Quarterly report pursuant to Section 13 or 15(d)

Segment Analysis (Tables)

Segment Analysis (Tables)

6 Months Ended

Apr. 30, 2019

Schedule of Segment Reporting Information

Information concerning principal geographic areas is presented below according to the area where the activity has taken place for the three and six months ended April 30, 2019 and 2018 respectively:

	Marine Technology Business (Products)			Marine Engineering Business (Services)			Overhead			Total

Three Months Ended April 30, 2019

Revenues from External Customers	$	3,420,183		$	3,363,089		$	-		$	6,783,272

Cost of Revenues		488,909			1,569,701			-			2,058,610

Gross Profit		2,931,274			1,793,388			-			4,724,662

Research & Development		558,579			64,665			121,983			745,227
Selling, General & Administrative		743,801			611,059			341,822			1,696,682

Total Operating Expenses		1,302,380			675,724			463,805			2,441,909

Income (Loss) from Operations		1,628,894			1,117,664			(463,805	)		2,282,753

Other Income (Expense)

Other Income		26,228			-			-			26,228
Interest Expense		(3,392	)		(5,118	)		(15,837	)		(24,347	)

Total Other Income (Expense)		22,836			(5,118	)		(15,837	)		1,881

Net Income (Loss) before Income Taxes		1,651,730			1,112,546			(479,642	)		2,284,634

Income Tax Benefit (Expense)
Current Tax Benefit (Expense)		18,375			(9,939	)		(8,412	)		24
Deferred Tax (Expense)		(144,381	)		(117,529	)		(49,254	)		(311,164	)

Income (Expense)		(126,006	)		(127,468	)		(57,666	)		(311,140	)

Net Income (Loss)	$	1,525,724		$	985,078		$	(537,308	)	$	1,973,494

Supplemental Disclosures

Total Assets	$	17,403,981		$	12,980,885		$	1,564,066		$	31,948,932

Total Liabilities	$	1,357,163		$	923,248		$	1,528,494		$	3,808,905

Revenues from Intercompany Sales - eliminated from sales above	$	361,604		$	173,723		$	675,000		$	1,210,327

Depreciation and Amortization	$	134,516		$	61,388		$	3,790		$	199,694

Purchases of Long-lived Assets	$	1,149,245		$	31,334		$	-		$	1,180,579

	Marine Technology Business (Products)			Marine Engineering Business (Services)			Overhead			Total

Three Months Ended April 30, 2018

Revenues from External Customers	$	2,173,291		$	1,353,105		$	-		$	3,526,396

Cost of Revenues		217,222			723,636			-			940,858

Gross Profit		1,956,069			629,469			-			2,585,538

Research & Development		503,518			136,959			-			640,477
Selling, General & Administrative		850,521			614,718			560,391			2,025,630

Total Operating Expenses		1,354,039			751,677			560,391			2,666,107

Income (Loss) from Operations		602,030			(122,208	)		(560,391	)		(80,569	)

Other Income (Expense)

Other Income		81,918			2,097			-			84,015
Interest Expense		(2,385	)		(14,752	)		(63,604	)		(80,741	)

Total Other Income (Expense)		79,533			(12,655	)		(63,604	)		3,274

Net Income (Loss) before income taxes		681,563			(134,863	)		(623,995	)		(77,295	)

Current Tax Benefit (Expense)		(6,431	)		-			6,401			(30	)

Net Income (Loss)	$	675,132		$	(134,863	)	$	(617,594	)	$	(77,325	)

Supplemental Disclosures

Total Assets	$	12,655,196		$	10,944,045		$	342,932		$	23,942,173

Total Liabilities	$	763,339		$	1,435,771		$	1,938,490		$	4,137,600

Revenues from Intercompany Sales - eliminated from sales above	$	315,954		$	132,837		$	675,000		$	1,123,791

Depreciation and Amortization	$	113,923		$	72,499		$	4,255		$	190,677

Purchases of Long-lived Assets	$	52,112		$	6,056		$	24,785		$	82,953

	Marine Technology Business (Products)			Marine Engineering Business (Services)			Overhead			Total

