Schedule of Segment Reporting Information |
|
|
Marine Technology Business (Products) |
|
|
Marine Engineering Business (Services) |
|
|
Overhead |
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended January 31, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from External Customers |
|
$ |
3,748,279 |
|
|
$ |
1,302,180 |
|
|
$ |
- |
|
|
$ |
5,050,459 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Revenues |
|
|
894,275 |
|
|
|
841,262 |
|
|
|
- |
|
|
|
1,735,537 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit |
|
|
2,854,004 |
|
|
|
460,918 |
|
|
|
- |
|
|
|
3,314,922 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research & Development |
|
|
441,744 |
|
|
|
141,395 |
|
|
|
- |
|
|
|
583,139 |
|
Selling, General & Administrative |
|
|
733,825 |
|
|
|
567,559 |
|
|
|
511,982 |
|
|
|
1,813,366 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating Expenses |
|
|
1,175,569 |
|
|
|
708,954 |
|
|
|
511,982 |
|
|
|
2,396,505 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) from Operations |
|
|
1,678,435 |
|
|
|
(248,036 |
) |
|
|
(511,982 |
) |
|
|
918,417 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income (Expense) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income |
|
|
2,036 |
|
|
|
18 |
|
|
|
- |
|
|
|
2,054 |
|
Funding from Paycheck Protection Program |
|
|
- |
|
|
|
89,971 |
|
|
|
- |
|
|
|
89,971 |
|
Interest Expense |
|
|
(2,253 |
) |
|
|
(5,151 |
) |
|
|
(7,110 |
) |
|
|
(14,514 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Other Income (Expense) |
|
|
(217 |
) |
|
|
84,838 |
|
|
|
(7,110 |
) |
|
|
77,511 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) before Income Taxes |
|
|
1,678,218 |
|
|
|
(163,198 |
) |
|
|
(519,092 |
) |
|
|
995,928 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Benefit (Expense) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Tax Benefit |
|
|
12,653 |
|
|
|
- |
|
|
|
12,072 |
|
|
|
24,725 |
|
Deferred Tax Benefit |
|
|
(11,155 |
) |
|
|
152,086 |
|
|
|
(32,740 |
) |
|
|
108,191 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Income Tax Benefit (Expense) |
|
|
1,498 |
|
|
|
152,086 |
|
|
|
(20,668 |
) |
|
|
132,916 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) |
|
$ |
1,679,716 |
|
|
$ |
(11,112 |
) |
|
$ |
(539,760 |
) |
|
$ |
1,128,844 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Disclosures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
$ |
24,767,757 |
|
|
$ |
14,362,811 |
|
|
$ |
1,224,954 |
|
|
$ |
40,355,522 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities |
|
$ |
1,573,260 |
|
|
$ |
1,436,624 |
|
|
$ |
720,466 |
|
|
$ |
3,730,350 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from Intercompany Sales - eliminated from sales above |
|
$ |
370,629 |
|
|
$ |
49,201 |
|
|
$ |
675,000 |
|
|
$ |
1,094,830 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and Amortization |
|
$ |
312,122 |
|
|
$ |
47,645 |
|
|
$ |
6,416 |
|
|
$ |
366,183 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of Long-lived Assets |
|
$ |
399,975 |
|
|
$ |
4,177 |
|
|
$ |
4,992 |
|
|
$ |
409,144 |
|
|
|
Marine Technology Business (Products) |
|
|
Marine Engineering Business (Services) |
|
|
Overhead |
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months ended January 31, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from External Customers |
|
$ |
3,632,812 |
|
|
$ |
3,048,167 |
|
|
$ |
- |
|
|
$ |
6,680,979 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Revenues |
|
|
655,677 |
|
|
|
1,750,862 |
|
|
|
- |
|
|
|
2,406,539 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit |
|
|
2,977,135 |
|
|
|
1,297,305 |
|
|
|
- |
|
|
|
4,274,440 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research & Development |
|
|
556,729 |
|
|
|
206,438 |
|
|
|
165,098 |
|
|
|
928,265 |
|
Selling, General & Administrative |
|
|
867,998 |
|
|
|
636,296 |
|
|
|
387,384 |
|
|
|
1,891,678 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating Expenses |
|
|
1,424,727 |
|
|
|
842,734 |
|
|
|
552,482 |
|
|
|
2,819,943 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) from Operations |
