.8 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Jan. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Our accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10 not not October 31, 2020 October 31, 2020 10 10 October 31, 2020 three January 31, 2021 not may October 31, 2021. 10 |
Consolidation, Policy [Policy Text Block] | Principles of consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of RF Industries, Ltd. and our four November 1, 2019. |
Risks and Uncertainties [Policy Text Block] | Risks and uncertainties In March 2020, 19” 19 may 19 The extent of the impact of the COVID- 19 three January 31, 2021. second 2021. three 19 May 2020 $2.8 13 We considered the impact of the COVID- 19 January 31, 2021. no |
Fair Value Measurement, Policy [Policy Text Block] | Fair value measurement We measure at fair value certain financial assets and liabilities. Fair value is defined as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions. These two Level 1 Level 2 not Level 3 one As of January 31, 2021 October 31, 2020, 5 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent accounting standards Recently issued accounting pronouncements not In June 2016, 2016 13, December 15, 2019. November 2019, 2019 10, 326 December 15, 2022. Recently issued accounting pronouncements adopted: In February 2016, No. 2016 02, 2016 02, November 1, 2019, 2020, 12 not may $2.3 $2.4 November 1, 2019, not In January 2017, No. 2017 04, 2 November 1, 2020, 2021, not January 31, 2021. |
Note 2 - Business Acquisition (
Note 2 - Business Acquisition (Tables) - Schrofftech [Member] | 3 Months Ended |
Jan. 31, 2021 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Cash consideration paid $ 4,000,000 Earn-out liability 1,249,000 Total purchase price $ 5,249,000 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Current assets $ 1,168,000 Fixed assets 58,000 Intangible assets 3,299,000 Goodwill 1,127,000 Non-interest bearing liabilities (403,000 ) Net assets $ 5,249,000 |
Note 3 - Inventories and Majo_2
Note 3 - Inventories and Major Vendors (Tables) | 3 Months Ended |
Jan. 31, 2021 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | January 31, 2021 October 31, 2020 Raw materials and supplies $ 4,668 $ 4,410 Work in process 278 196 Finished goods 4,073 3,980 Totals $ 9,019 $ 8,586 |
Note 4 - Other Current Assets (
Note 4 - Other Current Assets (Tables) | 3 Months Ended |
Jan. 31, 2021 | |
Notes Tables | |
Schedule of Other Current Assets [Table Text Block] | January 31, 2021 October 31, 2020 Prepaid taxes $ 924 $ - Prepaid expense 591 393 Other 624 420 Totals $ 2,139 $ 813 |
Note 5 - Accrued Expenses and_2
Note 5 - Accrued Expenses and Other Current Liabilities (Tables) | 3 Months Ended |
Jan. 31, 2021 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | January 31, 2021 October 31, 2020 Wages payable $ 1,383 $ 1,506 Accrued receipts 823 518 Other accrued expenses 411 549 Totals $ 2,617 $ 2,573 |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Description Level 3 Earn-out liability $ 296 Description Level 3 Earn-out liability $ 370 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Level 3 January 31, 2021 October 31, 2020 Beginning balance $ 370 $ 1,249 Change in value (74 ) (879 ) Ending balance $ 296 $ 370 |
Note 6 - (Loss) Earnings Per _2
Note 6 - (Loss) Earnings Per Share (Tables) | 3 Months Ended |
Jan. 31, 2021 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Three Months Ended January 31, 2021 2020 Weighted average shares outstanding for basic (loss) earnings per share 9,864,689 9,564,533 Add effects of potentially dilutive securities-assumed exercise of stock options - 308,803 Weighted average shares outstanding for diluted (loss) earnings per share 9,864,689 9,873,336 |
Note 7 - Stock-based Compensa_2
Note 7 - Stock-based Compensation and Equity Transactions (Tables) | 3 Months Ended |
