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Segment Analysis | 12 Months Ended
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Oct. 31, 2018
Segment Reporting [Abstract] |
Segment Analysis | NOTE 13 -SEGMENT ANALYSIS We are operating in two reportable segments, which are managed separately based upon fundamental differences in their operations. Coda Octopus Martech and Coda Octopus Colmek operate as contractors (“Services Segment), and the balance of our operations are comprised of product sales (“Products Segment”). Segment operating income is total segment revenue reduced by operating expenses identifiable with the business segment. Corporate includes general corporate administrative costs. The Company evaluates performance and allocates resources based upon operating income. The accounting policies of the reportable segments are the same as those described in the summary of accounting policies. There are inter-segment sales which have been eliminated in our financial statements but are disclosed in the tables below for information purposes. The following table summarizes segment asset and operating balances by reportable segment for the years ended October 31, 2018 and 2017 respectively. The Company’s reportable business segments operate in three geographic locations. Those geographic locations are: * United States * Europe * Australia The Company evaluates performance and allocates resources based upon operating income. The accounting policies of the reportable segments are the same as those described in the summary of accounting policies. There are inter-segment sales which have been removed upon consolidation and for the purposes of the information shown below. Information concerning principal geographic areas is presented below according to the area where the activity has taken place for the years ended October 31, 2018 and 2017 respectively:
|  | 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) Income |  |  | (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 income benefit (expense) |  |  | 133,419 |  |  |  | - |  |  |  | (1,956 | ) |  |  | (131,463 | )
Deferred tax benefit |  |  | - |  |  |  | - |  |  |  | 1,754,169 |  |  |  | 1,754,169 |
Income benefit (expense) |  |  | 133,419 |  |  |  | - |  |  |  | 1,752,213 |  |  |  | 1,885,632 |
Net Income (Loss) |  | $ | 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 |  | $ | 461,429 |  |  | $ | 282,836 |  |  | $ | 14,143 |  |  | $ | 758,408 |
Purchases of Long-lived Assets |  | $ | 499,262 |  |  | $ | 61,329 |  |  | $ | 76,561 |  |  | $ | 637,152 |
|  | Marine Technology Business (Products) |  |  | Marine Engineering Business (Services) |  |  | Overhead |  |  | Total |
Year Ended October 31, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from External Customers |  | $ | 10,986,268 |  |  | $ | 7,038,905 |  |  | $ | - |  |  | $ | 18,025,173 |
Cost of Revenues |  |  | 2,246,881 |  |  |  | 3,810,567 |  |  |  | - |  |  |  | 6,057,448 |
Gross Profit |  |  | 8,739,387 |  |  |  | 3,228,338 |  |  |  | - |  |  |  | 11,967,725 |
Research & Development |  |  | 919,863 |  |  |  | 460,518 |  |  |  | - |  |  |  | 1,380,381 |
Selling, General & Administrative |  |  | 3,220,635 |  |  |  | 2,714,054 |  |  |  | 834,638 |  |  |  | 6,769,327 |
Total Operating Expenses |  |  | 4,140,498 |  |  |  | 3,174,572 |  |  |  | 834,638 |  |  |  | 8,149,708 |
Income (Loss) from Operations |  |  | 4,598,889 |  |  |  | 53,766 |  |  |  | (834,638 | ) |  |  | 3,818,017 |
Other Income (Expense) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other Income |  |  | 117,106 |  |  |  | 4,172 |  |  |  | - |  |  |  | 121,278 |
Interest Expense |  |  | (709,763 | ) |  |  | (56,697 | ) |  |  | 169,449 |  |  |  | (597,011 | )
Total Other Income (Expense) |  |  | (592,657 | ) |  |  | (52,525 | ) |  |  | 169,449 |  |  |  | (475,733 | )
Net Income (Loss) before income taxes |  |  | 4,006,233 |  |  |  | 1,241 |  |  |  | (665,189 | ) |  |  | 3,342,284 |
Income refund (expense) |  |  | 22,578 |  |  |  | - |  |  |  | (25,199 | ) |  |  | (2,621 | )
Net Income |  | $ | 4,028,810 |  |  | $ | 1,241 |  |  | $ | (690,388 | ) |  | $ | 3,339,663 |
Supplemental Disclosures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Assets |  | $ | 12,374,214 |  |  | $ | 11,479,953 |  |  | $ | 205,906 |  |  | $ | 24,060,073 |
Total Liabilities |  | $ | 1,109,003 |  |  | $ | 1,475,442 |  |  | $ | 7,648,208 |  |  | $ | 10,232,653 |
Revenues from Intercompany Sales - eliminated from sales above |  | $ | 1,895,015 |  |  | $ | 387,142 |  |  | $ | 1,797,775 |  |  | $ | 4,079,932 |
Depreciation and Amortization |  | $ | 528,667 |  |  | $ | 412,220 |  |  | $ | 12,739 |  |  | $ | 953,626 |
Purchases of Long-lived Assets |  | $ | 2,419,092 |  |  | $ | 129,989 |  |  | $ | 12,470 |  |  | $ | 2,561,551 |
|  | USA |  |  | Europe |  |  | Australia |  |  | Total |
External Revenues by Geographic Locations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Year Ended October 31, 2018 |  | $ | 7,617,891 |  |  | $ | 10,029,806 |  |  | $ | 371,732 |  |  | $ | 18,019,429 |
Year Ended October 31, 2017 |  | $ | 7,499,900 |  |  | $ | 9,056,589 |  |  | $ | 1,468,684 |  |  | $ | 18,025,173 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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