SEGMENT ANALYSIS (Tables)

9 Months Ended

Jul. 31, 2022

	Marine Technology Business (Products)			Marine Engineering Business (Services)			Overhead			Total

Three Months Ended July 31, 2022

Net Revenues	$	4,004,557		$	2,262,852		$	-		$	6,267,409

Cost of Revenues		532,248			1,172,517			-			1,704,765

Gross Profit		3,472,309			1,090,335			-			4,562,644

Research & Development		605,857			(27,904	)		-			577,953
Selling, General & Administrative		731,200			700,820			528,958			1,960,978

Total Operating Expenses		1,337,057			672,916			528,958			2,538,931

Income (Loss) from Operations		2,135,252			417,419			(528,958	)		2,023,713

Other Income (Expense)
Other Income		14,472			4,212			1,060			19,744
Funding from Paycheck Protection Program
Interest Expense		-			-			-			-

Total Other Income (Expense)		14,472			4,212			1,060			19,744

Income (Loss) before Income Taxes		2,149,724			421,631			(527,898	)		2,043,457

Income Tax (Expense) Benefit
Current Tax Expense		(226,264	)		(23,148	)		(77,320	)		(326,732	)
Deferred Tax Benefit		378			2,141			49,413			51,932

Total Income Tax (Expense) Benefit		(225,886	)		(21,007	)		(27,907	)		(274,800	)

Net Income (Loss)	$	1,923,838		$	400,624		$	(555,805	)	$	1,768,657

Supplemental Disclosures

Total Assets	$	33,015,110		$	13,354,167		$	834,699		$	47,203,976

Total Liabilities	$	3,246,151		$	774,497		$	391,958		$	4,412,606

Revenues from Intercompany Sales - eliminated from sales above	$	966,316		$	62,757		$	607,500		$	1,636,573

Depreciation and Amortization	$	174,739		$	24,209		$	9,873		$	208,821

Purchases of Long-lived Assets	$	14,815		$	22,125		$	17,469		$	54,409

CODA OCTOPUS GROUP, INC.

Notes to the Consolidated Financial Statements

July 31, 2022, and October 31, 2021

NOTE 14 -SEGMENT ANALYSIS (Continued)

	Marine Technology Business (Products)			Marine Engineering Business (Services)			Overhead			Total

Three Months Ended July 31, 2021

Net Revenues	$	3,845,051		$	1,982,324		$	-		$	5,827,375

Cost of Revenues		545,243			1,069,723			-			1,614,966

Gross Profit		3,299,808			912,601			-			4,212,409

Research & Development		540,553			135,213			-			675,766
Selling, General & Administrative		862,673			621,876			729,272			2,213,821

Total Operating Expenses		1,403,226			757,089			729,272			2,889,587

Income (Loss) from Operations		1,896,582			155,512			(729,272	)		1,322,822

Other Income (Expense)
Other Income		3,554			17			-			3,571
Interest Expense		(584	)		(365	)		(5,196	)		(6,145	)

Total Other Income (Expense)		2,970			(348	)		(5,196	)		(2,574	)

Income (Loss) before Income Taxes		1,899,552			155,164			(734,468	)		1,320,248

Income Tax (Expense) Benefit
Current Tax Benefit (Expense)		157,333			260,996			-			418,329
Deferred Tax (Expense) Benefit		(338,098	)		108,141			12,466			(217,491	)

Total Income Tax (Expense) Benefit		(180,765	)		369,137			12,466			200,838

Net Income (Loss)	$	1,718,787		$	524,301		$	(722,002	)	$	1,521,086

Supplemental Disclosures

Total Assets	$	28,820,472		$	14,608,555		$	934,192		$	44,363,219

Total Liabilities	$	2,159,921		$	844,816		$	379,474		$	3,384,211

Revenues from Intercompany Sales - eliminated from sales above	$	492,579		$	44,372		$	675,000		$	1,211,951

Depreciation and Amortization	$	195,103		$	24,590		$	7,952		$	227,645

Purchases of Long-lived Assets	$	201,198		$	7,655		$	30,584		$	239,437

CODA OCTOPUS GROUP, INC.

