Schedule of Segment Reporting Information |
|
|
Marine Technology Business (Products) |
|
|
Marine Engineering Business (Services) |
|
|
Overhead |
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended October 31, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from External Customers |
|
$ |
11,278,181 |
|
|
$ |
8,765,629 |
|
|
$ |
- |
|
|
$ |
20,043,810 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Revenues |
|
|
2,254,008 |
|
|
|
5,060,354 |
|
|
|
- |
|
|
|
7,314,362 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit |
|
|
9,024,173 |
|
|
|
3,705,275 |
|
|
|
- |
|
|
|
12,729,448 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research & Development |
|
|
1,955,364 |
|
|
|
1,042,243 |
|
|
|
190,782 |
|
|
|
3,188,389 |
|
Selling, General & Administrative |
|
|
2,779,662 |
|
|
|
2,260,849 |
|
|
|
1,696,783 |
|
|
|
6,737,294 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating Expenses |
|
|
4,735,026 |
|
|
|
3,303,092 |
|
|
|
1,887,565 |
|
|
|
9,925,683 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) from Operations |
|
|
4,289,147 |
|
|
|
402,183 |
|
|
|
(1,887,565 |
) |
|
|
2,803,765 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income (Expense) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income |
|
|
19,184 |
|
|
|
190 |
|
|
|
- |
|
|
|
19,374 |
|
Funding from Paycheck Protection Program |
|
|
122,327 |
|
|
|
526,544 |
|
|
|
- |
|
|
|
648,871 |
|
Interest (Expense) |
|
|
(10,612 |
) |
|
|
(15,672 |
) |
|
|
(43,919 |
) |
|
|
(70,203 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Other Income (Expense) |
|
|
130,899 |
|
|
|
511,062 |
|
|
|
(43,919 |
) |
|
|
598,042 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) before Income Taxes |
|
|
4,420,046 |
|
|
|
913,245 |
|
|
|
(1,931,484 |
) |
|
|
3,401,807 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Benefit (Expense) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Tax Benefit (Expense) |
|
|
63,590 |
|
|
|
- |
|
|
|
(12,927 |
) |
|
|
50,663 |
|
Deferred Tax (Expense) Benefit |
|
|
(196,664 |
) |
|
|
273,666 |
|
|
|
(185,887 |
) |
|
|
(108,885 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Income Tax (Expense) Benefit |
|
|
(133,074 |
) |
|
|
273,666 |
|
|
|
(198,814 |
) |
|
|
(58,222 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) |
|
$ |
4,286,972 |
|
|
$ |
1,186,911 |
|
|
$ |
(2,130,298 |
) |
|
$ |
3,343,585 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Disclosures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
$ |
22,200,123 |
|
|
$ |
14,347,827 |
|
|
$ |
1,491,201 |
|
|
$ |
38,039,151 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities |
|
$ |
1,572,314 |
|
|
$ |
1,321,011 |
|
|
$ |
749,558 |
|
|
$ |
3,642,883 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from Intercompany Sales - eliminated from sales above |
|
$ |
997,150 |
|
|
$ |
354,373 |
|
|
$ |
2,700,000 |
|
|
$ |
4,051,523 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and Amortization |
|
$ |
678,449 |
|
|
$ |
105,775 |
|
|
$ |
22,462 |
|
|
$ |
