Note 5 - Other Current Assets

12 Months Ended

Oct. 31, 2021

Notes to Financial Statements

Other Current Assets [Text Block]

Note 5 – Other current assets

Other current assets consist of the following (in thousands): 

	2021		2020
Employee retention credit ("ERC")	$	1,774	$	-
Prepaid taxes		314		-
Prepaid expense		439		393
Other		366		420
Totals	$	2,893	$	813

Pursuant to the CARES Act, eligible employers are able to claim an ERC, which is a refundable tax credit against certain employment taxes. If the employer’s employment tax deposits are not sufficient to cover the credit, the employer  may get an advance payment from the IRS. The period assessed for eligibility of the ERC is on a calendar year basis. For the first and second quarter of calendar year 2021, we were eligible to claim the ERC. As of  October 31, 2021, the remaining portion of the ERC that we have not yet received is included as other receivables in other current assets.