Cover
Cover - shares | 9 Months Ended | |
Jul. 31, 2021 | Sep. 09, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jul. 31, 2021 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --10-31 | |
Entity File Number | 0-14443 | |
Entity Registrant Name | INTERNATIONAL BALER CORPORATION | |
Entity Central Index Key | 0000781902 | |
Entity Tax Identification Number | 13-2842053 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 5400 Rio Grande Avenue | |
Entity Address, City or Town | Jacksonville | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 32254 | |
City Area Code | 904 | |
Local Phone Number | 358-3812 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 5,183,894 |
CONDENSED BALANCE SHEETS (Unaud
CONDENSED BALANCE SHEETS (Unaudited) - USD ($) | Jul. 31, 2021 | Oct. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 2,656,132 | $ 2,626,221 |
Certificate of deposit | 1,012,960 | 1,011,824 |
Accounts receivable, net of allowance for doubtful accounts of $66,000 at July 31, 2021 and $6,000 at October 31, 2020 | 652,545 | 788,234 |
Inventories | 4,066,772 | 4,254,880 |
Prepaid expense and other current assets | 192,092 | 92,195 |
Income taxes receivable | 332,815 | 332,815 |
Total current assets | 8,913,316 | 9,106,169 |
Property, plant and equipment, at cost: | 4,534,247 | 4,440,561 |
Less: accumulated depreciation | 3,330,764 | 3,161,864 |
Net property, plant and equipment | 1,203,483 | 1,278,697 |
Other assets | ||
Deferred income taxes | 221,890 | 77,890 |
Total other assets | 221,890 | 77,890 |
TOTAL ASSETS | 10,338,689 | 10,462,756 |
Current liabilities: | ||
Accounts payable | 294,172 | 480,278 |
Accrued liabilities | 345,127 | 377,898 |
Customer deposits | 1,105,912 | 526,725 |
Total current liabilities | 1,745,211 | 1,384,901 |
Long term debt | 0 | 626,466 |
Total liabilities | 1,745,211 | 2,011,367 |
Stockholders' equity: | ||
Preferred stock, par value $.0001,10,000,000 shares authorized, none issued | 0 | 0 |
Common stock, par value $.01, 25,000,000 shares authorized;6,429,875 shares issued | 64,299 | 64,299 |
Additional paid-in capital | 6,419,687 | 6,419,687 |
Retained earnings | 2,790,902 | 2,648,813 |
Less:Treasury stock, 1,245,980 shares, at cost | (681,410) | (681,410) |
Total stockholders' equity | 8,593,478 | 8,451,389 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 10,338,689 | $ 10,462,756 |
CONDENSED BALANCE SHEETS (Una_2
CONDENSED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) | Jul. 31, 2021 | Oct. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, net of allowance for doubtful accounts | $ 66,000 | $ 6,000 |
Preferred stock, par value | $ 1 | $ 1 |
Preferred stock, share authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 25,000,000 | 25,000,000 |
Common stock, shares issued | 6,429,875 | 6,429,875 |
Treasury stock, shares | 1,245,980 | 1,245,980 |
CONDENSED STATEMENTS OF INCOME
CONDENSED STATEMENTS OF INCOME (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | |
Net sales: | ||||
Equipment | $ 1,837,914 | $ 1,937,971 | $ 5,053,158 | $ 4,648,093 |
Parts and service | 885,858 | 727,267 | 2,658,529 | 2,042,349 |
Total net sales | 2,723,772 | 2,665,238 | 7,711,687 | 6,690,442 |
Cost of sales | 2,609,468 | 2,285,480 | 6,986,127 | 5,981,049 |
Gross profit | 114,304 | 379,758 | 725,560 | 709,393 |
Operating expense: | ||||
Selling expense | 209,851 | 217,565 | 491,530 | 470,542 |
Administrative expense | 357,321 | 236,163 | 865,862 | 650,086 |
Total operating expense | 567,172 | 453,728 | 1,357,392 | 1,120,628 |
Operating loss | (452,868) | (73,970) | (631,832) | (411,235) |
Other income: | ||||
Interest income | 1,664 | 1,876 | 3,455 | 12,870 |
Gain on extinguishment of debt | 0 | 10,500 | 626,466 | 10,500 |
Total other income | 1,664 | 12,376 | 629,921 | 23,370 |
Loss income before income taxes | (451,204) | (61,594) | (1,911) | (387,865) |
Income tax benefit | (108,000) | (14,000) | (144,000) | (92,000) |
Net (loss) income | $ (343,204) | $ (47,594) | $ 142,089 | $ (295,865) |
(Loss) income per share, basic and diluted | $ (0.07) | $ (0.01) | $ 0.03 | $ (0.06) |
Weighted average number of shares outstanding | 5,183,895 | 5,183,895 | 5,183,895 | 5,183,895 |
CONDENSED STATEMENTS OF STOCKHO
CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Total |
Beginning balance, value at Oct. 31, 2019 | $ 64,299 | $ 6,419,687 | $ 3,057,228 | $ (681,410) | $ 8,859,804 |
Beginning Balace, Shares at Oct. 31, 2019 | 6,429,875 | 1,245,980 | |||
