Quarterly report pursuant to Section 13 or 15(d)

Segment Analysis (Tables)

Segment Analysis (Tables)

6 Months Ended

Apr. 30, 2017

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, 2017 and 2016 respectively:

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

Three Months Ended April 30, 2017

Revenues from External Customers	$	3,299,545		$	1,979,213		$	-		$	5,278,758

Cost of Revenues		968,908			1,045,032			-			2,013,940

Gross Profit		2,330,638			934,181			-			3,264,818

Research & Development		247,758			-			-			247,758
Selling, General & Administrative		830,121			655,560			154,211			1,639,892

Operating Income (Loss)		1,252,758			278,621			(154,211	)		1,377,168

Other Income (Expense)

Other Income		86,643			-			-			86,643
Interest Expense		(181,806	)		(75,002	)		67,961			(188,847	)

Total other income (expense)		(95,163	)		(75,002	)		67,961			(102,204	)

Income before income taxes		1,157,595			203,619			(86,250	)		1,274,964

Income tax benefit (expense)		-			-			-			-

Net Income	$	1,157,595		$	203,620		$	(86,249	)	$	1,274,964

Supplemental Disclosures

Total Assets	$	12,119,417		$	12,616,569		$	422,059		$	25,158,045

Total Liabilities		1,223,741			1,654,104			8,600,374			11,478,219

Revenues from Intercompany Sales - eliminated from sales above		505,660			170,056			118,875			794,591

Depreciation and Amortization		145,800			71,056			3,106			219,962

Purchases of Long-lived Assets		643,603			26,852			-			670,455

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

Three Months Ended April 30, 2016

Revenues from External Customers	$	2,397,476		$	3,348,499		$	-		$	5,745,975

Cost of Revenues		707,906			1,528,945			-			2,236,851

Gross Profit		1,689,570			1,819,554			-			3,509,124

Research & Development		186,991			-			-			186,991
Selling, General & Administrative		737,049			785,557			80,948			1,603,554

Operating Income (Loss)		765,530			1,033,997			(80,948	)		1,718,579

Other Income (Expense)

Other Income		33,847			(77	)		-			33,770
Interest Expense		(113,891	)		(56,490	)		565			(169,816	)

Total other income (expense)		(80,044	)		(56,567	)		565			(136,046	)

Income (Loss) before income taxes		685,486			977,430			(80,383	)		1,582,533

Income tax benefit (expense)		-			-			-			-

Net Income (Loss)	$	685,486		$	977,430		$	(80,383	)	$	1,582,533
Supplemental Disclosures

Total Assets	$	12,659,049		$	10,000,625		$	207,752		$	22,867,426

Total Liabilities		1,375,795			830,979			11,745,611			13,952,385

Revenues from Intercompany Sales - eliminated from sales above		222,010			70,405			118,875			411,290

Depreciation and Amortization		41,178			83,365			3,078			127,621

Purchases of Long-lived Assets		873,269			(10,175	)		8,868			871,962

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

Six Months Ended April 30, 2017

Revenues from External Customers	$	5,750,144		$	4,886,817		$	-		$	10,636,961

Cost of Revenues		1,698,926			2,298,059			-			3,996,985

Gross Profit		4,051,218			2,588,758			-			6,639,976

Research & Development		498,988			-			-			498,988
Selling, General & Administrative		1,404,770			1,341,971			299,039			3,045,780

Operating Income (Loss)		2,147,460			1,246,787			(299,039	)		3,095,208

Other Income (Expense)

Other Income		136,059			-			-			136,059
Interest (Expense) Income		(532,141	)		(199,223	)		347,023			(384,341	)

Total other income (expense)		(396,082	)		(199,223	)		347,023			(248,282	)

Income (Loss) before income taxes		1,751,378			1,047,564			47,984			2,846,926

Income tax benefit (expense)		-			-			-			-

Net Income	$	1,751,378		$	1,047,564		$	47,984		$	2,846,926

Supplemental Disclosures

Total Assets	$	12,119,417		$	12,616,569		$	422,059		$	25,158,045

Total Liabilities		1,223,741			1,654,104			8,600,374			11,478,219

Revenues from Intercompany Sales - eliminated from sales above		678,513			229,955			237,750			1,146,218

Depreciation and Amortization		247,263			142,781			6,317			396,361

Purchases of Long-lived Assets		2,289,063			49,033			12,470			2,350,566

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

For Six Months Ended April 30, 2016

Revenues from External Customers	$	5,389,099		$	5,132,715		$	-		$	10,521,814

Cost of Revenues		2,068,408			2,709,592			-			4,778,000

Gross Profit		3,320,691			2,423,123			-			5,743,814

Research & Development		415,291			-			-			415,291
Selling, General & Administrative		1,389,535			1,570,879			202,679			3,163,093

Operating Income (Loss)		1,515,865			852,244			(202,679	)		2,165,430

Other Income (Expense)

Other Income		99,764			5,898			-			105,662
Interest Expense		(285,077	)		(113,818	)		(143	)		(399,038	)

Total other income (expense)		(185,313	)		(107,920	)		(143	)		(293,376	)

Income (Loss) before income taxes		1,330,552			744,324			(202,822	)		1,872,054

Income tax benefit (expense)		-			-			-			-

Net Income (Loss)	$	1,330,552		$	744,324		$	(202,822	)	$	1,872,054
Supplemental Disclosures

Total Assets	$	12,659,049		$	10,000,625		$	207,752		$	22,867,426

Total Liabilities		1,375,795			830,979			11,745,611			13,952,385

Revenues from Intercompany Sales - eliminated from sales above		356,402			241,353			244,000			841,755

Depreciation and Amortization		125,635			174,719			6,432			306,786

Purchases of Long-lived Assets		719,307			21,798			8,868			749,973

	USA		Europe		Australia		Total

External Revenues by Geographic Locations

Three Months Ended April 30, 2017	$	2,525,908	$	2,614,898	$	137,953	$	5,278,758

Three Months Ended April 30, 2016	$	3,291,480	$	2,176,818	$	277,677	$	5,745,975

Six Months Ended April 30, 2017	$	5,275,675	$	4,631,934	$	729,352	$	10,636,961

Six Months Ended April 30, 2016	$	4,955,901	$	4,763,447	$	802,466	$	10,521,814