Quarterly report pursuant to Section 13 or 15(d)

Segment Analysis (Tables)

v3.19.1
Segment Analysis (Tables)
3 Months Ended
Jan. 31, 2019
Segment Reporting [Abstract]  
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