EDGAR 10-K Filing

Company CIK: 781902
Filing Year: 2022
Filename: 781902_10-K_2022_0001607062-22-000130.json

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ITEM 1. BUSINESS
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 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, certain types that are standardized and others that are designed to specific customer requirements.
Products
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
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 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 $9,000 to $700,000. General purpose baler sales constituted approximately 54% and 57% of net sales for the fiscal years ended October 31, 2021 and 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 $850,000 and are less exposed to competitive pressures than are general purpose balers. Specialty baler sales constituted approximately 7% and 9% of net sales for the fiscal years ended October 31, 2021 and 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 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 2021 and 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 months as to labor, and offers services for other required repairs and maintenance. Service is rendered by repairing or replacing 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 36% and 32% of the Company’s net sales for fiscal 2021 and 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 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 two (2) 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 30% of sales are made through manufacturer's 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 2021, foreign sales amounted to $459,140 or approximately 5% of the Company’s net sales while in fiscal 2020, foreign sales amounted to $884,664, approximately 10% of the Company’s net sales. In fiscal 2021 and 2020, the Company had no significant sales to any one foreign country.
During fiscal 2021 and fiscal 2020, IBC had sales to more than 300 customers. In fiscal 2021, three customers accounted for 17.6%, 4.9% and 4.5% of total 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’s accounts receivable at October 31, 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 sales orders at October 31, 2021 were $3,015,000 and at October 31, 2020 were $1,735,000. 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 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 lines of products in the baler industry and continues to provide its customers with new products and 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, 2021, the Company employed 45 full-time employees as follows: 4 in management and supervision: 8 in sales and service; 26 in manufacturing; 3 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.

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ITEM 1A. RISK FACTORS
ITEM 1A. RISK FACTORS
Smaller reporting companies are not required to provide the information required by this item.

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ITEM 1B. UNRESOLVED STAFF COMMENTS
ITEM 1B. UNRESOLVED SEC COMMENTS
Not applicable.

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ITEM 2. PROPERTIES
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.

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ITEM 3. LEGAL PROCEEDINGS
ITEM 3. LEGAL PROCEEDINGS
For a summary of current and past legal matters, please see Item 8, Financial Statements - Note 9 - Commitments and Contingencies.

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ITEM 4. MINE SAFETY DISCLOSURE
ITEM 4. MINE SAFETY DISCLOSURES
Not Applicable.
PART II

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ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY
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, 2021, the number of shareholders of record of the Company's Common Stock was approximately 400, and management believes that there are approximately 500 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 31, 2021 and 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, 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
Dividend Policy
The Company has not paid any cash dividends on its shares of common stock since its inception. 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, 2021, the Company has not sold any unregistered securities.
Repurchases of Equity Securities
During the fiscal year ended October 31, 2021, neither the Company, nor anyone on its behalf, repurchased any of the Company securities.
Securities authorized for issuance under equity compensation plans
None.

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ITEM 6. SELECTED FINANCIAL DATA
ITEM 6. [RESERVED]
Not Applicable.

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ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS
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 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 10-K are cautioned not to place undue reliance on our forward-looking statements.
Results of Operations
For the fiscal year ended October 31, 2021, net sales were $10,002,443 compared to $8,986,024 in fiscal 2020, an increase of 11.3%. The sales by product were as follows:
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 higher sales were the result of the improved economic conditions in fiscal 2021. The activity in the rubber baler market continued to remain slow in the past four years.
Gross profit was $1,222,856 in fiscal year 2021 compared to $853,633 in fiscal 2020. Gross profit as a percentage of net sales increased to 12.2% in 2021 compared to 9.5% in 2020. The higher gross profit margin percentage in fiscal 2021 was primarily the result of lower material costs as a percent of sales in fiscal 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.
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 shows, and 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 had a pre-tax loss of $287,137 in fiscal year ended October 31, 2021 compared to a pre-tax loss of $575,180 in the prior fiscal year. In the first quarter of fiscal year 2021 the Company recorded income of $626,466 from the Paycheck Protection Program (PPP) loan which was forgiven in the first quarter of fiscal 2021.
Liquidity and Capital Resources
The Company’s net working capital at October 31, 2021 was $6,854,047 as compared to $7,721,268 at October 31, 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 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 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 creditworthiness and general allowances based on historical collection experience, current economic trends, creditworthiness 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 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, 2021 and 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, 2021 or 2020.

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ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Smaller reporting companies are not required to provide the information required by this item.

