Related Party Transactions	3 Months Ended
Jan. 31, 2012
Notes to Financial Statements
Related Party Transactions	4. Related Party Transactions: The Company has a note receivable from its former president and director totaling $14,288 and $17,826 at January 31, 2012 and October 31, 2011, respectively. Interest accrues at the rate of 6% per annum. The Company has an agreement with the former president and director of the Company for deferred compensation payments. The Company will make payments with a present value of $66,344, payable over the next through January 2013 at $5,813 per month. A portion of the payments will be used to repay the outstanding note receivable discussed above. Leland E. Boren, a shareholder and director of the Company, is the owner of Avis Industrial Corporation (Avis). Mr. Boren controls 51.0% of the outstanding shares of the Company. Avis owns 100% of The American Baler Company, a competitor of the Company. These baler companies operate independent of each other. The Company had no equipment sales to, or purchases from, The American Baler Company for the three months ended January 31, 2012 or 2011. ~

The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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+ Details