806,686 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of Long-lived Assets |
|
$ |
811,352 |
|
|
$ |
19,660 |
|
|
$ |
167,323 |
|
|
$ |
998,335 |
|
|
|
Marine Technology Business (Products) |
|
|
Marine Engineering Business (Services) |
|
|
Overhead |
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended October 31, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from External Customers |
|
$ |
12,908,110 |
|
|
$ |
12,148,824 |
|
|
$ |
- |
|
|
$ |
25,056,934 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Revenues |
|
|
2,519,768 |
|
|
|
6,107,847 |
|
|
|
- |
|
|
|
8,627,615 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit |
|
|
10,388,342 |
|
|
|
6,040,977 |
|
|
|
- |
|
|
|
16,429,319 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research & Development |
|
|
2,208,749 |
|
|
|
146,061 |
|
|
|
446,521 |
|
|
|
2,801,331 |
|
Selling, General & Administrative |
|
|
3,080,134 |
|
|
|
2,492,410 |
|
|
|
1,802,007 |
|
|
|
7,374,551 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating Expenses |
|
|
5,288,883 |
|
|
|
2,638,471 |
|
|
|
2,248,528 |
|
|
|
10,175,882 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) from Operations |
|
|
5,099,459 |
|
|
|
3,402,506 |
|
|
|
(2,248,528 |
) |
|
|
6,253,437 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income (Expense) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income |
|
|
70,186 |
|
|
|
26 |
|
|
|
- |
|
|
|
70,212 |
|
Interest Expense |
|
|
(10,564 |
) |
|
|
(14,820 |
) |
|
|
(65,712 |
) |
|
|
(91,096 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Other Income (Expense) |
|
|
59,622 |
|
|
|
(14,794 |
) |
|
|
(65,712 |
) |
|
|
(20,884 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) before Income Taxes |
|
|
5,159,081 |
|
|
|
3,387,712 |
|
|
|
(2,314,240 |
) |
|
|
6,232,553 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Tax Benefit |
|
|
(9,391 |
) |
|
|
33,454 |
|
|
|
15,359 |
|
|
|
39,422 |
|
Deferred Tax (Expense) |
|
|
(336,101 |
) |
|
|
(496,318 |
) |
|
|
(214,357 |
) |
|
|
(1,046,776 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Income Tax Expense |
|
|
(345,492 |
) |
|
|
(462,864 |
) |
|
|
(198,998 |
) |
|
|
(1,007,354 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) |
|
$ |
4,813,589 |
|
|
$ |
2,924,848 |
|
|
$ |
(2,513,238 |
) |
|
$ |
5,225,199 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Disclosures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
$ |
19,386,652 |
|
|
$ |
14,165,120 |
|
|
$ |
959,472 |
|
|
$ |
34,511,244 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities |
|
$ |
1,753,823 |
|
|
$ |
962,641 |
|
|
$ |
1,167,007 |
|
|
$ |
3,883,471 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from Intercompany Sales - eliminated from sales above |
|
$ |
1,590,548 |
|
|
$ |
145,150 |
|
|
$ |
2,700,000 |
|
|
$ |
4,435,698 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and Amortization |
|
$ |
581,942 |
|
|
$ |
236,092 |
|
|
$ |
15,741 |
|
|
$ |
833,775 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of Long-lived Assets |
|
