Quarterly report pursuant to Section 13 or 15(d)

Segment Analysis (Tables)

v3.20.2
Segment Analysis (Tables)
9 Months Ended
Jul. 31, 2020
Segment Reporting [Abstract]  
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 nine months ended July 31, 2020 and 2019 respectively:

 

    Marine
Technology
Business
(Products)
    Marine
Engineering
Business
(Services)
    Overhead     Total  
                         
Three Months Ended July 31, 2020                                
                                 
Revenues from External Customers   $ 3,053,070     $ 2,342,966     $ -     $ 5,396,036  
                                 
Cost of Revenues     653,117       1,123,751       -       1,776,868  
                                 
Gross Profit     2,399,953       1,219,215       -       3,619,168  
                                 
Research & Development     394,332       352,625       25,684       772,641  
Selling, General & Administrative     496,772       515,547       513,150       1,525,469  
                                 
Total Operating Expenses     891,104       868,172       538,834       2,298,110  
                                 
Income (Loss) from Operations     1,508,849       351,043       (538,834 )     1,321,058  
                                 
Other (Expense) Income                                
Other Income     3,745       126       -       3,871  
Interest Expense     (1,718 )     (4,672 )     (10,190 )     (16,580 )
                                 
Total Other Income (Expense)     2,027       (4,546 )     (10,190 )     (12,709 )
                                 
Net Income (Loss) before Income Taxes     1,510,876       346,497       (549,024 )     1,308,349  
                                 
Income Tax (Expense) Benefit                                
Current Tax Benefit (Expense)     5,532       -       (3,948 )     1,584  
Deferred Tax (Expense) Benefit     (236,356 )     15,155       (65,979 )     (287,180 )
                                 
Total Income Tax (Expense) Benefit     (230,824 )     15,155       (69,927 )     (285,596 )
                                 
Net Income (Loss)   $ 1,280,052     $ 361,652     $ (618,951 )   $ 1,022,753  
                                 
Supplemental Disclosures                                
                                 
Total Assets   $ 22,149,613     $ 14,439,917     $ 678,515     $ 37,268,045  
                                 
Total Liabilities   $ 1,737,007     $ 1,392,816     $ 767,393     $ 3,897,216  
                                 
Revenues from Intercompany Sales - eliminated from sales above   $ 498,312     $ 8,976     $ 1,350,000     $ 1,857,288  
                                 
Depreciation and Amortization   $ 261,975     $ 43,263     $ 4,677     $ 309,915  
                                 
(Sales) Purchases of Long-lived Assets   $ 317,892     $ 23,288     $ -     $ 341,180  

 

    Marine
Technology
Business
(Products)
    Marine
Engineering
Business
(Services)
    Overhead     Total  
                         
Three Months Ended July 31, 2019                                
                                 
Revenues from External Customers   $ 3,231,510     $ 3,436,988     $ -     $ 6,668,498  
                                 
Cost of Revenues     592,585       1,528,095       -       2,120,680  
                                 
Gross Profit     2,638,925       1,908,893       -       4,547,818  
                                 
Research & Development     503,540       32,991       95,159       631,690  
Selling, General & Administrative     590,981       659,398       525,530       1,775,909  
                                 
Total Operating Expenses     1,094,521       692,389       620,689       2,407,599  
                                 
Income (Loss) from Operations     1,544,404       1,216,504       (620,689 )     2,140,219  
                                 
Other Income (Expense)                                
Other Income     6,398       -       -       6,398  
Interest Expense     (2,197 )     (2,150 )     (15,928 )     (20,275 )
                                 
Total Other Income (Expense)     4,201       (2,150 )     (15,928 )     (13,877 )
                                 
Net Income (Loss) before Income Taxes     1,548,605       1,214,354       (636,617 )     2,126,342  
                                 
Current Tax (Expense) Benefit     (5,172 )     4,460       674       (38 )
Deferred Tax Expense     (47,768 )     (214,144 )     (88,705 )     (350,617 )
                                 
Total Income Tax Expense     (52,940 )     (209,684 )     (88,031 )     (350,655 )
                                 
Net Income (Loss)   $ 1,495,665     $ 1,004,670     $ (724,648 )   $ 1,775,687  
                                 
Supplemental Disclosures                                
                                 
                                 
Total Assets   $ 18,200,970     $ 13,876,685     $ 1,266,254     $ 33,343,909  
                                 
Total Liabilities   $ 2,169,195     $ 870,492     $ 1,388,509     $ 4,428,196  
                                 
Revenues from Intercompany Sales - eliminated from sales above   $ 136,128     $ 75,729     $ 675,000     $ 888,857  
                                 
Depreciation and Amortization   $ 132,392     $ 63,724     $ 4,078     $ 200,194  
                                 
(Sales) Purchases of Long-lived Assets   $ (262,062 )   $ 5,937     $ 34,303     $ (221,822 )