Six Months Ended April 31, 2019

Revenues from External Customers	$	6,249,719		$	6,292,061		$	-		$	12,541,780

Cost of Revenues		1,206,215			3,077,831			-			4,284,046

Gross Profit		5,043,504			3,214,230			-			8,257,734

Research & Development		1,030,004			97,214			189,335			1,316,553
Selling, General & Administrative		1,498,461			1,205,105			612,391			3,315,957

Total Operating Expenses		2,528,465			1,302,319			801,726			4,632,510

Income (Loss) from Operations		2,515,039			1,911,911			(801,726	)		3,625,224

Other Income (Expense)

Other Income		59,069			-			-			59,069
Interest Expense		(5,866	)		(9,699	)		(33,843	)		(49,408	)

Total Other Income (Expense)		53,203			(9,699	)		(33,843	)		9,661

Net Income (Loss) before Income Taxes		2,568,242			1,902,212			(835,569	)		3,634,885

Income Tax Benefit (Expense)
Current Tax Benefit		25,668			34,985			17,338			77,991
Deferred Tax Expense		(151,305	)		(233,396	)		(115,668	)		(500,369	)

Income (expense)		(125,637	)		(198,411	)		(98,330	)		(422,378	)

Net Income (Loss)	$	2,442,605		$	1,703,801		$	(933,899	)	$	3,212,507

Supplemental Disclosures

Total Assets	$	17,403,981		$	12,980,885		$	1,564,066		$	31,948,932

Total Liabilities	$	1,357,163		$	923,248		$	1,528,494		$	3,808,905

Revenues from Intercompany Sales - eliminated from sales above	$	908,467		$	228,929		$	1,350,000		$	2,487,396

Depreciation and Amortization	$	259,124		$	127,678		$	7,610		$	394,412

Purchases of Long-lived Assets	$	2,065,268		$	34,446		$	-		$	2,099,714

	Marine Technology Business (Products)			Marine Engineering Business (Services)			Overhead			Total

Six Months Ended April 31, 2018

Revenues from External Customers	$	4,216,233		$	2,360,720		$	-		$	6,576,953

Cost of Revenues		647,353			1,239,612			-			1,886,965

Gross Profit		3,568,880			1,121,108			-			4,689,988

Research & Development		945,792			365,224			-			1,311,016
Selling, General & Administrative		1,428,086			1,245,592			857,709			3,531,387

Total Operating Expenses		2,373,878			1,610,816			857,709			4,842,403

Income (Loss) from Operations		1,195,002			(489,708	)		(857,709	)		(152,415	)

Other Income (Expense)

Other Income		88,573			2,097			-			90,670
Interest Expense		(6,804	)		(29,701	)		(146,984	)		(183,489	)

Total Other Income (Expense)		81,769			(27,604	)		(146,984	)		(92,819	)

Net Income (Loss) before income taxes		1,276,771			(517,312	)		(1,004,693	)		(245,234	)

Current Tax Benefit (Expense)		(6,596	)		-			6,566			(30	)

Net Income	$	1,270,175		$	(517,312	)	$	(998,127	)	$	(245,264	)

Supplemental Disclosures

Total Assets	$	12,655,196		$	10,944,045		$	342,932		$	23,942,173

Total Liabilities	$	760,320		$	1,438,790		$	1,938,490		$	4,137,600

Revenues from Intercompany Sales - eliminated from sales above	$	471,218		$	10,189		$	675,000		$	1,156,407

Depreciation and Amortization	$	236,650		$	152,214		$	7,192		$	396,056

Purchases of Long-lived Assets	$	254,029		$	49,961		$	24,785		$	328,775

Schedule of Disaggregate of Revenue from Contracts for Sale with Customers by Geographic Location

	For the Three Months Ended April 30, 2019
	Marine		Marine
	Technology		Engineering		Grand
	Business (Products)		Business (Services)		Total
Disaggregation of Total Net Sales

