STOCKHOLDERS' EQUITY

6 Months Ended

Apr. 30, 2014

Equity [Abstract]

Stockholders Equity Note Disclosure [Text Block]

12.  STOCKHOLDERS’ EQUITY

Common stock warrants

In the six months ended April 30, 2014, there were no changes in the Company’s outstanding warrants. As of April 30, 2014, the Company had warrants for 50,000 shares outstanding with an exercise price of $1.06 per share, which expire in March 2015.

Nasdaq listing and reverse stock split

The Company’s common stock currently trades on the Nasdaq Capital Market (“Nasdaq”), which has continued listing requirements, including a minimum bid price requirement of $1.00 per share. On March 1, 2013, we received a letter from Nasdaq notifying us that for the 30 consecutive trading days preceding the date of the letter, the bid price of our common stock had closed below the $1.00 per share minimum. Nasdaq has granted the Company until June 30, 2014 to become compliant and avoid delisting.

As a component of its plan to regain compliance with Nasdaq’s listing standards, the Company intends to effect a reverse stock split prior to June 30, 2014, which was approved by the Company’s shareholders in April 2014, at a ratio within the range of 1-for-3 to 1-for-10.