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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

_________________

FORM 10-K

_________________

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended: October 31, ~~2020~~2021

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from: _____________ to _____________

_________________

International Baler Corporation

(Exact name of registrant as specified in its charter)

_________________

Delaware	0-14443	13-2842053
(State or Other Jurisdiction	(Commission	(I.R.S. Employer
of Incorporation or Organization)	File Number)	Identification No.)

5400 Rio Grande Avenue, Jacksonville, Florida 32254
(Address of Principal Executive Offices) (Zip Code)

904-358-3812
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act: None

Title of each class
Name of each exchange on which registered

Securities registered pursuant to Section 12(g) of the Act: Common Stock, $.01 par value per share

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $1.00 per share	IBAL	Pink Sheets

None

~~Title~~Securities ofregistered ~~each~~pursuant ~~class Name~~to ofSection ~~each~~12(g) ~~exchange~~of onthe ~~which registered~~Act:

~~_________________~~Common Stock, par value $.001 per share

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☐ ☒ No ☒☐

Indicate by check mark whether the registrant has submitted electronically ~~and posted on its corporate website, if any,~~ every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☐☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.:

Large accelerated filer ☐	Accelerated filer ☐
Non-accelerated filer ☐	Smaller reporting company ☒
	Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepare or issued its audit report. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed second fiscal quarter. (April 30, ~~2020~~2021 closing price $1.2580): $1,~~045~~565,~~545~~321

APPLICABLE ONLY TO REGISTRANTS INVOLVED IN BANKRUPTCY

PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.

Yes ☐ No ☐

(APPLICABLE ONLY TO CORPORATE REGISTRANTS)

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date. (January 15, 2021): 5,183,895

DOCUMENTS INCORPORATED BY REFERENCE

None.

Table of Contents

	~~Page~~	Page
PART I
Item 1. Business	3
Item 2. Properties	6
Item 1A. Risk Factors		6
Item 3. Legal Proceedings	6
Item 1B. Unresolved SEC Comments		6
PART II
Item 2. Properties	6
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	7
Item 3. Legal Proceedings	6
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operation	8
Item 4. Mine Safety Disclosures		6
Item 8. Financial Statements and Supplementary Data	11
PART II
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	11
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities		7
Item 9A. Controls and Procedures	11
Item 6. [Reserved]		7
Item 9B. Other Information	13
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operation		8
PART III
Item 7A. Quantitative and Qualitative Disclosures About Market Risk		11
Item 10. Directors and Executive Officers and Corporate Governance	14
Item 8. Financial Statements and Supplementary Data		11
Item 11. Executive Compensation	17
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure		11
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	18
Item 9A. Controls and Procedures	11
Item 13. Certain Relationships and Related Transactions, and Director Independence	18
Item 9B. Other Information		13
Item 14. Principal Accountant Fees and Service	19
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	13
PART IV
PART III
Item 15. Exhibits, Financial Statements and Schedules	20
Item 10. Directors and Executive Officers and Corporate Governance	14
SIGNATURES	21
Item 11. Executive Compensation	17
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	18
Item 13. Certain Relationships and Related Transactions, and Director Independence		19
Item 14. Principal Accountant Fees and Service		20
PART IV
Item 15. Exhibits and Financial Statement Schedules	21
Item 16. Form 10-K Summary	21
SIGNATURES		22

PART I

ITEM 1. BUSINESS

International Baler Corp. was incorporated on September 10, 1975, in the State of Delaware under the name B.W. Energy Systems, Inc. Its name was changed to Waste Technology Corp. in August 1983. In March 2009, Waste Technology Corporation’s wholly-owned subsidiary, ~~International~~ International Baler Corporation (IBC), was merged into Waste Technology Corporation and the Company changed its name to International Baler Corporation. International Baler Corporation maintains its executive offices and manufacturing facilities at 5400 Rio Grande Avenue, Jacksonville, Florida 32254. The Company’s telephone number is (904) 358-3812. The Company's fiscal year -end is October 31.

General

The Company is a manufacturer of baling equipment which is fabricated from steel and utilizes hydraulic and electrical components to compress a variety of materials into bales for easier handling, shipping, disposal, storage, and for recycling. Materials commonly baled include scrap metal, corrugated boxes, newsprint, aluminum cans, plastic bottles, and other solid waste. More sophisticated applications include baling of textile materials, fibers and synthetic rubber. The Company offers a wide variety of balers, ~~standard models,~~certain astypes ~~well~~that asare ~~custom~~standardized and ~~models~~others tothat ~~meet~~are designed to specific customer requirements.

Products

Balers utilize mechanical, hydraulic, and electrical mechanisms to compress a variety of materials into bales for easier and lower cost handling, shipping, disposal, storage, and/or bulk sales for recycling. The ~~Company offers a wide variety of balers, certain types~~ ~~that are standardized and others that are designed to specific customer requirements. The~~ Company's products include (i) general purpose horizontal and vertical balers, (ii) specialty balers, such as those used for textile materials, used clothing, aluminum cans, 55-gallon drums and synthetic rubber; and (iii) accessory equipment such as conveyors, fluffers, bale tying machines, and plastic bottle piercers (machines which puncture plastic bottles before compaction for greater density). The Company also provides service and repair work to general purpose and specialty balers.

General Purpose Balers

~~These~~General purpose balers are designed for general purpose compaction of waste materials. They are manufactured in either vertical or horizontal loading models, depending on available floor space and desired capacity. Typical materials that are handled by this equipment ~~include~~ include paper, corrugated boxes, and miscellaneous solid waste materials. These balers range in bale weight capacity from approximately 300 to 3,000 pounds and range in price from approximately $59,000 to $~~600~~700,000. General purpose baler sales constituted approximately 57 54% and 60 57% of net sales for the fiscal years ended October 31, ~~2020~~2021 and ~~2019~~2020, respectively.

Specialty Balers

Specialty balers are designed for specific applications which require modifications of the general baler configuration. The rubber baler is designed to apply pressure in such a way as to compress the synthetic rubber into a self-contained bale that does not require tying. The scrap metal baler is designed to form a bale, referred to as a scrap metal "briquette" of specified size and weight. The drum crusher baler is capable of collapsing a standard 55-gallon drum into a "pancake" approximately four (4) to eight (8) inches high, which also serves to contain any remaining contents. The textile baler is capable of compressing and baling loose fibers, which do not ordinarily adhere to each other under pressure. In addition, a double chamber baler has been designed for use by the clothing and textile industries.

Specialty balers range in price from approximately $10,000 to $~~550~~850,000, and are less exposed to competitive pressures than are general purpose balers. Specialty baler sales constituted approximately 97% and 69% of net sales for the fiscal years ended October 31, ~~2020~~2021 and ~~2019~~ 2020, respectively.

Accessory Equipment

The Company manufactures and markets a number of accessory equipment items in order to market a complete waste handling system. This ~~equipment~~ equipment includes conveyors, which carry waste from floor level to the top of large horizontal balers; extended hoppers on such balers; rufflers, which break up material to improve bale compaction; electronic start/stop controls and hydraulic oil coolers and cleaners. For ~~2020~~2021 and ~~2019~~ 2020, accessory equipment did not represent a significant percentage of net sales.

Warranties and Service

IBC typically warranties its products for one year from the date of sale as to materials, three (3) years for structural damage, and ~~six~~ six months as to labor, and offers services for other required repairs and maintenance. Service is rendered by repairing or replacing ~~parts~~ parts at IBC's Jacksonville, Florida, facility, and by on-site service provided by Company personnel who are based in Jacksonville, Florida, or by local service agents who are engaged as needed. Repair services and spare parts sales represented approximately 32 36% and 3132% of the Company’s net sales for fiscal ~~2020~~2021 and ~~2019~~2020, respectively.

Manufacturing

The Company manufactures its products in its facility in Jacksonville, Florida, where it maintains a fully equipped and staffed manufacturing plant. IBC purchases raw materials, such as steel sheets and beams and components such as hydraulic pumps, valves and cylinders, ~~and~~ and certain controls and other electric equipment which are used in the fabrication of the balers. The Company has no long-term supply agreements, and has not experienced unusual delays in obtaining raw materials or components.

The raw materials required by IBC to manufacture the balers, principally steel, motors, and hydraulic systems, are readily available from a number of sources and IBC is not dependent on any particular source. IBC is not dependent on any significant patents, trademarks, licenses, or franchises in connection with its manufacture of balers.

While IBC maintains an inventory of raw materials, most of it is intended for specific orders and inventory turnover is relatively rapid. Approximately 60% of its inventory turns over in 45 to 90 days and the remaining balance, consisting of customized equipment, turns over in 3 to 6 months. IBC's business is not seasonal.

Sales and Marketing

IBC sells its products throughout the United States and to some extent in Europe, the Far East, and South America to manufacturers of synthetic rubber and polymers, plastic recycling facilities, power generating facilities, textile mills, paper mills, cotton gins, supermarkets and other retail outlets, paper recycling facilities, and municipalities.

IBC has a sales force of ~~three~~two (32) employees who rely upon responses to advertising, personal visits, attendance at trade shows, referrals from existing customers and telephone calls to dealers and/or end users. Approximately 4530% of sales are made through manufacturer's ~~representatives~~ representatives and dealers. Sales made through the Company’s dealers are generally discounted and sales are recorded net of the discount amount. Occasionally sales are made with a commission payment, selling expense, through a representative who is not a dealer.

The Company's general purpose balers are sold throughout the United States to such end users as waste producing retailers, manufacturing and fabricating plants, bulk material producers, and solid waste recycling facilities. Specialty balers are sold worldwide, including Europe, the Far East, and South America to manufacturers of rubber and polymers, plastic recycling facilities, paper recycling facilities, textile mills and power generating facilities. During fiscal ~~2020~~2021, foreign sales amounted to $~~884~~459,~~664~~140 or approximately 10 5% of the Company’s net sales while in fiscal ~~2019~~2020, foreign sales amounted to $1884,~~326~~664,~~639,~~ approximately 1410% of the Company’s net sales. In fiscal ~~2020~~ 2021 and ~~2019~~2020, the Company had no significant sales to any one foreign country.

During fiscal ~~2020~~2021 and fiscal ~~2019~~2020, IBC had sales to more than 300 customers. In fiscal ~~2020~~2021, three customers accounted for 2017.06%, 164.59% ~~and~~ 7and 4.05% of total net sales, respectively, while in fiscal ~~2019~~2020, three customers accounted for 1720.80%, 616.5% and 4.7.0% of net sales, respectively. Three customers accounted for 2215.01%, 1412.19%, and 136.2%, respectively, of the Company’s accounts receivable at October 31, ~~2020~~2021 and three customers accounted for 2422.80%, 14.31%, and 13.32%, respectively, of the Company’s accounts receivable at October 31, ~~2019~~2020.

The Company builds only a small quantity of balers for its inventory and generally builds based on firm sales orders. The Company's ~~open~~ open sales orders at October 31, ~~2020~~2021 were $13,~~735~~015,000 and at October 31, ~~2019~~2020 were $1,~~370~~735,000. The Company generally delivers its orders within four (4) months of the date booked.

Competition

The potential market for the Company's balers is nationwide and overseas, but the majority of the Company’s general purpose baler sales are in the United States. The Company competes in these markets with approximately 20 companies, none of which are believed to be dominant, but some of which may have significantly greater sales and financial resources than the Company. The Company is able to compete with these companies due to its reputation in the ~~market place~~marketplace, its ability to service the balers it manufactures and sells, as well as its ability to custom design balers to a customer's particular needs. The Company experiences intense competition with respect to its lower priced or general purpose balers, based upon price, including freight, and based on performance. The Company experiences less competition with respect to its specialized baler equipment, such as synthetic rubber, scrap metal, and textile balers.

Regulation

Machinery, such as the Company's balers, is subject to both federal and state regulation relating to safe design and operation. The Company complies with design requirements and its balers include interlocks to prevent operation while the loading door is open, and also includes required printed safety warnings.

Research and Development

The Company has one of the broadest ~~line~~lines of products in the baler industry and continues to provide its customers with new products and ~~product~~ product improvements. The Company invests a minimal amount on general research and development of new products.

Compliance with Environmental Laws

The Company generally believes that it has complied with and is in compliance, with all federal, state, and local environmental laws. To date, costs to comply with applicable laws and regulations relating to the protection of the environment and natural resources have not had a material adverse effect on our business, financial condition, operating results or cash flow. There can be no assurance that such laws and regulations will not become more stringent in the future or that we will not incur costs in the future in order to comply with such laws and regulations.

Employees

As of October 31, ~~2020~~2021, the Company employed 4945 full-time employees as follows: 4 in management and supervision: 98 in sales and service; 2826 in manufacturing; 43 in engineering; and, 4 in administration.

Available Information

The Company is a reporting company, as that term is defined under the Securities Acts, and therefore, files reports, including, Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K and other information with the Securities and Exchange Commission (the “Commission”). In addition, the Company will provide, without charge to its stockholders, upon written or oral request by such stockholder, a copy of any information referred to herein that is incorporated by reference except exhibits to such information that are incorporated by reference unless the exhibits are themselves specifically incorporated by reference. All such requests should be directed to William E. Nielsen, at International Baler Corp., 5400 Rio Grande Avenue, Jacksonville, Florida 32254, telephone number (904) 358-3812.

The Company is an electronic filer. The Commission maintains a web site that contains reports, proxy and information statements and other information regarding issuers that file electronically with the Commission, including all of the Company’s filings with the Commission. The address of such site is (http://www.sec.gov).

The Company’s website is located at http://www.intl-baler.com. Under the “Corporate Information” section of the website, you may access, free of charge, the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, Section 16 filings (Form 3, 4 and 5) and any amendments to those reports as reasonably practicable after the Company electronically files such reports with the SEC. The information contained on the Company’s website is not part of this Report or any other report filed with the SEC.

ITEM 1A. RISK FACTORS

Smaller reporting companies are not required to provide the information required by this item.

ITEM 1B. UNRESOLVED SEC COMMENTS

Not applicable.