Americas
Equipment Sales	$	19,528	$	54,536	$	74,064
Equipment Rentals		171,544		-		171,544
Software Sales		7,250		-		7,250
Engineering Parts		-		2,377,313		2,377,313
Services		736,612		563,518		1,300,130
Europe
Equipment Sales		446,896		13,302		460,198
Equipment Rentals		491,118		-		491,118
Software Sales		59,069		-		59,069
Engineering Parts		-		354,421		354,421
Services		337,467		-		337,467

Australia/Asia
Equipment Sales		867,019		-		867,019
Equipment Rentals		-		-		-
Software Sales		58,289		-		58,289
Services		115,666		-		115,666

Middle East & Africa
Equipment Sales		-		-		-
Equipment Rentals		-		-		-
Software Sales		16,578		-		16,578
Services		93,147		-		93,147

Total Net Sales	$	3,420,183	$	3,363,089	$	6,783,272

	For the Three Months Ended April 30, 2019
	Marine		Marine
	Technology		Engineering		Grand
	Business (Products)		Business (Services)		Total
Total Net Sales by Geographic Area
Americas	$	934,934	$	2,995,366	$	3,930,300
Europe		1,334,551		367,723		1,702,273
Australia/Asia		1,040,974		-		1,040,974
Middle East & Africa		109,724		-		109,724

Total Net Sales	$	3,420,183	$	3,363,089	$	6,783,272

	For the Three Months Ended April 30, 2019
	Marine		Marine
	Technology		Engineering		Grand
	Business (Products)		Business (Services)		Total
Total Net Sales by Product Line
Equipment Sales	$	1,333,444	$	67,838	$	1,401,281
Equipment Rentals		662,662		-		662,662
Software Sales		141,185		-		141,185
Engineering Parts		-		2,731,734		2,731,734
Services		1,282,892		563,518		1,846,410

Total Net Sales	$	3,420,183	$	3,363,089	$	6,783,272

	For the Three Months Ended April 30, 2018
	Marine		Marine
	Technology		Engineering		Grand
	Business (Products)		Business (Services)		Total
Disaggregation of Total Net Sales

Americas
Equipment Sales	$	559,929	$	-	$	559,929
Equipment Rentals		91,071		-		91,071
Software Sales		33,520		-		33,520
Engineering Parts		-		879,735		879,735
Services		332,732		25,326		358,058
Europe
Equipment Sales		71,780		3,629		75,409
Equipment Rentals		283,703		-		283,703
Software Sales		58,231		-		58,231
Engineering Parts		-		444,416		444,416
Services		149,221		-		149,221

Australia/Asia
Equipment Sales		125,469		-		125,469
Equipment Rentals		13,607		-		13,607
Software Sales		37,605		-		37,605
Services		23,730		-		23,730

Middle East & Africa
Equipment Sales		302,923		-		302,923
Equipment Rentals		1,351		-		1,351
Software Sales		57,301		-		57,301
Services		31,118		-		31,118

Total Net Sales	$	2,173,291	$	1,353,105	$	3,526,396

	For the Three Months Ended April 30, 2018
	Marine		Marine
	Technology		Engineering		Grand
	Business (Products)		Business (Services)		Total
Total Net Sales by Geographic Area
Americas	$	1,017,252	$	905,061	$	1,922,313
Europe		562,935		448,045		1,010,980
Australia/Asia		200,411		-		200,411
Middle East & Africa		392,693		-		392,693

Total Net Sales	$	2,173,291	$	1,353,105	$	3,526,396

	For the Three Months Ended April 30, 2018
	Marine		Marine
	Technology		Engineering		Grand
	Business (Products)		Business (Services)		Total
Total Net Sales by Product Line
Equipment Sales	$	1,060,101	$	3,629	$	1,063,730
Equipment Rentals		389,732		-		389,732
Software Sales		186,657		-		186,657
Engineering Parts		-		1,324,151		1,324,151
Services		536,801		25,326		562,127

Total Net Sales	$	2,173,291	$	1,353,105	$	3,526,396

	For the Six Months Ended April 30, 2019
	Marine		Marine
	Technology		Engineering		Grand
	Business (Products)		Business (Services)		Total
Disaggregation of Total Net Sales

