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Income Taxes (Tables)
12 Months Ended
Nov. 04, 2023
Income Tax Disclosure [Abstract]  
Summary of Provision for Income Taxes

The provision for income taxes for the years ended consists of the following:

 

 

November 4, 2023

 

 

November 5, 2022

 

Current tax expense:

 

 

 

 

 

 

Federal

 

$

2,920,036

 

 

$

2,009,567

 

State

 

 

807,025

 

 

 

338,284

 

Deferred tax (benefit)

 

 

(46,496

)

 

 

(143,346

)

Provision for income taxes

 

$

3,680,565

 

 

$

2,204,505

 

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:

 

 

November 4, 2023

 

 

November 5, 2022

 

Provision—federal statutory tax rate

 

$

3,061,771

 

 

$

1,981,672

 

Increase (decrease) resulting from:

 

 

 

 

 

 

State taxes, net of federal tax benefit

 

 

633,495

 

 

 

263,528

 

        Other

 

 

(14,701

)

 

 

(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:

 

 

November 4, 2023

 

 

November 5, 2022

 

Deferred tax assets:

 

 

 

 

 

 

Allowance for doubtful accounts

 

$

—

 

 

$

58,173

 

Prepaid Expenses .

 

 

14,995

 

 

 

14,995

 

Accrued expenses

 

 

236,617

 

 

 

198,633

 

Other assets

 

 

34,399

 

 

 

32,411

 

Stock-based compensation

 

 

63,741

 

 

 

34,789

 

Total deferred tax assets

 

 

349,752

 

 

 

339,001

 

Deferred tax liabilities:

 

 

 

 

 

 

Depreciation

 

 

(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

 

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:

 

 

November 4, 2023

 

 

November 5, 2022

 

Current assets (liabilities):

 

 

 

 

 

 

Deferred tax assets

 

$

-

 

 

$

-

 

Deferred tax liabilities

 

 

-

 

 

 

-

 

Net current deferred tax assets

 

 

-

 

 

 

-

 

Non-current assets (liabilities):

 

 

 

 

 

 

Deferred tax assets

 

 

349,752

 

 

 

339,001

 

Deferred tax liabilities

 

 

(259,478

)

 

 

(295,223

)

Net non-current deferred tax assets (liabilities)

 

 

90,274

 

 

 

43,778

 

Net deferred tax assets (liabilities)

 

$

90,274

 

 

$

43,778