Note 5 - Other Current Assets

9 Months Ended

Jul. 31, 2023

Notes to Financial Statements

Other Current Assets [Text Block]

Note 5 – Other current assets

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

	July 31, 2023		October 31, 2022
Employee retention credit ("ERC")	$	176	$	1,636
Prepaid taxes		30		-
Prepaid expense		665		972
Reimbursement for tenant improvements		-		2,810
Other		409		431
Totals	$	1,280	$	5,849

Pursuant to the Coronavirus Aid, Relief, and Economic Security Act (“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 Internal Revenue Service (IRS). The period assessed for eligibility of the ERC is on a calendar year basis. As of July 31, 2023, the remaining portion of the ERC that we have not yet received is included as other receivables in other current assets.