ITEM 2. PROPERTIES

IBC is the owner of the buildings and property located at 5400 Rio Grande Avenue, Jacksonville, Florida. The building contains approximately 62,000 square feet and is situated on eight (8) acres. IBC manufactures all of the Company's products at this location. The property has no mortgage. However, the Company’s primary lender, First Merchants Bank of Muncie, Indiana, has a security interest in the property as part of the collateral for the line of credit which it provides to the Company. See Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations.

ITEM 3. LEGAL PROCEEDINGS

~~The Company is not currently involved in any litigation and is not aware of any pending or potential legal actions against the Company.~~ For a summary of current and past legal matters, please see Item 8, Financial Statements – Note 79 – Commitments and Contingencies.

ITEM 4. MINE SAFETY DISCLOSURES

Not Applicable.

PART II

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

The Company's stock is presently traded on the OTC Pink Sheets under the symbol “IBAL”. As of October 31, ~~2020~~2021, the number of ~~shareholders~~ shareholders of record of the Company's Common Stock was approximately 400, and management believes that there are approximately 500 ~~beneficial~~ beneficial owners of the Company’s common stock.

The following table sets forth the range of high and low bid quotations for the Company's common stock during the fiscal years ended ~~October~~ October 31, ~~2020~~2021 and ~~2019~~2020, as reported and summarized on the OTC Pink Sheets. These quotations represent inter-dealer prices, without mark-up, mark-down, commissions, or adjustments and may not represent actual transactions.

Fiscal Year Ended October 31, 2020	High		Low
Fiscal Year Ended
October 31, 2021	High		Low
First Quarter	$	1.37	$	1.10
Second Quarter		2.50		1.27
Third Quarter		2.40		1.35
Fourth Quarter		1.95		1.50
Fiscal Year Ended
October 31, 2020		High		Low
First Quarter	$	1.65	$	1.20
Second Quarter		1.50		1.10
Third Quarter		1.30		1.20
Fourth Quarter		1.45		1.11
Fiscal Year Ended October 31, 2019		High		Low
First Quarter	$	2.00	$	0.85
Second Quarter		1.80		1.55
Third Quarter		1.75		1.75
Fourth Quarter		1.75		1.40

Dividend Policy

The Company has not paid noany cash dividends ~~since~~on its ~~inception.~~shares ~~Other~~of ~~than~~common ~~the~~stock ~~requirement~~since ofits ~~the~~inception. ~~Delaware~~The ~~Corporation~~decision ~~law~~to ~~that~~pay dividends, ~~be paid~~if ~~out~~any, ofin the ~~capital~~future, ~~surplus~~rests ~~only~~within ~~and that~~ the ~~declaration~~discretion ~~and payment~~ of aits ~~dividend~~Board ~~not~~of ~~render~~Directors ~~the~~and ~~Company~~will ~~insolvent~~depend, ~~there~~among ~~are no~~other ~~restrictions~~things, onupon the Company's ~~present~~earnings, orits capital ~~future~~requirements, ~~ability~~its tofinancial ~~pay~~condition ~~dividends~~and other relevant factors.

The decision to pay dividends, if any, in the future, rests within the discretion of its Board of Directors and will depend, among other things, upon the Company's earnings, its capital requirements, its financial condition and other relevant factors.

Recent Sales of Unregistered Securities

During the past two years ended October 31, ~~2020~~2021, the Company has not sold any unregistered securities.

Repurchases of Equity Securities

During the fiscal year ended October 31, ~~2020~~2021, neither the Company, nor anyone on its behalf, repurchased any of the Company securities.

Securities authorized for issuance under equity compensation plans

None.

ITEM 6. [RESERVED]

Not Applicable.

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION

Cautionary Statement Concerning Forward-Looking Statements

This “Management’s Discussion and Analysis” contains forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended. These forward-looking statements represent the Company’s present ~~expectations~~ expectations or beliefs concerning future events on certain assumptions which are subject to risks and uncertainties, including, but not limited to, changes in general economic conditions, variations in timing and amount of customers, changing product demand and industry capacity, increased competition and pricing pressure, as well as other factors, many or all of which may be beyond the Company’s control and could cause actual results to differ materially from those indicated. Our forward-looking statements included in this 10-K speak only as of the date of this filing, and we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Given these many risks and uncertainties, readers of this ~~prospectus~~10-K are cautioned not to place undue reliance on our forward-looking statements.

Results of Operations

For the fiscal year ended October 31, ~~2020~~2021, net sales were $810,~~986~~002,~~024~~443 compared to $98,~~526~~986,~~575~~024 in fiscal ~~2019~~2020, aan ~~decrease~~increase of 511.73%. The ~~decrease~~ ~~in net~~ sales ~~was primarily the result of the overall economic conditions which started in late 2019 and continued in~~ ~~2020~~by ~~due~~product ~~to the COVID-19 Pandemic. Sales of general purpose balers and conveyors~~ were ~~approximately~~as $677,000 lower than in the prior fiscal year. However, sales of specialty balers were higher by approximately $190,000 in fiscal 2020 due to the sale of two rubber balers in 2020 versus one in fiscal 2019. The activity in the rubber baler markets continued to remain slower in the last three years.follows:

Gross profit was $853,633 in fiscal year 2020 compared to $696,540 in fiscal 2019. Gross profit as a percentage of net sales increased to 9.5% in 2020 compared to 7.3% in 2019. The higher gross profit in fiscal 2020 was due the reduction of the Company’s manufacturing costs, primarily direct labor, as a percentage of net sales.

	2021		2020
General Purpose Balers		5,489,341		5,342,958
Rubber Balers		100,200		626,000
Specialty Balers		592,179		155,934
Parts and Service Sales		3,820,723		2,861,132
Total		10,002,443		8,986,024

The ~~Company~~higher ~~had~~sales awere ~~loss~~the ~~from~~result ~~operations~~ of ~~$600,051 in~~ the ~~fiscal~~improved ~~year~~economic ~~ended~~conditions ~~October~~in ~~31,~~fiscal ~~2020~~2021. ~~compared~~The toactivity ~~a loss from operations of $710,295~~ in the ~~prior~~rubber ~~fiscal~~baler ~~year.~~market ~~Selling~~continued ~~expenses~~to remain ~~were~~slow ~~higher~~ in ~~fiscal~~the ~~2020~~past byfour ~~$34,336 while administrative expenses were higher by $12,513~~years.

~~The~~Gross ~~Company~~profit ~~had~~was a$1,222,856 ~~loss~~in ~~before~~fiscal ~~income~~year ~~taxes~~2021 ofcompared to $~~575~~853,~~180~~633 in ~~the~~ fiscal ~~year~~2020. ~~ended~~Gross ~~October~~profit ~~31,~~as ~~2020~~a percentage of net sales increased to 12.2% in 2021 compared to a9.5% ~~loss~~in ~~before~~2020. ~~income~~The higher gross profit margin percentage in fiscal 2021 was primarily the result of lower material ~~taxes~~costs as a percent of ~~$524,742~~sales in fiscal ~~2019~~2021. The lower material costs were the result of higher parts and services sales in fiscal 2021 as these sales have higher margins than most equipment sales which have higher gross margin than baler sales.

~~Liquidity~~The Company had a loss from operations of $919,836 in the fiscal year ended October 31, 2021 compared to a loss from operations of $600,051 in the prior fiscal year. Selling expenses were higher in fiscal 2021 by $11,632 while administrative expenses were higher by $677,376. The higher selling expense was the result of higher salaries (one additional sales person), higher advertising, conventions and ~~Capital~~shows, and ~~Resources~~travel expenses, partially offset by higher commission expense in fiscal 2020. The higher administrative expenses were the result of higher expenses relating to the Company retaining a financial advisor to prepare a fairness opinion on the value of the Company’s common stock and related legal expenses.

The Company’s ~~net~~had ~~working~~a ~~capital~~pre-tax atloss ~~October~~of 31$287,137 ~~2020~~in ~~was~~fiscal $7year ended October 31,~~721,268~~ as2021 compared to a pre-tax loss of $7575,~~388,462~~180 atin ~~October~~the 31prior fiscal year. In the first quarter of fiscal year 2021 the Company recorded income of $626,466 ~~2019~~from the Paycheck Protection Program (PPP) loan which was forgiven in the first quarter of fiscal 2021.

Average Days Sales Outstanding (DSO) in fiscal 2020 was 32.3 days as compared to 24.1 days in fiscal 2019. Days sales outstanding was negatively impacted in fiscal 2020 by one customer who bought a proto-type baler and did not make the final payment of $546,000 for sixty-seven days. DSO is calculated by dividing the total of the month-end net accounts receivable balances for the period by twelve, and dividing that result by the average day’s sales for the period (period sales ÷ 365).

The Company had a $1,650,000 line of credit agreement with First Merchants Bank of Muncie, Indiana which was renewed on May 15, 2020 with a $1,000,000 line of credit limit. The line of credit allows the Company to borrow at an interest rate equal to the Wall Street Journal prime rate minus 0.95%, adjusting daily. The line of credit is secured by all assets of the Company and expires on May 15, 2021. The line of credit had no outstanding balance at October 31, 2020 and at October 31, 2019.

OnLiquidity ~~April 16, 2020 the Company received a $626,466 loan made pursuant to the terms of the Paycheck Protection Program authorized by the CARES Act. The loan has a two-year term~~ and ~~accrues~~Capital simple interest at a fixed annual rate of 1.00%. Under the terms of the CARES Act guidelines, a portion of the loan up to 100% may be forgiven by U.S. Small Business Administration if the amount spent is within the timeframe and under the guidelines that have been set for forgiveness. On December 9, 2020 the Company was notified by its bank that the SBA has stated that this loan will be forgiven. The Company anticipates that the income from this loan forgiveness will be recognized in the first quarter of fiscal year ending October 31, 2021.Resources

InThe ~~fiscal~~Company’s ~~2020~~net ~~the~~working ~~Company~~capital ~~made~~at ~~additions~~October ~~of $183~~31,~~000~~ to2021 ~~its~~was ~~buildings and manufacturing equipment~~$6,854,047 as compared to ~~additions of~~ $~~244~~7,~~580 in fiscal 2019. There are no unusual or infrequent events or transactions or significant economic changes which materially affect the amount of reported income. The Company believes that its cash~~721,268 ~~line~~at ofOctober ~~credit~~31, ~~and results of operations are sufficient to fund future operations~~2020.

Average Days Sales Outstanding (DSO) in fiscal 2021 was 35.4 days as compared to 32.2 days in fiscal 2020. DSO is calculated by dividing the total of the month-end net accounts receivable balances for the period by twelve, and dividing that result by the average day’s sales for the period (period sales ÷ 365).

The Company has a $1,000,000 line of credit agreement with First Merchants Bank of Muncie, Indiana which was renewed on May 15, 2021. The line of credit allows the Company to borrow at an interest rate equal to the greater of 3% or Wall Street Journal prime rate minus 0.25% per the line of credit agreement, adjusting daily. The line of credit is secured by all assets of the Company and expires on May 15, 2022, unless extended or otherwise modified by the parties in writing. The line of credit had no outstanding balance at October 31, 2021 and at October 31, 2020.

On April 16, 2020 the Company received a $626,466 loan made pursuant to the terms of the Paycheck Protection Program authorized by the CARES Act. The loan had a two-year term and accrued simple interest at a fixed rate of 1.00%. Under the terms of the CARES Act guidelines, a portion of the loan up to 100% may be forgiven by the U.S. Small Business Administration (“SBA”) if the amount spent is within the timeframe and under the guidelines that have been set for forgiveness. On December 9, 2020 the Company was notified by its bank that the SBA has stated that the entire amount of the loan was forgiven. The Company reversed this liability in the quarter ended January 31, 2021 and the resulting gain was recognized as other income.

In fiscal 2021 the Company made additions of $279,289 to its buildings and manufacturing equipment, compared to additions of $183,000 in fiscal 2020. There are no unusual or infrequent events or transactions or significant economic changes which materially affect the amount of reported income. The Company believes that its cash, line of credit, and results of operations are sufficient to fund future operations.

Impact of the COVID-19 Pandemic

We are closely monitoring ongoing developments in connection with the COVID-19 global pandemic, which has had an adverse impact on sales as many customers are holding off purchasing new equipment.

As of the date of this report, the COVID-19 pandemic has not materially adversely impacted our capital and financial resources. Due to ~~the~~ the economic uncertainty that has resulted from the pandemic, and the potential impact of such to our stakeholders, we are unable to predict with certainty any potential impacts to our business. The Company has experienced delayed deliveries of many components which have negatively affected shipments in the fiscal year ended October 31, 2021. Additionally, because we are unable to determine the ultimate ~~severity~~ severity or duration of the outbreak or its long-term effects on, among other things, the global, national or local economies, the capital and credit markets, our workforce, our customers or our suppliers, at this time we are unable to predict the adverse extent that the COVID-19 crisis will have on our business, financial condition, liquidity and results of operations.

Off Balance Sheet Arrangements

The Company has no off balance sheet arrangements.

Inflation

The costs of the Company are subject to the general inflationary trends existing in the general economy. The Company believes that expected pricing for its equipment will be able to include sufficient increases to offset any increase in costs due to inflation.

Critical Accounting Policies and Estimates

This discussion and analysis of financial condition and results of operations is based on our financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements requires our management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues, and expenses, as well as related disclosures of contingent assets and liabilities. We evaluate our estimates on an ongoing basis and we base our estimates on historical experience and various other assumptions we deem reasonable to the situation. These estimates and assumptions form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Changes in our estimates could materially impact our results of operations and financial condition in any particular period.

We consider our critical accounting policies and estimates to be as follows based on the high degree of judgment or complexity in their application:

Revenue Recognition

The Company recognizes revenue when finished products and/or parts are shipped and the customer takes ownership and assumes the risk of loss. Baler revenues are based on established prices by type and model. Revenue from installation services is recognized on completion of the service. The Company recognizes revenue from repair services in the period in which the service is provided. Standard service fee prices are established depending on baler classification and estimated time. The timing of shipments and installation services have an impact on the recording of revenue in a period.

