Note 12 - Income Taxes (Tables)
|
12 Months Ended |
Oct. 31, 2021 |
Notes Tables |
|
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] |
(in thousands) |
|
Year Ended October 31, 2021 |
|
|
Year Ended October 31, 2020 |
|
United States |
|
$ |
(13,162 |
) |
|
$ |
(49,688 |
) |
Foreign |
|
|
731 |
|
|
|
(16,540 |
) |
Total |
|
$ |
(12,431 |
) |
|
$ |
(66,228 |
) |
|
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] |
(in thousands) |
|
Year Ended October 31, 2021 |
|
|
Year Ended October 31, 2020 |
|
Current tax provision (benefit): |
|
|
|
|
|
|
|
|
Federal |
|
$ |
- |
|
|
$ |
(4,299 |
) |
Foreign |
|
|
(375 |
) |
|
|
(9 |
) |
State and local |
|
|
470 |
|
|
|
361 |
|
Total current tax provision (benefit) |
|
|
95 |
|
|
|
(3,947 |
) |
|
|
|
|
|
|
|
|
|
Deferred tax provision (benefit): |
|
|
|
|
|
|
|
|
Federal |
|
$ |
483 |
|
|
$ |
759 |
|
Foreign |
|
|
2,134 |
|
|
|
126 |
|
State and local |
|
|
(70 |
) |
|
|
(1,914 |
) |
Total deferred tax benefit |
|
|
2,547 |
|
|
|
(1,029 |
) |
|
|
|
|
|
|
|
|
|
Net provision (benefit) for income taxes |
|
$ |
2,642 |
|
|
$ |
(4,977 |
) |
|
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] |
(in thousands) |
|
Year Ended October 31, 2021 |
|
|
Year Ended October 31, 2020 |
|
Income tax benefit per federal statutory rate of 21% for each period |
|
$ |
(2,611 |
) |
|
$ |
(13,967 |
) |
State income taxes, net of federal deduction |
|
|
193 |
|
|
|
(150 |
) |
Change in deferred tax rate |
|
|
(92 |
) |
|
|
(1,654 |
) |
Warrant fair value change |
|
|
2,078 |
|
|
|
55 |
|
Nontaxable interest income net of foreign income inclusions |
|
|
- |
|
|
|
717 |
|
Deferred tax on undistributed foreign earnings |
|
|
505 |
|
|
|
(255 |
) |
Impact of tax reform in the U.K. (see discussion below) |
|
|
2,125 |
|
|
|
859 |
|
Goodwill impairment |
|
|
- |
|
|
|
9,812 |
|
Impact of US tax reform from CARES Act |
|
|
- |
|
|
|
(1,381 |
) |
Settlement with related party |
|
|
- |
|
|
|
420 |
|
Other |
|
|
444 |
|
|
|
567 |
|
Income tax provision (benefit) |
|
$ |
2,642 |
|
|
$ |
(4,977 |
) |
|
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] |
(in thousands) |
|
Year Ended October 31, 2021 |
|
|
Year Ended October 31, 2020 |
|
Deferred tax assets: |
|
|
|
|
|
|
|
|
Accrued insurance reserve |
|
$ |
1,329 |
|
|
$ |
1,637 |
|
Accrued sales and use tax |
|
|
75 |
|
|
|
75 |
|
Accrued bonuses and vacation |
|
|
1,276 |
|
|
|
1,521 |
|
Accrued payroll tax |
|
|
675 |
|
|
|
676 |
|
Foreign tax credit carryforward |
|
|
80 |
|
|
|
80 |
|
State tax credit carryforward |
|
|
50 |
|
|
|
70 |
|
Interest expense carryforward |
|
|
649 |
|
|
|
4,089 |
|
Stock-based compensation |
|
|
3,608 |
|
|
|
3,127 |
|
Other |
|
|
364 |
|
|
|
335 |
|
Net operating loss carryforward |
|
|
17,771 |
|
|
|
10,308 |
|
Total deferred tax assets |
|
$ |
25,877 |
|
|
$ |
21,918 |
|
Valuation allowance |
|
|
(63 |
) |
|
|
(63 |
) |
Net deferred tax assets |
|
$ |
25,814 |
|
|
$ |
21,855 |
|
|
|
|
|
|
|
|
|
|
Deferred tax liabilities: |
|
|
|
|
|
|
|
|
Intangible assets |
|
|
(23,837 |
) |
|
|
(27,504 |
) |
Property and equipment |
|
|
(71,400 |
) |
|
|
(61,761 |
) |
Prepaid expenses |
|
|
(157 |
) |
|
|
(128 |
) |
Unremitted foreign earnings |
|
|
(986 |
) |
|
|
(481 |
) |
Total net deferred tax liabilities |
|
|
(96,380 |
) |
|
|
(89,874 |
) |
|
|
|
|
|
|
|
|
|
Net deferred tax liabilities |
|
$ |
(70,566 |
) |
|
$ |
(68,019 |
) |
|
Summary of Operating Loss and Tax Credit Carryforwards [Table Text Block] |
(in millions) |
|
Balance as of October 31, 2021 |
|
|
Year that Carryforwards Begin to Expire |
|
Federal net operating loss carryforwards |
|
$ |
70.3 |
|
|
N/A – Carried forward indefinitely |
|
State net operating loss carryforwards |
|
|
35.8 |
|
|
|
2026 |
|
Foreign tax carryforwards |
|
|
0.1 |
|
|
|
2026 |
|
State credit carryforwards |
|
|
0.1 |
|
|
|
2023 |
|
Interest expense carryforwards |
|
|
0.1 |
|
|
N/A – Carried forward indefinitely |
|
Total tax carryforwards |
|
$ |
106.4 |
|
|
|
|
|
|
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] |
(in thousands) |
|
Year Ended October 31, 2021 |
|
|
Year Ended October 31, 2020 |
|
Balance, beginning of year |
|
$ |
1,572 |
|
|
$ |
1,726 |
|
Increase in current year position |
|
|
- |
|
|
|
- |
|
Increase in prior year position |
|
|
- |
|
|
|
- |
|
Decrease in prior year position |
|
|
(120 |
) |
|
|
(154 |
) |
Lapse in statute of limitations |
|
|
- |
|
|
|
- |
|
Balance, end of year |
|
$ |
1,452 |
|
|
$ |
1,572 |
|
|