Net loss | (184,481) | (184,481) | |||
Ending balance, value at Jan. 31, 2020 | $ 64,299 | 6,419,687 | 2,872,747 | $ (681,410) | 8,675,323 |
End Balance, Shares at Jan. 31, 2020 | 6,429,875 | 1,245,980 | |||
Net loss | (63,590) | (63,590) | |||
Ending balance, value at Apr. 30, 2020 | $ 64,299 | 6,419,687 | 2,809,157 | $ (681,410) | 8,611,733 |
End Balance, Shares at Apr. 30, 2020 | 6,429,875 | 1,245,980 | |||
Net loss | (47,794) | (47,794) | |||
Ending balance, value at Jul. 31, 2020 | $ 64,299 | 6,419,687 | 2,761,363 | $ (681,410) | 8,563,939 |
End Balance, Shares at Jul. 31, 2020 | 6,429,875 | 1,245,980 | |||
Beginning balance, value at Oct. 31, 2020 | $ 64,299 | 6,419,687 | 2,648,813 | $ (681,410) | 8,451,389 |
Beginning Balace, Shares at Oct. 31, 2020 | 6,429,875 | 1,245,980 | |||
Net loss | 489,339 | 489,339 | |||
Ending balance, value at Jan. 31, 2021 | $ 64,299 | 6,419,687 | 3,138,152 | $ (681,410) | 8,940,728 |
End Balance, Shares at Jan. 31, 2021 | 6,429,875 | 1,245,980 | |||
Net loss | (4,046) | (4,046) | |||
Ending balance, value at Apr. 30, 2021 | $ 64,299 | 6,419,687 | 3,134,106 | $ (681,410) | 8,936,682 |
End Balance, Shares at Apr. 30, 2021 | 6,429,875 | 1,245,980 | |||
Net loss | (343,204) | (343,204) | |||
Ending balance, value at Jul. 31, 2021 | $ 64,299 | $ 6,419,687 | $ 2,790,902 | $ (681,410) | $ 8,593,478 |
End Balance, Shares at Jul. 31, 2021 | 6,429,875 | 1,245,980 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 9 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
Cash flow from operating activities: | ||
Net income (loss) | $ 142,089 | $ (295,865) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Gain on extinguishment of debt | (626,466) | |
Depreciation and amortization | 168,900 | 161,400 |
Deferred income tax | (144,000) | |
Provision for doubtful accounts | 60,000 | |
Gain on sale of fixed assets | (10,500) | |
Changes in operating assets and liabilities: | ||
Accounts receivable | 75,689 | (49,888) |
Inventories | 188,108 | (215,566) |
Prepaid expenses and other assets | (99,897) | (55,935) |
Income taxes receivable | (89,532) | |
Accounts payable | (186,106) | (64,164) |
Accrued liabilities | (32,771) | 108,713 |
Customer deposits | 579,187 | (147,592) |
Net cash provided by (used in) operating activities | 124,733 | (658,929) |
Cash flows from investing activities: | ||
Purchase of property and equipment | (93,686) | (179,666) |
Proceeds received on sale of fixed assets | 10,500 | |
Interest earned on certificates of deposit | (1,136) | (7,826) |
Net cash used in investing activities | (94,822) | (176,992) |
Cash flows from financing activities: | ||
Proceeds from PPP loan | 626,466 | |
Net cash provided by financing activities | 626,466 | |
Net increase (decrease) in cash and cash equivalents | 29,911 | (209,455) |
Cash and cash equivalents at beginning of period | 2,626,221 | 2,714,764 |
Cash and cash equivalents at end of period | $ 2,656,132 | $ 2,505,309 |
Nature of Business
Nature of Business | 9 Months Ended |
Jul. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business | 1. Nature of Business International Baler Corporation (the “Company”) is a manufacturer of baling equipment which is designed to compress a variety of materials into bales for easier handling, shipping, disposal, storage, and for recycling. Materials commonly baled include scrap metal, corrugated boxes, newsprint, aluminum cans, plastic bottles, and other solid waste. More sophisticated applications include baling of textile materials, fibers and synthetic rubber. The Company offers a wide variety of balers, standard models as well as custom models, and conveyors to meet specific customer requirements. The Company’s customers include recycling facilities, distribution centers, textile mills, and companies which generate the materials for baling and recycling. The Company sells its products worldwide with annual sales outside the United States typically ranging from 10% to 35%. |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Jul. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 2. Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 8-03 of Regulation S-X. Accordingly, they do not include all the information in footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary to make the financial statements not misleading have been included. Operating results for the three-month period ended July 31, 2021 are not necessarily indicative of the results that may be expected for the year ending October 31, 2021. The accompanying balance sheet as of October 31, 2020 was derived from the audited financial statements as of October 31, 2020. These unaudited condensed financial statements and notes thereto should be read in conjunction with the Management’s Discussion and the audited financial statements and notes thereto included in the Annual Report on Form 10-K for the year ended October 31, 2020. The Company is closely monitoring ongoing developments in connection with the COVID-19 global pandemic, which has had an adverse impact on sales as many customers are holding off purchasing new equipment. As of date of this report, the COVID-19 pandemic has not materially adversely impacted our capital and financial resources. Due to the economic uncertainty that has resulted from the pandemic, and the potential impact of such to our stakeholders, we are unable to predict with certainty any potential impacts to our business. Additionally, because we are unable to determine the ultimate severity or duration of the outbreak or its long-term effects on, among other things, the global, national or local economies, the capital and credit markets, our workforce, our customers or our suppliers, at this time we are unable to predict the adverse extent that the COVID-19 crisis will have on our business, financial condition, liquidity and results of operations. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Jul. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 3. Summary of Significant Accounting Policies (a) Accounts Receivable & Allowance for Doubtful Accounts Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The Company maintains an allowance for doubtful accounts for estimated losses inherent in its accounts receivable. The Company reviews its allowance for doubtful accounts monthly including the analysis of historical trends, customer credit worthiness and the aging of receivables. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. (b) Inventories Inventories are stated at the lower of cost and net realizable value. Cost is determined by a method that approximates the first-in, first-out method. Work in process and finished goods are valued based on underlying costs to manufacture balers which include direct materials, direct and indirect labor, and overhead. The Company reviews inventory for obsolescence on a regular basis. (c) Warranties and Service The Company typically warrants its products for one (1) year from the date of sale as to materials, three (3) years for structural damage and six (6) months as to labor, and offers services for other required repairs and maintenance. Service is rendered by repairing or replacing parts at the Company’s Jacksonville, Florida facility, by on-site service provided by Company personnel who are based in Jacksonville, Florida or by local service agents who are engaged as needed. The Company maintains an accrued liability for expected warranty claims. The warranty accrual is based on historical warranty costs, the quantity and types of balers currently under warranty, and known warranty issues. Following is a tabular reconciliation of the changes in the warranty accrual for the nine-month period ended July 31: Warranty Accrual 2021 2020 Beginning balance $ 40,000 $ 60,000 Warranty service provided (115,794 ) (86,686 ) New product warranties 101,063 46,480 Changes to pre-existing warranty accruals 14,731 20,206 Ending balance $ 40,000 $ 40,000 (d) Fair Value of Financial Instruments The carrying amounts of the Company’s financial instruments, including cash and cash equivalents, short term certificates of deposit, accounts receivable, accounts payable, accrued liabilities, and customer deposits, approximate their fair value due to the short-term nature of these assets and liabilities. (e) Advertising Expenses Advertising costs are expensed as incurred. Advertising expense was $ 108,235 96,885 (f) Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements: Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standards Updates (ASUs) to the FASB Accounting Standards Codification (“ASC”). The Company considers the applicability and impact of all ASUs and any not listed below were assessed and determined to be applicable or are expected to have a minimal impact on the Company’s condensed financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases, |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 9 Months Ended |
