Contingencies and Commitments
|6 Months Ended|
Apr. 30, 2011
|Commitments and Contingencies Disclosure [Abstract]|
|Contingencies and Commitments||
NOTE 12 - CONTINGENCIES AND COMMITMENTS
There is currently no outstanding litigation.
We may become subject to other legal proceedings and claims, which arise in the ordinary course of our business. Although occasional adverse decisions or settlements may occur, we believe that the final disposition of any matters should not have a material adverse effect on our financial position or results of operations.
Company Voluntary Arrangement (CVA)
On or around October 18, 2010 our subsidiary, Coda Octopus Martech, entered into an arrangement (Company Voluntary Arrangement or CVA) under which it was agreed to re-schedule £503,335 an equivalent of $807,000 (using an exchange rate of 1.6035) amounts to trade creditors. Under the CVA this amount was scheduled to be repaid over 4 years.
See Note 15 of the Unaudited Condensed Consolidated Financial Statement for current information on the CVA.
We occupy our various office and warehouse facilities pursuant to both term and month-to-month leases. Our term leases expire at various times through September 2015. Future minimum lease obligations are approximately $1,174,435, with the minimum future rentals due under these leases as of April 30, 2011 as follows:
We had no concentrations of purchases of over 5% during the period ended April 30, 2011. During the six months ended April 30, 2011, the company generated sales of 9.77% of total revenue from one customer. Sales to this customer were $662,758, or 9.77% of total revenues during the period.
The entire disclosure for commitments and contingencies.
Reference 1: http://www.xbrl.org/2003/role/presentationRef