Quarterly report pursuant to Section 13 or 15(d)

Segment Analysis (Tables)

Segment Analysis (Tables)

6 Months Ended

Apr. 30, 2020

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, 2020 and 2019 respectively:

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

Three Months Ended April 30, 2020

Revenues from External Customers	$	1,691,199		$	1,598,019		$	-		$	3,289,218

Cost of Revenues		406,853			956,951			-			1,363,804

Gross Profit		1,284,346			641,068			-			1,925,414

Research & Development		442,696			270,945			-			713,641
Selling, General & Administrative		692,177			527,039			313,994			1,533,210

Total Operating Expenses		1,134,873			797,984			313,994			2,246,851

Income (Loss) from Operations		149,473			(156,916	)		(313,994	)		(321,437	)

Other Expense (Income)

Other (Expense) Income		(327	)		16			-			(311	)
Interest Expense		(2,395	)		(3,959	)		(12,102	)		(18,456	)

Total Other Income (Expense)		(2,722	)		(3,943	)		(12,102	)		(18,767	)

Net Income (Loss) before Income Taxes		146,751			(160,859	)		(326,096	)		(340,204	)

Income Tax Benefit (Expense)
Current Tax Benefit (Expense)		(6,397	)		(4,045	)		45,268			34,826
Deferred Tax (Expense)		(1,354	)		142,793			(101,141	)		40,298

Total Income Tax (Expense)		(7,751	)		138,748			(55,873	)		75,124

Net Income (Loss)	$	139,000		$	(22,111	)	$	(381,969	)	$	(265,080	)

Supplemental Disclosures

Total Assets	$	21,256,131		$	14,231,702		$	1,050,834		$	36,538,667

Total Liabilities	$	2,907,719		$	1,380,925		$	921,492		$	5,210,136

Revenues from Intercompany Sales - eliminated from sales above	$	277,658		$	4,687		$	675,000		$	957,345

Depreciation and Amortization	$	94,599		$	2,745		$	4,112		$	101,456

(Sales) Purchases of Long-lived Assets	$	(158,874	)	$	(8,441	)	$	14,554		$	(152,761	)

	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

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

Income benefit (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

Six Months Ended April 30, 2020

Revenues from External Customers	$	5,324,011		$	4,646,186		$	-		$	9,970,197

Cost of Revenues		1,062,530			2,707,813			-			3,770,343

Gross Profit		4,261,481			1,938,373			-			6,199,854

Research & Development		999,425			477,383			165,098			1,641,906
Selling, General & Administrative		1,560,175			1,163,335			701,378			3,424,888

Total Operating Expenses		2,559,600			1,640,718			866,476			5,066,794

Income (Loss) from Operations		1,701,881			297,655			(866,476	)		1,133,060

Other Income (Expense)

Other Income		12,497			16			-			12,513
Interest (Expense)		(5,627	)		(7,641	)		(24,802	)		(38,070	)

Total Other Income (Expense)		6,870			(7,625	)		(24,802	)		(25,557	)

Net Income (Loss) before Income Taxes		1,708,751			290,030			(891,278	)		1,107,503

Income Tax Benefit (Expense)
Current Tax Benefit (Expense)		19,436			-			(7,957	)		11,479
Deferred Tax (Expense)		(79,493	)		130,558			(88,354	)		(37,289	)

Total Income Tax (Expense)		(60,057	)		130,558			(96,311	)		(25,810	)

Net Income (Loss)	$	1,648,694		$	420,588		$	(987,589	)	$	1,081,693

Supplemental Disclosures

Total Assets	$	21,256,131		$	14,231,702		$	1,050,834		$	36,538,667

Total Liabilities	$	2,907,719		$	1,380,925		$	921,492		$	5,210,136

Revenues from Intercompany Sales - eliminated from sales above	$	580,480		$	105,216		$	1,350,000		$	2,035,696

Depreciation and Amortization	$	277,592		$	46,425		$	9,403		$	333,420

Purchases of Long-lived Assets	$	440,727		$	1,152		$	48,519		$	490,398

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

Six Months Ended April 30, 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

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

Income benefit (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

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

	For the Three Months Ended April 30, 2020
	Marine		Marine
	Technology		Engineering		Grand
	Business		Business		Total
Disaggregation of Total Net Sales