Americas
Equipment Sales	$	67,078	$	57,545	$	124,623
Equipment Rentals		225,027		-		225,027
Software Sales		7,250		-		7,250
Engineering Parts		-		4,567,505		4,567,505
Services		820,139		879,670		1,699,809
Europe
Equipment Sales		770,605		110,979		881,584
Equipment Rentals		651,507		-		651,507
Software Sales		148,644		-		148,644
Engineering Parts		-		676,363		676,363
Services		478,019		-		478,019

Australia/Asia
Equipment Sales		2,059,338		-		2,059,338
Equipment Rentals		257,918		-		257,918
Software Sales		201,878		-		201,878
Services		339,041		-		339,041

Middle East & Africa
Equipment Sales		10,473		-		10,473
Equipment Rentals		36,130		-		36,130
Software Sales		37,565		-		37,565
Services		139,107		-		139,107

Total Net Sales	$	6,249,719	$	6,292,061	$	12,541,780

	For the Six Months Ended April 30, 2019
	Marine		Marine
	Technology		Engineering		Grand
	Business (Products)		Business (Services)		Total
Total Net Sales by Geographic Area
Americas	$	1,119,494	$	5,504,719	$	6,624,213
Europe		2,048,776		787,342		2,836,117
Australia/Asia		2,858,175		-		2,858,175
Middle East & Africa		223,274		-		223,274

Total Net Sales	$	6,249,719	$	6,292,061	$	12,541,780

	For the Six Months Ended April 30, 2019
	Marine		Marine
	Technology		Engineering		Grand
	Business (Products)		Business (Services)		Total
Total Net Sales by Product Line
Equipment Sales	$	2,907,495	$	168,524	$	3,076,018
Equipment Rentals		1,170,582		-		1,170,582
Software Sales		395,336		-		395,336
Engineering Parts		-		5,243,868		5,243,868
Services		1,776,306		879,670		2,655,976

Total Net Sales	$	6,249,719	$	6,292,061	$	12,541,780

	For the Six Months Ended April 30, 2018
	Marine		Marine
	Technology		Engineering		Grand
	Business (Products)		Business (Services)		Total
Disaggregation of Total Net Sales

Americas
Equipment Sales	$	594,457	$	-	$	594,457
Equipment Rentals		133,927		-		133,927
Software Sales		33,520		-		33,520
Engineering Parts		-		1,369,067		1,369,067
Services		595,583		87,586		683,169
Europe
Equipment Sales		920,757		192,078		1,112,835
Equipment Rentals		328,291		-		328,291
Software Sales		147,401		-		147,401
Engineering Parts		-		711,989		711,989
Services		288,132		-		288,132

Australia/Asia
Equipment Sales		415,234		-		415,234
Equipment Rentals		72,264		-		72,264
Software Sales		157,974		-		157,974
Services		85,545		-		85,545

Middle East & Africa
Equipment Sales		321,516		-		321,516
Equipment Rentals		11,444		-		11,444
Software Sales		61,296		-		61,296
Services		48,892		-		48,892

Total Net Sales	$	4,216,233	$	2,360,720	$	6,576,953

	For the Six Months Ended April 30, 2018
	Marine		Marine
	Technology		Engineering		Grand
	Business (Products)		Business (Services)		Total
Total Net Sales by Geographic Area
Americas	$	1,357,487	$	1,456,653	$	2,814,140
Europe		1,684,581		904,067		2,588,648
Australia/Asia		731,017		-		731,017
Middle East & Africa		443,148		-		443,148

Total Net Sales	$	4,216,233	$	2,360,720	$	6,576,953

	For the Six Months Ended April 30, 2018
	Marine		Marine
	Technology		Engineering		Grand
	Business (Products)		Business (Services)		Total
Total Net Sales by Product Line
Equipment Sales	$	2,251,964	$	192,078	$	2,444,042
Equipment Rentals		545,926		-		545,926
Software Sales		400,191		-		400,191
Engineering Parts		-		2,081,056		2,081,056
Services		1,018,152		87,586		1,105,738

Total Net Sales	$	4,216,233	$	2,360,720	$	6,576,953