STOCK BASED COMPENSATION ARRANGEMENTS (Tables)

3 Months Ended

Jan. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Share-based Compensation, Stock Options, Activity

A summary of the Company’s stock option activity in the three months ended January 31, 2016 is presented below:

	Number of shares	Weighted-Average Exercise Price
Outstanding at beginning of period	579,485	$                           2.82
Granted	38,092	$                           1.05
Exercised	(189,938)	$                           0.68
Expired	(105,933)	$                           5.12
Outstanding at end of period	321,706	$                           3.11
Options exercisable at year-end	276,621	$                           3.44
Weighted-average fair value of options granted during the period		$                           1.05

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions for the three months ended January 31, 2016:

	January 31, 2016
Risk free annual interest rate	1.7%
Expected volatility	79%
Expected life	5
Assumed dividends	None

Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity

A summary of the Company’s restricted stock activity in the three months ended January 31, 2016 is presented below:

	Number of shares	Weighted-Average Grant-Date Fair Value
Unvested at beginning of period	1,384,791	$                           1.25
Granted	50,000	$                           0.77
Vested	(272,711)	$                           1.25
Forfeited	-	$                             -
Unvested at end of period	1,162,080	$                           1.22