Related Party Transactions

9 Months Ended

Jul. 31, 2020

Related Party Transactions [Abstract]

Related Party Transactions

5. Related Party Transactions:

The Estate of Leland E. Boren is a stockholder of the Company and is the owner of Avis Industrial Corporation (Avis). The Estate controls over 80% of the outstanding shares of the Company. Avis owns 100% of The American Baler Company, a competitor of the Company. On January 1, 2014, Avis acquired The Harris Waste Management Group, Inc. (Harris), also a competitor of the Company. On July 31, 2014 Harris acquired the assets of IPS Balers, Inc. in Baxley, Georgia, another competitor of the Company. These baler companies operate completely independent of each other. The Company had no purchases from these companies in the first nine months of fiscal 2020 and in the fiscal year ended October 31, 2019. The Company had no sales to The American Baler Company in the first nine months of fiscal 2020 and in the fiscal year ended October 31, 2019. The Company sold two closed door horizontal balers to Harris Waste Management for $122,950 in fiscal 2019 and had no sales to Harris Waste Management in the first nine months of fiscal 2020.