$ |
2,183,009 |
|
|
$ |
81,446 |
|
|
$ |
37,180 |
|
|
$ |
2,301,635 |
|
|
Schedule of Disaggregate of Revenue from Contracts for Sale with Customers by Geographic Location |
|
|
For the Year Ended October 31, 2020 |
|
|
|
Marine |
|
|
Marine |
|
|
|
|
|
|
Technology |
|
|
Engineering |
|
|
Grand |
|
|
|
Business |
|
|
Business |
|
|
Total |
|
Disaggregation of Total Net Sales |
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
|
|
|
|
|
|
|
|
|
|
|
Equipment Sales |
|
$ |
1,368,113 |
|
|
$ |
- |
|
|
$ |
1,368,113 |
|
Equipment Rentals |
|
|
175,282 |
|
|
|
- |
|
|
|
175,282 |
|
Software Sales |
|
|
35,635 |
|
|
|
- |
|
|
|
35,635 |
|
Engineering Parts |
|
|
- |
|
|
|
4,546,391 |
|
|
|
4,546,391 |
|
Services |
|
|
1,422,830 |
|
|
|
1,230,283 |
|
|
|
2,653,113 |
|
Europe |
|
|
|
|
|
|
|
|
|
|
|
|
Equipment Sales |
|
|
583,006 |
|
|
|
230,060 |
|
|
|
813,066 |
|
Equipment Rentals |
|
|
697,638 |
|
|
|
- |
|
|
|
697,638 |
|
Software Sales |
|
|
113,860 |
|
|
|
- |
|
|
|
113,860 |
|
Engineering Parts |
|
|
- |
|
|
|
2,753,488 |
|
|
|
2,753,488 |
|
Services |
|
|
485,954 |
|
|
|
5,407 |
|
|
|
491,361 |
|
Australia/Asia |
|
|
|
|
|
|
|
|
|
|
|
|
Equipment Sales |
|
|
5,165,905 |
|
|
|
- |
|
|
|
5,165,905 |
|
Equipment Rentals |
|
|
487,639 |
|
|
|
- |
|
|
|
487,639 |
|
Software Sales |
|
|
304,143 |
|
|
|
- |
|
|
|
304,143 |
|
Services |
|
|
297,823 |
|
|
|
- |
|
|
|
297,823 |
|
Middle East & Africa |
|
|
|
|
|
|
|
|
|
|
|
|
Equipment Sales |
|
|
66,556 |
|
|
|
- |
|
|
|
66,556 |
|
Equipment Rentals |
|
|
592 |
|
|
|
- |
|
|
|
592 |
|
Software Sales |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Services |
|
|
73,205 |
|
|
|
- |
|
|
|
73,205 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Net Sales |
|
$ |
11,278,181 |
|
|
$ |
8,765,629 |
|
|
$ |
20,043,810 |
|
|
|
For the Year Ended October 31, 2020 |
|
|
|
Marine |
|
|
Marine |
|
|
|
|
|
|
Technology |
|
|
Engineering |
|
|
Grand |
|
|
|
Business |
|
|
Business |
|
|
Total |
|
Total Net Sales by Geographic Area |
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
$ |
3,001,860 |
|
|
$ |
5,776,674 |
|
|
$ |
8,778,534 |
|
Europe |
|
|
1,880,458 |
|
|
|
2,988,955 |
|
|
|
4,869,413 |
|
Australia/Asia |
|
|
6,255,510 |
|
|
|
- |
|
|
|
6,255,510 |
|
Middle East & Africa |
|
|
140,353 |
|
|
|
- |
|
|
|
140,353 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Net Sales |
|
$ |
11,278,181 |
|
|
$ |
8,765,629 |
|
|
$ |
20,043,810 |
|
|
|
For the Year Ended October 31, 2020 |
|
|
|
Marine |
|
|
Marine |
|
|
|
|
|
|
Technology |
|
|
Engineering |
|
|
Grand |
|
|
|
Business |
|
|
Business |
|
|
Total |
|
Total Net Sales by Product Line |
|
|
|
|
|
|
|
|
|
|
|
|
Equipment Sales |
|
$ |
7,183,580 |
|
|
$ |
230,060 |
|
|
$ |
7,413,640 |
|
Equipment Rentals |
|
|
1,361,151 |
|
|
|
- |
|
|
|
1,361,151 |
|
Software Sales |
|
|
453,638 |
|
|
|
- |
|
|
|
453,638 |
|
Engineering Parts |
|
|
- |
|
|
|
7,299,879 |
|
|
|
7,299,879 |
|
Services |
|
|
2,279,812 |
|
|
|
1,235,690 |
|
|
|
3,515,502 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Net Sales |