Jan. 31, 2021 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Three Months Ended January 31, 2021 2020 Risk-free interest rate 0.39 % 1.57 % Dividend yield 0.00 % 1.23 % Expected life of the option (in years) 7.00 6.47 Volatility factor 51.94 % 49.14 % |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Weighted Average Shares Exercise Price Outstanding at November 1, 2020 789,179 $ 4.66 Options granted 67,000 $ 4.98 Options exercised (118,189 ) $ 3.26 Options cancelled (91,793 ) $ 5.88 Options outstanding at January 31, 2021 646,197 $ 4.78 Options exercisable at January 31, 2021 298,781 $ 4.85 Options vested and expected to vest at January 31, 2021 645,861 $ 4.78 |
Note 9 - Segment Information (T
Note 9 - Segment Information (Tables) | 3 Months Ended |
Jan. 31, 2021 | |
Notes Tables | |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | Three Months Ended January 31, 2021 2020 United States $ 9,379 $ 12,173 Foreign Countries: Canada 525 116 Mexico - 5 All Other 98 120 623 241 Totals $ 10,002 $ 12,414 |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | RF Connector Custom Cabling and Manufacturing and Cable Assembly Assembly Corporate Total 2021 Net sales $ 3,575 $ 6,427 $ - $ 10,002 Income (loss) before benefit for income taxes 453 (1,042 ) (8 ) (597 ) Depreciation and amortization 35 202 - 237 Total assets 7,667 15,202 17,766 40,635 2020 Net sales $ 3,189 $ 9,225 $ - $ 12,414 Income (loss) before provision for income taxes 282 (281 ) 11 12 Depreciation and amortization 42 213 - 255 Total assets 7,496 17,158 15,178 39,832 |
Note 11 - Intangible Assets (Ta
Note 11 - Intangible Assets (Tables) | 3 Months Ended |
Jan. 31, 2021 | |
Notes Tables | |
Schedule of Finite-lived and Indefinite-lived Intangible Assets [Table Text Block] | January 31, 2021 October 31, 2020 Amortizable intangible assets: Non-compete agreement (estimated life 5 years) $ 423 $ 423 Accumulated amortization (256 ) (245 ) 167 178 Customer relationships (estimated lives 7 - 15 years) 5,058 5,058 Accumulated amortization (2,483 ) (2,367 ) 2,575 2,691 Backlog (estimated life 1 - 2 years) 287 287 Accumulated amortization (287 ) (266 ) - 21 Patents (estimated life 10 - 14 years) 368 368 Accumulated amortization (86 ) (77 ) 282 291 Totals $ 3,024 $ 3,181 Non-amortizable intangible assets: Trademarks $ 1,174 $ 1,174 |
Note 12 - Commitments (Tables)
Note 12 - Commitments (Tables) | 3 Months Ended |
Jan. 31, 2021 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended January 31, 2021 Operating lease cost $ 247 Short-term lease cost - |
Lessee, Leases, Other Information [Table Text Block] | January 31, 2021 October 31, 2020 Supplemental Cash Flows Information Right of use assets obtained in exchange for lease obligations: Operating leases $ 1,184 $ 1,421 Weighted Average Remaining Lease Term Operating leases (in months) 20.78 22.94 Weighted Average Discount Rate Operating leases 3.54 % 3.54 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Year ended October 31, Operating Leases 2021 (excluding three months ended January 31, 2021) $ 667 2022 532 2023 166 2024 - 2025 - Thereafter - Total future minimum lease payments 1,365 Less imputed interest (99 ) Total $ 1,266 Reported as of January 31, 2021 Operating Leases Other current liabilities $ 789 Operating lease liabilities 477 Finance lease liabilities - Total $ 1,266 |
Note 13 - Line of Credit and _2
Note 13 - Line of Credit and PPP Loans (Tables) | 3 Months Ended |
Jan. 31, 2021 | |
Notes Tables | |
Schedule of Maturities of Long-term Debt [Table Text Block] | Year ended October 31, PPP Loans 2021 (excluding three months ended January 31, 2021) $ 1,575 2022 1,213 Total future minimum payments $ 2,788 |
Note 1 - Unaudited Interim Co_2
Note 1 - Unaudited Interim Condensed Consolidated Financial Statements (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | |||
