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 year ended October 31, 2019 and 2018
respectively:
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Benefit (Expense) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Tax Benefit |
|
|
(9,391 |
) |
|
|
33,454 |
|
|
|
15,359 |
|
|
|
39,422 |
|
Deferred Tax (Expense) |
|
|
(336,101 |
) |
|
|
(496,318 |
) |
|
|
(214,357 |
) |
|
|
(1,046,773 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
$ |
19,206,401 |
|
|
$ |
14,165,120 |
|
|
$ |
959,472 |
|
|
$ |
34,330,993 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities |
|
$ |
1,573,572 |
|
|
$ |
962,641 |
|
|
$ |
1,167,007 |
|
|
$ |
3,703,220 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
Marine Technology Business (Products) |
|
|
Marine Engineering Business (Services) |
|
|
Overhead |
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended October 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from External Customers |
|
$ |
11,449,416 |
|
|
$ |
6,570,013 |
|
|
$ |
- |
|
|
$ |
18,019,429 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Revenues |
|
|
1,894,808 |
|
|
|
3,462,259 |
|
|
|
- |
|
|
|
5,357,067 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit |
|
|
9,554,608 |
|
|
|
3,107,754 |
|
|
|
- |
|
|
|
12,662,362 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research & Development |
|
|
2,048,285 |
|
|
|
523,429 |
|
|
|
- |
|
|
|
2,571,714 |
|
Selling, General & Administrative |
|
|
2,882,049 |
|
|
|
2,366,226 |
|
|
|
1,531,606 |
|
|
|
6,779,881 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating Expenses |
|
|
4,930,334 |
|
|
|
2,889,655 |
|
|
|
1,531,606 |
|
|
|
9,351,595 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) from Operations |
|
|
4,624,274 |
|
|
|
218,099 |
|
|
|
(1,531,606 |
) |
|
|
3,310,767 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income (Expense) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income |
|
|
39,122 |
|
|
|
2,100 |
|
|
|
- |
|
|
|
41,222 |
|
Interest Expense |
|
|
(12,154 |
) |
|
|
(59,599 |
) |
|
|
(177,337 |
) |
|
|
(249,090 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Other Income (Expense) |
|
|
26,968 |
|
|
|
(57,499 |
) |
|
|
(177,337 |
) |
|
|
(207,868 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) before Income Taxes |
|
|
4,651,242 |
|
|
|
160,600 |
|
|
|
(1,708,943 |
) |
|
|
3,102,899 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Tax Benefit (Expense) |
|
|
133,419 |
|
|
|
- |
|
|
|
(1,956 |
) |
|
|
131,463 |
|
Deferred Tax Benefit |
|
|
- |
|
|
|
- |
|
|
|
1,754,169 |
|
|
|
1,754,169 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Benefit |
|
|
133,419 |
|
|
|
- |
|
|
|
1,752,213 |
|
|
|
1,885,632 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
$ |
4,784,661 |
|
|
$ |
160,600 |
|
|
$ |
43,270 |
|
|
$ |
4,988,531 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Disclosures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
$ |
15,061,693 |
|
|
$ |
11,674,640 |
|
|
$ |
2,000,278 |
|
|
$ |
28,736,611 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities |
|
$ |
1,142,661 |
|
|
$ |
1,498,828 |
|
|
$ |
1,708,172 |
|
|
$ |
4,349,661 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from Intercompany Sales - eliminated from sales above |
|
$ |
1,176,438 |
|
|
$ |
437,387 |
|
|
$ |
3,100,000 |
|
|
$ |
4,713,825 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and Amortization |
