SEGMENT ANALYSIS (Tables)

9 Months Ended

Jul. 31, 2023

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

Three Months Ended July 31, 2023

Net Revenues	$	2,863,251		$	2,027,281		$	-		$	4,890,532

Cost of Revenues		512,091			1,013,217			-			1,525,308

Gross Profit		2,351,160			1,014,064			-			3,365,224

Research & Development		557,260			11,027			-			568,287
Selling, General & Administrative		882,663			547,712			503,948			1,934,323

Total Operating Expenses		1,439,923			558,739			503,948			2,502,610

Income (Loss) from Operations		911,237			455,325			(503,948	)		862,614

Other Income
Other Income		180,463			34,089			-			214,552
Interest Expense

Total Other Income		180,463			34,089			-			214,552

Income (Loss) before Income Taxes		1,091,700			489,414			(503,948	)		1,077,166

Income Tax (Expense) Benefit
Current Tax (Expense) Benefit		(39,064	)		(55,476	)		25,769			(68,771	)
Deferred Tax (Expense) Benefit		-			-			30,385			30,385

Total Income Tax (Expense) Benefit		(39,064	)		(55,476	)		56,154			(38,386	)

Net Income (Loss)	$	1,052,636		$	433,938		$	(447,794	)	$	1,038,780

Supplemental Disclosures

Total Assets	$	37,173,921		$	13,962,350		$	833,524		$	51,969,795

Total Liabilities	$	1,619,997		$	679,522		$	(166,953	)	$	2,132,566

Revenues from Intercompany Sales – eliminated from sales above	$	1,174,823		$	106,328		$	300,000		$	1,581,151

Depreciation and Amortization	$	141,764		$	25,716		$	11,446		$	178,927

Purchases of Long-lived Assets	$	263,493		$	2,814		$	28,946		$	295,253

CODA OCTOPUS GROUP, INC.

Notes to the Consolidated Financial Statements

July 31, 2023, and October 31, 2022

NOTE 14 – SEGMENT ANALYSIS (Continued)

	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
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) Benefit		(226,264	)		(23,148	)		(77,320	)		(326,732	)
Deferred Tax (Expense) 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, 2023, and October 31, 2022

NOTE 14 – SEGMENT ANALYSIS (Continued)

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

Nine Months Ended July 31, 2023

Net Revenues	$	10,270,839		$	5,517,486		$	-		$	15,788,325

Cost of Revenues		2,461,717			2,585,138			-			5,046,855

Gross Profit		7,809,122			2,932,348			-			10,741,470

Research & Development		1,513,973			24,711			-			1,538,684
Selling, General & Administrative		2,422,383			1,849,761			1,866,824			6,138,968

Total Operating Expenses		3,936,356			1,874,472			1,866,824			7,677,652

Income (Loss) from Operations		3,872,766			1,057,876			(1,866,824	)		3,063,818

Other Income (Expense)
Other Income		345,390			58,303			-			403,693

Total Other Income (Expense)		345,390			58,303			-			403,693

Income (Loss) before Income Taxes		4,218,156			1,116,179			(1,866,824	)		3,467,511

Income Tax (Expense) Benefit
Current Tax (Expense) Benefit		(166,649	)		(77,517	)		106,611			(137,555	)
Deferred Tax (Expense) Benefit		-			-			115,158			115,158

Total Income Tax (Expense) Benefit		(166,649	)		(77,517	)		221,770			(22,397	)

Net Income (Loss)	$	4,051,507		$	1,038,662		$	(1,645,054	)	$	3,445,114

Supplemental Disclosures

Total Assets	$	37,173,921		$	13,962,350		$	833,524		$	51,969,795

Total Liabilities	$	1,619,997		$	679,522		$	(166,953	)	$	2,132,566

Revenues from Intercompany Sales – eliminated from sales above	$	4,088,818		$	321,846		$	900,000		$	5,310,664

Depreciation and Amortization	$	414,167		$	75,201		$	32,146		$	521,515

Purchases of Long-lived Assets	$	407,326		$	25,606		$	76,677		$	509,609

CODA OCTOPUS GROUP, INC.

Notes to the Consolidated Financial Statements

July 31, 2023, and October 31, 2022

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			2004			111,334

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

Income Tax (Expense) Benefit
Current Tax (Expense) Benefit		(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