Income Taxes (Tables)

12 Months Ended

Nov. 03, 2018

Income Tax Disclosure [Abstract]

Summary of Provision for Income Taxes

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

	November 3, 2018			November 4, 2017
Current tax expense:
Federal	$	1,681,641		$	1,689,446
State		403,874			287,699
		2,085,515			1,977,145
Deferred tax (benefit)		(443,685	)		(118,878	)
Provision for income taxes	$	1,641,830		$	1,858,267

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 3, 2018			November 4, 2017
Provision—federal statutory tax rate	$	1,541,697		$	1,757,205
Increase (decrease) resulting from:
State taxes, net of federal tax benefit		278,507			187,606
Permanent differences:
Stock option expirations		(178	)		3,910
Decrease in federal tax rate		(171,248	)		—
Other comprehensive income		86,882			—
Other		(93,830	)		(90,454	)
Income tax expense	$	1,641,830		$	1,858,267

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 3, 2018			November 4, 2017
Deferred tax assets:
Allowance for doubtful accounts	$	58,773		$	87,261
Inventories		158,598			339,954
Accrued expenses		144,814			192,427
Stock-based compensation		1,312			1,052
Total deferred tax assets		363,497			620,694
Deferred tax liabilities:
Depreciation		(39,490	)		(80,858	)
Installment sale of Cypress Creek		—			(547,348	)
Carrying value of investments		(221,600	)		(388,543	)
Amortization		(39,611	)		(58,810	)
Prepaid expenses		(22,640	)		(10,013	)
Net deferred tax assets (liabilities)	$	40,156		$	(464,878	)

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 3, 2018			November 4, 2017
Current assets (liabilities):
Deferred tax assets	$	—		$	619,642
Deferred tax liabilities		—			(10,013	)
Net current deferred tax assets		—			609,629
Non-current assets (liabilities):
Deferred tax assets		363,498			9,012
Deferred tax liabilities		(323,342	)		(1,083,519	)
Net non-current deferred tax (liabilities)		40,156			(1,074,507	)
Net deferred tax assets (liabilities)	$	40,156		$	(464,878	)