 

    Marine
Technology
Business
(Products)
    Marine
Engineering
Business
(Services)
    Overhead     Total  
                         
Nine Months Ended July 31, 2020                                
                                 
Revenues from External Customers   $ 8,377,081     $ 6,989,152     $ -     $ 15,366,233  
                                 
Cost of Revenues     1,715,647       3,831,564       -       5,547,211  
                                 
Gross Profit     6,661,434       3,157,588       -       9,819,022  
                                 
Research & Development     1,393,757       830,008       190,782       2,414,547  
Selling, General & Administrative     2,056,947       1,678,882       1,214,528       4,950,357  
                                 
Total Operating Expenses     3,450,704       2,508,890       1,405,310       7,364,904  
                                 
Income (Loss) from Operations     3,210,730       648,698       (1,405,310 )     2,454,118  
                                 
Other Income (Expense)                                
Other Income     16,242       142       -       16,384  
Interest Expense     (7,345 )     (12,313 )     (34,992 )     (54,650 )
                                 
Total Other Income (Expense)     8,897       (12,171 )     (34,992 )     (38,266 )
                                 
Net Income (Loss) before Income Taxes     3,219,627       636,527       (1,440,302 )     2,415,852  
                                 
Income Tax Benefit (Expense)                                
Current Tax Benefit (Expense)     24,968       -       (11,905 )     13,063  
Deferred Tax (Expense) Benefit     (315,849 )     145,713       (154,333 )     (324,469 )
                                 
Total Income Tax (Expense) Benefit     (290,881 )     145,713       (166,238 )     (311,406 )
                                 
Net Income (Loss)   $ 2,928,746     $ 782,240     $ (1,606,540 )   $ 2,104,446  
                                 
Supplemental Disclosures                                
                                 
Total Assets   $ 22,149,613     $ 14,439,917     $ 678,515     $ 37,268,045  
                                 
Total Liabilities   $ 1,737,007     $ 1,392,816     $ 767,393     $ 3,897,216  
                                 
Revenues from Intercompany Sales - eliminated from sales above   $ 801,134     $ 109,505     $ 2,025,000     $ 2,935,639  
                                 
Depreciation and Amortization   $ 539,567     $ 89,688     $ 14,080     $ 643,335  
                                 
Purchases of Long-lived Assets   $ 758,619     $ 24,440     $ 48,519     $ 831,578  

 

    Marine
Technology
Business
(Products)
    Marine
Engineering
Business
(Services)
    Overhead     Total  
                         
Nine Months Ended July 31, 2019                                
                                 
Revenues from External Customers   $ 9,481,229     $ 9,729,049     $ -     $ 19,210,278  
                                 
Cost of Revenues     1,798,800       4,605,926       -       6,404,726  
                                 
Gross Profit     7,682,429       5,123,123       -       12,805,552  
                                 
Research & Development     1,533,544       130,205       284,494       1,948,243  
Selling, General & Administrative     2,089,442       1,864,503       1,137,921       5,091,866  
                                 
Total Operating Expenses     3,622,986       1,994,708       1,422,415       7,040,109  
                                 
Income (Loss) from Operations     4,059,443       3,128,415       (1,422,415 )     5,765,443  
                                 
Other Income (Expense)                                
Other Income     65,467       -       -       65,467  
Interest Expense     (8,063 )     (11,849 )     (49,771 )     (69,683 )
                                 
Total Other Income (Expense)     57,404       (11,849 )     (49,771 )     (4,216 )
                                 
Net Income (Loss) before Income Taxes     4,116,847       3,116,566       (1,472,186 )     5,761,227  
                                 
Current Tax Benefit     20,496       39,445       18,013       77,954  
Deferred Tax Expense     (199,073 )     (447,540 )     (204,374 )     (850,987 )
                                 
Total Income Tax Expense     (178,577 )     (408,095 )     (186,361 )     (773,033 )
                                 
Net Income (Loss)   $ 3,938,270     $ 2,708,471     $ (1,658,547 )   $ 4,988,194  
                                 
Supplemental Disclosures                                
                                 
Total Assets   $ 18,200,970     $ 13,876,685     $ 1,266,254     $ 33,343,909  
                                 
Total Liabilities   $ 2,169,195     $ 870,492     $ 1,388,509     $ 4,428,196  
                                 
Revenues from Intercompany Sales - eliminated from sales above   $ 1,044,595     $ 304,658     $ 2,025,000     $ 3,374,253  
                                 
Depreciation and Amortization   $ 391,516     $ 191,402     $ 11,688     $ 594,606  
                                 
Purchases of Long-lived Assets   $ 1,803,206     $ 40,383     $ 34,303     $ 1,877,892  

 

