INTERNATIONAL BALER CORP

CIK:0000781902|SEC Filings

CONDENSED STATEMENTS OF INCOME (UNAUDITED) - USD ($)	3 Months Ended
CONDENSED STATEMENTS OF INCOME (UNAUDITED) - USD ($)	Jan. 31, 2022	Jan. 31, 2021
Net sales:
Equipment	$ 1,217,081	$ 1,564,221
Parts and service	822,524	785,684
Total net sales	2,039,605	2,349,905
Cost of sales	1,781,287	2,150,188
Gross profit	258,318	199,717
Operating expense:
Selling expense	110,927	135,916
Administrative expense	278,501	237,819
Total operating expense	389,428	373,735
Operating loss	(131,110)	(174,018)
Other income:
Interest income	962	891
Other income		626,466
Total other income	962	627,357
(Loss) income before income taxes	(130,148)	453,339
Income tax benefit	(29,000)	(36,000)
Net (loss) income	$ (101,148)	$ 489,339
(Loss) income per share, basic and diluted	$ (0.02)	$ 0.09
Weighted average number of shares outstanding	5,183,895	5,183,895

CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	3 Months Ended
	Jan. 31, 2022	Jan. 31, 2021
Cash flow from operating activities:
Net (loss) income	$ (101,148)	$ 489,339
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Gain on extinguishment of debt		(626,466)
Depreciation and amortization	56,700	55,800
Deferred income taxes	(29,000)
Changes in operating assets and liabilities:
Accounts receivable	134,103	77,799
Inventories	(267,981)	13,277
Prepaid expenses and other assets	9,151	4,164
Income taxes receivable		(36,000)
Accounts payable	12,038	(24,148)
Accrued liabilities	(35,200)	(107,877)
Customer deposits	580,225	330,475
Net cash provided by operating activities	358,888	176,363
Cash flows from investing activities:
Purchase of property and equipment	(34,023)	(35,808)
Interest earned on certificates of deposit	(375)	(249)
Net cash used in investing activities	(34,398)	(36,057)
Net increase in cash and cash equivalents	324,490	140,306
Cash and cash equivalents at beginning of period	1,742,336	2,626,221
Cash and cash equivalents at end of period	$ 2,066,826	$ 2,766,527

CONDENSED BALANCE SHEETS (UNAUDITED) - USD ($)	Jan. 31, 2022	Oct. 31, 2021
Current assets:
Cash and cash equivalents	$ 2,066,826	$ 1,742,336
Certificate of deposit	1,013,335	1,012,960
Accounts receivable, net of allowance for doubtful accounts of $11,844 at January 31, 2022 and at October 31, 2021	736,468	870,571
Inventories	4,976,244	4,708,263
Prepaid expense and other current assets	122,182	131,333
Income taxes receivable	434,019	434,019
Total current assets	9,349,074	8,899,482
Property, plant and equipment, at cost:	4,753,873	4,719,850
Less: accumulated depreciation	3,443,032	3,386,332
Net property, plant and equipment	1,310,841	1,333,518
Other assets
Deferred income taxes	162,010	133,010
Total other assets	162,010	133,010
TOTAL ASSETS	10,821,925	10,366,010
Current liabilities:
Accounts payable	433,331	421,293
Accrued liabilities	349,122	384,322
Accrued sales returns	490,000	490,000
Customer deposits	1,330,045	749,820
Total current liabilities	2,602,498	2,045,435
Total liabilities	2,602,498	2,045,435
Stockholders' equity:
Preferred stock, par value $.0001, 10,000,000 shares authorized, none issued
Common stock, par value $.01, 25,000,000 shares authorized;6,429,875 shares issued	64,299	64,299
Additional paid-in capital	6,419,687	6,419,687
Retained earnings	2,416,851	2,517,999
Less:Treasury stock, 1,245,980 shares, at cost	(681,410)	(681,410)
Total stockholders' equity	8,219,427	8,320,575
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 10,821,925	$ 10,366,010