SEGMENT ANALYSIS (Tables)

6 Months Ended

Apr. 30, 2022

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

Three Months Ended April 30, 2022

Net Revenues	$	3,491,009		$	1,493,829		$	-		$	4,984,838

Cost of Revenues		816,033			1,137,099			-			1,953,132

Gross Profit		2,674,976			356,730			-			3,031,706

Research & Development		617,246			(99,868	)		-			517,378
Selling, General & Administrative		569,451			683,612			780,053			2,033,116

Total Operating Expenses		1,186,697			583,744			780,053			2,550,494

Income (Loss) from Operations		1,488,279			(227,014	)		(780,053	)		481,212

Other Income (Expense)
Other Income		9,055			4,098			1,344			14,497
Funding from Paycheck Protection Program
Interest Expense		(2,502	)		-			-			(2,502	)

Total Other Income (Expense)		6,553			4,098			1,344			11,995

Income (Loss) before Income Taxes		1,494,832			(222,916	)		(778,709	)		493,207

Income Tax (Expense) Benefit
Current Tax Benefit (Expense)		279			146,890			(38,019	)		109,150
Deferred Tax (Expense) Benefit		(1,926	)		(45,184	)		56,056			8,946

Total Income Tax (Expense) Benefit		(1,647	)		101,706			18,037			118,096

Net Income (Loss)	$	1,493,185		$	(121,210	)	$	(760,672	)	$	611,303

Supplemental Disclosures

Total Assets	$	30,503,346		$	13,541,238		$	818,060		$	44,862,644

Total Liabilities	$	2,255,971		$	616,133		$	447,774		$	3,319,878

Revenues from Intercompany Sales - eliminated from sales above	$	413,654		$	126,870		$	607,500		$	1,148,024

Depreciation and Amortization	$	241,469		$	31,190		$	9,816		$	282,475

Purchases of Long-lived Assets	$	84,969		$	11,049		$	43,494		$	139,512

CODA OCTOPUS GROUP, INC.

Notes to the Consolidated Financial Statements

April 30, 2022, and October 31, 2021

NOTE 14 -SEGMENT ANALYSIS (Continued)

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

Three Months Ended April 30, 2021

Net Revenues	$	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		804,140			556,611			427,783			1,788,534

Total Operating Expenses		1,343,018			663,014			427,783			2,433,815

Income (Loss) from Operations		1,818,690			(75,118	)		(427,783	)		1,315,789

Other Income (Expense)
Other Income		68,583			16			846			69,445
Funding from Paycheck Protection Program		122,327			436,574			-			558,901
Interest Expense		-			-			(5,108	)		(5,108	)

Total Other Income (Expense)		190,910			436,590			(4,262	)		623,238

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) Benefit		(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

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

CODA OCTOPUS GROUP, INC.

Notes to the Consolidated Financial Statements

April 30, 2022, and October 31, 2021

NOTE 14 -SEGMENT ANALYSIS (Continued)

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

Six Months Ended April 30, 2022

Net Revenues	$	7,314,757		$	3,508,289		$	-		$	10,823,046

Cost of Revenues		1,388,325			2,243,081			-			3,631,406

Gross Profit		5,926,432			1,265,208			-			7,191,640

Research & Development		1,146,621			43,647			-			1,190,268
Selling, General & Administrative		1,327,947			1,339,787			1,487,372			4,155,106

Total Operating Expenses		2,474,568			1,383,434			1,487,372			5,345,374

Income (Loss) from Operations		3,451,864			(118,226	)		(1,487,372	)		1,846,266

Other Income (Expense)
Other Income		18,104			75,043			1,344			94,491
Interest Expense		(2,502	)		-			(400	)		(2,902	)

Total Other Income (Expense)		15,602			75,043			944			91,589

Income (Loss) before Income Taxes		3,467,466			(43,183	)		(1,486,428	)		1,937,855

Income Tax (Expense) Benefit
Current Tax Benefit (Expense)		(266,241	)		170,926			(81,144	)		(176,459	)
Deferred Tax Benefit		4,781			(44,980	)		107,354			67,155

Total Income Tax (Expense) Benefit		(261,460	)		125,946			26,210			(109,304	)

Net Income (Loss)	$	3,206,006		$	82,763		$	(1,460,218	)	$	1,828,551

Supplemental Disclosures

Total Assets	$	30,503,346		$	13,541,238		$	818,060		$	44,862,644

Total Liabilities	$	2,255,971		$	616,133		$	447,774		$	3,319,878

Revenues from Intercompany Sales - eliminated from sales above	$	803,049		$	242,693		$	1,207,500		$	2,253,242

Depreciation and Amortization	$	377,127		$	47,847		$	18,967		$	443,941

Purchases of Long-lived Assets	$	1,071,062		$	12,049		$	58,365		$	1,141,476

CODA OCTOPUS GROUP, INC.

Notes to the Consolidated Financial Statements

April 30, 2022, and October 31, 2021

NOTE 14 -SEGMENT ANALYSIS (Continued)

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

Six Months Ended April 30, 2021

Net Revenues	$	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		1,540,218			1,129,321			940,686			3,610,225

Total Operating Expenses		2,520,840			1,377,119			940,686			4,838,645

Income (Loss) from Operations		3,494,872			(328,305	)		(940,686	)		2,225,881

Other Income (Expense)
Other Income		70,619			34			846			71,499
Funding from Paycheck Protection Program		122,327			526,545			-			648,872
Interest Expense		-			-			(11,297	)		(11,297	)

Total Other Income (Expense)		192,946			526,579			(10,451	)		709,074

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

Income Tax (Expense) Benefit
Current Tax Benefit		84,945			237,670			12,072			334,688
Deferred Tax (Expense) Benefit		(113,740	)		264,636			(83,761	)		67,134

Total Income Tax (Expense) Benefit		(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