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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
The financial statements and supplementary data for the years ended October 31, 2021 and 2020 are being filed with this report and commence on page, immediately following the signature page.

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ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
None.

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ITEM 9A. CONTROLS AND PROCEDURES
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 (ii) 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 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 as described below, the Company’s CEO and CFO concluded that the Company’s disclosure controls and procedures were not effective as of October 31, 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 Company’s financial statements for fiscal 2021, however management considers this pricing error to be a material weakness in its controls and procedures for fiscal 2021. 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.
A 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 this control deficiency and is evaluating its internal controls and may update certain other controls to accommodate any modifications to its business processes or accounting procedures.
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.
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, 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”) in Internal Control - Integrated Framework, updated in 2013.
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 determined that as of October 31, 2021, the Company’s internal controls over financial reporting were not effective. Our internal controls were not effective because there was a material weakness surrounding the control of purchasing and access to certain Company inventory and inventory records. Management has implemented the actions mentioned above to ensure the Company has effective controls and procedures.
This Annual Report does not include an attestation report of our 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 the exemption provided to issuers that are not “large accelerated filers” nor “accelerated filers” under the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Changes in Internal Control over Financial Reporting
During the fiscal year ended October 31, 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 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.

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ITEM 9B. OTHER INFORMATION
ITEM 9B. OTHER INFORMATION
On September 24, 2021, Victor W. Biazis resigned from his position as President and CEO of the Company. William E. Nielsen was named Interim President and CEO on that same 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.

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ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
The following table includes the names, ages, positions, and date of initial election or designation of our officers and directors as of January 15, 2022:
Date of Initial
NAME Age Positions Held Date of Initial Election or Designation
D. Roger Griffin President, Chief Executive Officer 10/11/21
and Class II Director 12/02/21
William E. Nielsen Class III Director 11/20/97
Chief Financial Officer 06/14/94
Lael E. Boren Class III Director 04/15/11
Ronald L. McDaniel Class II Director 05/16/06
Chairman of the Board
John J. Martorana Class III Director 01/05/09
Martha R. Songer Class I Director 01/30/12
Gregory L. King Class I Director 09/24/21
D. Roger Griffin has served as the Company’s Chief Executive Officer and President since October 11, 2021 and as a Director since December 2, 2021. Mr. Griffin previously served as the President and Chief Executive Officer of the Company from February 2008 to January 2017. He served as the Vice President of Manufacturing for Avis from January 2017 until his resignation on October 8, 2021. He also served as the President of Pacific Forge, Inc. a forging company and wholly-owned subsidiary of Avis, from January 2017 until his resignation on October 8, 2021. Before his original role at the Company, Mr. Griffin served as Vice President of Operations at Shaefer Interstate Railing and worked in management at Dana Corporation from January 2007 until February 2008. Mr. Griffin will continue to serve as a director of each of Pacific Forge, Inc. and James Steel & Tube Co., positions that he held since June 2017 and March 2020, respectively.
William E. Nielsen has served as the Company’s Chief Financial Officer since June 1994 and was elected a Director on November 20, 1997. He served as our President and Chief Executive Officer from January 10, 2017 through September 30, 2018. Prior to joining the Company, he acted as a financial consultant to Fletcher Barnum Inc., a privately held manufacturing concern, from October 1993 through June 1994. From 1980 through July 1993, he was the Vice President, Administration and Finance at Unison Industries, Inc. Mr. Nielsen received a BBA in Finance and an M.B.A. at Western Illinois University in 1969 and 1970, respectively.
Lael E. Boren has served as a Director since April 2011. Mr. Boren is a member of the Board of Directors of Avis Industrial Corporation. Mr. Boren was Vice President at Avis Industrial Corporation from December 2013 until May 2021. Mr. Boren previously served as general manager and president of various organizations, including Badger Equipment Company and The Pierce Company. Prior to that, Mr. Boren owned an electronics business in Muncie and Marion, Indiana. He received a Bachelor’s of General Studies from Ball State University in 2014.
Ronald L. McDaniel joined the Company’s Board of Directors as its Chairman on May 16, 2006. Mr. McDaniel has been President of Western-Cullen-Hayes, Inc. since 1980. He has been serving on the Board of Directors of Avis Industrial since 2016 and served as the interim CEO from October 2018 until October 2020. He was Vice President and General Manager of Western-Cullen-Hayes from 1975 to 1980. From 1957 to 1975, Mr. McDaniel worked for Western-Cullen-Hayes and Burro Crane, an affiliated company, in various capacities including division controller. Mr. McDaniel has a bachelor’s degree from the University of Dayton and an MBA from the University of 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 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.
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 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 E. Boren, a former controlling shareholder and a director of the Company, until his death on November 23, 2018.
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 2021.
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 Avis Industrial Corporation of 81.1% 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.

