Annual report pursuant to Section 13 and 15(d)

COMPOSITION OF CERTAIN FINANCIAL STATEMENT CAPTIONS

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COMPOSITION OF CERTAIN FINANCIAL STATEMENT CAPTIONS
12 Months Ended
Oct. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
COMPOSITION OF CERTAIN FINANCIAL STATEMENT CAPTIONS

NOTE 6 – COMPOSITION OF CERTAIN FINANCIAL STATEMENT CAPTIONS

 

Certified Deposit Interest Bearing Accounts

 

The Company established certified deposit interest-bearing accounts with its current bankers HSBC NA and Jyske Bank in February 2023. These interest-bearing accounts are for rolling fixed short-term periods not exceeding 3 months and are classified in our financial statements as “cash equivalents”. The Company also maintains an interest-bearing deposit account in the UK that tracks the Bank of England base rate, which has no restrictions on access and has a current rate of 4.75%. The table below indicates the amounts which, at the date hereof, are held in certified deposit and unrestricted interest-bearing accounts, and interest earned in the period:

SCHEDULE OF INTEREST RATES AND AMOUNT HELD IN CERTIFIED DEPOSIT AND INTEREST BEARING ACCOUNTS

Country  

Deposit

October 31, 2024

   

Interest October 31, 2024

   
Deposit October 31, 2023
   

Interest October 31, 2023

 
                         
USA   $ 15,156,719     $ 823,816     $ 15,201,579     $ 486,756  
UK     764,659       103,144       1,516,641       86,266  
Denmark     -       11,815       2,400,000       69,508  
                                 
    $ 15,921,378     $ 938,775     $ 19,118,282     $ 642,530  

 

Inventory consisted of the following as of:

 

    October 31,     October 31,  
    2024     2023  
             
Raw materials and parts   $ 10,368,350     $ 8,994,482  
Work in progress     193,062       483,227  
Finished goods     3,340,464       2,207,816  
Stock in transit     73,653       -  
Total Inventory   $ 13,975,529     $ 11,685,525  

 

 

CODA OCTOPUS GROUP, INC.

Notes to the Consolidated Financial Statements

October 31, 2024 and 2023

 

Other current assets consisted of the following as of:

  

    October 31,     October 31,  
    2024     2023  
             
Deposits and other assets   $ 63,630     $ 23,081  
Other US Tax Receivables/Prepaid Taxes   240,909       450,625  
Employee Retention Credit Receivables   212,300       212,300  
Other Foreign Tax Receivables   321,996       348,620  
Total Other Current Assets   $ 838,835     $ 1,034,626  

 

Fixed assets consisted of the following as of:

  

    October 31,     October 31,  
    2024     2023  
             
Buildings   $ 5,881,237     $ 6,386,705  
Land   200,000       200,000  
Office machinery and equipment   1,872,693       1,596,026  
Rental assets   2,784,921       2,323,446  
Furniture, fixtures and improvements   1,549,965       1,172,169  
         
Totals     12,288,816       11,678,346  
Less: accumulated depreciation     (5,465,826 )     (4,805,026 )

Total Property and Equipment, net

   

6,822,990

     

6,873,320

 
Right of use assets    

413,171 

     

- 

 
                 
Total Fixed Assets, net   $ 7,236,161     $ 6,873,320  

 

On January 16, 2024, the Company sold its flat located in Copenhagen, Denmark for a price of DKK 5,300,000 (equivalent of $771,807 at transaction date). Prior to the sale this was composed within our Fixed Assets – Property and Equipment. We realized a gain of $30,244 upon sale.

 

Depreciation expense for the years ended October 31, 2024 and 2023 was $710,059 and $603,467 respectively.

 

Property and equipment, net, by geographic areas were as follows:

 SCHEDULE OF PROPERTY AND EQUIPMENT, NET, BY GEOGRAPHIC AREAS

    October 31,     October 31,  
    2024     2023  
             
USA   $ 1,743,840     $ 1,751,260  
Europe     5,079,150       5,122,060  
                 
Total Property and Equipment, net   $ 6,822,990     $ 6,873,320  

 

Accrued Expenses and Other Current Liabilities consisted of the following as of:

 SCHEDULE OF ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

    October 31,     October 31,  
    2024     2023  
             
Accruals   $ 560,986     $ 384,880  
Other Tax Payables     924,735       525,565  
Employee Related     118,875       85,185  
Total Accrued Expenses and Other Current Liabilities   $ 1,604,596     $ 995,630  

 

 

CODA OCTOPUS GROUP, INC.

Notes to the Consolidated Financial Statements

October 31, 2024 and 2023

 

Total Other Income, net consisted of the following for the year ended:

 

    October 31,     October 31,  
    2024     2023  
             
Grant Income   $ 34,422     $ -  
Other     53,960       39,146  
Total Other Income     88,382       39,146  
                 
Interest   $ 938,775       642,530  
                 
Total Other Income, net   $ 1,027,157     $ 681,676