May 31, 2020 | Jan. 31, 2021 | Oct. 31, 2020 | Nov. 01, 2019 | |
Operating Lease, Right-of-Use Asset | $ 1,184 | $ 1,421 | ||
Operating Lease, Liability, Total | $ 1,266 | |||
Accounting Standards Update 2016-02 [Member] | ||||
Operating Lease, Right-of-Use Asset | $ 2,300 | |||
Operating Lease, Liability, Total | $ 2,400 | |||
Paycheck Protection Program CARES Act [Member] | ||||
Proceeds from Issuance of Long-term Debt, Total | $ 2,800 |
Note 2 - Business Acquisition_2
Note 2 - Business Acquisition (Details Textual) - Schrofftech [Member] - USD ($) | Nov. 04, 2019 | Nov. 01, 2019 | Oct. 31, 2020 | Jan. 31, 2021 |
Payments to Acquire Businesses, Gross | $ 4,000,000 | $ 4,000,000 | ||
Business Combination, Contingent Consideration Arrangements, Target Period (Year) | 2 years | |||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 2,400,000 | $ 2,400,000 | ||
Selling, General and Administrative Expenses [Member] | ||||
Business Combination, Acquisition Related Costs | $ 151,000 |
Note 2 - Business Acquisition -
Note 2 - Business Acquisition - Components of the Purchase Price of Schroff Technologies International, Inc. (Details) - Schrofftech [Member] - USD ($) | Nov. 04, 2019 | Nov. 01, 2019 |
Cash consideration paid | $ 4,000,000 | $ 4,000,000 |
Earn-out liability | 1,249,000 | |
Total purchase price | $ 5,249,000 |
Note 2 - Business Acquisition_3
Note 2 - Business Acquisition - Allocation of Estimated Purchase Price of Schroff Technologies International, Inc. (Details) - USD ($) | Jan. 31, 2021 | Oct. 31, 2020 | Nov. 01, 2019 |
Goodwill | $ 2,467,000 | $ 2,467,000 | |
Schrofftech [Member] | |||
Current assets | $ 1,168,000 | ||
Fixed assets | 58,000 | ||
Intangible assets | 3,299,000 | ||
Goodwill | 1,127,000 | ||
Non-interest bearing liabilities | (403,000) | ||
Net assets | $ 5,249,000 |
Note 3 - Inventories and Majo_3
Note 3 - Inventories and Major Vendors - Inventories (Details) - USD ($) $ in Thousands | Jan. 31, 2021 | Oct. 31, 2020 |
Raw materials and supplies | $ 4,668 | $ 4,410 |
Work in process | 278 | 196 |
Finished goods | 4,073 | 3,980 |
Totals | $ 9,019 | $ 8,586 |
Note 4 - Other Current Assets -
Note 4 - Other Current Assets - Other Current Assets (Details) - USD ($) $ in Thousands | Jan. 31, 2021 | Oct. 31, 2020 |
Prepaid taxes | $ 924 | |
Prepaid expense | 591 | 393 |
Other | 624 | 420 |
Totals | $ 2,139 | $ 813 |
Note 5 - Accrued Expenses and_3
Note 5 - Accrued Expenses and Other Current Liabilities (Details Textual) - USD ($) | Jan. 31, 2021 | Nov. 04, 2019 |
Other Current Liabilities [Member] | ||
Business Combination, Contingent Consideration, Liability, Current | $ 296,000 | |
Schrofftech [Member] | ||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 2,400,000 | $ 2,400,000 |
Note 5 - Accrued Expenses and_4
Note 5 - Accrued Expenses and Other Current Liabilities - Accrued Expenses (Details) - USD ($) $ in Thousands | Jan. 31, 2021 | Oct. 31, 2020 |
Wages payable | $ 1,383 | $ 1,506 |
Accrued receipts | 823 | 518 |
Other accrued expenses | 411 | 549 |
Totals | $ 2,617 | $ 2,573 |
Note 5 - Accrued Expenses and_5
Note 5 - Accrued Expenses and Other Current Liabilities - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Jan. 31, 2021 | Oct. 31, 2020 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Earn-out liability | $ 296 | $ 370 |
Note 5 - Accrued Expenses and_6
Note 5 - Accrued Expenses and Other Current Liabilities - Level 3 Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Jan. 31, 2021 | Oct. 31, 2020 | |
Beginning balance | $ 370 | $ 1,249 |
Change in value | (74) | (879) |
Ending balance | $ 296 | $ 370 |
Note 6 - (Loss) Earnings Per _3
Note 6 - (Loss) Earnings Per Share (Details Textual) - shares | 3 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Out-of-the-money Securities [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 331,338 | 392,838 |
Note 6 - (Loss) Earnings Per _4
