Annual report pursuant to Section 13 and 15(d)

Segment Analysis (Tables)

v3.19.3.a.u2
Segment Analysis (Tables)
12 Months Ended
Oct. 31, 2019
Segment Reporting [Abstract]  
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