|
$ |
448,620 |
|
|
$ |
311,980 |
|
|
$ |
14,143 |
|
|
$ |
774,743 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of Long-lived Assets |
|
$ |
487,159 |
|
|
$ |
76,041 |
|
|
$ |
76,561 |
|
|
$ |
639,761 |
|
|
Schedule of Disaggregate of Revenue from Contracts for Sale with Customers by Geographic Location |
|
|
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 |
|
|
|
For the Year Ended October 31, 2018 |
|
|
|
Marine |
|
|
Marine |
|
|
|
|
|
|
Technology |
|
|
Engineering |
|
|
Grand |
|
|
|
Business |
|
|
Business |
|
|
Total |
|
Disaggregation of Total Net Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
|
|
|
|
|
|
|
|
|
|
|
Equipment Sales |
|
$ |
719,973 |
|
|
$ |
- |
|
|
$ |
719,973 |
|
Equipment Rentals |
|
|
681,757 |
|
|
|
- |
|
|
|
681,757 |
|
Software Sales |
|
|
52,145 |
|
|
|
- |
|
|
|
52,145 |
|
Engineering Parts |
|
|
- |
|
|
|
4,468,170 |
|
|
|
4,468,170 |
|
Services |
|
|
1,025,608 |
|
|
|
441,842 |
|
|
|
1,467,450 |
|
Europe |
|
|
|
|
|
|
|
|
|
|
|
|
Equipment Sales |
|
|
1,640,546 |
|
|
|
211,366 |
|
|
|
1,851,912 |
|
Equipment Rentals |
|
|
1,526,302 |
|
|
|
- |
|
|
|
1,526,302 |
|
Software Sales |
|
|
249,779 |
|
|
|
- |
|
|
|
249,779 |
|
Engineering Parts |
|
|
- |
|
|
|
1,448,635 |
|
|
|
1,448,635 |
|
Services |
|
|
836,578 |
|
|
|
- |
|
|
|
836,578 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia/Asia |
|
|
|
|
|
|
|
|
|
|
|
|
Equipment Sales |
|
|
2,580,263 |
|
|
|
- |
|
|
|
2,580,263 |
|
Equipment Rentals |
|
|
117,389 |
|
|
|
- |
|
|
|
117,389 |
|
Software Sales |
|
|
568,407 |
|
|
|
- |
|
|
|
568,407 |
|
Services |
|
|
238,234 |
|
|
|
- |
|
|
|
238,234 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Middle East & Africa |
|
|
|
|
|
|
|
|
|
|
|
|
Equipment Sales |
|
|
1,017,527 |
|
|
|
- |
|
|
|
1,017,527 |
|
Equipment Rentals |
|
|
41,067 |
|
|
|
- |
|
|
|
41,067 |
|
Software Sales |
|
|
85,419 |
|
|
|
- |
|
|
|
85,419 |
|
Services |
|
|
68,422 |
|
|
|
- |
|
|
|
68,422 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Net Sales |
|
$ |
11,449,416 |
|
|
$ |
6,570,013 |
|
|
$ |
18,019,429 |
|
|
|
For the Year Ended October 31, 2018 |
|
|
|
Marine |
|
|
Marine |
|
|
|
|
|
|
Technology |
|
|
Engineering |
|
|
Grand |
|
|
|
Business |
|
|
Business |
|
|
Total |
|
Total Net Sales by Geographic Area |
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
$ |
2,479,483 |
|
|
$ |
4,910,012 |
|
|
$ |
7,389,495 |
|
Europe |
|
|
4,253,205 |
|
|
|
1,660,001 |
|
|
|
5,913,206 |
|
Australia/Asia |
|
|
3,504,293 |
|
|
|
- |
|
|
|
3,504,293 |
|
Middle East & Africa |
|
|
1,212,435 |
|
|
|
- |
|
|
|
1,212,435 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Net Sales |
|
$ |
11,449,416 |
|
|
$ |
6,570,013 |
|
|
$ |
18,019,429 |
|
|
|
For the Year Ended October 31, 2018 |
|
|
|
Marine |
|
|
Marine |
|
|
|
|
|
|
Technology |
|
|
Engineering |
|
|
Grand |
|
|
|
Business |
|
|
Business |
|
|
Total |
|
Total Net Sales by Product Line |
|
|
|
|
|
|
|
|
|
|
|
|
Equipment Sales |
|
$ |
5,958,309 |
|
|
$ |
211,366 |
|
|
$ |
6,169,675 |
|
Equipment Rentals |
|
|
2,366,515 |
|
|
|
- |
|
|
|
2,366,515 |
|
Software Sales |
|
|
955,750 |
|
|
|
- |
|
|
|
955,750 |
|
Engineering Parts |
|
|
- |
|
|
|
5,916,805 |
|
|
|
5,916,805 |
|
Services |
|
|
2,168,842 |
|
|
|
441,842 |
|
|
|
2,610,684 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Net Sales |
|
$ |
11,449,416 |
|
|
$ |
6,570,013 |
|
|
$ |
18,019,429 |
|
|