|
|
1,552,408 |
|
|
|
454,571 |
|
|
|
(552,482 |
) |
|
|
1,454,497 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income (Expense) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income |
|
|
12,824 |
|
|
|
- |
|
|
|
- |
|
|
|
12,824 |
|
Interest Expense |
|
|
(3,232 |
) |
|
|
(3,682 |
) |
|
|
(12,700 |
) |
|
|
(19,614 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Other Income (Expense) |
|
|
9,592 |
|
|
|
(3,682 |
) |
|
|
(12,700 |
) |
|
|
(6,790 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) before Income Taxes |
|
|
1,562,000 |
|
|
|
450,889 |
|
|
|
(565,182 |
) |
|
|
1,447,707 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Tax Benefit (Expense) |
|
|
25,833 |
|
|
|
4,045 |
|
|
|
(53,225 |
) |
|
|
(23,347 |
) |
Deferred Tax Benefit (Expense) |
|
|
(78,139 |
) |
|
|
(12,235 |
) |
|
|
12,787 |
|
|
|
(77,587 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Income Tax Expense |
|
|
(52,306 |
) |
|
|
(8,190 |
) |
|
|
(40,438 |
) |
|
|
(100,934 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) |
|
$ |
1,509,694 |
|
|
$ |
442,699 |
|
|
$ |
(605,620 |
) |
|
$ |
1,346,773 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Disclosures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
$ |
20,821,310 |
|
|
$ |
14,520,371 |
|
|
$ |
1,141,789 |
|
|
$ |
36,483,470 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities |
|
$ |
1,835,184 |
|
|
$ |
1,315,378 |
|
|
$ |
1,273,611 |
|
|
$ |
4,424,173 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from Intercompany Sales - eliminated from sales above |
|
$ |
302,822 |
|
|
$ |
100,529 |
|
|
$ |
675,000 |
|
|
$ |
1,078,351 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and Amortization |
|
$ |
182,993 |
|
|
$ |
43,680 |
|
|
$ |
5,291 |
|
|
$ |
231,964 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of Long-lived Assets |
|
$ |
599,601 |
|
|
$ |
9,593 |
|
|
$ |
33,965 |
|
|
$ |
643,159 |
|
|
Schedule of Disaggregate of Revenue from Contracts for Sale with Customers by Geographic Location |
|
|
|
For the Three Months Ended January 31, 2021 |
|
|
|
|
Marine |
|
|
Marine |
|
|
|
|
|
|
|
Technology |
|
|
Engineering |
|
|
Grand |
|
|
|
|
Business |
|
|
Business |
|
|
Total |
|
Disaggregation of Total Net Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equipment Sales |
|
$ |
252,625 |
|
|
$ |
- |
|
|
$ |
252,625 |
|
|
Equipment Rentals |
|
|
48,925 |
|
|
|
- |
|
|
|
48,925 |
|
|
Software Sales |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Engineering Parts |
|
|
213,956 |
|
|
|
291,565 |
|
|
|
505,521 |
|
|
Services |
|
|
33,772 |
|
|
|
224,876 |
|
|
|
258,648 |
|
Europe |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equipment Sales |
|
|
894,104 |
|
|
|
220,957 |
|
|
|
1,115,061 |
|
|
Equipment Rentals |
|
|
153,109 |
|
|
|
- |
|
|
|
153,109 |
|
|
Software Sales |
|
|
38,086 |
|
|
|
- |
|
|
|
38,086 |
|
|
Engineering Parts |
|
|
- |
|
|
|
564,782 |
|
|
|
564,782 |
|
|
Services |
|
|
39,813 |
|
|
|
- |
|
|
|
39,813 |
|
Australia/Asia |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equipment Sales |
|
|
1,646,758 |
|
|
|
- |
|
|
|
1,646,758 |
|
|
Equipment Rentals |
|
|
132,329 |
|
|
|
- |
|
|
|
132,329 |
|
|
Software Sales |
|
|
187,136 |
|
|
|
- |
|
|
|
187,136 |
|
|
Services |
|
|
41,987 |
|
|
|
- |
|
|
|
41,987 |
|
Middle East & Africa |
|
|
|
|
|
|
|
|
|
|
|
|
|
Equipment Sales |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Equipment Rentals |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Software Sales |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Services |
|
|
65,679 |
|
|
|
- |
|
|
|
65,679 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Net Sales |
|
$ |
3,748,279 |
|
|
$ |
1,302,180 |
|
|
$ |
5,050,459 |
|
|
|
|
|
For the Three Months Ended January 31, 2021 |
|
|
|
|
|
Marine |
|
|
|
Marine |
|
|
|
|
|
|
|
|
|
Technology |
|
|
|
Engineering |
|
|
|
Grand |
|
|
|
|
|
Business |
|
|
|
Business |
|
|
|
Total |
|
Total Net Sales by Geographic Area |
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
$ |
549,278 |
|
|
$ |
516,441 |
|
|
$ |
1,065,719 |
|
|
Europe |