Schedule of Disaggregate of Revenue from Contracts for Sale with Customers by Geographic Location
  For the Three Months Ended July 31, 2020  
    Marine     Marine        
    Technology     Engineering     Grand  
    Business     Business     Total  
Disaggregation of Total Net Sales                        
                         
Americas                        
Equipment Sales   $ 426,319     $ -     $ 426,319  
  Equipment Rentals     37,334       -       37,334  
  Software Sales     28,385       -       28,385  
  Engineering Parts     -       1,466,742       1,466,742  
  Services     579,855       286,920       866,775  
Europe                        
  Equipment Sales     71,239       160,537       231,776  
  Equipment Rentals     81,766       -       81,766  
  Software Sales     -       -       -  
  Engineering Parts     -       428,767       428,767  
  Services     87,122       -       87,122  
Australia/Asia                        
  Equipment Sales     1,538,202       -       1,538,202  
  Equipment Rentals     -       -       -  
  Software Sales     62,155       -       62,155  
  Services     118,287       -       118,287  
Middle East & Africa                        
  Equipment Sales     -       -       -  
  Equipment Rentals     -       -       -  
  Software Sales     22,406       -       22,406  
  Services     -       -       -  
                         
  Total Net Sales   $ 3,053,070     $ 2,342,966     $ 5,396,036  

 

    For the Three Months Ended July 31, 2020  
    Marine     Marine        
    Technology     Engineering     Grand  
    Business     Business     Total  
Total Net Sales by Geographic Area                        
  Americas   $ 1,071,893     $ 1,753,662     $ 2,825,555  
  Europe     240,127       589,304       829,431  
  Australia/Asia     1,718,644       -       1,718,644  
  Middle East & Africa     22,406       -       22,406  
                         
  Total Net Sales   $ 3,053,070     $ 2,342,966     $ 5,396,036  

  

    For the Three Months Ended July 31, 2020
    Marine     Marine        
    Technology     Engineering     Grand  
    Business     Business     Total  
Total Net Sales by Product Line                        
  Equipment Sales   $ 2,058,166     $ 160,537     $ 2,218,703  
  Equipment Rentals     119,100       -       119,100  
  Software Sales     90,540       -       90,540  
  Engineering Parts     -       1,895,509       1,895,509  
  Services     785,264       286,920       1,072,184  
                         
  Total Net Sales   $ 3,053,070     $ 2,342,966     $ 5,396,036  

 

    For the Three Months Ended July 31, 2019
    Marine     Marine        
    Technology     Engineering     Grand  
    Business     Business     Total  
Disaggregation of Total Net Sales                        
                         
Americas                        
  Equipment Sales   $ 493,261     $ -     $ 493,261  
  Equipment Rentals     221,567       -       221,567  
  Software Sales     -       -       -  
  Engineering Parts     -       2,259,717       2,259,717  
  Services     95,698       767,024       862,722  
Europe                        
  Equipment Sales     418,557       3,235       421,792  
  Equipment Rentals     322,887       -       322,887  
  Software Sales     19,259       -       19,259  
  Engineering Parts     -       347,459       347,459  
  Services     150,216       59,553       209,769  
Australia/Asia                        
  Equipment Sales     648,640       -       648,640  
  Equipment Rentals     260,474       -       260,474  
  Software Sales     81,541       -       81,541  
  Services     204,273       -       204,273  
Middle East & Africa                        
  Equipment Sales     290,386       -       290,386  
  Equipment Rentals     -       -       -  
  Software Sales     21,261       -       21,261  
  Services     3,490       -       3,490  
                         
  Total Net Sales   $ 3,231,510     $ 3,436,988     $ 6,668,498  

 

    For the Three Months Ended July 31, 2019
    Marine     Marine        
    Technology     Engineering     Grand  
    Business     Business     Total  
Total Net Sales by Geographic Area                        
  Americas   $ 810,526     $ 3,026,741     $ 3,837,267  
  Europe     910,919       410,247       1,321,166  
  Australia/Asia     1,194,928       -       1,194,928  
  Middle East & Africa     315,137       -       315,137  
                         
  Total Net Sales   $ 3,231,510     $ 3,436,988     $ 6,668,498  

 

    For the Three Months Ended July 31, 2019
    Marine     Marine        
    Technology     Engineering     Grand  
    Business     Business     Total  
Total Net Sales by Product Line                        
  Equipment Sales   $ 1,850,844     $ 3,235     $ 1,854,079  
  Equipment Rentals     804,928       -       804,928  
  Software Sales     122,061       -       122,061  
  Engineering Parts     -       2,607,176       2,607,176  
  Services     453,677       826,577       1,280,254  
                         
  Total Net Sales   $ 3,231,510     $ 3,436,988     $ 6,668,498  

 