Notes to the Consolidated Financial Statements

July 31, 2022, and October 31, 2021

NOTE 14 -SEGMENT ANALYSIS (Continued)

	Marine Technology Business (Products)			Marine Engineering Business (Services)			Overhead			Total

Nine Months Ended July 31, 2022

Net Revenues	$	11,319,314		$	5,771,141		$	-		$	17,090,455

Cost of Revenues		1,920,573			3,415,598			-			5,336,171

Gross Profit		9,398,741			2,355,543			-			11,754,284

Research & Development		1,752,478			15,743			-			1,768,221
Selling, General & Administrative		2,059,147			2,040,608			2,016,330			6,116,085

Total Operating Expenses		3,811,625			2,056,351			2,016,330			7,884,306

Income (Loss) from Operations		5,587,116			299,192			(2,016,330	)		3,869,978

Other Income (Expense)
Other Income		32,576			79,256			2,404			114,236
Interest Expense		(2,502	)		-			(400	)		(2,902	)

Total Other Income (Expense)		30,074			79,256			2,004			111,334

Income (Loss) before Income Taxes		5,617,190			378,448			(2,014,326	)		3,981,312

Income Tax (Expense) Benefit
Current Tax Benefit (Expense)		(492,505	)		147,778			(158,464	)		(503,191	)
Deferred Tax (Expense) Benefit		5,159			(42,839	)		156,767			119,087

Total Income Tax (Expense) Benefit		(487,346	)		104,939			(1,697	)		(384,104	)

Net Income (Loss)	$	5,129,844		$	483,387		$	(2,016,023	)	$	3,597,208

Supplemental Disclosures

Total Assets	$	33,015,110		$	13,354,167		$	834,699		$	47,203,976

Total Liabilities	$	3,246,151		$	774,497		$	391,958		$	4,412,606

Revenues from Intercompany Sales - eliminated from sales above	$	1,769,365		$	305,450		$	1,815,000		$	3,889,815

Depreciation and Amortization	$	551,866		$	72,056		$	28,840		$	652,762

Purchases of Long-lived Assets	$	1,085,877		$	34,174		$	75,834		$	1,195,885

CODA OCTOPUS GROUP, INC.

Notes to the Consolidated Financial Statements

July 31, 2022, and October 31, 2021

NOTE 14 -SEGMENT ANALYSIS (Continued)

	Marine Technology Business (Products)			Marine Engineering Business (Services)			Overhead			Total

Nine Months Ended July 31, 2021

Net Revenues	$	11,777,739		$	4,473,171		$	-		$	16,250,910

Cost of Revenues		2,462,219			2,511,756			-			4,973,975

Gross Profit		9,315,520			1,961,415			-			11,276,935

Research & Development		1,521,175			383,011			-			1,904,186
Selling, General & Administrative		2,402,406			1,751,197			1,670,443			5,824,046

Total Operating Expenses		3,923,581			2,134,208			1,670,443			7,728,232

Income (Loss) from Operations		5,391,939			(172,793	)		(1,670,443	)		3,548,703

Other Income (Expense)
Other Income		74,173			51			846			75,070
Funding from Paycheck Protection Program		122,327			526,545			-			648,872
Interest Expense		(1,069	)		(365	)		(16,008	)		(17,442	)

Total Other Income (Expense)		195,431			526,231			(15,162	)		706,500

Income (Loss) before Income Taxes		5,587,370			353,438			(1,685,605	)		4,255,203

Income Tax (Expense) Benefit
Current Tax (Expense) Benefit		254,745			498,666			(394	)		753,017
Deferred Tax Benefit (Expense)		(356,164	)		264,636			(58,829	)		(150,357	)

Total Income Tax (Expense) Benefit		(101,419	)		763,302			(59,223	)		602,660

Net Income (Loss)	$	5,485,951		$	1,116,740		$	(1,744,828	)	$	4,857,863

Supplemental Disclosures

Total Assets	$	28,820,472		$	14,608,555		$	934,192		$	44,363,219

Total Liabilities	$	2,159,921		$	844,816		$	379,474		$	3,384,211

Revenues from Intercompany Sales - eliminated from sales above	$	1,367,619		$	184,016		$	2,025,000		$	3,576,635

Depreciation and Amortization	$	707,761		$	98,671		$	21,077		$	827,509

Purchases of Long-lived Assets	$	745,405		$	13,203		$	80,018		$	838,626