Annual report pursuant to Section 13 and 15(d)

SEGMENT ANALYSIS (Tables)

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SEGMENT ANALYSIS (Tables)
12 Months Ended
Oct. 31, 2021
Segment Reporting [Abstract]  
SCHEDULE OF SEGMENT REPORTING INFORMATION

    Marine Technology Business (Products)     Marine Engineering Business (Services)     Overhead     Total  
                         
Year Ended October 31, 2021                                
                                 
Revenues from External Customers   $ 15,804,222     $ 5,527,305     $ -     $ 21,331,527  
                                 
Cost of Revenues     3,169,835       3,391,974       -       6,561,809  
                                 
Gross Profit     12,634,387       2,135,331       -       14,769,718  
                                 
Research & Development     2,509,107       473,569       -       2,982,676  
Selling, General & Administrative     3,220,883       2,284,997       2,409,695       7,915,575  
                                 
Total Operating Expenses     5,729,990       2,758,566       2,409,695       10,898,251  
                                 
Income (Loss) from Operations     6,904,397       (623,235 )     (2,409,695 )     3,871,467  
                                 
Other Income (Expense)                                
Other Income     354,373       1,079,374       1,635       1,435,382  
Interest Expense     (12,588 )     (19,668 )     (21,349 )     (53,605 )
                                 
Total Other Income (Expense)     341,785       1,059,706       (19,714 )     1,381,777  
                                 
Income (Loss) before Income Taxes     7,246,182       436,471     (2,429,409 )     5,253,244  
                                 
Income Tax (Expense) Benefit                                
Current Tax Benefit (Expense)     35,032       (51,624 )      -     (16,592 )
Deferred Tax (Expense) Benefit     (418,338 )     409,205       (279,754 )     (288,887 )
                                 
Total Income Tax (Expense) Benefit     (383,306 )     357,581       (279,754 )     (305,479 )
                                 
Net Income (Loss)   $ 6,862,876     $ 794,052     $ (2,709,163 )   $ 4,947,765  
                                 
Supplemental Disclosures                                
                                 
Total Assets   $ 30,631,442     $ 14,117,747     $ 716,230     $ 45,465,419  
                                 
Total Liabilities   $ 3,166,999     $ 849,306     $ 400,041     $ 4,416,346  
                                 
Revenues from Intercompany Sales - eliminated from sales above   $ 2,075,387     $ 355,608     $ 3,470,000     $ 5,900,995  
                                 
Depreciation and Amortization   $ 780,434     $ 114,022     $ 29,617     $ 924,073  
                                 
Purchases of Long-lived Assets   $ 793,995     $ 51,907     $ 118,302     $ 964,204  

 

 

CODA OCTOPUS GROUP, INC.

Notes to the Consolidated Financial Statements

October 31, 2021 and 2020

 

NOTE 12 -SEGMENT ANALYSIS (Continued)

 

    Marine Technology Business (Products)     Marine Engineering Business (Services)     Overhead     Total  
                         
Year Ended October 31, 2020                                
                                 
Revenues from External Customers   $ 11,278,181     $ 8,765,629     $ -     $ 20,043,810  
                                 
Cost of Revenues     2,254,008       5,060,354       -       7,314,362  
                                 
Gross Profit     9,024,173       3,705,275       -       12,729,448  
                                 
Research & Development     1,955,364       1,042,243       190,782       3,188,389  
Selling, General & Administrative     2,779,662       2,260,849       1,696,783       6,737,294  
                                 
Total Operating Expenses     4,735,026       3,303,092       1,887,565       9,925,683  
                                 
Income (Loss) from Operations     4,289,147       402,183       (1,887,565 )     2,803,765  
                                 
Other Income (Expense)                                
Other Income     141,511       526,734       -       668,245  
Interest (Expense)     (10,612 )     (15,672 )     (43,919 )     (70,203 )
                                 
Total Other Income (Expense)     130,899       511,062       (43,919 )     598,042  
                                 
Income (Loss) before Income Taxes     4,420,046       913,245       (1,931,484 )     3,401,807  
                                 
Income Tax (Expense) Benefit                                
Current Tax Benefit (Expense)     63,590       -       (12,927 )     50,663  
Deferred Tax (Expense) Benefit     (196,664 )     273,666       (185,887 )     (108,885 )
                                 
Total Income Tax (Expense) Benefit     (133,074 )     273,666       (198,814 )     (58,222 )
                                 
Net Income (Loss)   $ 4,286,972     $ 1,186,911     $ (2,130,298 )   $ 3,343,585  
                                 
Supplemental Disclosures                                
                                 
Total Assets   $ 22,200,123     $ 14,347,827     $ 1,491,201     $ 38,039,151  
                                 
Total Liabilities   $ 1,572,314     $ 1,321,011     $ 749,558     $ 3,642,883  
                                 
Revenues from Intercompany Sales - eliminated from sales above   $ 997,150     $ 354,373     $ 2,700,000     $ 4,051,523  
                                 
Depreciation and Amortization   $ 678,449     $ 105,775     $ 22,462     $ 806,686  
                                 
Purchases of Long-lived Assets   $ 811,352     $ 19,660     $ 167,323     $ 998,335