Allowance for Doubtful Accounts

The Company maintains allowances for doubtful accounts for estimated losses on trade receivables resulting from the inability to collect outstanding accounts due from its customers. The allowances include specific amounts for disputed, troubled and aged accounts using current knowledge of particular customer ~~credit~~creditworthiness ~~worthiness~~ and general allowances based on historical collection experience, current economic trends, ~~credit~~creditworthiness ~~worthiness~~ of customers and changes in customer payment terms.

Management believes the estimates used in determining the allowance for doubtful accounts are critical accounting estimates because changes in ~~credit worthiness~~ creditworthiness and economic conditions, including bankruptcies, could have a material impact on operating results.

The Company reviews its allowance for doubtful accounts monthly. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote.

Inventory Allowance

The Company analyzes inventory for excess or slow-moving inventory. The Company reviews inventory for obsolescence on a regular basis. The allowance is estimated based on factors such as historical trends, current market conditions and management’s assessment of when the inventory would likely be sold and the quantities and prices at which the inventory would likely be sold in the normal course of business. Changes in product specifications, customer product preferences or the loss of a customer could result in unanticipated impairment in net realizable value that may have a material impact on cost of goods sold, gross margin and net income. Obsolete or damaged inventory is disposed of or written down to estimated net realizable value on a quarterly basis.

Management analyzes the value of labor and overhead allocated to work in progress inventory on a monthly basis. Additional adjustments, if necessary, are made based on management’s specific review of inventory on-hand. Management believes the estimates used in determining the allowance for excess and slow-moving inventory are critical accounting estimates as changes in the estimates could have a material impact on net income and the estimates involve a high degree of judgment.

Warranty Allowance

The Company warranties its products for one (1) year from the date of sale as to materials, three (3) years for structural damage, and six (6) months as to labor, and offers a service plan for other required repairs and maintenance. The Company maintains an accrued liability for expected warranty claims. The warranty allowance considers warranty costs and requires management estimates of baler performance based on the quantity and type of balers currently under warranty and known potential warranty issues for these balers. Changes in the warranty estimate could impact operating results.

Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. There were no valuation allowances on the deferred tax assets at October 31, ~~2020~~ 2021 and ~~2019~~2020 as management believes it will fully utilize them. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. There were no accruals for uncertain tax positions at October 31, ~~2020~~ 2021 or ~~2019~~2020.

10ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Smaller reporting companies are not required to provide the information required by this item.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

The financial statements and supplementary data for the years ended October 31, ~~2020~~2021 and ~~2019~~2020 are being filed with this report and ~~commence~~ commence on page F-1, immediately following the signature page.

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

ITEM 9A. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

The Company maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed by the Company in reports it files or submits under the Securities Exchange Act, is (i) recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and ~~that~~(ii) ~~such information~~ is accumulated and communicated to the Company’s management, including the Company’s Chief Executive Officer (CEO) and Chief Financial Officer (CFO), as appropriate, to allow timely decisions regarding required disclosures. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management necessarily is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. As of October 31, 2021, the end of the period covered by this ~~report~~Annual Report on Form 10-K, and under the supervision and with the participation of management, including its CEO and CFO, management evaluated the effectiveness of the design and operation of these disclosure controls and procedures. Based on this evaluation and ~~subject~~as todescribed ~~the foregoing~~below, the Company’s CEO and CFO concluded that the Company’s disclosure controls and procedures were not effective ~~with respect~~as toof ~~certain raw materials pricing procedures occurring during the fiscal year ended~~ October 31, ~~2020~~2021.

During an analysis of the physical inventory values and the reconciliation to the Company’s recorded book inventory, management discovered that certain procedures were not followed on some occasions. Specifically, the unit prices on some inventory invoices were not matched to the unit prices on the related purchase orders and adjusted to the invoice amount if different. The correction of these pricing errors was immaterial to the financial statements of the Company at October 31, 2020, however management considers this pricing error to be a material weakness in its controls and procedures for the fiscal year ended October 31, 2020. In order to remediate this material weakness management added two additional review steps to adjust inventory pricing to invoiced amounts if different from the purchase order amount.

During fiscal 2018 management determined the cause of an employee theft event referenced in the Company’s financial statements for the fiscal year ended October 31, 2018 was a material weakness in its controls and procedures. In order to remediate the material weakness and further strengthen the controls surrounding inventory loss due to theft, management initiated or enhanced inventory procedures by; strengthening segregation of duties to initiate purchase orders, receive inventory items, and make shipments, reviewing and approving all purchase orders and inventory receipts,, reviewing and verifying that all shipments are being made to approved customers of the Company, and by strictly controlling system access and physical access to physical inventory.

ADuring ~~material~~an ~~weakness~~analysis isof athe ~~deficiency,~~physical orinventory avalues ~~combination~~and ofthe ~~deficiencies,~~reconciliation into ~~internal~~the ~~control~~Company’s ~~over~~recorded ~~financial~~book ~~reporting~~inventory, ~~such~~management discovered that ~~there is~~certain aprocedures ~~reasonable~~were ~~possibility~~not ~~that~~followed aon ~~material~~some ~~misstatement~~occasions. ofSpecifically, ~~annual~~the orunit ~~interim~~prices ~~financial~~on ~~statements~~some ~~will~~inventory invoices were not bematched to ~~prevented~~the orunit ~~detected~~ prices on athe ~~timely~~related ~~basis~~purchase orders and adjusted to the invoice amount if different. The ~~material~~correction ~~weaknesses~~of inthese ~~our~~pricing ~~internal~~errors was ~~control~~immaterial ~~over~~to the Company’s financial ~~reporting~~statements ~~was~~for afiscal ~~result~~2021, ofhowever ~~not~~management ~~designing~~considers ~~and~~this pricing error to be a material ~~monitoring~~weakness ~~effective~~in its controls ~~over~~and ~~purchasing~~procedures ~~and~~for ~~the~~fiscal ~~access~~2021. In order to ~~physical~~remediate ~~inventory~~this ~~and~~material ~~certain~~weakness management added two additional review steps to adjust inventory ~~records~~pricing to invoiced amounts if different from the purchase order amount.

AsA material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of annual or interim financial statements will not be prevented or detected on a timely basis. The material weaknesses in our internal control over financial reporting was a result of not designing and monitoring effective controls over purchasing and the access to physical inventory and certain inventory records. As part of a continuing effort to improve the Company’s business processes management will be taking steps described above to remedy ~~these~~this control ~~deficiencies~~deficiency and is evaluating its internal controls and may update certain other controls to accommodate any modifications to its business processes or accounting procedures.

Internal Control over Financial Reporting

Management’s Annual Report on Internal Control over Financial Reporting

The Company’s management is responsible for establishing and maintaining effective internal controls over financial reporting, as such terms is defined in Exchange Act Rules 13a-15(f) and 15d-15(f). Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.

Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.

The Company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company;(ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company’s assets that could have a material effect on the Company’s financial statements.

Management, with the participation of the Company’s principal executive and principal financial officer, assessed the effectiveness of the Company’s internal control over financial reporting as of October 31, ~~2020~~2021. This assessment was performed using the criteria established under the Internal Control-Integrated Framework established by the Committee of Sponsoring Organization of the Treadway Commission (“COSO”)~~. During the year it was determined that management did not obtain Board of Directors~~ ~~approval~~ in ~~accordance~~Internal ~~with~~Control ~~Company~~– ~~by-laws,~~Integrated ~~to apply for a Paycheck Protection Program (PPP) loan authorized by the CARES Act. Management acted quickly in order to secure the loan before the funds were allocated to other applicants~~Framework, ~~however~~updated ~~management considered this to be a material weakness~~ in ~~the Company’s internal controls over financial reporting~~2013. ~~Management has confirmed its requirement to obtain Board approval before incurring any debt.~~

Internal control over financial reporting cannot provide absolute assurance of achieving financial reporting objectives because of its inherent limitations, including the possibility of human error or circumvention or overriding of internal control. Accordingly, even effective internal control over financial reporting can provide only reasonable assurance with respect to financial statement preparation and reporting and may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Based on the assessment performed using the criteria established by COSO, management has ~~concluded~~determined that ~~there~~as ~~was a material weakness surrounding the control~~ of ~~purchasing~~October ~~and~~31, ~~access~~2021, ~~to certain Company inventory and inventory records and due to this material weakness~~ the Company ~~did not maintain effective~~ ’s internal ~~control~~controls over financial reporting aswere ofnot ~~and~~effective. ~~for~~Our ~~the~~internal ~~years~~controls ~~ended~~were ~~October~~not ~~31,~~effective ~~2019 and~~because ~~2020.~~there ~~While~~was ~~the~~a material weakness ~~resulted~~surrounding inthe acontrol ~~loss~~of ~~due~~purchasing toand ~~theft,~~access ~~it did not result in any material misstatements~~ to ~~the~~ certain Company’s ~~financial~~inventory ~~statements~~and orinventory ~~disclosures for any interim periods during, or for the fiscal year 2019 or 2020~~records. Management has implemented the actions mentioned above to ensure the Company has effective controls and procedures.

This ~~annual~~Annual ~~report~~Report does not include an attestation report of ~~the~~our ~~Company’s~~ registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by the Company’s registered public accounting firm pursuant to ~~temporary~~the ~~rules~~exemption ofprovided ~~the~~to ~~Securities~~issuers ~~and~~that ~~Exchange~~are ~~Commission~~not ~~that~~“large ~~permit~~accelerated ~~the~~filers” ~~Company~~nor to“accelerated ~~provide~~filers” ~~only~~under the ~~management’s~~Dodd-Frank ~~report~~Wall inStreet ~~this~~Reform ~~annual~~and ~~report~~Consumer Protection Act.

Changes in Internal Control over Financial Reporting

During the fiscal year ended October 31, ~~2020~~2021, except as described above, there have not been any other changes in the Company’s internal controls that have materially affected or are reasonably likely to materially affect, the Company’s internal control over ~~financial~~ financial reporting. While there have been no changes, we have assessed our internal controls as being deficient and will be taking steps to remedy such deficiencies.

ITEM 9B. OTHER INFORMATION

On ~~November~~September 2324, ~~2018~~2021, ~~Leland~~Victor EW. ~~Boren,~~Biazis aresigned ~~Director~~from ofhis ~~the~~position ~~Company,~~as ~~passed~~President ~~away.~~and ~~The~~CEO ~~Estate~~ of ~~Leland~~the ECompany. ~~Boren~~William isE. ~~the~~Nielsen ~~largest~~was ~~stockholder~~named Interim ofPresident ~~the Company~~ and ~~owns~~CEO ~~more~~on ~~than~~that ~~50%~~same ~~of the Company’s voting power~~date.

On October 11, 2021, the Board of Directors appointed D. Roger Griffin to serve as President and CEO of the Company. Mr. Griffin replaces William E. Nielsen who held the position of Interim President and CEO since September 24, 2021.

On December 3, 2021 the Company filed a Complaint in Duval County, Florida against California Recyclers, Inc. (“CRI”) alleging breach of contract on the basis of CRI’s failure to pay the remaining 10% on a baler sold to CRI in January 2021. The Company and CRI have been in a continuing dispute as to whether the baler was capable of meeting the output specifications as originally quoted by the Company. Based on the way CRI has continued to operate the baler, the Company has concluded that there is no point in continuing this relationship. The Company has agreed to refund the amount paid by CRI and take the baler back. The Company has recorded an amount of $490,000 sales returns and set up a reserve for that amount in current liabilities on the Company’s balance sheet.

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

Not Applicable.

PART III

ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

The ~~executive~~following ~~officers~~table includes the names, ages, positions, and ~~directors~~date of ~~the~~initial ~~Company~~election ~~are~~or designation of our officers and directors as ~~follows~~of January 15, 2022:

Name	Age	Positions Held	Date of Initial Election or Designation
Victor W. Biazis	62	President, Chief Executive Officer and Class I Director	10/01/18
William E. Nielsen	73	Class III Director Chief Financial Officer	11/20/97 06/14/94
Lael E. Boren	52	Class III Director	04/15/11
Ronald L. McDaniel	81	Class II Director Chairman of the Board	05/16/06
John J. Martorana	70	Class III Director	01/05/09
Martha R. Songer	64	Class I Director	01/30/12

Date of Initial

Victor W. Biazis, has served as the President and CEO of the Company since Oct. 1, 2018 and was elected to the Board on January 24, 2019. He has held various Senior Management and Executive roles in his career. He was with H.B. Fuller from 1981 to 2005, a Global Adhesive Supplier based in St. Paul, MN. From 2000 to 2005, he was a General Manager for the North America Packaging Adhesive Business Unit of H.B. Fuller. He then moved on and served as the President and Regional CEO for Wisdom Adhesives Global Group, based in Elgin, IL, from 2006 to 2011. Most recently, from 2011 to 2018, Mr. Biazis, was President and CEO of Coastal Industrial Products. Mr. Biazis received a Bachelor Degree in Political Science from Southeastern Louisiana University in 1981.