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ITEM 11. EXECUTIVE COMPENSATION
ITEM 11. EXECUTIVE COMPENSATION
Summary Compensation Table
The following table sets forth a summary of all compensation awarded to, earned by or paid to (i), the Company's Chief Executive Officer and (ii) Chief Financial Officer (“Named Executive Officers”) during fiscal years ended October 31, 2021 and 2020. No other executive officers received compensation which exceeded $100,000 during fiscal 2021 or fiscal 2020.
Annual Compensation Long Term Awards
NAME AND PRINCIPAL POSITION FISCAL YEAR SALARY ($) BONUS ($) STOCK AWARDS ($) OPTION AWARDS ($) NONEQUITY INCENTIVE PLAN COMPENSATION ($) ALL OTHER COMPENSATION ($) TOTAL COMPENSATION ($)
Victor W. Biazis 180,770 -0- -0- 25,000 (2) 205,770
Former President & CEO(1) 200,000 -0- -0- 200,000
D. Roger Griffin 11,500 -0- -0- 11,500
President & CEO(3)
William E Nielsen 120,000 -0- -0- 120,000
Chief Financial Officer(4) 113,000 -0- -0- 113,000
(1) Victor W. Biazis resigned as President and CEO effective September 24, 2021.
(2) Represents a severance payment made to Mr. Biazis upon his resignation as President and CEO.
(3) D. Roger Griffin was appointed to serve as our CEO effective as of October 11, 2021.
(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, 2021.
Option Grants and Exercises in Last Fiscal Year
No options were granted during fiscal 2021 to the Company's Named Executive Officers.
Employment and Severance Agreements
On September 29, 2021, Mr. Biazis and the Company entered into a Separation and General Release Agreement (“Release Agreement”). Pursuant to the Release Agreement, Mr. Biazis received a cash separate payment equal to $25,000, subject to applicable tax deduction and withholdings. In exchange for the consideration provided to him in the Release, Mr. Biazis agreed to waive and release any claims directly or indirectly 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 $6,000, together with reimbursement for out-of-pocket expenses incurred to attend meetings. The following table sets forth the compensation paid to our non-employee directors in fiscal 2021.
Director Compensation for Fiscal 2021
Name Fees Earned or Paid in Cash ($) 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 6,000
Lael E. Boren 6,000 0 6,000
John J. Martorana 6,000 0 6,000
Martha R. Songer 6,000 0 6,000
Richard Outram(1) 3,500 0 3,500
Gregory L. King(2) 0
(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.

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ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS
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, 2021 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, 2021 there were 5,183,895 shares of common stock outstanding.
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 %
(1) Includes 85,114 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.
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.

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ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
Transactions with Management and Others
Avis Industrial Corporation (Avis) owns over 80% of the outstanding shares of the Company. Avis owns 100% of The American Baler Company, a competitor of the Company. On January 1, 2014, Avis acquired The Harris Waste Management Group, Inc. (Harris), also a competitor of the Company. On July 31, 2014 Harris acquired the assets of IPS Balers, Inc. in Baxley, Georgia, another competitor of the Company. These baler companies operate completely independent of each other. The Company had no purchases from these companies in the fiscal years ended October 31, 2021 and 2020. The Company had no sales to The American Baler Company in fiscal years ended October 31, 2021 and 2020. The Company had no equipment sales to Harris Waste Management in fiscal 2021. In addition, Avis owns 100% of Peninsular Cylinder Co., Inc. (“Peninsular”), a company which manufactures cylinders. The Company purchased $215,610 and $434,804 of cylinders from Peninsular in fiscal 2021 and fiscal 2020, 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.

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ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES
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, 2021 and 2020:
Fee Category
Audit Fees $ 59,400 $ 59,400
Audit-Related Fees
Tax Fees 10,000 10,000
All Other Fees
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 2021 services described above were approved by the Audit Committee in accordance with the SEC rule that requires audit 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.
PART IV

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ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES
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 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
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)
	+ 	Management contract or compensatory plan or arrangement		
*	Exhibits filed with this Report.