| Income Tax Disclosure [Abstract] | Period [Axis] |
|---|
2015-11-01 - 2016-10-31 |
|---|
Income Tax Disclosure [Abstract] | |
Components of Income Tax Provision (Benefit) |
The income tax provision
(benefit) consists of the following:
| |
|
October 31, 2016 |
|
|
October 31, 2015 |
|
|
October 31, 2014 |
|
| Federal |
|
|
|
|
|
|
|
|
|
|
|
|
| Current |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
| Deferred |
|
|
(18,152,484 |
) |
|
|
(14,513,684 |
) |
|
|
(5,777,937 |
) |
| State and Local |
|
|
|
|
|
|
|
|
|
|
|
|
| Current |
|
|
(2,535,625 |
) |
|
|
(1,609,349 |
) |
|
|
(2,356,880 |
) |
| Deferred |
|
|
(3,698,506 |
) |
|
|
(1,840,276 |
) |
|
|
1,008,338 |
|
| Change in valuation allowance |
|
|
21,850,990 |
|
|
|
16,353,960 |
|
|
|
4,769,599 |
|
| Income tax provision (benefit) |
|
$ |
(2,535,625 |
) |
|
$ |
(1,609,349 |
) |
|
$ |
(2,356,880 |
) |
|
Schedule of Deferred Tax Assets (Liabilities) |
The Company’s
deferred tax assets (liabilities) consisted of the effects of temporary differences attributable to the following:
| |
|
Years Ended |
|
| |
|
October 31, 2016 |
|
|
October 31, 2015 |
|
| Deferred Tax Assets |
|
|
|
|
|
|
|
|
| Net operating loss carryovers |
|
$ |
51,701,000 |
|
|
$ |
34,366,000 |
|
| Stock-based compensation |
|
|
15,239,000 |
|
|
|
10,282,000 |
|
| Other deferred tax assets |
|
|
5,672,000 |
|
|
|
4,878,000 |
|
| Total deferred tax assets |
|
$ |
72,612,000 |
|
|
$ |
49,526,000 |
|
| Valuation allowance |
|
|
(69,317,000 |
) |
|
|
(47,466,000 |
) |
| Deferred tax asset, net of valuation allowance |
|
$ |
3,295,000 |
|
|
$ |
2,060,000 |
|
| |
|
|
|
|
|
|
|
|
| Deferred Tax Liabilities |
|
|
|
|
|
|
|
|
| Other deferred tax liabilities |
|
|
(3,295,000 |
) |
|
|
(2,060,000 |
) |
| Total deferred tax liabilities |
|
$ |
(3,295,000 |
) |
|
$ |
(2,060,000 |
) |
| Net deferred tax asset (liability) |
|
$ |
- |
|
|
$ |
- |
|
|
Reconciliation Expected Tax (Expense) Benefit Based on Statutory Rate with Actual Tax Expense Benefit |
The expected tax (expense)
benefit based on the statutory rate is reconciled with actual tax expense benefit as follows:
| |
|
Years Ended |
|
| |
|
October 31, 2016 |
|
|
October 31, 2015 |
|
|
October 31, 2014 |
|
| US Federal statutory rate |
|
|
34.0 |
% |
|
|
34.0 |
% |
|
|
34.0 |
% |
| State income tax, net of federal benefit |
|
|
5.9 |
|
|
|
5.9 |
|
|
|
5.9 |
|
| Deferred tax adjustment |
|
|
(13.1 |
) |
|
|
(2.2 |
) |
|
|
(13.3 |
) |
| Change in valuation allowance |
|
|
(28.7 |
) |
|
|
(33.6 |
) |
|
|
(25.3 |
) |
| Income tax benefit from sale of New Jersey NOL carryovers |
|
|
3.3 |
|
|
|
3.3 |
|
|
|
12.5 |
|
| Other permanent differences |
|
|
1.9 |
|
|
|
(4.1 |
) |
|
|
(1.3 |
) |
| Income tax (provision) benefit |
|
|
3.3 |
% |
|
|
3.3 |
% |
|
|
12.5 |
% |
|