ACQUISITION OF PRECISION ACOUSTICS LIMITED (Tables)
|
12 Months Ended |
Oct. 31, 2024 |
|---|
| Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
|
| SCHEDULE OF POTENTIAL EARNOUT PROVISION AMOUNTS |
SCHEDULE OF POTENTIAL EARNOUT PROVISION
AMOUNTS
| Earn Out |
|
2025 FY |
|
2026 FY |
|
2027 FY |
| Revenue Target |
|
$ |
5,334,584 |
|
|
$ |
5,867,914 |
|
|
$ |
6,454,962 |
|
| Pre-Tax Profit Target |
|
$ |
1,046,476 |
|
|
$ |
1,295,597 |
|
|
$ |
1,573,133 |
|
| Earn Out Amount Payable based on Targets |
|
$ |
208,472 |
|
|
$ |
418,223 |
|
|
$ |
652,275 |
|
|
| SCHEDULE OF PROFORMA INFORMATION |
SCHEDULE
OF PROFORMA INFORMATION
| |
|
October 31, |
|
|
October 31, |
|
| |
|
2024 |
|
|
2023 |
|
| Net Revenue |
|
|
|
|
|
|
| Coda Octopus Group |
|
$ |
20,316,161 |
|
|
$ |
19,352,088 |
|
| Precision Acoustics |
|
|
4,942,389 |
|
|
|
3,777,057 |
|
| Combined Net Revenue |
|
|
25,258,550 |
|
|
|
23,129,145 |
|
| Net Revenue |
|
|
25,258,550 |
|
|
|
23,129,145 |
|
| Net Income |
|
|
|
|
|
|
|
|
| Amortization
of acquired intangible assets, pro forma |
|
$ |
(477,181) |
|
|
$ |
(477,181) |
| Coda
Octopus Group |
|
|
3,645,996 |
|
|
|
3,124,149 |
| Precision
Acoustics |
|
|
483,776 |
|
|
|
113,793 |
| Combined
Net Income |
|
$ |
3,652,591 |
|
|
$ |
2,760,761 |
| Net Income |
|
$ |
3,652,591 |
|
|
$ |
2,760,761 |
|
| SCHEDULE OF ASSETS ACQUIRED AND LIABILITIES ASSUMED IN ACQUISITION |
The
table below shows the fair value of the assets acquired and liabilities assumed in connection with the PAL acquisition.
SCHEDULE
OF ASSETS ACQUIRED AND LIABILITIES ASSUMED IN ACQUISITION
| Description |
|
Amount |
|
| Tangible assets and liabilities acquired |
|
|
|
|
| Cash (including excess cash amount purchased of $1,337,415) |
|
$ |
1,933,284 |
|
| Accounts receivable |
|
|
698,595 |
|
| Inventory |
|
|
980,594 |
|
| Property, plant and equipment |
|
|
509,337 |
|
| Right of Use Asset (Lease) |
|
|
417,881 |
|
| Accounts payable |
|
|
(362,305 |
) |
| Lease liability |
|
|
(417,881 |
) |
| Deferred revenues |
|
|
(498,422 |
) |
| Accruals and other liabilities |
|
|
(151,532 |
) |
| Intangible assets and liabilities at fair value |
|
|
|
|
| Fair value of noncompete agreement |
|
|
224,637 |
|
| Value of technology |
|
|
2,947,155 |
|
| Expected value of earn out provision |
|
|
- |
|
| Goodwill |
|
|
257,226 |
|
| Total purchase price |
|
$ |
6,538,569 |
|
| Acquisition, net of acquired cash |
|
$ |
4,605,285 |
|
|