Note 6 - (Loss) Earnings Per Share - Computation of Basic and Diluted Weighted Average Shares Outstanding (Details) - shares | 3 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Basic (in shares) | 9,864,689 | 9,564,533 |
Add effects of potentially dilutive securities-assumed exercise of stock options (in shares) | 308,803 | |
Weighted average shares outstanding for diluted (loss) earnings per share (in shares) | 9,864,689 | 9,873,336 |
Note 7 - Stock-based Compensa_3
Note 7 - Stock-based Compensation and Equity Transactions (Details Textual) - USD ($) | Jan. 12, 2021 | Dec. 31, 2020 | Sep. 15, 2020 | Jul. 31, 2020 | Jun. 30, 2020 | Jan. 09, 2020 | Dec. 06, 2019 | Nov. 04, 2019 | Jan. 31, 2021 | Jan. 31, 2020 | Nov. 01, 2020 | Nov. 01, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term (Year) | 6 years 109 days | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term (Year) | 4 years 197 days | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term (Year) | 6 years 109 days | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 1,077,000 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | 531,000 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | 1,069,000 | |||||||||||
Selling, General and Administrative Expenses [Member] | ||||||||||||
Share-based Payment Arrangement, Expense | 123,000 | $ 187,000 | ||||||||||
Share-based Payment Arrangement, Nonemployee [Member] | ||||||||||||
Nonemployee Director, Annual Compensation | $ 50,000 | $ 50,000 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Value | $ 25,000 | $ 25,000 | ||||||||||
Share Price, 20 Day Average (in dollars per share) | $ 6.36 | $ 4.34 | ||||||||||
Incentive Stock Options [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 2.46 | $ 3.13 | ||||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 708,000 | |||||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years 335 days | |||||||||||
Restricted Stock [Member] | ||||||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 461,000 | |||||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 109 days | |||||||||||
One Employee [Member] | Incentive Stock Options [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 10,000 | 50,000 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares (in shares) | 2,500 | 10,000 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Number to Vest Each Year (in shares) | 2,500 | 10,000 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | 4 years | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | 10 years | ||||||||||
Three Employees [Member] | ||||||||||||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture, Total (in shares) | 12,075 | |||||||||||
Share-based Payment Arrangement, Expense | $ 77,000 | |||||||||||
Two Employees [Member] | Incentive Stock Options [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 3,241 | |||||||||||
Five Employees [Member] | Incentive Stock Options [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 77,000 | |||||||||||
Five Employees [Member] | Restricted Stock [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 38,500 | |||||||||||
Five Employees [Member] | Restricted Stock and Incentive Stock Options [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |||||||||||
Five Employees [Member] | Restricted Stock and Incentive Stock Options [Member] | Vesting on January 9, 2021 [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |||||||||||
Five Employees [Member] | Restricted Stock and Incentive Stock Options [Member] | Vesting on January 12, 2022 [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |||||||||||
One Manager and Three Officers [Member] | Incentive Stock Options [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 67,000 | |||||||||||
One Manager and Three Officers [Member] | Restricted Stock [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 33,500 | |||||||||||
