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Segment Analysis | 12 Months Ended
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Oct. 31, 2020
Segment Reporting [Abstract] |
Segment Analysis | NOTE 12 -SEGMENT ANALYSIS Based on the fundamental difference in the types of offering products versus services, we operate two distinct reportable segments which are managed separately. Coda Octopus Products (“Marine Technology Business” or “Products Segment”) operations are comprised primarily of sale of underwater technology sonar solutions, products for underwater operations including hardware and software; and rental of solutions and products to the underwater market. Coda Octopus Martech and Coda Octopus Colmek (“Marine Engineering Business” or “Services Segment”) provides engineering services primarily as sub-contractors to prime defense contractors. Segment operating income is total segment revenue reduced by operating expenses identifiable with the business segment. Corporate includes general corporate administrative costs (“Overhead”). The Company evaluates performance and allocates resources based upon segment 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 as of and for the years ended October 31, 2020 and 2019, respectively. The Company’s reportable business segments sell their goods and services in four geographic locations:
● | Americas
● | Europe
● | Australia/Asia
● | Middle East/Africa
|  | Marine Technology Business (Products) |  |  | Marine Engineering Business (Services) |  |  | Overhead |  |  | Total |
Year Ended October 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from External Customers |  | $ | 11,278,181 |  |  | $ | 8,765,629 |  |  | $ | - |  |  | $ | 20,043,810 |
Cost of Revenues |  |  | 2,254,008 |  |  |  | 5,060,354 |  |  |  | - |  |  |  | 7,314,362 |
Gross Profit |  |  | 9,024,173 |  |  |  | 3,705,275 |  |  |  | - |  |  |  | 12,729,448 |
Research & Development |  |  | 1,955,364 |  |  |  | 1,042,243 |  |  |  | 190,782 |  |  |  | 3,188,389 |
Selling, General & Administrative |  |  | 2,779,662 |  |  |  | 2,260,849 |  |  |  | 1,696,783 |  |  |  | 6,737,294 |
Total Operating Expenses |  |  | 4,735,026 |  |  |  | 3,303,092 |  |  |  | 1,887,565 |  |  |  | 9,925,683 |
Income (Loss) from Operations |  |  | 4,289,147 |  |  |  | 402,183 |  |  |  | (1,887,565 | ) |  |  | 2,803,765 |
Other Income (Expense) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other Income |  |  | 19,184 |  |  |  | 190 |  |  |  | - |  |  |  | 19,374 |
Funding from Paycheck Protection Program |  |  | 122,327 |  |  |  | 526,544 |  |  |  | - |  |  |  | 648,871 |
Interest (Expense) |  |  | (10,612 | ) |  |  | (15,672 | ) |  |  | (43,919 | ) |  |  | (70,203 | )
Total Other Income (Expense) |  |  | 130,899 |  |  |  | 511,062 |  |  |  | (43,919 | ) |  |  | 598,042 |
Net Income (Loss) before Income Taxes |  |  | 4,420,046 |  |  |  | 913,245 |  |  |  | (1,931,484 | ) |  |  | 3,401,807 |
Income Tax Benefit (Expense) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Tax Benefit (Expense) |  |  | 63,590 |  |  |  | - |  |  |  | (12,927 | ) |  |  | 50,663 |
Deferred Tax (Expense) Benefit |  |  | (196,664 | ) |  |  | 273,666 |  |  |  | (185,887 | ) |  |  | (108,885 | )
Total Income Tax (Expense) Benefit |  |  | (133,074 | ) |  |  | 273,666 |  |  |  | (198,814 | ) |  |  | (58,222 | )
Net Income (Loss) |  | $ | 4,286,972 |  |  | $ | 1,186,911 |  |  | $ | (2,130,298 | ) |  | $ | 3,343,585 |
Supplemental Disclosures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Assets |  | $ | 22,200,123 |  |  | $ | 14,347,827 |  |  | $ | 1,491,201 |  |  | $ | 38,039,151 |
Total Liabilities |  | $ | 1,572,314 |  |  | $ | 1,321,011 |  |  | $ | 749,558 |  |  | $ | 3,642,883 |
