STOCK BASED COMPENSATION ARRANGEMENTS (Tables)

6 Months Ended

Apr. 30, 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 six months ended April 30, 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 end of period		283,614		$	3.39
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 six months ended April 30, 2016:

	April 30, 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 six months ended April 30, 2016 is presented below:

	Number of shares			Weighted-Average Grant-Date Fair Value
Unvested at beginning of period		1,384,791		$	1.25
Granted		65,000		$	0.77
Vested		(464,588	)	$	1.23
Forfeited		-		$	-
Unvested at end of period		985,203		$	1.22