One Manager and Three Officers [Member] | Restricted Stock and Incentive Stock Options [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |||||||||||
Five Non-employee Directors [Member] | Restricted Stock [Member] | Share-based Payment Arrangement, Nonemployee [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Per Director (in shares) | 3,270 | 5,757 | ||||||||||
New Director [Member] | Restricted Stock [Member] | Share-based Payment Arrangement, Nonemployee [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Per Director (in shares) | 3,334 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Value | $ 25,000 | |||||||||||
Share Price, 20 Day Average (in dollars per share) | $ 5.31 | |||||||||||
Non-employee Directors and Chairperson of Committee on Board [Member] | ||||||||||||
Annual Payable, Cash, Additional Compensation | $ 15,000 | |||||||||||
Stock Issued During Period, Shares, Per Person, Issued For Services (in shares) | 279 | |||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 4.47 | |||||||||||
Non-employee Directors and Chairperson of Committee on Board [Member] | Restricted Stock [Member] | ||||||||||||
Share Price, 20 Day Average (in dollars per share) | $ 4.34 | |||||||||||
Stock Issued During Period, Shares, Per Person, Issued For Services (in shares) | 3,454 | |||||||||||
Annual Payable, Shares, Additional Compensation | $ 15,000 |
Note 7 - Stock-based Compensa_4
Note 7 - Stock-based Compensation and Equity Transactions - Assumptions (Details) | 3 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Risk-free interest rate | 0.39% | 1.57% |
Dividend yield | 0.00% | 1.23% |
Expected life of the option (in years) (Year) | 7 years | 6 years 171 days |
Volatility factor | 51.94% | 49.14% |
Note 7 - Stock-based Compensa_5
Note 7 - Stock-based Compensation and Equity Transactions - Options Outstanding (Details) | 3 Months Ended |
Jan. 31, 2021$ / sharesshares | |
Outstanding, shares (in shares) | shares | 789,179 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 4.66 |
Options granted, shares (in shares) | shares | 67,000 |
Options granted, weighted average exercise price (in dollars per share) | $ / shares | $ 4.98 |
Options exercised, shares (in shares) | shares | (118,189) |
Options exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 3.26 |
Options cancelled, shares (in shares) | shares | (91,793) |
Options canceled or expired, weighted average exercise price (in dollars per share) | $ / shares | $ 5.88 |
Options outstanding, shares (in shares) | shares | 646,197 |
Options outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 4.78 |
Options exercisable, shares (in shares) | shares | 298,781 |
Options exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 4.85 |
Options vested and expected to vest, shares (in shares) | shares | 645,861 |
Options vested and expected to vest, weighted average exercise price (in dollars per share) | $ / shares | $ 4.78 |
Note 8 - Concentrations of Cr_2
Note 8 - Concentrations of Credit Risk (Details Textual) $ in Millions | 3 Months Ended | |
Jan. 31, 2021USD ($) | Jan. 31, 2020 | |
Cash, Uninsured Amount | $ 14.3 | |
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | ||
Number of Customers | 2 | 2 |
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | Distributors One [Member] | ||
Concentration Risk, Percentage | 16.00% | 11.00% |
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | Distributors Two [Member] | ||
Concentration Risk, Percentage | 12.00% | 11.00% |
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | Wireless Carrier One [Member] | ||
Number of Customers | 1 | |
Concentration Risk, Percentage | 17.00% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | ||
Number of Customers | 2 | 2 |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Distributors One [Member] | ||