NAME	Age		Positions Held	Date of Initial Election or Designation
D. Roger Griffin		59	President, Chief Executive Officer	10/11/21
			and Class II Director	12/02/21
William E. Nielsen		74	Class III Director	11/20/97
			Chief Financial Officer	06/14/94
Lael E. Boren		53	Class III Director	04/15/11
Ronald L. McDaniel		82	Class II Director	05/16/06
			Chairman of the Board
John J. Martorana		71	Class III Director	01/05/09
Martha R. Songer		65	Class I Director	01/30/12
Gregory L. King		55	Class I Director	09/24/21

~~William E~~D. Roger ~~Nielsen~~Griffin has served as the Company’s Chief ~~Financial~~Executive Officer and President since ~~June~~October ~~1994~~11, 2021 and ~~was~~as ~~elected~~ a Director onsince December ~~November 20~~2, ~~1997~~ 2021. HeMr. Griffin previously served as ~~our~~the President and Chief Executive Officer ~~from~~of ~~January~~the ~~10,~~Company ~~2017~~from ~~through~~February ~~September~~2008 ~~30,~~to ~~2018~~January 2017. ~~Prior~~He toserved ~~joining~~ as the ~~Company~~Vice President of Manufacturing for Avis from January 2017 until his resignation on October 8, ~~acted~~2021. asHe aalso ~~financial~~served as ~~consultant~~the toPresident ~~Fletcher~~of ~~Barnum~~Pacific Forge, Inc., a ~~privately~~forging ~~held~~company ~~manufacturing~~and ~~concern~~wholly-owned subsidiary of Avis, from ~~October~~January ~~1993~~2017 until his resignation ~~through~~on ~~June~~October ~~1994~~8, 2021. ~~From~~Before ~~1980~~his ~~through~~original ~~July~~role ~~1993~~at the Company, heMr. ~~was~~Griffin ~~the~~served as Vice President, ~~Administration~~of Operations at Shaefer Interstate Railing and ~~Finance~~worked in management at ~~Unison~~Dana ~~Industries,~~Corporation ~~Inc~~from January 2007 until February 2008. Mr. ~~Nielsen~~Griffin ~~received~~will continue to serve as a ~~BBA~~director of ineach ~~Finance~~of Pacific Forge, Inc. and anJames MSteel & Tube Co.~~B.A.~~, atpositions ~~Western~~that ~~Illinois~~he ~~University~~held insince ~~1969~~June 2017 and ~~1970~~March 2020, respectively.

~~Lael~~William E. ~~Boren~~Nielsen has served as the Company’s Chief Financial Officer since June 1994 and was elected a Director ~~since~~on ~~April~~November ~~2011.~~20, Mr1997. He ~~Boren~~served isas ~~Vice~~our President atand ~~Avis~~Chief ~~Industrial~~Executive ~~Corporation~~Officer ~~and~~from ~~has~~January ~~served in~~10, ~~this~~2017 ~~role~~through ~~since~~September ~~December~~30, ~~2013~~2018. ~~Mr.~~Prior ~~Boren~~to ~~has~~joining ~~served~~the Company, he acted as ~~general~~a ~~manager~~financial ~~and~~consultant ~~president~~to ofFletcher ~~various~~Barnum ~~organizations~~Inc., ~~including~~a ~~Badger Equipment~~privately ~~Company~~held ~~and~~manufacturing ~~The~~concern, ~~Pierce~~from ~~Company.~~October ~~Prior~~1993 tothrough ~~that,~~June Mr1994. From ~~Boren~~1980 ~~owned~~through anJuly ~~electronics~~1993, ~~business~~he inwas ~~Muncie~~the Vice President, Administration and ~~Marion~~Finance at Unison Industries, ~~Indiana~~Inc. He Mr. Nielsen received a BBA ~~Bachelor’s~~in ofFinance ~~General~~and ~~Studies~~an ~~from~~M.B.A. ~~Ball~~at ~~State~~Western Illinois University in ~~2014~~1969 and 1970, respectively.

~~Ronald~~Lael LE. ~~McDaniel~~Boren ~~joined~~has ~~the~~served ~~Company’s Board of Directors~~ as ~~its~~a ~~Chairman~~Director onsince ~~May~~April ~~16, 2006~~2011. Mr. ~~McDaniel~~Boren ~~has~~is ~~been~~a ~~President~~member of ~~Western-Cullen-Hayes,~~ ~~Inc. since 1980. He has been serving on~~ the Board of Directors of Avis Industrial ~~since~~Corporation. ~~2016~~Mr. Boren ~~and~~was ~~served as~~Vice ~~the~~President ~~interim~~at ~~CEO~~Avis Industrial Corporation from ~~October~~December ~~2018~~2013 until ~~October~~May ~~2020~~2021. HeMr. ~~was~~Boren ~~Vice~~previously ~~President~~served ~~and~~as ~~General~~general ~~Manager~~manager and president of ~~Western-Cullen-Hayes~~various ~~from 1975~~organizations, toincluding ~~1980.~~Badger ~~From~~Equipment ~~1957~~Company toand ~~1975,~~The MrPierce Company. ~~McDaniel~~Prior ~~worked~~to ~~for~~that, ~~Western-Cullen-Hayes~~Mr. ~~and~~Boren ~~Burro~~owned ~~Crane,~~ an electronics ~~affiliated~~business ~~company,~~ in ~~various capacities~~Muncie ~~including~~and ~~division~~Marion, ~~controller~~Indiana. He ~~served~~received ~~as the Mr. McDaniel has~~ a ~~bachelor~~Bachelor’s ~~degree from the University~~ of ~~Dayton and~~General anStudies ~~MBA~~ from ~~the~~Ball State University ofin ~~Chicago~~2014.

~~John~~Ronald JL. ~~Martorana~~McDaniel joined the Company’s Board of Directors as its Chairman on ~~January~~May 516, ~~2009~~2006. Mr. ~~Martorana~~McDaniel has been ~~the~~ President of ~~Iron Container~~Western-Cullen-Hayes, ~~LLC~~Inc. since ~~2010~~1980. ~~and~~He has been aserving ~~consultant~~on tothe ~~several~~Board ~~divisions~~of Directors of ~~Wastequip,~~Avis ~~Inc.~~Industrial since ~~2007.~~2016 ~~Mr.~~and ~~Martorana~~served ~~was~~as the ~~President~~interim ofCEO from October ~~Wastequip~~2018 ofuntil ~~Florida~~October ~~from~~2020. ~~1994~~He towas ~~2007~~Vice ~~after~~President ~~joining~~and ~~that~~General ~~company~~Manager inof ~~1991~~Western-Cullen-Hayes asfrom ~~Vice~~1975 ~~President~~to 1980. From ~~1984~~1957 to ~~1991~~1975, heMr. McDaniel ~~was~~worked ~~responsible~~ for ~~sales~~Western-Cullen-Hayes and ~~steel~~Burro ~~purchasing~~Crane, ~~for~~an ~~Industrial~~affiliated ~~Refuse Sales Inc.~~company, ain ~~family~~various ~~owned~~capacities ~~business~~including ~~which~~division ~~was sold to Wastequip, Inc~~controller. ~~Prior~~ ~~to joining Industrial Refuse Sales,~~ Mr. ~~Martorana~~McDaniel ~~worked~~has ina ~~the~~bachelor’s ~~steel~~degree ~~industry.~~from Hethe ~~received~~University aof BSDayton ~~Degree~~and inan ~~Education~~MBA from ~~Butler~~ the University inof ~~1972~~Chicago.

John J. Martorana joined the Company’s Board of Directors on January 5, 2009. Mr. Martorana has been the President of Iron Container, LLC since 2010 and has been a consultant to several divisions of Wastequip, Inc. since 2007. Mr. Martorana was the President of Wastequip of Florida from 1994 to 2007 after joining that company in 1991 as Vice President. From 1984 to 1991 he was responsible for sales and steel purchasing for Industrial Refuse Sales Inc., a family-owned business which was sold to Wastequip, Inc. Prior to joining Industrial Refuse Sales, Mr. Martorana worked in the steel industry. He received a BS Degree in Education from Butler University in 1972.

Martha R. Songer has served as a Director since January 2012. Ms. Songer is the Executive Director of Avis Foundation, Inc. and has been in in that role since January 2020. She also serves as a director of Avis Industrial Corporation and has held that position since 2012. From 2012-2019 she was Vice President and Assistant to the President at Avis Industrial Corporation in Upland, Indiana. Prior to that Ms. Songer was Alumni Director at Taylor University, also in Upland, Indiana. Ms. Songer received a Bachelor of Science from Taylor University in 1978 and a Master of Science in Management in 2002 from Indiana Wesleyan University. ~~She has served as a director of Avis Industrial Corporation since 2012.~~

Gregory L. King joined the Company’s Board of Directors on September 24, 2021. Mr. King currently serves as the Chief Executive Officer and President of Avis, the Company’s largest stockholder, and has served in these positions since October 2020. Prior to that, Mr. King served as the President of The Harris Waste Management Group, Inc. (“Harris”), a wholly owned subsidiary of Avis, from April 2016 through December 2020. Before joining Harris, Mr. King held various senior positions at WestRock, formerly Rock-Tenn Co., from January 1989 through December 2015.

Board Classes

The Board is divided into three (3) classes of directors (“Class I,” “Class II,” and “Class III”), which each class having as nearly the same number of directors as practicable. Stockholders elect such class of directors, Class I, Class II, or Class III, as the case may be, to succeed such class directors whose terms are expiring, for a three (3) year terms, and such class of directors shall serve until the successors are elected and qualified. Officers of the Company serve at the pleasure of the Board of Directors. There is no understanding or arrangement between any director or any other person pursuant to which such individual was or is to be selected as a director or nominee of the Company.

During fiscal ~~2020~~2021 the Board of Directors met two times.

Family Relationships

There are no family relationships between executive officers or directors of the Company except that Lael Boren is the son of the late ~~Leland~~ Leland E. Boren, a former controlling shareholder and a director of the Company, until his death on November 23, 2018. ~~The Estate of Leland E. Boren owns more than 50% of the Company’s voting securities.~~

Delinquent Section 16 (a) Reports

Section 16(a) of the Security Exchange Act of 1934 requires the Company’s executive officers, directors and persons who own more than 10% of the Company’s common stock to file reports of ownership and changes in ownership with the SEC. Based solely on our review of the forms furnished to us and written representations from certain reporting persons, the Company believes that all filing requirements applicable to our executive officers, directors and persons who own more than 10% of our common stock were compiled with in fiscal year ~~2020, except Mr. Boren, Mr. McDaniel and Ms. Songer each filed a late Form 3 and Mr. Boren and~~ Ms2021. Songer each filed a late Form 4. These late Form 4 filings did not involve any transactions in the Company’s common stock, but related to reporting receipt of a gift of 2,000 shares of the Company’s common stock.

Code of Ethics

The Company has adopted a code of business conduct and ethics for directors, officers (including the Company’s principal executive officer, principal financial officer and controller) and employees, known as the Standards of Business Conduct. The Standards of Business Conduct are available on the Company’s website at http://www.intl-baler.com. The Company intends to disclose any Amendments to its Code of Ethics and any waiver from a provision of the Code of Ethics granted to the Company’s Chief Executive Officer, Chief Financial Officer, or other persons performing similar functions, on the Company’s website within four business days following such amendment or waiver. Stockholders may request a free copy of the Standards of Business Conduct from: the Company’s Corporate Secretary, at International Baler Corporation, 5400 Rio Grande Avenue, Jacksonville, Florida 32254, (904)358-3812.

Independence of Directors

The Company’s securities are not listed on a national securities exchange or in an inter-dealer quotation system that requires that a majority of the Board be independent. However, for purposes of determining whether the Company’s directors are independent for purposes of 10-K, the Company is using the independence standards set forth in the rules of the NASDAQ Stock Market (“Nasdaq Rules”) to evaluate the independence of our Board.

Rule 5605 (b) (1) of the Nasdaq Rules requires that a majority of the members of the Company’s Board of Directors be independent in that they are not officers or employees of the Company and are free of any relationship that would interfere with the exercise of their independent judgment. The Board of Directors has affirmatively determined that one of the Company’s Directors, Mr. Martorana is independent under this Nasdaq Rule 5605.

The Company qualifies as a "controlled company" under the NASDAQ corporate governance rules due to the ownership by ~~the~~Avis Industrial ~~Estate~~Corporation of ~~Leland E~~81. ~~Boren of more than 50~~1% of the Company’s voting power. In accordance with a provision in the Nasdaq rules for controlled companies, the Company would be exempt from certain of the corporate governance rules of Nasdaq including the requirements that a (1) a majority of the Board of Directors being composed of independent directors, (2) a nominating/corporate governance committee composed solely of independent directors and (3) a compensation committee composed solely of independent directors.

Committees

The Board has a standing Audit Committee and Compensation Committee. The full Board performs the functions of the Nominating Committee.

Audit Committee

Mr. McDaniel and Mr. Boren were members of the Company’s Audit Committee in fiscal 2020. Neither Mr. McDaniel nor Mr. Boren is an independent director under the NASDAQ or SEC rules for audit committee members. The Board of Directors has determined that Mr. McDaniel has the attributes, education and experience as an “audit committee financial expert,” as such term is defined in Item 407) of Regulation S-K.

Nomination of Directors

The Company does not currently have a standing nominating committee or a formal nominating committee charter. As a “Controlled Company” as such term is defined by NASDAQ Listing Rule 5615 the Company is not required to have a Nominating Committee. Currently, the full Board of Directors performs the functions of a nominating committee pursuant to procedures adopted by the Board. The Board identifies the candidates for Board membership. In identifying candidates, the Board will seek recommendations from existing Board members, executive officers of the Company and all persons who own more than five percent (5%) of the Company’s outstanding securities. The Board has no stated specific minimum qualifications that must be met by a candidate for a position on the Board of Directors. While the Nominating Committee does not have a formal policy on diversity, when considering the selection of director nominees, the Nominating Committee considers individuals with diverse backgrounds, viewpoints, accomplishments, cultural background and professional expertise, among other factors. The Board may, when appropriate, retain an executive search firm and other advisors to assist it in identifying candidates for the Board.

The Board will consider director candidates recommended by stockholders who have followed the procedures described in the Company’s Bylaws and will evaluate such director candidates in the same manner in which it evaluates candidates recommended by other sources, as described above. In addition, such stockholder recommendations must be accompanied by (1) such information about each prospective director nominee as would have been required to be included in a Proxy Statement filed pursuant to the rules of the SEC had the prospective director nominee been nominated by the Board of Directors and (2) that the prospective director nominee has consented to be named, if nominated, as a nominee and, if elected, to serve as a director.