Jul. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | 4. Revenue from Contracts with Customers a) Overview The Company recognizes revenues from the sale of finished products upon shipment and the transfer of control to the customer. The other elements may include installation and, generally, a one-year warranty. Equipment installation revenue is valued based on estimated service person hours to complete installation and is recognized when the labor has been completed and the equipment has been accepted by the customer, which is generally within a couple days of the delivery of the equipment. Warranty revenue, if sold separately, is valued based on estimated service person hours to complete a service and generally is recognized over the contract period. Revenue from service plans is recognized over time based on the term of the service agreement. All other product sales with customer specific acceptance provisions are recognized at a point in time upon customer acceptance and the delivery of the parts or service. Revenues related to spare part sales are recognized upon shipment or delivery based on the trade terms. Generally, pricing is fixed with payment terms of thirty days after shipment. The majority of the Company’s contracts have short duration and a single performance obligation to deliver a configured to order baler and related equipment to the customer. The Company has elected to expense shipping and handling costs as incurred. In the first nine months ended on July 31, 2021 deferred revenue of $ 382,557 b) Disaggregation of Revenue Disaggregated revenue is by primary geographic market is as follows: Disaggregated revenue Nine Months Ended July 31 Equipment Revenue by Geographic Area 2021 2020 United States $ 7,453,576 $ 6,446,678 International 258,111 243,764 Total $ 7,711,687 $ 6,690,442 |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Jul. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 5. Related Party Transactions Avis Industrial Corporation (Avis) controls over 80 100 no |
Inventories
Inventories | 9 Months Ended |
Jul. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | 6. Inventories Inventories consisted of the following: Inventories July 31, 2021 October 31, 2020 Raw materials $ 2,144,051 $ 2,155,664 Work in process 1,598,918 1,725,596 Finished goods 323,803 373,620 Inventories $ 4,066,772 $ 4,254,880 |
Debt
Debt | 9 Months Ended |
Jul. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | 7. Debt The Company has a $ 1,000,000 The line of credit allows the Company to borrow at an interest rate equal to the Wall Street Journal prime rate minus 0.95%, adjusting daily. The line of credit is secured by all assets of the Company and expires on May 15, 2022. no On April 16, 2020 the Company received a $ 626,466 2 1.00 |
Income Taxes
Income Taxes | 9 Months Ended |
Jul. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 8. Income Taxes Tax assets are recognized in the balance sheet if it is more likely than not that they will be realized on future tax returns. Factors considered include historical results of operations, volatility of the economic conditions and projected earnings based on current operations. Based on this evidence, it is more likely than not that the deferred tax assets would be realized. Accordingly, there is no valuation allowance as of July 31, 2021 and at October 31, 2020. However, if it is determined that all or part of the deferred tax assets will not be used in the future, an adjustment to the deferred tax assets would be charged against net income in the period such determination is made. As of July 31, 2021 and October 31, 2020, net deferred tax assets were $ 77,890 The Company records interest related to unrecognized tax benefits in interest expense and penalties in selling, general, and administrative expenses. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Jul. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. Commitments and Contingencies The Company, in the ordinary course of business, is subject to claims made, and from time to time is named as a defendant in legal proceedings relating to the sales of its products. The Company believes that the reserves reflected in its financial statements are adequate to pay losses and loss adjustment expenses which may result from such claims and proceedings; however, such estimates may be more or less than the amount ultimately paid when the claims are settled. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on the Company’s financial position, results of operations, or liquidity. On December 1, 2017 the Company was served with a complaint related to an injury to an employee working at Integrated Coating and Seed Technology Inc., (INCOTEC). The employee was operating a baler manufactured by the Company in 1994. The injury occurred on December 4, 2015. The plaintiff is Star Insurance Company. The Company’s insurer settled this claim in March 2020. The Company’s liability on this settlement of the claim was $ 20,645 On March 22, 2021, the Company was served with a complaint related to an injury to an employee working at a Stericycle facility in North Little Rock, Arkansas. The employee was working on a baler manufactured by the Company in 2003. The employee suffered an injury to his left hand on April 10, 2018. The plaintiff is Scott Tinsley, the injured employee. The Company’s insurance policy related to this complaint has a deductible of $ 20,000 On July 27, 2021, the Company was served with a complaint related to an injury to an employee working at Mackay Mitchell Envelope Company in Mount Pleasant, Iowa. On August 10, 2019, the employee, Xaisavath Phanthouvong, was working on a baler manufactured by the Company in 1996. The employee suffered a serious injury to his left hand. The Company’s insurance policy related to this complaint has no deductible and the Company does not expect to incur any significant expenses related to this claim. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Jul. 31, 2021 | |
Accounting Policies [Abstract] | |
Accounts Receivable & Allowance for Doubtful Accounts | (a) Accounts Receivable & Allowance for Doubtful Accounts Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The Company maintains an allowance for doubtful accounts for estimated losses inherent in its accounts receivable. The Company reviews its allowance for doubtful accounts monthly including the analysis of historical trends, customer credit worthiness and the aging of receivables. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. |
Inventories | (b) Inventories Inventories are stated at the lower of cost and net realizable value. Cost is determined by a method that approximates the first-in, first-out method. Work in process and finished goods are valued based on underlying costs to manufacture balers which include direct materials, direct and indirect labor, and overhead. The Company reviews inventory for obsolescence on a regular basis. |
Warranties and Service | (c) Warranties and Service The Company typically warrants its products for one (1) year from the date of sale as to materials, three (3) years for structural damage and six (6) months as to labor, and offers services for other required repairs and maintenance. Service is rendered by repairing or replacing parts at the Company’s Jacksonville, Florida facility, by on-site service provided by Company personnel who are based in Jacksonville, Florida or by local service agents who are engaged as needed. The Company maintains an accrued liability for expected warranty claims. The warranty accrual is based on historical warranty costs, the quantity and types of balers currently under warranty, and known warranty issues. Following is a tabular reconciliation of the changes in the warranty accrual for the nine-month period ended July 31: Warranty Accrual 2021 2020 Beginning balance $ 40,000 $ 60,000 Warranty service provided (115,794 ) (86,686 ) New product warranties 101,063 46,480 Changes to pre-existing warranty accruals 14,731 20,206 Ending balance $ 40,000 $ 40,000 |
Fair Value of Financial Instruments | (d) Fair Value of Financial Instruments The carrying amounts of the Company’s financial instruments, including cash and cash equivalents, short term certificates of deposit, accounts receivable, accounts payable, accrued liabilities, and customer deposits, approximate their fair value due to the short-term nature of these assets and liabilities. |
Advertising Expenses | (e) Advertising Expenses Advertising costs are expensed as incurred. Advertising expense was $ 108,235 96,885 |
Recent Accounting Pronouncements | (f) Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements: Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standards Updates (ASUs) to the FASB Accounting Standards Codification (“ASC”). The Company considers the applicability and impact of all ASUs and any not listed below were assessed and determined to be applicable or are expected to have a minimal impact on the Company’s condensed financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases, |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Jul. 31, 2021 | |