    For the Nine Months Ended July 31, 2020  
    Marine     Marine        
    Technology     Engineering     Grand  
    Business     Business     Total  
Disaggregation of Total Net Sales                  
                   
Americas                          
  Equipment Sales   $ 847,494     $ -     $ 847,494  
  Equipment Rentals     118,672       -       118,672  
  Software Sales     35,635       -       35,635  
  Engineering Parts     -       3,960,340       3,960,340  
  Services     1,125,062       939,336       2,064,398  
Europe                          
  Equipment Sales     478,949       160,537       639,486  
  Equipment Rentals     427,249       -       427,249  
  Software Sales     109,681       -       109,681  
  Engineering Parts     -       1,923,532       1,923,532  
  Services     363,255       5,407       368,662  
Australia/Asia                          
  Equipment Sales     3,876,850       -       3,876,850  
  Equipment Rentals     401,151       -       401,151  
  Software Sales     190,745       -       190,745  
  Services     291,644       -       291,644  
Middle East & Africa                          
  Equipment Sales     38,244       -       38,244  
  Equipment Rentals     592       -       592  
  Software Sales     22,406       -       22,406  
  Services     49,452       -       49,452  
                           
  Total Net Sales   $ 8,377,081     $ 6,989,152     $ 15,366,233  

 

    For the Nine Months Ended July 31, 2020  
    Marine     Marine        
    Technology     Engineering     Grand  
    Business     Business     Total  
Total Net Sales by Geographic Area                        
  Americas   $ 2,126,863     $ 4,899,676     $ 7,026,539  
  Europe     1,379,134       2,089,476       3,468,610  
  Australia/Asia     4,760,390       -       4,760,390  
  Middle East & Africa     110,694       -       110,694  
                           
  Total Net Sales   $ 8,377,081     $ 6,989,152     $ 15,366,233  

 

    For the Nine Months Ended July 31, 2020  
    Marine     Marine        
    Technology     Engineering     Grand  
    Business     Business     Total  
Total Net Sales by Product Line                        
  Equipment Sales   $ 5,241,537     $ 160,537     $ 5,402,074  
  Equipment Rentals     947,664       -       947,664  
  Software Sales     358,467       -       358,467  
  Engineering Parts     -       5,883,872       5,883,872  
  Services     1,829,413       944,743       2,774,156  
                           
  Total Net Sales   $ 8,377,081     $ 6,989,152     $ 15,366,233  

 

    For the Nine Months Ended July 31, 2019  
    Marine     Marine        
    Technology     Engineering     Grand  
    Business     Business     Total  
Disaggregation of Total Net Sales                  
                     
  Americas                        
  Equipment Sales   $ 560,339     $ 57,545     $ 617,884  
  Equipment Rentals     446,594       -       446,594  
  Software Sales     7,250       -       7,250  
  Engineering Parts     -       6,827,221       6,827,221  
  Services     915,837       1,646,694       2,562,531  
Europe                          
  Equipment Sales     1,189,162       114,214       1,303,376  
  Equipment Rentals     974,394       -       974,394  
  Software Sales     167,903       -       167,903  
  Engineering Parts     -       1,023,822       1,023,822  
  Services     628,235       59,553       687,788  
Australia/Asia                        
  Equipment Sales     2,707,978       -       2,707,978  
  Equipment Rentals     518,392       -       518,392  
  Software Sales     283,419       -       283,419  
  Services     543,314       -       543,314  
Middle East & Africa                        
  Equipment Sales     300,859       -       300,859  
  Equipment Rentals     36,130       -       36,130  
  Software Sales     58,826       -       58,826  
  Services     142,597       -       142,597  
                           
  Total Net Sales   $ 9,481,229     $ 9,729,049     $ 19,210,278  

 

    For the Nine Months Ended July 31, 2019  
    Marine     Marine        
    Technology     Engineering     Grand  
    Business     Business     Total  
Total Net Sales by Geographic Area                        
  Americas   $ 1,930,020     $ 8,531,460     $ 10,461,480  
  Europe     2,959,694       1,197,589       4,157,283  
  Australia/Asia     4,053,103       -       4,053,103  
  Middle East & Africa     538,412       -       538,412  
                           
  Total Net Sales   $ 9,481,229     $ 9,729,049     $ 19,210,278  

 

    For the Nine Months Ended July 31, 2019  
    Marine     Marine        
    Technology     Engineering     Grand  
    Business     Business     Total  
Total Net Sales by Product Line                        
  Equipment Sales   $ 4,758,338     $ 171,759     $ 4,930,097  
  Equipment Rentals     1,975,510       -       1,975,510  
  Software Sales     517,398       -       517,398  
  Engineering Parts     -       7,851,043       7,851,043  
  Services     2,229,983       1,706,247       3,936,230  
                           
  Total Net Sales   $ 9,481,229     $ 9,729,049     $ 19,210,278