ITEM 11. EXECUTIVE COMPENSATION

~~Compensation~~Summary ~~Discussion~~Compensation ~~and Analysis~~Table

~~The~~ ~~objective~~The offollowing ~~the~~table ~~Company’s~~sets ~~compensation~~forth ~~program~~a issummary toof ~~attract~~all ~~and~~compensation ~~retain~~awarded ~~qualified and talented professional individuals~~ to, ~~perform~~earned ~~the~~by ~~duties~~or ofpaid ~~the Company’s executive offices. The Company’s compensation program is designed~~ to ~~fairly reward~~(i), the Company’'s ~~executive~~Chief ~~officers~~Executive ~~for their overall performance in the management of the affairs of the Company. The~~Officer ~~measurement~~and of(ii) ~~successful~~Chief ~~performance~~Financial ~~has~~Officer ~~significant~~(“Named ~~elements~~Executive ofOfficers”) ~~subjective~~during ~~judgment~~fiscal inyears ~~view~~ended ofOctober ~~the~~31, ~~lack~~2021 ofand ~~any~~2020. ~~directly~~No ~~comparable~~other ~~single~~executive ~~element~~officers orreceived ~~group~~compensation ~~of elements to~~ which ~~the~~exceeded ~~Company~~$100,000 ~~and~~during ~~its~~fiscal ~~performance~~2021 ~~may~~or befiscal ~~readily compared from time to time~~2020.

The elements of compensation of the Company’s compensation programs include salary, health insurance, stock options, and in certain circumstances the award of a cash bonus. As of the present time, the Company compensation plan does not include any defined benefit retirement plan; any social club memberships or dues or any payments for housing, cars, boats, or other property of any kind to any person. The Company has not entered into any employment contracts with its executive officers nor any contracts for compensation to any person in the event of a change in control of the Company. The Company pays no other elements of compensation to its executive officers. The relatively small size of the Company in comparison to other entities presents the Company with additional risks in meeting its objectives of attracting and retaining qualified and talented professional individuals.

Annual Compensation							Long Term Awards
NAME AND PRINCIPAL POSITION	FISCAL YEAR	SALARY ($)	BONUS ($)	STOCK AWARDS ($)	OPTION AWARDS ($)	NONEQUITY INCENTIVE PLAN COMPENSATION ($)	ALL OTHER COMPENSATION ($)		TOTAL COMPENSATION ($)
Victor W. Biazis	2021	180,770	-0-	-0-	-0-	-0-	25,000	⁽²⁾	205,770
Former President & CEO⁽¹⁾	2020	200,000	-0-	-0-	-0-	-0-	-0-		200,000
D. Roger Griffin	2021	11,500	-0-	-0-	-0-	-0-	-0-		11,500
President & CEO⁽³⁾
William E Nielsen	2021	120,000	-0-	-0-	-0-	-0-	-0-		120,000
Chief Financial Officer⁽⁴⁾	2020	113,000	-0-	-0-	-0-	-0-	-0-		113,000

~~The~~(1) ~~salary~~Victor ~~component of the compensation is most important and the Company attempts to be competitive with what it believes to be the compensation of other companies of similar size and scope of operations~~W. ToBiazis ~~date~~resigned ~~the~~as ~~Company~~President ~~has not engaged the services of a compensation review consultant or service in view of the cost of such services compared to the size~~ and ~~revenues~~CEO ofeffective ~~the~~September Company. The award of a bonus upon review of Company performance provides an additional incentive. The Company determines the amount for each element to pay by reviewing annually the compensation levels of the Company’s executive officers and determining from the performance of the Company during that time since the last review what an appropriate compensation level may be during the upcoming annual period. The Company has no existing formula for determination of the salary24, ~~stock options, or bonus elements of compensation~~2021.

~~Executive~~(2) ~~Officer~~Represents ~~Compensation~~a severance payment made to Mr. Biazis upon his resignation as President and CEO.

~~The following table sets forth a summary of all compensation awarded to, earned by or paid to~~ (i3)~~, the Company's Chief Executive Officer~~ ~~and~~D. ~~(ii)~~Roger ~~Chief~~Griffin ~~Financial~~was ~~Officer~~appointed ~~(“Named~~to ~~Executive~~serve ~~Officers”)~~as ~~during~~our ~~fiscal~~CEO ~~years~~effective ~~ended~~as of October 3111, ~~2020 and 2019~~2021. ~~No other executive officers received compensation which exceeded $100,000 during fiscal 2019 or fiscal 2020.~~

SUMMARY COMPENSATION TABLE
Annual Compensation							Long Term Awards
NAME AND PRINCIPAL POSITION	YEAR	SALARY ($)	BONUS ($)	STOCK AWARDS ($)	OPTION AWARDS ($)	NONEQUITY INCENTIVE PLAN COMPENSATION ($)	ALL OTHER COMPENSATION ($)	TOTAL COMPENSATION
Victor W. Biazis President & CEO	2020 2019	200,000 200,000	-0- -0-	-0- -0-	-0- -0-	-0- -0-	-0- -0-	200,000 200,000
William E Nielsen Chief Financial Officer	2020 2019	113,000 116,000	-0- -0-	-0- -0-	-0- -0-	-0- -0-	-0- -0-	113,000 116,000

(4) William E. Nielsen served as interim President and interim CEO from September 24, 2021 until October 11, 2021.

Outstanding Equity Awards at Year End

The Company’s Named Executive Officers did not have any outstanding equity awards as of October 31, ~~2020~~2021.

Option Grants and Exercises in Last Fiscal Year

No options were granted during fiscal ~~2020~~2021 to the Company's Named Executive Officers.

Employment ~~Contracts~~and Severance Agreements

~~The~~On September 29, 2021, Mr. Biazis and the Company ~~does~~entered ~~not~~into ~~have~~a ~~employment~~Separation ~~contracts~~and General Release Agreement (“Release Agreement”). Pursuant to the Release Agreement, ~~termination~~Mr. Biazis received a cash separate payment equal to $25,000, ~~severance~~subject orto ~~change~~applicable oftax ~~control~~deduction and ~~agreements~~withholdings. ~~with~~In ~~its~~exchange ~~Named~~for ~~Executive~~the ~~Officers~~consideration provided to him in the Release, Mr. Biazis agreed to waive and release any claims directly or ~~other~~indirectly ~~executives~~relating to his employment at the Company.

Except as set forth above, the Company does not have employment contracts, termination, severance or change of control agreements with its Named Executive Officers or other executives.

Director Compensation

The Company pays each non-employee director an annual retainer of $6,000, together with reimbursement for out-of-pocket expenses incurred to attend meetings. The following table sets forth the compensation paid to our non-employee directors in fiscal 2021.

Director Compensation for Fiscal 2020
Director Compensation for Fiscal 2021
Name	Fees Earned or Paid in Cash ($)		Stock Awards ($)		Option Awards ($)		Non-Equity Incentive Plan Compensation ($)		Change in Pension Value and Nonqualified Deferred Compensation Earnings ($)		All Other Compensation ($)		Total ($)
Ronald L. McDaniel		6,000		0		0		0		0		0		6,000
Lael E. Boren		6,000		0		0		0		0		0		6,000
John J. Martorana		6,000		0		0		0		0		0		6,000
Martha R. Songer		6,000		0		0		0		0		0		6,000
Richard Outram(1)		3,500		0		0		0		0		0		3,500
Gregory L. King(2)		500		0		0		0		0		0		500

17(1) Mr. Outram did not stand for re-election at our Annual Meeting of Stockholders held on December 2, 2021.

(2) Mr. King joined the Board on September 24, 2021.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

The following table sets forth certain information with respect to the ownership of the Company's Common Stock as of December 31, ~~2020~~ by2021 by (i) those persons known by the Company to be the beneficial owners of more than 5% of the total number of outstanding shares of Common Stock, (ii) each director and executive officer, and (iii) all officers and directors as a group. Except as otherwise indicated, we believe that the beneficial owners of common stock listed below, based on information furnished by such owners, have sole voting and investment power with respect to such share, subject to applicable community property laws and the address for each person is c/o International Baler Corporation, 5400 Rio Grande Avenue, Jacksonville, Florida 32254. As of December 31, ~~2020~~ we2021 ~~had~~there were 5,183,895 shares of common stock outstanding.

Name	Number of Shares Beneficially Owned		Percent of Class
Directors and Named Executive Officers
Victor W. Biazis		—		—
John J. Martorana		20,000		0.4	%
Ronald L. McDaniel		—		—
William E. Nielsen(1)		118,301		2.3	%
Lael E. Boren		2,000		0.0	%
Martha R. Songer		2,000		0.0	%
All Directors and Executive Officers
as a Group (6 persons)		142,301		2.7	%
5% or Greater Stockholders
Estate of Leland E. Boren(2)		4,205,158		81.1	%

(1) Includes 118,301 shares held directly by the International Baler Corp. Profit Sharing Trust, an employee profit-sharing trust, for which Mr. Nielsen serves as trustee. Mr. Nielsen disclaims beneficial ownership over these shares.

Name	Number of Shares Beneficially Owned		Percent of Class
Directors and Named Executive Officers
D. Roger Griffin		—		—
John J. Martorana		20,000		0.4	%
Ronald L. McDaniel		—		—
William E. Nielsen⁽¹⁾		85,114		1.6	%
Lael E. Boren		2,000		0.0	%
Martha R. Songer		2,000		0.0	%
All Directors and Executive Officers
as a Group (6 persons)		109,114		2.1	%
5% or Greater Stockholders
Avis Industrial Corporation		4,205,158		81.1	%

(21) ~~Consists of 2~~Includes 85,~~633,896~~114 shares held directly by the ~~Estate~~International ofBaler ~~Leland E~~Corp. ~~Boren~~Profit ~~and~~Sharing 1Trust,~~571,262~~ ~~shares~~an ~~owned~~employee byprofit-sharing ~~Avis Industrial Corporation~~trust, afor ~~company~~which ~~controlled by the Estate of Leland E~~Mr. ~~Boren.~~Nielsen serves ~~Angela M. Darlington, the Company’s Secretary has the authority to vote the shares of the Estate and of Avis Industrial Corporation, in her capacity~~ as ~~the Personal Representative of the Estate~~trustee. MsMr. ~~Darlington~~Nielsen disclaims beneficial ownership over these shares.

Securities authorized for issuance under equity compensation plans.

The Company does not have any securities authorized for issuance under equity compensation plans as of October 31, 2021.

Changes In Control

To the knowledge of the Company’s management, there are no present arrangements or pledges of the Company’s securities which may result in a change in control of the Company.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

Transactions with Management and Others

~~The Estate of Leland E. Boren owns 99% of~~ Avis Industrial Corporation (Avis). ~~The~~owns ~~Estate of Mr. Boren controls~~ over 5080% 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 fiscal years ended October 31, ~~2020~~2021 and ~~2019~~2020. The Company had no sales to The American Baler Company in fiscal years ended October 31, ~~2020~~2021 and ~~2019~~2020. The Company had no equipment sales to Harris Waste Management in fiscal ~~2020~~2021. ~~and~~In ~~sold~~addition, ~~two~~Avis ~~closed~~owns ~~door~~100% ~~horizontal~~of ~~balers~~Peninsular ~~for~~Cylinder Co., Inc. (“Peninsular”), a company which manufactures cylinders. The Company purchased $~~122~~215,~~950~~610 inand ~~the~~$434,804 ~~fiscal~~of ~~year~~cylinders ~~ended~~from ~~October~~Peninsular 31in fiscal 2021 and fiscal 2020, ~~2019~~respectively.

Indebtedness of Management

No officer, director or security holder known to the Company to own of record or beneficially more than 5% of the Company's common stock or any member of the immediate family of any of the foregoing persons is indebted to the Company.

Independence of Directors

See Item 10. Directors and Executive Officers; Corporate Governance – Independence of Directors.

1819

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

The following table presents the fees for professional services rendered by Pivot CPAs, PA ( Pivot CPAs) for the audit of the Company’s annual financial statements for the years ended October 31, ~~2020~~2021 and ~~2019~~2020:

Fee Category	~~2020~~2021		~~2019~~2020
Audit Fees	$	59,400	$	59,400
Audit-Related Fees		0		0
Tax Fees		10,000		10,000
All Other Fees		0		0
Total Fees	$	69,400	$	69,400

“Audit Fees” include fees related to the services rendered in connection with the annual audit of the Company’s financial statements, the quarterly reviews of the Company’s quarterly reports on Form 10-Q and the reviews of and other services related to registration statements and other offering memoranda.

“Audit-Related Fees” are for assurance and related services by the independent registered public accounting firm that are reasonably related to the performance of the audit or review of the Company’s financial statements.

“Tax Fees” include (i) tax compliance, (ii) tax advice, (iii) tax planning and (iv) tax reporting.

“All Other Fees” includes fees for all other services provided by the principal accountants not covered in the other categories.

All of the ~~2020~~2021 services described above were approved by the Audit Committee in accordance with the SEC rule that requires audit ~~committee~~ committee pre-approval of audit and non-audit services provided by the Company’s independent registered public accounting firm. The Audit Committee has considered whether the provisions of such services, including non-audit services, by Pivot CPAs is compatible with maintaining Pivot CPAs’ independence and has concluded that it is.

1920

~~ITEM~~PART ~~15. EXHIBITS~~IV

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

The following documents are filed as Part of this Report

1. Financial Statements:

Reports of Independent Registered Public Accounting Firms

Balance Sheets

Statements of Operations

Statements of Stockholders' Equity

Statements of Cash Flows

Notes to Financial Statements

2. Exhibits

The ~~following~~ following exhibits are filed with, or incorporated by reference into this report.

