Schedule of Segment Reporting Information |
The following table summarizes segment
asset and operating balances by reportable segment as of and for the three months ended January 31, 2019 and 2018 respectively.
|
|
Marine Technology Business (Products) |
|
|
Marine Engineering Business (Services) |
|
|
Overhead |
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended January 31, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from External Customers |
|
$ |
2,829,536 |
|
|
$ |
2,928,972 |
|
|
$ |
- |
|
|
$ |
5,758,508 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Revenues |
|
|
717,306 |
|
|
|
1,508,130 |
|
|
|
- |
|
|
|
2,225,436 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit |
|
|
2,112,230 |
|
|
|
1,420,842 |
|
|
|
- |
|
|
|
3,533,072 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research & Development |
|
|
471,425 |
|
|
|
32,549 |
|
|
|
67,352 |
|
|
|
571,326 |
|
Selling, General & Administrative |
|
|
754,660 |
|
|
|
594,046 |
|
|
|
270,569 |
|
|
|
1,619,275 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating Expenses |
|
|
1,226,085 |
|
|
|
626,595 |
|
|
|
337,921 |
|
|
|
2,190,601 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income (Loss) |
|
|
886,145 |
|
|
|
794,247 |
|
|
|
(337,921 |
) |
|
|
1,342,471 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income (Expense) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income |
|
|
32,841 |
|
|
|
- |
|
|
|
- |
|
|
|
32,841 |
|
Interest (Expense) |
|
|
(2,474 |
) |
|
|
(4,581 |
) |
|
|
(18,006 |
) |
|
|
(25,061 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Other Income (Expense) |
|
|
30,367 |
|
|
|
(4,581 |
) |
|
|
(18,006 |
) |
|
|
7,780 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) before income taxes |
|
|
916,512 |
|
|
|
789,666 |
|
|
|
(355,927 |
) |
|
|
1,350,251 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax benefit (expense) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current tax benefit (expense) |
|
|
7,293 |
|
|
|
44,924 |
|
|
|
25,750 |
|
|
|
77,967 |
|
Deferred tax benefit |
|
|
(6,924 |
) |
|
|
(115,867 |
) |
|
|
(66,414 |
) |
|
|
(189,205 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax benefit (expense) |
|
|
369 |
|
|
|
(70,943 |
) |
|
|
(40,664 |
) |
|
|
(111,238 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) |
|
$ |
916,881 |
|
|
$ |
718,723 |
|
|
$ |
(396,591 |
) |
|
$ |
1,239,013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Disclosures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
$ |
16,709,072 |
|
|
$ |
12,272,308 |
|
|
$ |
2,075,952 |
|
|
$ |
31,057,332 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities |
|
|
2,163,421 |
|
|
|
1,328,238 |
|
|
|
1,536,410 |
|
|
|
5,028,069 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from Intercompany Sales - eliminated from sales above |
|
|
546,863 |
|
|
|
55,206 |
|
|
|
675,000 |
|
|
|
1,277,069 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and Amortization |
|
|
124,608 |
|
|
|
66,290 |
|
|
|
3,820 |
|
|
|
194,718 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of Long-lived Assets |
|
|
916,023 |
|
|
|
3,112 |
|
|
|
- |
|
|
|
919,135 |
|
|
|
Marine Technology Business (Products) |
|
|
Marine Engineering Business (Services) |
|
|
Overhead |
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended January 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from External Customers |
|
$ |
2,042,942 |
|
|
$ |
1,007,615 |
|
|
$ |
- |
|
|
$ |
3,050,557 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Revenues |
|
|
430,131 |
|
|
|
515,976 |
|
|
|
- |
|
|
|
946,107 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit |
|
|
1,612,811 |
|
|
|
491,639 |
|
|
|
- |
|
|
|
2,104,450 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research & Development |
|
|
442,274 |
|
|
|
228,265 |
|
|
|
- |
|
|
|
670,539 |
|
Selling, General & Administrative |
|
|
577,565 |
|
|
|
630,874 |
|
|
|
297,318 |
|
|
|
1,505,757 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating Expenses |
|
|
1,019,839 |
|
|
|
859,139 |
|
|
|
297,318 |
|
|
|
2,176,296 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income (Loss) |
|
|
592,972 |
|
|
|
(367,500 |
) |
|
|
(297,318 |
) |
|
|
(71,846 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income (Expense) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income |
|
|
6,655 |
|
|
|
- |
|
|
|
- |
|
|
|
6,655 |
|
Interest (Expense) |
|
|
(4,419 |
) |
|
|
(14,949 |
) |
|
|
(83,380 |
) |
|
|
(102,748 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other income (expense) |
|
|
2,236 |
|
|
|
(14,949 |
) |
|
|
(83,380 |
) |
|
|
(96,093 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) before income taxes |
|
|
595,208 |
|
|
|
(382,449 |
) |
|
|
(380,698 |
) |
|
|
(167,939 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax benefit (expense) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) |
|
$ |
595,208 |
|
|
$ |
(382,449 |
) |
|
$ |
(380,698 |
) |
|
$ |
(167,939 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Disclosures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
$ |
12,419,192 |
|
|
$ |
11,095,135 |
|
|
$ |
5,449,334 |
|
|
$ |
28,963,661 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities |
|
|
862,542 |
|
|
|
1,405,271 |
|
|
|
7,126,250 |
|
|
|
9,394,063 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from Intercompany Sales - eliminated from sales above |
|
|
471,218 |
|
|
|
10,189 |
|
|
|
675,000 |
|
|
|
1,156,407 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and Amortization |
|
|
137,518 |
|
|
|
79,715 |
|
|
|
2,937 |
|
|
|
220,170 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of Long-lived Assets |
|
|
201,917 |
|
|
|
43,905 |
|
|
|
- |
|
|
|
245,822 |
|
|
Schedule of Disaggregate of Revenue from Contracts for Sale with Customers by Geographic Location |
We disaggregate our revenue from contracts
for sale of our products and services with customers by geographic location, customer type and contract type for each of our segments,
as we believe this best depicts how the nature, amount, timing and uncertainty in our revenue and cash flows are affected by economic
factors. See details in the tables below. We omitted the disaggregation of total net sales for the three months ended January 31,
2018 as we are not able to produce such information by the time of this filing.