|
|
1,125,112 |
|
|
|
785,739 |
|
|
|
1,910,851 |
|
|
Australia/Asia |
|
|
2,008,210 |
|
|
|
- |
|
|
|
2,008,210 |
|
|
Middle East & Africa |
|
|
65,679 |
|
|
|
- |
|
|
|
65,679 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Net Sales |
|
$ |
3,748,279 |
|
|
$ |
1,302,180 |
|
|
$ |
5,050,459 |
|
|
|
|
|
For the Three Months Ended January 31, 2021 |
|
|
|
|
|
Marine |
|
|
|
Marine |
|
|
|
|
|
|
|
|
|
Technology |
|
|
|
Engineering |
|
|
|
Grand |
|
|
|
|
|
Business |
|
|
|
Business |
|
|
|
Total |
|
Total Net Sales by Product Line |
|
|
|
|
|
|
|
|
|
|
|
|
|
Equipment Sales |
|
$ |
2,793,487 |
|
|
$ |
220,957 |
|
|
$ |
3,014,444 |
|
|
Equipment Rentals |
|
|
334,363 |
|
|
|
- |
|
|
|
334,363 |
|
|
Software Sales |
|
|
225,222 |
|
|
|
- |
|
|
|
225,222 |
|
|
Engineering Parts |
|
|
213,956 |
|
|
|
856,347 |
|
|
|
1,070,303 |
|
|
Services |
|
|
181,251 |
|
|
|
224,876 |
|
|
|
406,127 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Net Sales |
|
$ |
3,748,279 |
|
|
$ |
1,302,180 |
|
|
$ |
5,050,459 |
|
|
|
|
For the Three Months Ended January 31, 2020 |
|
|
|
|
Marine |
|
|
Marine |
|
|
|
|
|
|
|
Technology |
|
|
Engineering |
|
|
Grand |
|
|
|
|
Business |
|
|
Business |
|
|
Total |
|
Disaggregation of Total Net Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equipment Sales |
|
$ |
334,388 |
|
|
$ |
- |
|
|
$ |
334,388 |
|
|
Equipment Rentals |
|
|
45,069 |
|
|
|
- |
|
|
|
45,069 |
|
|
Software Sales |
|
|
7,250 |
|
|
|
- |
|
|
|
7,250 |
|
|
Engineering Parts |
|
|
- |
|
|
|
1,646,374 |
|
|
|
1,646,374 |
|
|
Services |
|
|
154,625 |
|
|
|
489,531 |
|
|
|
644,156 |
|
Europe |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equipment Sales |
|
|
338,147 |
|
|
|
- |
|
|
|
338,147 |
|
|
Equipment Rentals |
|
|
52,644 |
|
|
|
- |
|
|
|
52,644 |
|
|
Software Sales |
|
|
102,526 |
|
|
|
- |
|
|
|
102,526 |
|
|
Engineering Parts |
|
|
- |
|
|
|
906,855 |
|
|
|
906,855 |
|
|
Services |
|
|
125,700 |
|
|
|
5,407 |
|
|
|
131,107 |
|
Australia/Asia |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equipment Sales |
|
|
2,028,310 |
|
|
|
- |
|
|
|
2,028,310 |
|
|
Equipment Rentals |
|
|
225,932 |
|
|
|
- |
|
|
|
225,932 |
|
|
Software Sales |
|
|
119,999 |
|
|
|
- |
|
|
|
119,999 |
|
|
Services |
|
|
47,119 |
|
|
|
- |
|
|
|
47,119 |
|
Middle East & Africa |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equipment Sales |
|
|
22,074 |
|
|
|
- |
|
|
|
22,074 |
|
|
Equipment Rentals |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Software Sales |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Services |
|
|
29,029 |
|
|
|
- |
|
|
|
29,029 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Net Sales |
|
$ |
3,632,812 |
|
|
$ |
3,048,167 |
|
|
$ |
6,680,979 |
|
|
|
|
For the Three Months Ended January 31, 2020 |
|
|
|
|
Marine |
|
|
Marine |
|
|
|
|
|
|
|
Technology |
|
|
Engineering |
|
|
Grand |
|
|
|
|
Business |
|
|
Business |
|
|
Total |
|
Total Net Sales by Geographic Area |
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
$ |
541,332 |
|
|
$ |
2,135,905 |
|
|
$ |
2,677,237 |
|
|
Europe |
|
|
619,017 |
|
|
|
912,262 |
|
|
|
1,531,279 |
|
|
Australia/Asia |
|
|
2,421,360 |
|
|
|
- |
|
|
|
2,421,360 |
|
|
Middle East & Africa |
|
|
51,103 |
|
|
|
- |
|
|
|
51,103 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Net Sales |
|
$ |
3,632,812 |
|
|
$ |
3,048,167 |
|
|
$ |
6,680,979 |
|
|
|
|
|
For the Three Months Ended January 31, 2020 |
|
|
|
|
|
Marine |
|
|
|
Marine |
|
|
|
|
|
|
|
|
|
Technology |
|
|
|
Engineering |
|
|
|
Grand |
|
|
|
|
|
Business |
|
|
|
Business |
|
|
|
Total |
|
Total Net Sales by Product Line |
|
|
|
|
|
|
|
|
|
|
|
|
|
Equipment Sales |
|
$ |
2,722,919 |
|
|
$ |
- |
|
|
$ |
2,722,919 |
|
|
Equipment Rentals |
|
|
323,645 |
|
|
|
- |
|
|
|
323,645 |
|
|
Software Sales |
|
|
229,775 |
|
|
|
- |
|
|
|
229,775 |
|
|
Engineering Parts |
|
|
- |
|
|
|
2,553,229 |
|
|
|
2,553,229 |
|
|
Services |
|
|
356,473 |
|
|
|
494,938 |
|
|
|
851,411 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Net Sales |
|
$ |
3,632,812 |
|
|
$ |
3,048,167 |
|
|
$ |
6,680,979 |
|
|