Quarterly report [Sections 13 or 15(d)]

COMPOSITION OF CERTAIN FINANCIAL STATEMENT CAPTIONS

v3.25.1
COMPOSITION OF CERTAIN FINANCIAL STATEMENT CAPTIONS
3 Months Ended
Jan. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
COMPOSITION OF CERTAIN FINANCIAL STATEMENT CAPTIONS

NOTE 7 – COMPOSITION OF CERTAIN FINANCIAL STATEMENT CAPTIONS

 

Certified Deposit Interest Bearing Accounts for the three months ended January 31, 2025 and 2024.

 

The Company has certified deposit interest-bearing accounts with its current bankers HSBC NA. 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 which has no access restrictions and tracks the Bank of England base rate, which has a current rate of 4.75%. 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, 2025 and 2024, and interest earned in the respective periods:

 

    2025     2024  
    Amount     Interest     Amount     Interest  
Country   January 31, 2025     January 31, 2025     January 31, 2024     January 31, 2024  
                         
USA   $ 15,315,906     $ 144,901     $ 17,405,227     $ 148,204  
UK     1,387,369       40,309       1,889,567       32,550  
Denmark     -       8,961       -       11,786  
                                 
    $ 16,703,275     $ 194,171     $ 19,294,794     $ 192,540  

 

Inventory consisted of the following as of:

 

    January 31,     October 31,  
    2025     2024  
             
Raw materials and parts   $ 10,057,541     $ 10,368,350  
Work in progress     275,542       193,062  
Finished goods     3,100,478       3,340,464  
Stock in transit     -       73,653  
Total Inventory   $ 13,433,561     $ 13,975,529  

 

Other current assets consisted of the following as of:

 

    January 31,     October 31,  
    2025     2024  
             
Deposits   $ 12,825     $ 63,630  
Other Tax Receivables     32,139       240,909  
Employee Retention Credit Receivables     212,300       212,300  
Other Receivables     143,591       321,996  
Total Other Current Assets   $ 400,855     $ 838,835  

 

Fixed Assets consisted of the following as of:

 

    January 31,     October 31,  
    2025     2024  
             
Buildings   $ 5,747,116     $ 5,881,237  
Land     200,000       200,000  
Office machinery and equipment     1,956,733       1,872,693  
Rental assets     2,730,276       2,784,921  
Furniture, fixtures and improvements     1,514,240       1,549,965  
Totals     12,148,365       12,288,816  
Less: accumulated depreciation     (5,565,207 )     (5,465,826 )
                 
Total Property and Equipment, net     6,583,158       6,822,990  
                 
Right of use assets, net     388,060       413,171  
                 
Total Fixed Assets, net   $ 6,971,218     $ 7,236,161  

 

Depreciation expense for the three months ended January 31, 2025, and 2024 was $205,646 and $173,292 respectively.

 

 

CODA OCTOPUS GROUP, INC.

Notes to the Consolidated Financial Statements

January 31, 2025 and October 31, 2024

 

NOTE 7 – COMPOSITION OF CERTAIN FINANCIAL STATEMENT CAPTIONS (Continued)

 

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

 

    January 31,     October 31,  
    2025     2024  
             
USA   $ 1,711,932     $ 1,743,840  
Europe     4,871,226       5,079,150  
                 
Total Property and Equipment, net   $ 6,583,158     $ 6,822,990  

 

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

 

    January 31,     October 31,  
    2025     2024  
             
Accruals   $ 348,450     $ 560,986  
Other Tax Payables     732,159       924,735  
Employee Related     145,812       118,875  
Total Accrued Expenses and Other Current Liabilities   $ 1,226,421     $ 1,604,596  

 

Total Other Income, net consisted of the following:

 

    Three Months     Three Months  
    Ended     Ended  
    January 31,     January 31,  
    2025     2024  
             
Grant Income   $ 72,821     $ 14,714  
Other     5,846       20,306  
Total Other Income   $ 78,667     $ 35,020  
                 
Interest Received   $ 194,171     $ 192,540  
                 
Total Other Income, net   $ 272,838     $ 227,560