CONTRACTS IN PROGESS |
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| CONTRACTS IN PROGESS |
NOTE 8 – CONTRACTS IN PROGESS
Costs and estimated earnings in excess of billings on uncompleted contracts represent accumulated project expenses and fees which have not been invoiced to customers as of the balance sheet date. These amounts are stated on the consolidated balance sheets as Unbilled Receivables and as of January 31, 2025 and October 31, 2024, these were $2,259,419 and $1,657,827, respectively.
Deferred Revenue as of January 31, 2025 and October 31, 2024, were respectively $1,004,800 and $1,225,634 and, consist of billings in excess of costs and payments received for future obligations such as our warranty or Through Life Support (“TLS”) obligations undertaken as part of our contracts.
Sales of equipment include a provision for warranty obligations or through life support (TLS) services. The contractual components relating to warranty and TLS are treated as deferred revenue over the corresponding period of the Company’s obligations under these deferred arrangements and are amortized over the relevant warranty or TLS period (12 months is our standard warranty contract obligation or for TLS 24, 36 or 60 months, depending on the contract) from the date of sale.
Deferred Revenue (current) includes paid customer invoices prior to delivery of the agreed service, customer prepaid technical support to be delivered within twelve months, provision for warranty services to be provided within twelve months or the current portion of TLS services. Deferred Revenue was $1,004,800 and $1,225,634 as of January 31, 2025 and October 31, 2024, respectively.
Deferred Revenue (“Current”) consisted of the following as of January 31, 2025 and October 31, 2024:
Deferred Revenue (“Non-Current”) includes customer prepaid support and TLS, to be delivered past the initial twelve months which to be provided past the initial twelve months.
Deferred Revenue (“Non-Current) was $36,882 and $56,121 as of January 31, 2025 and October 31, 2024 respectively.
CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements January 31, 2025 and October 31, 2024
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