Exhibit Number	Description
2.1	Agreement of Merger between International Baler Corporation and IBC Merger Corporation dated June 24, 1997 (Incorporated by reference to Exhibit 10.39 to Company’s Current Report on Form 8-K, Date of Report June 27, 1997[“Report on Form 8-K June 27, 1997”]).
2.3	Certificate of Merger merging Consolidated Baling Machine Company, Inc. and Florida Waste Systems, Inc. Into International Baler Corporation filed July 30, 2004 (incorporated by reference to Exhibit 2.3 in the Company’s Annual Report on form 10-K for the fiscal year ended October 31, 2021 filed with the SEC on January 29, 2021).
3.1	Certificate of Incorporation of International Baler Corporation, as amended* (incorporated by reference to Exhibit 3.1 in the Company’s Annual Report on form 10-K for the fiscal year ended October 31, 2021 filed with the SEC on January 29, 2021).
3.2	Revised and Restated Bylaws of International Baler *(incorporated by reference to Exhibit 3.2 in the Company’s Annual Report on form 10-K for the fiscal year ended October 31, 2021 filed with the SEC on January 29, 2021).
4.1	Description of Common Stock* (incorporated by reference to Exhibit 4.1 in the Company’s Annual Report on form 10-K for the fiscal year ended October 31, 2021 filed with the SEC on January 29, 2021).
10.1	Revolving Note and Credit Agreement Modification Agreement effective as of May 15, 2021 between International Baler Corporation and First Merchants Bank, National Association (Incorporated by reference to Exhibit 10.1 to Company’s Quarterly Report on Form 10-Q for the period ended July 31, 2021, filed with the SEC on September 9, 2021)
10.2	Credit Agreement, Security Agreement and Note dated as of January 7, 2013, as amended through May 15, 2020, between International Baler Corporation, as the Borrower and First Merchants Bank, National Association, as the lender (Incorporated by reference to Exhibit 10.2 to Company’s Quarterly Report on Form 10-Q for the period ended July 31, 2021, filed with the SEC on September 9, 2021)
10.3*+	Separation Agreement and General Release Agreement dated September 29, 2021 between International Baler Corporation and Victor Biazis
14	Code of Ethics (Incorporated by reference to Exhibit 14 to the Company’s Annual Report on Form 10-KSB for the year ended October 31, 2003).
31.1*	Certification of Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a)
31.2*	Certification of Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a)
32.1*	Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2*	Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS*	XBRL Instance Document*
101.SCH*	XBRL Taxonomy Extension Schema*
101.CAL*	XBRL Taxonomy Calculation LinkBase*
101.LAB*	XBRL Taxonomy Label Linkbase*
101.PRE*	XBRL Definition Linkbase Document*
101.DEF*	XBRL Definition Linkbase Document*
104*	Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)

* Exhibit + Management ~~filed~~contract ~~with~~or ~~this~~compensatory ~~Report.~~plan or arrangement

20* Exhibits filed with this Report.

Item 16. Form 10-K Summary

None.

SIGNATURES

In accordance with Section 13 or 15 (d) of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

INTERNATIONAL BALER CORPORATION ~~(Registrant) By: /s/ Victor W. Biazis Chief Executive Officer Dated: January 29, 2021~~

(Registrant)

By/s/ D. Roger Griffin .

Chief Executive Officer

In accordance with the Exchange Act, this report has been signed below by the following persons on behalf of the registrant and in their capacities and on the dates indicated.

Signature	~~Title~~	~~Date~~Title	Date
/s/ Ronald L. McDaniel	~~Director~~	~~January 29, 2021~~Director	February 15, 2022
Ronald L. McDaniel	~~Chairman of the Board~~	Chairman of the Board
/s/ Lael E. Boren	~~Director~~	~~January 29, 2021~~Director	February 15, 2022
Lael E. Boren
/s/ William E. Nielsen	~~Director~~	~~January 29, 2021~~Director	February 15, 2022
William E. Nielsen	~~Chief Financial Officer~~	Chief Financial Officer
/s/ John J. Martorana	~~Director~~	~~January 29, 2021~~Director	February 15, 2022
John J. Martorana
/s/ Martha R. Songer	~~Director~~	~~January 29, 2021~~Director	February 15, 2022
Martha R. Songer
/s/ Gregory L. King		Director	February 15, 2022
Gregory L. King

2122

INTERNATIONAL BALER CORPORATION

FINANCIAL STATEMENTS

OCTOBER 31, ~~2020~~2021 AND ~~2019~~2020

(With Report of Independent Registered Public Accounting Firm Thereon)

F-1

Report of Independent Registered Public Accounting Firm

Board of Directors and Stockholders

International Baler Corporation

Jacksonville, Florida

Opinion on the Financial Statements

We have audited the accompanying balance sheets of International Baler Corporation (the “Company”) as of October 31, 2021 and 2020 and ~~2019 and~~ the related statements of income, stockholders’ equity, and cash flows for the years then ended and the related notes to the financial statements (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of October 31, ~~2020~~2021 and ~~2019~~2020 and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Pivot CPAs

We have served as the Company's auditor since 2011

Ponte Vedra Beach, Florida

~~January~~February 2915, ~~2021~~2022

F-2

INTERNATIONAL BALER CORPORATION
BALANCE SHEETS
		October 31, 2020			October 31, 2019
		October 31, 2021			October 31, 2020
ASSETS
Current assets:
Cash and cash equivalents	$	21,~~626~~742,~~221~~336		$	2,~~714~~626,~~764~~221
Certificate of deposit		1,~~011~~012,~~824~~960			1,~~003~~011,~~389~~824
Accounts receivable, net of allowance for doubtful accounts of $6,000 at October 31, 2020 and $15,000 at October 31, 2019		788,234			644,915
Accounts receivable, net of allowance for doubtful accounts of $11,844 at October 31, 2021 and $6,000 at October 31, 2020		870,571			788,234
Inventories		4,~~254~~708,~~880~~263			4,~~119~~254,~~057~~880
Prepaid expense and other current assets		92131,~~195~~333			7792,~~858~~195
Income taxes receivable		~~332~~434,~~815~~019			85332,~~286~~815
Total current assets		98,~~106~~899,~~169~~482			89,~~645~~106,~~269~~169
Property, plant and equipment, at cost:		4,~~440~~719,~~561~~850			4,~~336~~440,~~733~~561
Less: accumulated depreciation		3,~~161~~386,~~864~~332			3,~~026~~161,~~513~~864
Net property, plant and equipment		1,~~278~~333,~~697~~518			1,~~310~~278,~~220~~697
Other assets
Deferred income taxes		77133,~~890~~010			~~161~~77,~~122~~890
Total other assets		77133,~~890~~010			~~161~~77,~~122~~890
TOTAL ASSETS	$	10,~~462~~366,~~756~~010		$	10,~~116~~462,~~611~~756
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	~~480~~421,~~278~~293		$	~~329~~480,~~618~~278
Accrued liabilities		~~377~~384,~~898~~322			~~270~~377,~~620~~898
Customer deposits		526,725			656,569
Accrued sales returns		490,000			—
Total current liabilities		1,384,901			1,256,807
Customer deposits		749,820			526,725
Long term debt		626,466			—
Total current liabilities		2,045,435			1,384,901
Total liabilities		2,011,367			1,256,807
Long term debt		—			626,466
Commitments and contingencies (Note 7)
Total liabilities		2,045,435			2,011,367
Commitments and contingencies (Note 9)
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,~~648~~517,~~813~~999			32,~~057~~648,~~228~~813
		9,132,799			9,541,214
		9,001,985			9,132,799
Less:Treasury stock, 1,245,980 shares, at cost		(681,410	)		(681,410	)
Total stockholders' equity		8,~~451~~320,~~389~~575			8,~~859~~451,~~804~~389
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	10,~~462~~366,~~756~~010		$	10,~~116~~462,~~611~~756
See accompanying notes to financial statements.

F-3

INTERNATIONAL BALER CORPORATION
STATEMENTS OF INCOME
STATEMENTS OF OPERATIONS
YEARS ENDED OCTOBER 31, 2020 AND 2019
YEARS ENDED OCTOBER 31, 2021 AND 2020
		2020			2019
		2021			2020
Net sales:
Equipment	$	6,~~124~~181,~~892~~720		$	6,~~612~~124,~~826~~892
Parts and service		23,~~861~~820,~~132~~723			2,~~913~~861,~~749~~132
Total net sales		810,~~986~~002,~~024~~443			98,~~526~~986,~~575~~024
Cost of sales		8,~~132~~779,~~391~~587			8,~~830~~132,~~035~~391
Gross profit		~~853~~1,~~633~~222,856			~~696~~853,~~540~~633
Operating expense:
Selling expense		~~584~~596,~~950~~582			~~550~~584,~~614~~950
Administrative expense		~~868~~1,~~734~~546,110			~~856~~868,~~221~~734
Total operating expense		12,~~453~~142,~~684~~692			1,~~406~~453,~~835~~684
Operating loss		(~~600~~919,~~051~~836	)		(~~710~~600,~~295~~051	)
Other income:
Interest income		144,~~371~~233			914,~~712~~371
Other income		10628,~~500~~466			~~175~~10,~~841~~500
Total other income		24632,~~871~~699			~~185~~24,~~553~~871
Loss before income taxes		(~~575~~287,~~180~~137	)		(~~524~~575,~~742~~180	)
Income tax benefit		(~~166~~156,~~765~~323	)		(~~201~~166,~~128~~765	)
Net loss	$	(~~408~~130,~~415~~814	)	$	(~~323~~408,~~614~~415	)
Loss per share, basic and diluted	$	(0.0803	)	$	(0.0608	)
Weighted average number of shares outstanding		5,183,895			5,183,895
See accompanying notes to financial statements.

F-4

INTERNATIONAL BALER CORPORATION
STATEMENTS OF STOCKHOLDERS’ EQUITY
FOR THE YEARS ENDED OCTOBER 31, 2020 AND 2019
	Common Stock								Treasury Stock
	NUMBER OF SHARES ISSUED		PAR VALUE		ADDITIONAL PAID-IN CAPITAL		RETAINED EARNINGS (DEFICIT)		NUMBER OF SHARES		COST			TOTAL STOCKHOLDERS’ EQUITY
Balance at November 1, 2018	6,429,875	$	64,299	$	6,419,687	$	3,380,842		1,245,980	$	(681,410	)	$	9,183,418
Net loss	—		—		—		(323,614	)	—		—			(323,614	)
Balance at October 31, 2019	6,429,875		64,299		6,419,687		3,057,228		1,245,980		(681,410	)		8,859,804
Net loss	—		—		—		(408,415	)	—		—			(408,415	)
Balance at October 31, 2020	6,429,875	$	64,299	$	6,419,687	$	2,648,813		1,245,980	$	(681,410	)	$	8,451,389
See accompanying notes to financial statements.

INTERNATIONAL BALER CORPORATION

STATEMENTS OF STOCKHOLDERS' EQUITY

FOR THE YEARS ENDED OCTOBER 31, 2021 AND 2020


	Common Stock								Treasury Stock
	NUMBER OF SHARES ISSUED		PAR VALUE		ADDITIONAL PAID-IN CAPITAL		RETAINED EARNINGS (DEFICIT)		NUMBER OF SHARES		COST			TOTAL STOCKHOLDERS’ EQUITY
Balance at November 1, 2019	6,429,875	$	64,299	$	6,419,687	$	3,057,228		1,245,980	$	(681,410	)	$	8,859,804
Net loss	—		—		—		(408,415	)	—		—			(408,415	)
Balance at October 31, 2020	6,429,875		64,299		6,419,687		2,648,813		1,245,980		(681,410	)		8,451,389
Net loss	—		—		—		(130,814	)	—		—			(130,814	)
Balance at October 31, 2021	6,429,875	$	64,299	$	6,419,687	$	2,517,999		1,245,980	$	(681,410	)	$	8,320,575

See accompanying notes to financial statements.

F-5

INTERNATIONAL BALER CORPORATION
STATEMENTS OF CASH FLOWS
YEARS ENDED OCTOBER 31, 2020 AND 2019
YEARS ENDED OCTOBER 31, 2021 AND 2020
		2020			2019
		2021			2020
Cash flow from operating activities:
Net loss	$	(~~408~~130,~~415~~814	)	$	(~~323~~408,~~614~~415	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		214,523			205,065
Gain on extinguishment of debt		(626,466	)		—
Deferred income tax		83,232			(99,628	)
Depreciation and amortization		224,468			214,523
Gain on sale of fixed assets		(10,500	)		—
Deferred income tax		(55,120	)		83,232
Gain on sale of fixed assets		—			(10,500	)
Changes in operating assets and liabilities:
Accounts receivable		(~~143~~82,~~319~~337	)		(88143,~~249~~319	)
Inventories		(~~135~~453,~~823~~383	)		~~138~~(135,~~028~~823	)
Prepaid expenses and other assets		(1439,~~337~~138	)		88(14,~~746~~337	)
Income taxes receivable		(~~247~~101,~~529~~204	)		(~~101~~247,~~500~~529	)
Accounts payable		~~150~~(58,~~660~~985	)		~~(252~~150,~~033~~660	)
Accrued liabilities		~~107~~6,~~278~~424			~~(99~~107,~~582~~278	)
Customer deposits		(129,844	)		(238,010	)
Accrued sales returns		490,000			—
Net cash used in operating activities		(534,074	)		(770,777	)
Customer deposits		223,095			(129,844	)
Net cash used in operating activities		(603,460	)		(534,074	)
Cash flows from investing activities:
Purchases of property and equipment		(183,000	)		(244,580	)
Purchase of property and equipment		(279,289	)		(183,000	)
Acquisition of certificate of deposit		—			(1,003,389	)
Proceeds received on sale of fixed assets		—			10,500
Proceeds received on sale of fixed assets		10,500			—
Interest earned on certificates of deposit		(1,136	)		(8,435	)
Interest earned on certificates of deposit		(8,435	)		—
Net cash used in investing activities		(280,425	)		(180,935	)
Net cash used in investing activities		(180,935	)		(1,247,969	)
Cash flows from financing activities:
Proceeds from PPP loan		~~626,466~~—			—626,466
Net cash provided by financing activities		~~626,466~~—			—626,466
Net decrease in cash and cash equivalents		(88883,~~543~~885	)		(288,~~018,746~~543	)
Cash and cash equivalents at beginning of year		2,714,764			4,733,510
Cash and cash equivalents at beginning of period		2,626,221			2,714,764
Cash and cash equivalents at end of year	$	2,626,221		$	2,714,764
Cash and cash equivalents at end of period	$	1,742,336		$	2,626,221
Supplemental disclosure of cash flow information:
Cash paid during year for:
Income taxes	$	—		$	—
See accompanying notes to financial statements.

