SEGMENT ANALYSIS (Tables)

12 Months Ended

Oct. 31, 2022

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

Year Ended October 31, 2022

Net Revenues	$	14,724,688		$	7,501,115		$	-		$	22,225,803

Cost of Revenues		2,941,569			4,093,546			-			7,035,115

Gross Profit		11,783,119			3,407,569			-			15,190,688

Research & Development		2,207,500			30,420			-			2,237,920
Selling, General & Administrative		2,563,554			2,654,565			2,730,585			7,948,704

Total Operating Expenses		4,771,054			2,684,985			2,730,585			10,186,624

Income (Loss) from Operations		7,012,065			722,584			(2,730,585	)		5,004,064

Other Income (Expense)
Other Income		55,715			79,204			3,056			137,975
Interest Expense		(9,233	)		(71	)		(400	)		(9,704	)

Total Other Income		46,482			79,133			2,656			128,271

Income (Loss) before Income Taxes		7,058,547			801,717			(2,727,929	)		5,132,335

Income Tax (Expense) Benefit
Current Tax (Expense) Benefit		(868,162	)		39,422			(176,400	)		(1,005,140	)
Deferred Tax Benefit (Expense)		31,907			(41,657	)		183,776			174,026

Total Income Tax (Expense) Benefit		(836,255	)		(2,235	)		7,376			(831,114	)

Net Income (Loss)	$	6,222,292		$	799,482		$	(2,720,553	)	$	4,301,221

Supplemental Disclosures

Total Assets	$	33,348,805		$	12,662,109		$	916,544		$	46,927,458

Total Liabilities	$	2,432,750		$	526,195		$	585,704		$	3,544,649

Revenues from Intercompany Sales - eliminated from sales above	$	2,406,717		$	396,015		$	2,720,000		$	5,522,732

Depreciation and Amortization	$	602,583		$	96,776		$	39,370		$	738,729

Purchases of Long-lived Assets	$	1,123,475		$	36,862		$	90,887		$	1,251,224

CODA OCTOPUS GROUP, INC.

Notes to the Consolidated Financial Statements

October 31, 2022 and 2021

NOTE 13 -SEGMENT ANALYSIS (Continued)

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

Year Ended October 31, 2021

Net Revenues	$	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		3,231,733			2,304,300			2,413,492			7,949,525

Total Operating Expenses		5,740,840			2,777,869			2,413,492			10,932,201

Income (Loss) from Operations		6,893,547			(642,538	)		(2,413,492	)		3,837,517

Other Income (Expense)
Other Income		354,373			1,079,374			1,635			1,435,382
Interest Expense		(1,738	)		(365	)		(17,552	)		(19,655	)

Total Other Income (Expense)		352,635			1,079,009			(15,917	)		1,415,727

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