Americas
Equipment Sales	$	86,787	$	-	$	86,787
Equipment Rentals		36,269		-		36,269
Software Sales		-		-		-
Engineering Parts		-		847,224		847,224
Services		390,582		162,885		553,467
Europe
Equipment Sales		69,563		-		69,563
Equipment Rentals		292,839		-		292,839
Software Sales		7,155		-		7,155
Engineering Parts		-		587,910		587,910
Services		150,433		-		150,433
Australia/Asia
Equipment Sales		310,338		-		310,338
Equipment Rentals		175,219		-		175,219
Software Sales		8,591		-		8,591
Services		126,238		-		126,238
Middle East & Africa
Equipment Sales		16,170		-		16,170
Equipment Rentals		592		-		592
Software Sales		-		-		-
Services		20,423		-		20,423

Total Net Sales	$	1,691,199	$	1,598,019	$	3,289,218

	For the Three Months Ended April 30, 2020
	Marine		Marine
	Technology		Engineering		Grand
	Business		Business		Total
Total Net Sales by Geographic Area
Americas	$	513,638	$	1,010,109	$	1,523,747
Europe		519,990		587,910		1,107,900
Australia/Asia		620,386		-		620,386
Middle East & Africa		37,185		-		37,185

Total Net Sales	$	1,691,199	$	1,598,019	$	3,289,218

	For the Three Months Ended April 30, 2020
	Marine		Marine
	Technology		Engineering		Grand
	Business		Business		Total
Total Net Sales by Product Line
Equipment Sales	$	482,858	$	-	$	482,858
Equipment Rentals		504,919		-		504,919
Software Sales		15,746		-		15,746
Engineering Parts		-		1,435,134		1,435,134
Services		687,676		162,885		850,561

Total Net Sales	$	1,691,199	$	1,598,019	$	3,289,218

	For the Three Months Ended April 30, 2019
	Marine		Marine
	Technology		Engineering		Grand
	Business		Business		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		Business		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		Business		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 Six Months Ended April 30, 2020
	Marine		Marine
	Technology		Engineering		Grand
	Business		Business		Total
Disaggregation of Total Net Sales

Americas
Equipment Sales	$	421,175	$	-	$	421,175
Equipment Rentals		81,338		-		81,338
Software Sales		7,250		-		7,250
Engineering Parts		-		2,493,597		2,493,597
Services		545,207		652,416		1,197,623
Europe
Equipment Sales		407,710		-		407,710
Equipment Rentals		345,483		-		345,483
Software Sales		109,681		-		109,681
Engineering Parts		-		1,494,765		1,494,765
Services		276,133		5,407		281,540
Australia/Asia
Equipment Sales		2,338,648		-		2,338,648
Equipment Rentals		401,151		-		401,151
Software Sales		128,590		-		128,590
Services		173,357		-		173,357
Middle East & Africa
Equipment Sales		38,244		-		38,244
Equipment Rentals		592		-		592
Software Sales		-		-		-
Services		49,452		-		49,452

Total Net Sales	$	5,324,011	$	4,646,186	$	9,970,197

	For the Six Months Ended April 30, 2020
	Marine		Marine
	Technology		Engineering		Grand
	Business		Business		Total
Total Net Sales by Geographic Area
Americas	$	1,054,970	$	3,146,013	$	4,200,983
Europe		1,139,007		1,500,172		2,639,179
Australia/Asia		3,041,746		-		3,041,746
Middle East & Africa		88,288		-		88,288

Total Net Sales	$	5,324,011	$	4,646,186	$	9,970,197

	For the Six Months Ended April 30, 2020
	Marine		Marine
	Technology		Engineering		Grand
	Business		Business		Total
Total Net Sales by Product Line
Equipment Sales	$	3,205,777	$	-	$	3,205,777
Equipment Rentals		828,564		-		828,564
Software Sales		245,521		-		245,521
Engineering Parts		-		3,988,363		3,988,363
Services		1,044,149		657,823		1,701,972

Total Net Sales	$	5,324,011	$	4,646,186	$	9,970,197

	For the Six Months Ended April 30, 2019
	Marine		Marine
	Technology		Engineering		Grand
	Business		Business		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		Business		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		Business		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