F-6

INTERNATIONAL BALER CORPORATION

Notes to Financial Statements

October 31, 2021 and 2020

(1) Nature of Business

International Baler Corporation (the “Company”) is a manufacturer of baling equipment which utilizes technical, hydraulic and electrical mechanisms to compress a variety of materials into bales for easier handling, shipping, disposal, storage, and for recycling. Materials commonly baled include scrap metal, corrugated boxes, newsprint, aluminum cans, plastic bottles, and other solid waste. More sophisticated applications include baling of textile materials, fibers and synthetic rubber. The Company offers a wide variety of balers, standard models as well as custom models to meet specific customer requirements.

The Company’s customers include recycling facilities, paper mills, textile mills, and the companies which generate the materials for baling and recycling.

Effective February 24, 2021, Avis Industrial Corporation acquired additional shares of the outstanding shares of the Company from the Estate of Leland Boren. At this date Avis owns over 80% of the Company's stock.

(2) Summary of Significant Accounting Policies

(a) Use of Estimates

The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Significant items subject to such estimates and assumptions include allowances for doubtful accounts, valuation of deferred tax assets, valuation of inventory, and estimates for warranty claims. Actual results could differ from those estimates.

(b) Cash and Cash Equivalents

The Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents.

(c) Accounts Receivable and Allowance for Doubtful Accounts

Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The Company maintains an allowance for doubtful accounts for estimated losses inherent in its accounts receivable. The Company reviews its allowance for doubtful accounts monthly including the analysis of historical trends, customer credit worthiness and the aging of receivables. In addition, past due balances are reviewed individually for collectability. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote.

(d) Inventories

Inventories are stated at the lower of cost or market. Cost is determined by a method that approximates the first-in, first-out method. Work in process and finished goods are valued based on underlying costs to manufacture balers which include direct materials, direct and indirect labor, and overhead. The Company reviews inventory for obsolescence on a regular basis.

(e) Property, Plant, and Equipment

Property, plant and equipment are stated at cost net of accumulated depreciation. The cost of property, plant, and equipment is depreciated over the estimated useful lives of the related assets. Depreciation is computed primarily using the straight-line method over the estimated lives of 5-20 years for machinery and equipment and 31-40 years for buildings.

The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the assets. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of by sale are reported at the lower of the carrying amount or fair value less costs to sell, and depreciation ceases.

F-7

INTERNATIONAL BALER CORPORATION

Notes to Financial Statements

October 31, 2021 and 2020

(f) Income Taxes

The Company recognizes liabilities for uncertain tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit. The second step is to estimate and measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. It is inherently difficult and subjective to estimate such amounts, as the amounts rely upon the determination of the probability of various possible outcomes. The Company reevaluates these uncertain tax positions on a quarterly basis. This evaluation is based on factors including, but not limited to, changes in facts or circumstances, changes in tax law and expiration of statutes of limitations, effectively settled issues under audit, and audit activity. Such a change in recognition or measurement would result in the recognition of a tax benefit or an additional charge to the tax provision.

The Company records interest related to unrecognized tax benefits in interest expense and penalties in selling, general, and administrative expenses.

(g) Revenue Recognition

The Company ~~adopted ASC 606 on November 1, 2018. The Company~~ recognizes revenues from the sale of finished products upon shipment and the transfer of control to the customer. The other elements may include installation and, generally, a one-year warranty. Equipment installation revenue is valued based on estimated service person hours to complete installation and is recognized when the labor has been completed and the equipment has been accepted by the customer, which is generally within a couple of days of the delivery of the equipment. Warranty revenue is recognized over the contract period. Revenue from service plans is recognized over time based on term of the service agreement.

All other product sales with customer specific acceptance provisions are recognized at a point in time upon customer acceptance and the delivery of the parts or service. Revenues related to spare part sales are recognized upon shipment or delivery based on the trade terms.

Generally, pricing is fixed with payment terms of thirty days after shipment. The majority of the Company’s contracts have short duration and a single performance obligation to deliver a configured to order baler and related equipment to the customer. The Company has elected to expense shipping and handling costs as incurred.

F-8

~~(h) Disaggregation~~INTERNATIONAL ofBALER ~~Revenue~~CORPORATION Notes to Financial Statements October 31, 2021 and 2020

~~Disaggregated~~(h) ~~revenue~~Contract isAssets byand ~~primary geographic market is as follows:~~Liabilities

Revenue by Geographic Area	Twelve Months Ended October 31, 2020		Twelve Months Ended October 31, 2019
United States	$	8,101,360	$	8,199,936
International		884,664		1,326,639
Total	$	8,986,024	$	9,526,575

Contract liabilities arise when payment is received before the Company transfers products to a customer and are reported as Customer Deposits on the accompanying balance sheet. The change in contract liabilities is due to the timing of customer deposits for baler orders offset by customer deposits of $749,820 and $566,300 which were recognized as revenue during the fiscal years ended October 31, 2021 and 2020, respectively.

(i) Contract ~~Assets~~Costs ~~and Liabilities~~

~~Contract~~The ~~liabilities~~Company ~~arise~~expenses ~~when~~incremental ~~payment~~costs isof ~~received~~obtaining ~~before~~or ~~the~~fulfilling ~~Company transfers products to~~ a ~~customer and are reported as Customer Deposits on the accompanying balance sheet. The change in~~ contract ~~liabilities is~~ due to the ~~timing~~length of ~~customer deposits for baler orders offset by customer deposits of $566,300 and $876,900 which were recognized as revenue during~~ the ~~fiscal~~contract ~~years~~being ~~ended~~less ~~October~~than ~~31, 2020~~twelve ~~and 2019, respectively~~(12) months.

Contract Costs

The Company expenses incremental costs of obtaining or fulfilling a contract.

(j) Warranties and Service

The Company typically warrants its products for one (1) year from the date of sale as to materials, three (3) years for structural damage, and six (6) months as to labor, and offers services for other required repairs and maintenance. Service is rendered by repairing or replacing parts at the Company’s Jacksonville, Florida, facility, by on-site service provided by Company personnel who are based in Jacksonville, Florida, or by local service agents who are engaged as needed. The Company maintains an accrued liability for expected warranty claims. The warranty accrual is based on historical warranty costs, the quantity and type of balers currently under warranty, and known warranty issues.

~~Following~~(k) isAccrued aSales ~~tabular reconciliation of the changes in the warranty accrual:~~Returns

	2020			2019
Beginning balance	$	60,000		$	80,000
Warranty service provided		(120,069	)		(152,977	)
New product warranties		122,498			132,257
Changes to pre-existing warranty accruals		(22,429	)		720
Ending balance	$	40,000		$	60,000

The Company records sales returns, when known, as a reduction of sales and an accrued liability for the amount of the return. The Company has recorded a sales return of $490,000 for a baler to be returned.

(kl) Advertising

Advertising costs are expensed as incurred. Advertising expense was $~~124~~162,~~719~~151 and $~~199~~124,~~808~~719 for the fiscal years ended October 31, ~~2020~~2021 and ~~2019~~ 2020, respectively.

(lm) Leases

The ~~Company~~ Company records short-term lease cost on a straight-line basis over the lease term. During fiscal years ended October 31, ~~2020~~ 2021 and ~~2019~~2020, all leases had a term of one month or less.

(n) Earnings Per Share

Basic earnings per share are calculated using the weighted average number of common shares outstanding during each year. Diluted earnings per share include the net number of shares that would be issued upon the exercise of stock options using the treasury stock method. Options are not considered in loss years as they would be anti-dilutive. There were no stock options outstanding for the years ended October 31, 2021 and 2020, respectively.

(o) Business Reporting Segments

The Company operates in one segment based on the information monitored by the Company’s Chief Operating Decision Maker to manage the business.

F-9

~~(m) Earnings Per~~INTERNATIONAL ~~Share~~BALER CORPORATION Notes to Financial Statements October 31, 2021 and 2020

~~Basic~~(p) Fair ~~earnings~~Value ~~per share are calculated using the weighted average number~~ of ~~common~~Financial shares outstanding during each year. Diluted earnings per share include the net number of shares that would be issued upon the exercise of stock options using the treasury stock method. Options are not considered in loss years as they would be anti-dilutive. There were no stock options outstanding for the years ended October 31, 2020 and 2019, respectively.Instruments

~~(n) Business~~Fair ~~Reporting~~value ~~Segments~~is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or liability. Additionally, ASC 820, Fair Value Measurements, defines levels within a hierarchy based upon observable and non-observable inputs.

~~The Company~~• ~~operates~~Level in1. ~~one~~Observable ~~segment~~inputs ~~based~~such onas ~~the~~quoted ~~information~~prices ~~monitored~~in byactive ~~the Company’s operating decision makers to manage the business.~~markets;

~~(o) Fair Value~~• ofLevel ~~Financial~~2. ~~Instruments~~Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and

~~The carrying~~• ~~amounts~~Level of3. ~~the~~Unobservable ~~Company’s~~inputs ~~financial~~in ~~instruments,~~which ~~including~~there ~~cash~~is ~~and~~little ~~cash~~or ~~equivalents,~~no ~~short~~market ~~term certificates of deposit~~data, ~~accounts~~which ~~receivable,~~require ~~accounts~~the ~~payable,~~reporting ~~accrued~~entity ~~liabilities, and customer deposits, approximate their fair value due~~ to ~~the~~ ~~short-term~~develop ~~nature~~its ofown ~~these assets and liabilities~~assumptions.

~~(p) Recent~~At ~~Accounting~~October ~~Pronouncements~~31, 2021 and 2020, the Company had no assets or liabilities measured at Fair value on a recurring basis that required measurements within the fair value hierarchy.

~~Recently~~The ~~Adopted~~carrying ~~Accounting~~amounts ~~Pronouncements:~~reflected in the balance sheets for cash and cash equivalents, short term certificates of deposit, trade accounts receivable, trade accounts payable, and borrowing under the line of credit approximate their respective fair values based on the short-term nature of these instruments.

~~In May 2014, the FASB issued ASU 2014-09 establishing Accounting Standards Codification~~ (~~“ASC”~~q) ~~Topic 606, Revenue from~~ Recent ~~Contracts~~Accounting with Customers (“ASC 606”). ASC 606 establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most of the existing revenue recognition guidance. This standard requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and also requires certain additional disclosures. The Company adopted this standard effective November 1, 2018 using modified retrospective approach, which requires applying the new standard to all existing contracts not yet completed as of the effective date and recording a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. Based on an evaluation of the impact of ASC 606 the Company concluded that ASC 606 did not have a material impact on the process for, timing of, and presentation and disclosure of revenue recognition from customers therefore the Company did not record a cumulative transition adjustment.Pronouncements

Accounting Pronouncements – Recently Adopted

In February 2016, the FASB issued ASU No. 2016-02, Leases, ("ASU 2016-02"). ASU 2016-02 requires lessees to recognize assets and liabilities for most leases. All leases are required to be recorded on the balance sheet with the exception of short-term leases. This standard was adopted by the Company on November 1, 2019. Prior to adoption the Company determined that all its lease agreements qualify as short term leases, having a lease term of twelve months or less and no purchase option, and has elected to recognize its lease payments in profit or loss on a straight-line basis over the lease term. Accordingly the Company did not record a transition adjustment.

~~Recently~~Accounting ~~Issued~~Pronouncements ~~Accounting~~– ~~Standards~~ Not Yet Adopted

In November 2019, the FASB issued ASU 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivative and Hedging (Topic 815, and Leases (Topic 841). This new guidance will be effective ~~for~~November ~~annual reporting periods beginning after December 15~~1, ~~2019,~~ ~~including interim periods within those annual reporting periods~~2023. While the Company is continuing to assess the potential impacts of ASU 2019-10, it does not expect ASU 2019-10 to have a material effect on its financial statements.

(q) Reclassification

The Company reclassified income taxes receivable of $85,286 from accrued liabilities on the accompanying balance sheet as of October 31, 2019 to conform with the current year presentation.

F-10

INTERNATIONAL BALER CORPORATION

Notes to Financial Statements

October 31, 2021 and 2020

(3) Related Party Transactions

~~The Estate of Leland E. Boren is a shareholder of the Company and is the owner of~~ Avis ~~Industrial Corporation (Avis). The Estate of~~ ~~Mr. Boren 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., 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 independent of each other. The Company had no purchases from these companies in the fiscal years ended October 31, ~~2020~~2021 and ~~2019~~2020. The Company had no sales to The American Baler Company in the fiscal years ended October 31, ~~2020~~ 2021 and ~~2019~~2020. ~~The~~ ~~Company~~In ~~had~~addition, noAvis ~~equipment~~owns ~~sales~~100% toof ~~Harris~~Peninsular ~~Waste~~Cylinder ~~Management~~Co., inInc. ~~fiscal~~(“Peninsular”), ~~2020~~a ~~and~~company ~~sold~~that ~~two~~manufactures ~~closed~~cylinders. The ~~door~~Company ~~horizontal~~purchased ~~balers~~$215,610 ~~for~~and $~~122~~434,~~950 in~~894 ~~the~~of cylinders from Peninsular in fiscal ~~year~~years ~~ended~~2021 ~~October~~and 312020, ~~2019~~respectively.

(4) Inventories

Inventories consisted of the following:	2020		2019
Inventories
Raw materials	$	2,155,664	$	2,035,612
Inventories consisted of the following:	2021		2020
Work in process		1,725,596		1,239,861
Raw materials	$	2,554,083	$	2,155,664
Finished goods		373,620		843,584
Work in process		1,714,957		1,725,596
	$	4,254,880	$	4,119,057
Finished goods		439,223		373,620
Inventories	$	4,708,263	$	4,254,880

(5) Property, Plant, and Equipment

The following is a summary of property, plant, and equipment, at cost, less accumulated depreciation and amortization:

	2020		2019
Schedule of property, plant, and equipment
	2021		2020
Land	$	82,304	$	82,304
Building and improvements		1,353,097		1,~~320~~353,~~710~~097
Machinery and equipment		2,~~623~~882,~~089~~359		2,~~570~~623,~~981~~089
Vehicles		317,136		~~326~~317,~~499~~136
Construction In progress		6484,~~935~~954		3664,~~239~~935
		4,440,561		4,336,733
Property, plant and equipment, gross		4,719,850		4,440,561
Less accumulated depreciation		3,~~161~~386,~~864~~332		3,~~026~~161,~~513~~864
	$	1,278,697	$	1,310,220
Property, plant and equipment, net	$	1,333,518	$	1,278,697

Depreciation expense was $~~214~~224,~~523~~468 and $~~205~~214,~~065~~523 during the years ended October 31, ~~2020~~2021 and ~~2019~~2020, respectively.