|
$ |
11,278,181 |
|
|
$ |
8,765,629 |
|
|
$ |
20,043,810 |
|
|
|
For the Year Ended October 31, 2019 |
|
|
|
Marine |
|
|
Marine |
|
|
|
|
|
|
Technology |
|
|
Engineering |
|
|
Grand |
|
|
|
Business |
|
|
Business |
|
|
Total |
|
Disaggregation of Total Net Sales |
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
|
|
|
|
|
|
|
|
|
|
|
Equipment Sales |
|
$ |
744,604 |
|
|
$ |
57,497 |
|
|
$ |
802,101 |
|
Equipment Rentals |
|
|
639,055 |
|
|
|
- |
|
|
|
639,055 |
|
Software Sales |
|
|
53,540 |
|
|
|
- |
|
|
|
53,540 |
|
Engineering Parts |
|
|
- |
|
|
|
9,117,338 |
|
|
|
9,117,338 |
|
Services |
|
|
1,187,873 |
|
|
|
1,744,577 |
|
|
|
2,932,450 |
|
Europe |
|
|
|
|
|
|
|
|
|
|
|
|
Equipment Sales |
|
|
1,626,052 |
|
|
|
145,933 |
|
|
|
1,771,985 |
|
Equipment Rentals |
|
|
1,137,244 |
|
|
|
- |
|
|
|
1,137,244 |
|
Software Sales |
|
|
167,903 |
|
|
|
- |
|
|
|
167,903 |
|
Engineering Parts |
|
|
- |
|
|
|
1,023,822 |
|
|
|
1,023,822 |
|
Services |
|
|
726,050 |
|
|
|
59,657 |
|
|
|
785,707 |
|
Australia/Asia |
|
|
|
|
|
|
|
|
|
|
|
|
Equipment Sales |
|
|
4,259,093 |
|
|
|
- |
|
|
|
4,259,093 |
|
Equipment Rentals |
|
|
876,141 |
|
|
|
- |
|
|
|
876,141 |
|
Software Sales |
|
|
324,222 |
|
|
|
- |
|
|
|
324,222 |
|
Services |
|
|
627,615 |
|
|
|
- |
|
|
|
627,615 |
|
Middle East & Africa |
|
|
|
|
|
|
|
|
|
|
|
|
Equipment Sales |
|
|
301,165 |
|
|
|
- |
|
|
|
301,165 |
|
Equipment Rentals |
|
|
36,130 |
|
|
|
- |
|
|
|
36,130 |
|
Software Sales |
|
|
58,826 |
|
|
|
- |
|
|
|
58,826 |
|
Services |
|
|
142,597 |
|
|
|
- |
|
|
|
142,597 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Net Sales |
|
$ |
12,908,110 |
|
|
$ |
12,148,824 |
|
|
$ |
25,056,934 |
|
|
|
For the Year Ended October 31, 2019 |
|
|
|
Marine |
|
|
Marine |
|
|
|
|
|
|
Technology |
|
|
Engineering |
|
|
Grand |
|
|
|
Business |
|
|
Business |
|
|
Total |
|
Total Net Sales by Geographic Area |
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
$ |
2,625,072 |
|
|
$ |
10,919,412 |
|
|
$ |
13,544,484 |
|
Europe |
|
|
3,657,249 |
|
|
|
1,229,412 |
|
|
|
4,886,661 |
|
Australia/Asia |
|
|
6,087,071 |
|
|
|
- |
|
|
|
6,087,071 |
|
Middle East & Africa |
|
|
538,718 |
|
|
|
- |
|
|
|
538,718 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Net Sales |
|
$ |
12,908,110 |
|
|
$ |
12,148,824 |
|
|
$ |
25,056,934 |
|
|
|
For the Year Ended October 31, 2019 |
|
|
|
Marine |
|
|
Marine |
|
|
|
|
|
|
Technology |
|
|
Engineering |
|
|
Grand |
|
|
|
Business |
|
|
Business |
|
|
Total |
|
Total Net Sales by Product Line |
|
|
|
|
|
|
|
|
|
|
|
|
Equipment Sales |
|
$ |
6,930,914 |
|
|
$ |
203,430 |
|
|
$ |
7,134,344 |
|
Equipment Rentals |
|
|
2,688,570 |
|
|
|
- |
|
|
|
2,688,570 |
|
Software Sales |
|
|
604,491 |
|
|
|
- |
|
|
|
604,491 |
|
Engineering Parts |
|
|
- |
|
|
|
10,141,160 |
|
|
|
10,141,160 |
|
Services |
|
|
2,684,135 |
|
|
|
1,804,234 |
|
|
|
4,488,369 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Net Sales |
|
$ |
12,908,110 |
|
|
$ |
12,148,824 |
|
|
$ |
25,056,934 |
|
|