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Commitments and Contingencies
3 Months Ended
Jan. 31, 2018
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

8. Commitments and Contingencies:

 

The Company, in the ordinary course of business, is subject to claims made, and from time to time is named as a defendant in legal proceedings relating to the sales of its products. The Company believes that the reserves reflected in its financial statements are adequate to pay losses and loss adjustment expenses which may result from such claims and proceedings; however, such estimates may be more or less than the amount ultimately paid when the claims are settled. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on the Company’s financial position, results of operations, or liquidity.

 

The company had outstanding commitments relating to a standby letter of credit for performance and warranty guarantees of approximately $310,000 at January 31, 2017 and none at January 31, 2018. This letter of credit was collateralized by a certificate of deposit which has an expiration date which coincides with the expiration date of the letter of credit.