Concentration Risk, Percentage | 15.00% | 12.00% |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Distributors Two [Member] | ||
Concentration Risk, Percentage | 19.00% | 12.00% |
Note 9 - Segment Information (D
Note 9 - Segment Information (Details Textual) | 3 Months Ended |
Jan. 31, 2021 | |
Number of Reportable Segments | 2 |
Note 9 - Segment Information -
Note 9 - Segment Information - Sales by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Net sales | $ 10,002 | $ 12,414 |
UNITED STATES | ||
Net sales | 9,379 | 12,173 |
CANADA | ||
Net sales | 525 | 116 |
MEXICO | ||
Net sales | 5 | |
All Other Foreign Countries [Member] | ||
Net sales | 98 | 120 |
Non-US [Member] | ||
Net sales | $ 623 | $ 241 |
Note 9 - Segment Information _2
Note 9 - Segment Information - Net Sales, Income Before Provision for Income Taxes and Other Related Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Oct. 31, 2020 | |
Net sales | $ 10,002 | $ 12,414 | |
Income (loss) before (benefit) provision for income taxes | (597) | 12 | |
Depreciation and amortization | 237 | 255 | |
Total assets | 40,635 | 39,832 | $ 40,822 |
Corporate, Non-Segment [Member] | |||
Net sales | |||
Income (loss) before (benefit) provision for income taxes | (8) | 11 | |
Depreciation and amortization | |||
Total assets | 17,766 | 15,178 | |
RF Connector and Cable Assembly [Member] | Operating Segments [Member] | |||
Net sales | 3,575 | 3,189 | |
Income (loss) before (benefit) provision for income taxes | 453 | 282 | |
Depreciation and amortization | 35 | 42 | |
Total assets | 7,667 | 7,496 | |
Custom Cabling Manufacturing and Assembly [Member] | Operating Segments [Member] | |||
Net sales | 6,427 | 9,225 | |
Income (loss) before (benefit) provision for income taxes | (1,042) | (281) | |
Depreciation and amortization | 202 | 213 | |
Total assets | $ 15,202 | $ 17,158 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Oct. 31, 2020 | |
Increase (Decrease) in Deferred Tax Asset and Income Taxes Payable | $ 700,000 | ||
Effective Income Tax Rate Reconciliation, Percent, Total | 32.00% | (120.00%) | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | $ 134,000 | $ 107,000 | |
Unrecognized Tax Benefits, Ending Balance | $ 35,000 |
Note 11 - Intangible Assets (De
Note 11 - Intangible Assets (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended |
Jan. 31, 2021 | Oct. 31, 2020 | |
Amortization of Intangible Assets, Total | $ 157,000 | $ 692,000 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year) | 5 years 240 days |
Note 11 - Intangible Assets - I
Note 11 - Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | Jan. 31, 2021 | Oct. 31, 2020 |
Amortizable intangible assets, net | $ 3,024 | $ 3,181 |
Non-amortizable intangible assets, trademarks | 1,174 | 1,174 |
Noncompete Agreements [Member] | ||
Amortizable intangible assets, gross | 423 | 423 |
Accumulated amortization | (256) | (245) |
Amortizable intangible assets, net | 167 | 178 |
Customer Relationships [Member] | ||
Amortizable intangible assets, gross | 5,058 | 5,058 |
Accumulated amortization | (2,483) | (2,367) |
Amortizable intangible assets, net | 2,575 | 2,691 |
Order or Production Backlog [Member] | ||
Amortizable intangible assets, gross | 287 | 287 |
Accumulated amortization | (287) | (266) |
Amortizable intangible assets, net | 21 | |
Patents [Member] | ||
Amortizable intangible assets, gross | 368 | 368 |
Accumulated amortization | (86) | (77) |
Amortizable intangible assets, net | $ 282 | $ 291 |
Note 11 - Intangible Assets -_2
Note 11 - Intangible Assets - Intangible Assets (Details) (Parentheticals) | 3 Months Ended | 12 Months Ended |
Jan. 31, 2021 | Oct. 31, 2020 | |
Noncompete Agreements [Member] | ||
Estimated life (Year) | 5 years | 5 years |
Customer Relationships [Member] | Minimum [Member] | ||
Estimated life (Year) | 7 years | 7 years |
Customer Relationships [Member] | Maximum [Member] | ||
