Quarterly report pursuant to Section 13 or 15(d)

Segment Analysis (Tables)

Segment Analysis (Tables)

6 Months Ended

Apr. 30, 2021

Schedule of Segment Reporting Information

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

Three Months Ended April 30, 2021

Revenues from External Customers	$	4,184,409		$	1,188,667		$	-		$	5,373,076

Cost of Revenues		1,022,701			600,771			-			1,623,472

Gross Profit		3,161,708			587,896			-			3,749,604

Research & Development		538,878			106,403			-			645,281
Selling, General & Administrative		800,622			552,067			427,312			1,780,001

Total Operating Expenses		1,339,500			658,470			427,312			2,425,282

Income (Loss) from Operations		1,822,208			(70,574	)		(427,312	)		1,324,322

Other (Expense) Income
Other Income		68,583			16			846			69,445
Funding from Paycheck Protection Program		122,327			436,574			-			558,901
Interest Expense		(3,518	)		(4,544	)		(5,579	)		(13,641	)

Total Other Income (Expense)		187,392			432,046			(4,733	)		614,705

Net Income (Loss) before Income Taxes		2,009,600			361,472			(432,045	)		1,939,027

Income Tax (Expense) Benefit
Current Tax Benefit		72,292			237,670			-			309,962
Deferred Tax (Expense)		(102,585	)		112,550			(51,021	)		(41,056	)

Total Income Tax (Expense) Benefit		(30,293	)		350,220			(51,021	)		268,906

Net Income (Loss)	$	1,979,307		$	711,692		$	(483,066	)	$	2,207,933

Supplemental Disclosures

Total Assets	$	27,086,894		$	14,667,654		$	966,418		$	42,720,966

Total Liabilities	$	1,839,295		$	1,027,958		$	586,739		$	3,453,992

Revenues from Intercompany Sales - eliminated from sales above	$	504,411		$	90,443		$	675,000		$	1,269,854

Depreciation and Amortization	$	200,536		$	26,436		$	6,709		$	233,681

(Sales) Purchases of Long-lived Assets	$	144,232		$	1,371		$	44,442		$	190,045

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

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

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

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

Total Income Tax (Expense) Benefit		(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

Six Months Ended April 30, 2021

Revenues from External Customers	$	7,932,688		$	2,490,847		$	-		$	10,423,535

Cost of Revenues		1,916,976			1,442,033			-			3,359,009

Gross Profit		6,015,712			1,048,814			-			7,064,526

Research & Development		980,622			247,798			-			1,228,420
Selling, General & Administrative		1,534,447			1,119,626			939,294			3,593,367

Total Operating Expenses		2,515,069			1,367,424			939,294			4,821,787

Income (Loss) from Operations		3,500,643			(318,610	)		(939,294	)		2,242,739

Other Income (Expense)
Other Income		70,619			34			846			71,499
Funding from Paycheck Protection Program		122,327			526,545			-			648,872
Interest Expense		(5,771	)		(9,695	)		(12,689	)		(28,155	)

Total Other Income (Expense)		187,175			516,884			(11,843	)		692,216

Net Income (Loss) before Income Taxes		3,687,818			198,274			(951,137	)		2,934,955

Income Tax Benefit (Expense)
Current Tax Benefit		84,945			237,670			12,072			334,687
Deferred Tax (Expense) Benefit		(113,740	)		264,636			(83,761	)		67,135

Total Income Tax Benefit (Expense)		(28,795	)		502,306			(71,689	)		401,822

Net Income (Loss)	$	3,659,023		$	700,580		$	(1,022,826	)	$	3,336,777

Supplemental Disclosures

Total Assets	$	27,086,894		$	14,667,654		$	966,418		$	42,720,966

Total Liabilities	$	1,839,295		$	1,027,958		$	586,739		$	3,453,992

Revenues from Intercompany Sales - eliminated from sales above	$	875,040		$	139,644		$	1,350,000		$	2,364,684

Depreciation and Amortization	$	512,658		$	74,081		$	13,125		$	599,864

Purchases of Long-lived Assets	$	544,207		$	5,548		$	49,434		$	599,189

	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

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

Total Income Tax Benefit (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

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

	For the Three Months Ended April 30, 2021
	Marine		Marine
	Technology		Engineering		Grand
	Business		Business		Total
Disaggregation of Total Net Sales

Primary Geographical Markets
Americas	$	914,529	$	597,463	$	1,511,992
Europe		1,665,643		591,204		2,256,847
Australia/Asia		1,487,023		-		1,487,023
Middle East/Africa		117,214		-		117,214

Total Revenues	$	4,184,409	$	1,188,667	$	5,373,076

Major Goods/Service Lines
Equipment Sales	$	3,090,462	$	93,505	$	3,183,967
Equipment Rentals		598,190		-		598,190
Software Sales		221,053		-		221,053
Engineering Parts		-		778,369		778,369
Services		274,704		316,792		591,496

Total Revenues	$	4,184,409	$	1,188,667	$	5,373,076

Goods transferred at a point in time	$	3,311,515	$	93,505	$	3,405,020
Services transferred over time		872,894		1,095,162		1,968,056

Total Revenues	$	4,184,409	$	1,188,667	$	5,373,076

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

Primary Geographical Markets
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 Revenues	$	1,691,199	$	1,598,019	$	3,289,218

Major Goods/Service Lines
Equipment Sales		513,638	$	-	$	513,638
Equipment Rentals		519,990		-		519,990
Software Sales		620,386		-		620,386
Engineering Parts		37,185		1,435,134		1,472,319
Services		-		162,885		162,885

Total Revenues	$	1,691,199	$	1,598,019	$	3,289,218

Goods transferred at a point in time	$	377,411	$	-	$	377,411
Services transferred over time		1,313,788		1,598,019		2,911,807

Total Revenues	$	1,691,199	$	1,598,019	$	3,289,218

	For the Six Months Ended April 30, 2021
	Marine		Marine
	Technology		Engineering		Grand
	Business		Business		Total
Disaggregation of Total Net Sales

Primary Geographical Markets
Americas	$	1,463,807	$	1,113,904	$	2,577,711
Europe		2,790,755		1,376,943		4,167,698
Australia/Asia		3,495,233		-		3,495,233
Middle East/Africa		182,893		-		182,893

Total Revenues	$	7,932,688	$	2,490,847	$	10,423,535

Major Goods/Service Lines
Equipment Sales	$	5,883,949	$	314,462	$	6,198,411
Equipment Rentals		932,553		-		932,553
Software Sales		446,275		-		446,275
Engineering Parts		213,956		1,634,716		1,848,672
Services		455,955		541,668		997,623

Total Revenues	$	7,932,688	$	2,490,847	$	10,423,535

Goods transferred at a point in time	$	6,367,552	$	314,462	$	6,682,014
Services transferred over time		1,565,136		2,176,385		3,741,521

Total Revenues	$	7,932,688	$	2,490,847	$	10,423,535

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

Primary Geographical Markets
Americas	$	1,054,970	$	3,146,013	$	4,200,983
Europe		1,139,007		1,500,173		2,639,180
Australia/Asia		3,041,746		-		3,041,746
Middle East/Africa		88,288		-		88,288

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

Major Goods/Service Lines
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 Revenues	$	5,324,011	$	4,646,186	$	9,970,197

Goods transferred at a point in time	$	3,319,289	$	-	$	3,319,289
Services transferred over time		2,004,722		4,646,186		6,650,908

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