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INCOME TAXES
 12 Months Ended
Oct. 31, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES

NOTE 10. INCOME TAXES

 

In prior years, the Company incurred net operating losses and, accordingly, no provision for income taxes has been recorded. In addition, no benefit for income taxes has been recorded due to the uncertainty of the realization of any tax assets. For the 2023 tax year, fiscal year ended October 31, 2024, the Company had net operating loss carryforwards of approximately $7,537,366 for tax purposes. The carryforwards are available to offset taxable income of future periods and begin to expire after the Company’s 2038 tax year, fiscal year ending October 31, 2039. Effective for tax years ending in 2019 or later, net operating losses cannot be carried back, but can be carried forward to future tax years indefinitely. Realization of the deferred tax benefit related to the carryforward is dependent on the Company generating sufficient taxable income in the future, against which the loss can be offset, which is not guaranteed.

 

Deferred income taxes reflect the net tax effect of temporary differences between carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, as well as tax benefits of net operating loss carryforwards. The significant components of the Company’s deferred tax assets and liabilities relate to the following:

 

          
   As of October 31, 2025  As of October 31, 2024
Net operating loss carryforward  $7,537,366   $7,537,366 
Effective tax rate (Fed: 21%, State: 7.99%)   28.99%   28.99%
Deferred tax assets   2,185,082    2,185,082 
Less: Valuation allowance   (2,185,082)   (2,185,082)
Net deferred asset  $—   $—