Estimated life (Year) | 15 years | 15 years |
Order or Production Backlog [Member] | Minimum [Member] | ||
Estimated life (Year) | 1 year | 1 year |
Order or Production Backlog [Member] | Maximum [Member] | ||
Estimated life (Year) | 2 years | 2 years |
Patents [Member] | Minimum [Member] | ||
Estimated life (Year) | 10 years | 10 years |
Patents [Member] | Maximum [Member] | ||
Estimated life (Year) | 14 years | 14 years |
Note 12 - Commitments (Details
Note 12 - Commitments (Details Textual) - USD ($) | Jan. 31, 2021 | Oct. 31, 2020 |
Lessee, Operating Lease, Renewal Term (Year) | 5 years | |
Operating Lease, Right-of-Use Asset | $ 1,184,000 | $ 1,421,000 |
Operating Lease, Liability, Total | 1,266,000 | |
Operating Lease, Liability, Current | 789,000 | $ 874,000 |
Finance Lease, Liability, Total | 0 | |
Other Current Liabilities [Member] | ||
Operating Lease, Liability, Current | 789,000 | |
K and K Unlimited [Member] | ||
Lessee, Operating Lease, Monthly Rent | $ 14,000 | |
Minimum [Member] | ||
Lessee, Operating Lease, Remaining Lease Term (Year) | 1 year | |
Maximum [Member] | ||
Lessee, Operating Lease, Remaining Lease Term (Year) | 3 years |
Note 12 - Commitments - Operati
Note 12 - Commitments - Operating Lease Expense (Details) $ in Thousands | 3 Months Ended |
Jan. 31, 2021USD ($) | |
Operating lease cost | $ 247 |
Short-term lease cost |
Note 12 - Commitments - Other I
Note 12 - Commitments - Other Information Related to Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Jan. 31, 2021 | Oct. 31, 2020 | |
Right of use assets obtained in exchange for lease obligations operating leases | $ 1,184 | $ 1,421 |
Weighted Average Remaining Lease Term, Operating leases (months) (Month) | 1 year 263 days | 1 year 328 days |
Weighted Average Discount Rate, Operating leases | 3.54% | 3.54% |
Note 12 - Commitments - Future
Note 12 - Commitments - Future Minimum Lease Payments (Details) - USD ($) | Jan. 31, 2021 | Oct. 31, 2020 |
2021 (excluding three months ended January 31, 2021) | $ 667,000 | |
2022 | 532,000 | |
2023 | 166,000 | |
2024 | ||
2025 | ||
Thereafter | ||
Total future minimum lease payments | 1,365,000 | |
Less imputed interest | (99,000) | |
Total | 1,266,000 | |
Other current liabilities | 789,000 | $ 874,000 |
Operating lease liabilities | 477,000 | $ 635,000 |
Finance lease liabilities | 0 | |
Total | 1,266,000 | |
Other Current Liabilities [Member] | ||
Other current liabilities | $ 789,000 |
Note 13 - Line of Credit and _3
Note 13 - Line of Credit and PPP Loans (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | ||
May 31, 2020 | Nov. 30, 2019 | Dec. 30, 2020 | |
Paycheck Protection Program CARES Act [Member] | |||
Proceeds from Issuance of Long-term Debt, Total | $ 2,800 | ||
Revolving Credit Facility [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000 | ||
Long-term Line of Credit, Total | $ 0 | ||
Revolving Credit Facility [Member] | LIBOR Daily Floating Rate [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.00% |
Note 13 - Line of Credit and _4
Note 13 - Line of Credit and PPP Loans - Future Minimum Loan Payments (Details) - Paycheck Protection Program CARES Act [Member] $ in Thousands | Jan. 31, 2021USD ($) |
2021 (excluding three months ended January 31, 2021) | $ 1,575 |
2022 | 1,213 |
Total future minimum payments | $ 2,788 |
Note 14 - Cash Dividend and D_2
Note 14 - Cash Dividend and Declared Dividends (Details Textual) - USD ($) | 3 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Payments of Ordinary Dividends, Common Stock | $ 0 | $ 193,000 |
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.02 |
Note 15 - Subsequent Events (De
Note 15 - Subsequent Events (Details Textual) $ in Millions | 1 Months Ended |
Feb. 28, 2021USD ($) | |
Paycheck Protection Program CARES Act [Member] | Subsequent Event [Member] | |
Debt Instrument, Forgiveness Amount | $ 2.8 |