Accounting Policies [Abstract] | |
Warranty Accrual | Warranty Accrual 2021 2020 Beginning balance $ 40,000 $ 60,000 Warranty service provided (115,794 ) (86,686 ) New product warranties 101,063 46,480 Changes to pre-existing warranty accruals 14,731 20,206 Ending balance $ 40,000 $ 40,000 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 9 Months Ended |
Jul. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregated revenue | Disaggregated revenue Nine Months Ended July 31 Equipment Revenue by Geographic Area 2021 2020 United States $ 7,453,576 $ 6,446,678 International 258,111 243,764 Total $ 7,711,687 $ 6,690,442 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Jul. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories July 31, 2021 October 31, 2020 Raw materials $ 2,144,051 $ 2,155,664 Work in process 1,598,918 1,725,596 Finished goods 323,803 373,620 Inventories $ 4,066,772 $ 4,254,880 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Warranty Accrual (Details) - USD ($) | 9 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
Accounting Policies [Abstract] | ||
Beginning balance | $ 40,000 | $ 60,000 |
Warranty service provided | (115,794) | (86,686) |
New product warranties | 101,063 | 46,480 |
Changes to pre-existing warranty accruals | 14,731 | 20,206 |
Ending balance | $ 40,000 | $ 40,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 9 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
Accounting Policies [Abstract] | ||
Advertising expense | $ 108,235 | $ 96,885 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Disaggregated revenue (Details) - USD ($) | 9 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
Equipment Revenue by Geographic Area | ||
Total | $ 7,711,687 | $ 6,690,442 |
United States | ||
Equipment Revenue by Geographic Area | ||
Total | 7,453,576 | 6,446,678 |
International | ||
Equipment Revenue by Geographic Area | ||
Total | $ 258,111 | $ 243,764 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers (Details Narrative) | Jul. 31, 2021USD ($) |
Revenue from Contract with Customer [Abstract] | |
Deferred revenue | $ 382,557 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | |
Related Party Transaction [Line Items] | ||||
Sales | $ 2,723,772 | $ 2,665,238 | $ 7,711,687 | $ 6,690,442 |
The American Baler [Member] | ||||
Related Party Transaction [Line Items] | ||||
Sales | 0 | 0 | ||
Harris Waste Management [Member] | ||||
Related Party Transaction [Line Items] | ||||
Sales | $ 0 | $ 0 | ||
Undivided Interest Boren [Member] | ||||
Related Party Transaction [Line Items] | ||||
Percentage of Ownership | 80.00% | 80.00% | ||
Undivided Interest Avis [Member] | ||||
Related Party Transaction [Line Items] | ||||
Percentage of Ownership | 100.00% | 100.00% |
Inventories - Inventories (Deta
Inventories - Inventories (Details) - USD ($) | Jul. 31, 2021 | Oct. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 2,144,051 | $ 2,155,664 |
Work in process | 1,598,918 | 1,725,596 |
Finished goods | 323,803 | 373,620 |
Inventories | $ 4,066,772 | $ 4,254,880 |
Debt (Details Narrative)
Debt (Details Narrative) - USD ($) | 1 Months Ended | 9 Months Ended | ||
Apr. 16, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | Oct. 31, 2020 | |
Short-term Debt [Line Items] | ||||
Line of Credit Agreement | $ 1,000,000 | |||
Interest Rate Terms | The line of credit allows the Company to borrow at an interest rate equal to the Wall Street Journal prime rate minus 0.95%, adjusting daily. The line of credit is secured by all assets of the Company and expires on May 15, 2022. | |||
Proceeds from loan | $ 626,466 | $ 626,466 | ||
Term | 2 years | |||
Interest rate | 1.00% | |||
Line of Credit [Member] | ||||
Short-term Debt [Line Items] | ||||
Outstanding balance | $ 0 | $ 0 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | Jul. 31, 2021 | Oct. 31, 2020 |
Income Tax Disclosure [Abstract] | ||
Net deferred tax assets | $ 77,890 | $ 77,890 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) - USD ($) | 9 Months Ended | |
Jul. 31, 2021 | Mar. 22, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Settlement of claim | $ 20,645 | |
Reimbursement from insurance claim | $ 20,000 |