(6) Debt

On April 16, 2020 the Company received a $626,466 loan made pursuant to the terms of the Paycheck Protection Program authorized by the CARES Act. The loan has a two-year term and accrues simple interest at a fixed rate of 1.00%. Under the terms of the CARES Act guidelines, a portion of the loan up to 100% may be forgiven by the U.S. Small Business Administration if the amount spent is within the timeframe and under the guidelines that have been set for forgiveness. On December 9, 2020 the Company was notified by our bank that the SBA has stated that the entire amount of this loan will be forgiven. The Company anticipates that the income from this loan forgiveness will be recognized in the first quarter of fiscal year ending October 31, 2021.

F-11

~~(7) Commitments~~ INTERNATIONAL BALER CORPORATION Notes to Financial Statements October 31, 2021 and ~~Contingencies~~2020

(6) Warranties

Following is a tabular reconciliation of the changes in the warranty accrual:

Warranty Accrual
	2021			2020
Beginning balance	$	40,000		$	60,000
Warranty service provided		(190,614	)		(120,069	)
New product warranties		133,725			122,498
Changes to pre-existing warranty accruals		56,889			(22,429	)
Ending balance	$	40,000		$	40,000

(7) Debt

The Company has a $1,000,000 line of credit agreement with First Merchants Bank of Muncie, Indiana which was renewed on May 15, 2021. The line of credit allows the Company to borrow at an interest rate equal to the greater of 3% or the Wall Street Journal prime rate minus 0.25%, adjusting daily. The line of credit is secured by all assets of the Company and expires on May 15, 2022. The line of credit had no outstanding balance at October 31, 2021 and at October 31, 2020.

On April 16, 2020 the Company received a $626,466 loan made pursuant to the terms of the Paycheck Protection Program authorized by the CARES Act. The loan has a two-year term and accrues simple interest at a fixed rate of 1.00%. Under the terms of the CARES Act guidelines, a portion of the loan up to 100% may be forgiven by the U.S. Small Business Administration if the amount spent is within the timeframe and under the guidelines that have been set for forgiveness. On December 9, 2020 the Company was notified by its bank that the SBA has stated that the entire amount of this loan was forgiven. The Company reversed this liability in the quarter ended January 31, 2021 and the resulting gain was recognized as other income.

(8) Disaggregation of Revenue

Disaggregated revenue by primary geographic market is as follows:

Schedule of Disaggregated revenue
Revenue by Geographic Area	Twelve Months Ended October 31, 2021		Twelve Months Ended October 31, 2020
United States	$	9,543,303	$	8,101,360
International		459,140		884,664
Total	$	10,002,443	$	8,986,024

F-12

INTERNATIONAL BALER CORPORATION

Notes to Financial Statements

October 31, 2021 and 2020

(9) Commitments and Contingencies

The Company in the ordinary course of business is subject to claims and from time to time is named as a defendant in legal proceedings relating to the operations of its business, including the sale 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.

On December 1, 2017 the Company was served with a complaint related to an injury to an employee working at Integrated Coating and Seed Technology Inc., (INCOTEC). The employee was operating a baler manufactured by the Company in 1994. The injury occurred on December 4, 2015. The plaintiff is Star Insurance Company. The Company’s insurer settled this claim in March 2020. The Company’s liability on this settlement of the claim was $20,645 which has been paid.

InOn ~~December~~March ~~2018~~22, 2021, the Company ~~discovered~~was anserved ~~employee~~with ~~theft~~a ofcomplaint ~~Company~~related ~~property.~~to ~~The~~an ~~Company~~injury ~~has~~to ~~researched~~an ~~what~~employee ~~items~~working ~~were~~at ~~stolen and~~a ~~our~~Stericycle ~~estimate~~facility isin ~~that~~North Little ~~the~~Rock, ~~value~~Arkansas. ofThe ~~the~~employee ~~stolen items~~ was ~~approximately~~working ~~$200,000.~~on ~~Since the Company conducts~~ a ~~physical~~baler ~~inventory at~~manufactured by the ~~end~~Company ofin ~~each~~2003. ~~fiscal~~The ~~year,~~employee ~~any~~suffered ~~losses~~an ~~incurred~~injury ~~for~~to ~~the~~his left ~~fiscal~~hand ~~year~~on ~~ended~~April ~~October 31~~10, 2018. ~~were~~The ~~reflected~~plaintiff inis ~~the~~Scott ~~operating results~~Tinsley, of the ~~Company~~injured ~~for that fiscal year~~employee. The Company’s ~~carries~~insurance ~~Crime~~policy ~~Insurance~~related ~~which~~to this complaint has ana ~~upper~~deductible ~~limit~~ of $120,000~~,000~~ and ~~a deductible of $25,000. In May 2019~~ the Company’s ~~insurer~~has ~~approved the crime insurance claim and agreed to reimburse the Company $175,841. Insurance proceeds were received in May of 2019 and were~~ recorded asan ~~other~~accrued ~~income~~liability infor ~~the~~its ~~accompanying~~estimated ~~statements of income~~loss.

~~(8) Income~~On ~~Taxes~~July 27, 2021, the Company was served with a complaint related to an injury to an employee working at Mackay Mitchell Envelope Company in Mount Pleasant, Iowa. On August 10, 2019, the employee, Xaisavath Phanthouvong, was working on a baler manufactured by the Company in 2003. The employee suffered a serious injury to his left hand. The Company’s insurance policy related to this complaint has no deductible and the Company does not expect to incur any significant expenses related to this claim.

(10) Income Taxes

Income tax provision attributable to income from continuing operations consists of:

	2020			2019
Schedule of Income tax provision
	2021			2020
Current income tax (benefit) provision:
Federal	$	(~~250~~97,~~054~~992	)	$	(~~100~~250,~~898~~054	)
State		57(3,211	)		~~(601~~57	)
		(249,997	)		(101,499	)
Current income tax provision		(101,203	)		(249,997	)
Deferred income tax (benefit) provision:
Federal		72(47,~~356~~917	)		~~(86~~72,~~610~~356	)
State		10(7,~~876~~203	)		~~(13~~10,~~019~~876	)
		83,232			(99,629	)
Deferred income tax provision		(55,120	)		83,232
Income tax benefit	$	(~~166~~156,~~765~~323	)	$	(~~201~~166,~~128~~765	)

F-12

The differences between income taxes as provided at the federal statutory tax rate of 21% and the Company’s actual income taxes are as follows:

	2020			2019
Expected federal income tax expense at Statutory rate	$	(120,788	)		(110,196	)
State income tax expense, net of federal income tax effect		(13,202	)		(12,306	)
Non-deductible items and perm. differences		6,101			3,292
Credits utilized and other adjustments		(38,876	)		(81,918	)
Income tax benefit	$	(166,765	)	$	(201,128	)

The Company has state operating loss carryforwards (NOLs) of approximately $504,000 and approximately $295,000 at October 31, 2020 and 2019 respectively, which generally do not expire. Due to changes in the tax laws enacted in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, cumulative federal NOLs of approximately $1 million at October 31, 2020 were carried back to prior years resulting in income tax refunds of approximately $330,000 at October 31, 2020. The Company had federal NOLs of approximately $712,000 at October 31, 2019. Deferred tax assets are recognized in the balance sheet if it is more likely than not that they will be realized on future tax returns. The realization of deferred tax assets will depend on the Company’s ability to continue to generate taxable income in the future and the Company determined it is more likely than not that the results of future operations will generate sufficient taxable income to realize these deferred tax assets and no valuation allowance is deemed necessary.

The significant components of the net deferred income taxes at October 31, 2020 and 2019 are as follows:

	2020		2019
Deferred tax assets
Inventory reserve	$	53,860	$	38,639
Other reserves and allowances		36,509		36,904
Capitalized inventory costs		67,701		52,817
NOL Carryforward		28,447		166,879
Total deferred tax assets		186,517		295,239
Deferred tax liabilities
Property, plant and equipment		108,627		134,117
Net deferred income taxes	$	77,890	$	161,122

For the years ended October 31, 2020 and 2019, the Company did not have any unrecognized tax benefits or obligations as a result of tax positions taken during a prior period or during the current period. No interest or penalties have been recorded as a result of tax uncertainties. Our evaluation was performed for the tax years ended October 31, 2018 through October 31, 2020, the tax years which remain subject to examination by tax jurisdictions as of October 31, 2020.

(9) Employee Benefit Plan

The Company has a defined contribution plan and profit sharing program for its employees. The Company made no contributions to these plans during the years ended October 31, 2020 and 2019.

F-13

~~(10) Business and~~INTERNATIONAL ~~Credit~~BALER ~~Concentrations~~CORPORATION Notes to Financial Statements October 31, 2021 and 2020

~~Export~~The ~~sales~~differences ~~were~~between ~~approximately~~income ~~10%~~taxes ~~and~~as ~~14%~~provided ofat ~~net sales for~~ the ~~years~~federal ~~ended~~statutory ~~October~~tax ~~31,~~rate 2020 and 2019, respectively. The principal international markets served by the Company, include Canada, China, Mexico, United Kingdom, India, Korea, Japan, Russia, Saudi Arabia, Singapore, and Brazil. In fiscal 2020, three customers accounted for 20.0%, 16.5% and 7.0% of ~~net sales, respectively, while in fiscal 2019, three customers accounted for 17.8~~21%, ~~6.5%~~ and ~~4.7% of net sales, respectively. Three customers accounted for 22.0%, 14.1%, and 13.2% respectively, of~~ the Company’s ~~accounts~~actual ~~receivable~~income attaxes ~~October 31, 2020 and three customers accounted for 24.8%, 14.3%,~~are ~~and~~as ~~13.3%, respectively, of the Company accounts receivable at October 31, 2019.~~follows:

The Company had cash deposits in banks of $3,275,135 and $3,411,825 above the FDIC insured limit of $250,000 per bank at October 31, 2020 and October 31, 2019 respectively.

Schedule of actual income taxes
	2021			2020

Expected federal income tax expense at Statutory rate	$	(60,299	)	$	(120,788	)

State income tax expense, net of federal income tax effect		(21,720	)		(13,202	)
Non-deductible items and perm. differences		(128,385	)		6,101
Credits utilized and other adjustments		(38,213	)		(38,876	)
Increase in valuation allowance		92,294			0
Income tax benefit	$	(156,323	)	$	(166,765	)

Due to changes in the tax laws enacted in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, cumulative federal operating loss carryforwards (NOLs) of approximately $1,000,000 were carried back to prior periods resulting in income tax refunds of approximately $332,000 at October 31, 2020. For the period February 25 through October 31, 2021, the income tax return of the Company will be included in the consolidated income tax return of Avis. The Company is in the process of filing short-year income tax returns for the period November 1, 2020 through February 24, 2021 and is filing carryback claims for the same period to recover income taxes paid in prior periods of approximately $102,000. The Company has recorded cumulative federal and state income tax refunds due of approximately $434,000 at October 31, 2021.

Deferred tax assets are recognized in the balance sheet if it is more likely than not that they will be realized on future tax returns. The realization of deferred tax assets, with the exception of certain tax credits and state NOLs, will depend on the ability of Avis to generate taxable income in the future. Certain tax credits and state NOLs of approximately $92,300 were generated by the Company prior to the Avis ownership change and may be subject to Section 382 limitations, accordingly, the Company has recorded a valuation allowance related to these deferred tax assets. The Company determined it is more likely than not that the remaining deferred tax assets will be realized in the consolidated tax return of Avis.

The significant components of the net deferred income taxes at October 31, 2021 and 2020 are as follows:

Schedule of deferred income taxes
	2021			2020
Deferred tax assets
Inventory reserve	$	66,037		$	53,860
Other reserves and allowances		44,902			36,509
Capitalized inventory costs		78,147			67,701
Tax credit and NOL carryforward		92,294			28,447
Provision for sales returns		114,745			—
Total deferred tax assets		396,125			186,517
Deferred tax liabilities
Property, plant and equipment		170,821			108,627
Net deferred income taxes		225,304			77,890

Less valuation allowance		(92,294	)		—
Net deferred income taxes net of valuation allowance	$	133,010		$	77,890

F-14

INTERNATIONAL BALER CORPORATION

Notes to Financial Statements

October 31, 2021 and 2020

For the years ended October 31, 2021 and 2020, the Company did not have any unrecognized tax benefits or obligations as a result of tax positions taken during a prior period or during the current period. No interest or penalties have been recorded as a result of tax uncertainties. The evaluation was performed for the tax years which remain subject to examination by tax jurisdictions as of October 31, 2021.

(11) Employee Benefit Plan

The Company has a defined contribution plan and profit-sharing program for its employees. The Company made no contributions to these plans during the years ended October 31, 2021 and 2020.

(12) Business and Credit Concentrations

Export sales were approximately 4% and 10% of net sales for the years ended October 31, 2021 and 2020, respectively. The principal international markets served by the Company, include Canada, China, Mexico, United Kingdom, India, Korea, Japan, Russia, Saudi Arabia, Singapore, and Brazil. In fiscal 2021, three customers accounted for 17.6%, 4.9% and 4.5% of net sales, respectively, while in fiscal 2020, three customers accounted for 20.0%, 16.5% and 7.0% of net sales, respectively. Three customers accounted for 15.1%, 12.9%, and 6.2% respectively, of the Company’s accounts receivable at October 31, 2021 and three customers accounted for 22.0%, 14.1%, and 13.2%, respectively, of the Company accounts receivable at October 31, 2020.

The Company had cash deposits in banks of $2,512,020 and $3,275,135 above the FDIC insured limit of $250,000 per bank at October 31, 2021 and October 31, 2020 respectively.

Filing Compare · INTERNATIONAL BALER CORP