| COMPOSITION OF CERTAIN FINANCIAL STATEMENT CAPTIONS |
NOTE
6 – COMPOSITION OF CERTAIN FINANCIAL STATEMENT CAPTIONS
Certified
Deposit Interest Bearing Accounts for the three months ended January 31, 2024 and October 31, 2023.
The Company has certified deposit interest-bearing accounts with its
current bankers HSBC NA and HSBC UK. These interest-bearing accounts are for rolling fixed short-term periods not exceeding 3 months and
are classified in our financial statements as “cash equivalent”. In addition, we have an interest-bearing deposit account
with HSBC UK that tracks the Bank of England base rate and which has no access restrictions and has a current rate of 5.0%. The table below indicates the applicable interest rates and amounts which are held in certified
deposit and unrestricted interest-bearing accounts as of January 31, 2024 and October 31,2023:
SCHEDULE
OF INTEREST RATES AND AMOUNT HELD IN CERTIFIED DEPOSIT INTEREST BEARING ACCOUNTS
| Currency Denomination |
|
Bank |
|
January 31, 2024 |
|
|
October 31, 2023 |
|
| |
|
|
|
Amount |
|
|
Rate |
|
|
Amount |
|
|
Rate |
|
| US$ |
|
HSBC |
|
$ |
17,405,227 |
|
|
|
4.73 |
% |
|
$ |
15,201,579 |
|
|
|
5.28 |
% |
| GPB |
|
HSBC |
|
£ |
1,250,000 |
|
|
|
4.65 |
% |
|
£ |
750,000 |
|
|
|
4.80 |
% |
| GBP(Unrestricted Access) |
|
HSBC |
|
£ |
234,206 |
|
|
|
5.00 |
% |
|
£ |
500,000 |
|
|
|
5.00 |
% |
| USD |
|
Jyske Bank (Denmark) |
|
|
Nil |
|
|
|
Nil |
|
|
$ |
2,400,000 |
|
|
|
4.00 |
% |
Inventory
consisted of the following as of:
SCHEDULE OF COMPONENTS OF INVENTORY
| |
|
January 31, |
|
|
October 31, |
|
| |
|
2024 |
|
|
2023 |
|
| |
|
|
|
|
|
|
| Raw materials and parts |
|
$ |
9,676,735 |
|
|
$ |
8,994,482 |
|
| Work in progress |
|
|
629,421 |
|
|
|
483,227 |
|
| Finished goods |
|
|
2,462,516 |
|
|
|
2,207,816 |
|
| Total Inventory |
|
$ |
12,768,672 |
|
|
$ |
11,685,525 |
|
Other
current assets consisted of the following as of:
SUMMARY OF OTHER CURRENT ASSETS
| |
|
January 31, |
|
|
October 31, |
|
| |
|
2024 |
|
|
2023 |
|
| |
|
|
|
|
|
|
| Deposits |
|
$ |
13,070 |
|
|
$ |
23,081 |
|
| Other Tax Receivables |
|
|
539,950 |
|
|
|
450,625 |
|
| Employee Retention Credit Receivables |
|
|
212,300 |
|
|
|
212,300 |
|
| Other Receivables |
|
|
48,266 |
|
|
|
348,620 |
|
| Total Other Current Assets |
|
$ |
813,586 |
|
|
$ |
1,034,626 |
|
Property
and equipment consisted of the following as of:
SCHEDULE OF PROPERTY AND EQUIPMENT
| |
|
January 31, |
|
|
October 31, |
|
| |
|
2024 |
|
|
2023 |
|
| |
|
|
|
|
|
|
| Buildings |
|
$ |
5,840,473 |
|
|
$ |
6,386,705 |
|
| Land |
|
|
200,000 |
|
|
|
200,000 |
|
| Office machinery and equipment |
|
|
1,646,411 |
|
|
|
1,596,026 |
|
| Rental assets |
|
|
2,533,274 |
|
|
|
2,323,446 |
|
| Furniture, fixtures and improvements |
|
|
1,215,284 |
|
|
|
1,172,169 |
|
| Totals |
|
|
11,435,442 |
|
|
|
11,678,346 |
|
| Less: accumulated depreciation |
|
|
(5,095,329 |
) |
|
|
(4,805,026 |
) |
| |
|
|
|
|
|
|
|
|
| Total Property and Equipment, net |
|
$ |
6,340,113 |
|
|
$ |
6,873,320 |
|
Depreciation
expense for the three months ended January 31, 2024, and 2023 was $173,292 and $148,565 respectively.
CODA
OCTOPUS GROUP, INC.
Notes
to the Consolidated Financial Statements
January
31, 2024 and October 31, 2023
Property
and equipment, net, by geographic areas was as follows:
SCHEDULE
OF PROPERTY AND EQUIPMENT, NET, BY GEOGRAPHIC AREAS
| |
|
January 31, |
|
|
October 31, |
|
| |
|
2024 |
|
|
2023 |
|
| |
|
|
|
|
|
|
| USA |
|
|
1,718,120 |
|
|
|
1,751,260 |
|
| Europe |
|
|
4,621,993 |
|
|
|
5,122,060 |
|
| |
|
|
|
|
|
|
|
|
| Total Property and Equipment, net |
|
$ |
6,340,113 |
|
|
$ |
6,873,320 |
|
Accrued
Expenses and Other Current Liabilities consisted of the following as of:
SCHEDULE
OF ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
| |
|
January 31, |
|
|
October 31, |
|
| |
|
2024 |
|
|
2023 |
|
| |
|
|
|
|
|
|
| Accruals |
|
$ |
333,570 |
|
|
$ |
384,880 |
|
| Other Tax Payables |
|
|
355,945 |
|
|
|
525,565 |
|
| Employee Related |
|
|
166,462 |
|
|
|
85,185 |
|
| Total |
|
$ |
855,977 |
|
|
$ |
995,630 |
|
Total
Other Income, net consisted of the following:
SCHEDULE OF OTHER INCOME
| |
|
January 31, |
|
|
January 31, |
|
| |
|
2024 |
|
|
2023 |
|
| |
|
|
|
|
|
|
| Grant Income |
|
|
14,714 |
|
|
|
- |
|
| Other Income |
|
|
20,306 |
|
|
|
2,904 |
|
| Total Other Income |
|
$ |
35,020 |
|
|
$ |
2,904 |
|
| |
|
|
|
|
|
|
|
|
| Interest Income |
|
|
192,540 |
|
|
|
12,861 |
|
| |
|
|
|
|
|
|
|
|
| Total Other Income, net |
|
$ |
227,560 |
|
|
$ |
15,765 |
|
|