Income Taxes (Tables)
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12 Months Ended |
Nov. 04, 2023 |
Income Tax Disclosure [Abstract] |
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Summary of Provision for Income Taxes |
The provision for income taxes for the years ended consists of the following:
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November 4, 2023 |
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November 5, 2022 |
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Current tax expense: |
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Federal |
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$ |
2,920,036 |
|
|
$ |
2,009,567 |
|
State |
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|
807,025 |
|
|
|
338,284 |
|
Deferred tax (benefit) |
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|
(46,496 |
) |
|
|
(143,346 |
) |
Provision for income taxes |
|
$ |
3,680,565 |
|
|
$ |
2,204,505 |
|
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Reconciliation Between Statutory Federal Income Tax Rate and Actual Provision for Income Taxes |
The following table shows the reconciliation between the statutory federal income tax rate and the actual provision for income taxes for the years ended:
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November 4, 2023 |
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November 5, 2022 |
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Provision—federal statutory tax rate |
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$ |
3,061,771 |
|
|
$ |
1,981,672 |
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Increase (decrease) resulting from: |
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State taxes, net of federal tax benefit |
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|
633,495 |
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|
|
263,528 |
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Other |
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|
(14,701 |
) |
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|
(40,695 |
) |
Provision for income taxes |
|
$ |
3,680,565 |
|
|
$ |
2,204,505 |
|
|
Deferred Tax Assets and Deferred Tax Liabilities |
The types of temporary differences between the tax bases of assets and liabilities and their financial reporting amounts and the related deferred tax assets and deferred tax liabilities are as follows:
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November 4, 2023 |
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November 5, 2022 |
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Deferred tax assets: |
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Allowance for doubtful accounts |
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$ |
— |
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|
$ |
58,173 |
|
Prepaid Expenses . |
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|
14,995 |
|
|
|
14,995 |
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Accrued expenses |
|
|
236,617 |
|
|
|
198,633 |
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Other assets |
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|
34,399 |
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|
|
32,411 |
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Stock-based compensation |
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|
63,741 |
|
|
|
34,789 |
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Total deferred tax assets |
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|
349,752 |
|
|
|
339,001 |
|
Deferred tax liabilities: |
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Depreciation |
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|
(100,739 |
) |
|
|
(123,033 |
) |
Carrying value of investments |
|
|
(90,908 |
) |
|
|
(106,253 |
) |
Amortization |
|
|
(39,374 |
) |
|
|
(39,206 |
) |
Prepaid expenses |
|
|
(28,457 |
) |
|
|
(26,731 |
) |
Net deferred tax assets (liabilities) |
|
$ |
90,274 |
|
|
$ |
43,778 |
|
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Accompanying Deferred Current and Non current Tax Assets and Liabilities in Consolidated Balance Sheet |
These amounts are included in the accompanying consolidated balance sheets under the following captions:
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November 4, 2023 |
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November 5, 2022 |
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Current assets (liabilities): |
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Deferred tax assets |
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$ |
- |
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$ |
- |
|
Deferred tax liabilities |
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|
- |
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- |
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Net current deferred tax assets |
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- |
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- |
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Non-current assets (liabilities): |
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Deferred tax assets |
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|
349,752 |
|
|
|
339,001 |
|
Deferred tax liabilities |
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|
(259,478 |
) |
|
|
(295,223 |
) |
Net non-current deferred tax assets (liabilities) |
|
|
90,274 |
|
|
|
43,778 |
|
Net deferred tax assets (liabilities) |
|
$ |
90,274 |
|
|
$ |
43,778 |
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