|
|
For the Three Months Ended January 31, 2019 |
|
|
|
Marine Technology Business |
|
|
Marine Engineering Business |
|
|
Grand |
|
Disaggregation of Total Net Sales |
|
Total |
|
|
Total |
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
United States |
|
|
|
|
|
|
|
|
|
|
|
|
Equipment Sales |
|
$ |
47,550 |
|
|
$ |
3,009 |
|
|
$ |
50,559 |
|
Equipment Rentals |
|
|
53,483 |
|
|
|
- |
|
|
|
53,483 |
|
Engineering Parts |
|
|
- |
|
|
|
2,190,192 |
|
|
|
2,190,192 |
|
Services |
|
|
83,527 |
|
|
|
316,152 |
|
|
|
399,679 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe |
|
|
|
|
|
|
|
|
|
|
|
|
Equipment Sales |
|
|
323,709 |
|
|
|
97,677 |
|
|
|
421,386 |
|
Equipment Rentals |
|
|
160,389 |
|
|
|
- |
|
|
|
160,389 |
|
Software Sales |
|
|
89,575 |
|
|
|
- |
|
|
|
89,575 |
|
Engineering Parts |
|
|
- |
|
|
|
321,942 |
|
|
|
321,942 |
|
Services |
|
|
140,552 |
|
|
|
- |
|
|
|
140,552 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia/Asia |
|
|
|
|
|
|
|
|
|
|
|
|
Equipment Sales |
|
|
1,192,319 |
|
|
|
- |
|
|
|
1,192,319 |
|
Equipment Rentals |
|
|
257,918 |
|
|
|
- |
|
|
|
257,918 |
|
Software Sales |
|
|
143,589 |
|
|
|
- |
|
|
|
143,589 |
|
Services |
|
|
223,375 |
|
|
|
- |
|
|
|
223,375 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Middle East & Africa |
|
|
|
|
|
|
|
|
|
|
|
|
Equipment Sales |
|
|
10,473 |
|
|
|
- |
|
|
|
10,473 |
|
Equipment Rentals |
|
|
36,130 |
|
|
|
- |
|
|
|
36,130 |
|
Software Sales |
|
|
20,987 |
|
|
|
- |
|
|
|
20,987 |
|
Services |
|
|
45,960 |
|
|
|
- |
|
|
|
45,960 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net sales |
|
$ |
2,829,536 |
|
|
$ |
2,928,972 |
|
|
$ |
5,758,508 |
|
|
|
Marine Technology Business |
|
|
Marine Engineering Business |
|
|
Grand |
|
Total Net Sales by Geographic Area |
|
Total |
|
|
Total |
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
United States |
|
$ |
184,560 |
|
|
$ |
2,509,353 |
|
|
$ |
2,693,913 |
|
Europe |
|
|
714,225 |
|
|
|
419,619 |
|
|
|
1,133,844 |
|
Australia/Asia |
|
|
1,817,201 |
|
|
|
- |
|
|
|
1,817,201 |
|
Middle East & Africa |
|
|
113,550 |
|
|
|
- |
|
|
|
113,550 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net sales |
|
$ |
2,829,536 |
|
|
$ |
2,928,972 |
|
|
$ |
5,758,508 |
|
|
|
Marine Technology Business |
|
|
Marine Engineering Business |
|
|
Grand |
|
Total Net Sales by Product Line |
|
Total |
|
|
Total |
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
Equipment Sales |
|
$ |
1,574,051 |
|
|
$ |
100,686 |
|
|
$ |
1,674,737 |
|
Equipment Rentals |
|
|
507,920 |
|
|
|
- |
|
|
|
507,920 |
|
Software Sales |
|
|
254,151 |
|
|
|
- |
|
|
|
254,151 |
|
Engineering Parts |
|
|
352,862 |
|
|
|
2,512,134 |
|
|
|
2,864,996 |
|
Services |
|
|
140,552 |
|
|
|
316,152 |
|
|
|
456,704 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net sales |
|
$ |
2,829,536 |
|
|
$ |
2,928,972 |
|
|
$ |
5,758,508 |
|
|