Revenues from Intercompany Sales - eliminated from sales above |  | $ | 997,150 |  |  | $ | 354,373 |  |  | $ | 2,700,000 |  |  | $ | 4,051,523 |
Depreciation and Amortization |  | $ | 678,449 |  |  | $ | 105,775 |  |  | $ | 22,462 |  |  | $ | 806,686 |
Purchases of Long-lived Assets |  | $ | 811,352 |  |  | $ | 19,660 |  |  | $ | 167,323 |  |  | $ | 998,335 |
|  | 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 |
Current Tax Benefit |  |  | (9,391 | ) |  |  | 33,454 |  |  |  | 15,359 |  |  |  | 39,422 |
Deferred Tax (Expense) |  |  | (336,101 | ) |  |  | (496,318 | ) |  |  | (214,357 | ) |  |  | (1,046,776 | )
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 |  | $ | 19,386,652 |  |  | $ | 14,165,120 |  |  | $ | 959,472 |  |  | $ | 34,511,244 |
Total Liabilities |  | $ | 1,753,823 |  |  | $ | 962,641 |  |  | $ | 1,167,007 |  |  | $ | 3,883,471 |
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 |
|  | For the Year Ended October 31, 2020 |
|  | Marine |  |  | Marine |  |  |  |
|  | Technology |  |  | Engineering |  |  | Grand |
|  | Business |  |  | Business |  |  | Total |
Disaggregation of Total Net Sales |  |  |  |  |  |  |  |  |  |  |  |
Americas |  |  |  |  |  |  |  |  |  |  |  |
Equipment Sales |  | $ | 1,368,113 |  |  | $ | - |  |  | $ | 1,368,113 |
Equipment Rentals |  |  | 175,282 |  |  |  | - |  |  |  | 175,282 |
Software Sales |  |  | 35,635 |  |  |  | - |  |  |  | 35,635 |
Engineering Parts |  |  | - |  |  |  | 4,546,391 |  |  |  | 4,546,391 |
Services |  |  | 1,422,830 |  |  |  | 1,230,283 |  |  |  | 2,653,113 |
Europe |  |  |  |  |  |  |  |  |  |  |  |
Equipment Sales |  |  | 583,006 |  |  |  | 230,060 |  |  |  | 813,066 |
Equipment Rentals |  |  | 697,638 |  |  |  | - |  |  |  | 697,638 |
Software Sales |  |  | 113,860 |  |  |  | - |  |  |  | 113,860 |
Engineering Parts |  |  | - |  |  |  | 2,753,488 |  |  |  | 2,753,488 |
Services |  |  | 485,954 |  |  |  | 5,407 |  |  |  | 491,361 |
Australia/Asia |  |  |  |  |  |  |  |  |  |  |  |
Equipment Sales |  |  | 5,165,905 |  |  |  | - |  |  |  | 5,165,905 |
Equipment Rentals |  |  | 487,639 |  |  |  | - |  |  |  | 487,639 |
Software Sales |  |  | 304,143 |  |  |  | - |  |  |  | 304,143 |
Services |  |  | 297,823 |  |  |  | - |  |  |  | 297,823 |
Middle East & Africa |  |  |  |  |  |  |  |  |  |  |  |
Equipment Sales |  |  | 66,556 |  |  |  | - |  |  |  | 66,556 |
Equipment Rentals |  |  | 592 |  |  |  | - |  |  |  | 592 |
Software Sales |  |  | - |  |  |  | - |  |  |  | - |
Services |  |  | 73,205 |  |  |  | - |  |  |  | 73,205 |
Total Net Sales |  | $ | 11,278,181 |  |  | $ | 8,765,629 |  |  | $ | 20,043,810 |
|  | For the Year Ended October 31, 2020 |
|  | Marine |  |  | Marine |  |  |  |
|  | Technology |  |  | Engineering |  |  | Grand |
|  | Business |  |  | Business |  |  | Total |
Total Net Sales by Geographic Area |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 3,001,860 |  |  | $ | 5,776,674 |  |  | $ | 8,778,534 |
Europe |  |  | 1,880,458 |  |  |  | 2,988,955 |  |  |  | 4,869,413 |
Australia/Asia |  |  | 6,255,510 |  |  |  | - |  |  |  | 6,255,510 |
Middle East & Africa |  |  | 140,353 |  |  |  | - |  |  |  | 140,353 |
Total Net Sales |  | $ | 11,278,181 |  |  | $ | 8,765,629 |  |  | $ | 20,043,810 |
|  | For the Year Ended October 31, 2020 |
|  | Marine |  |  | Marine |  |  |  |
|  | Technology |  |  | Engineering |  |  | Grand |
|  | Business |  |  | Business |  |  | Total |
Total Net Sales by Product Line |  |  |  |  |  |  |  |  |  |  |  |
Equipment Sales |  | $ | 7,183,580 |  |  | $ | 230,060 |  |  | $ | 7,413,640 |
Equipment Rentals |  |  | 1,361,151 |  |  |  | - |  |  |  | 1,361,151 |
Software Sales |  |  | 453,638 |  |  |  | - |  |  |  | 453,638 |
Engineering Parts |  |  | - |  |  |  | 7,299,879 |  |  |  | 7,299,879 |
Services |  |  | 2,279,812 |  |  |  | 1,235,690 |  |  |  | 3,515,502 |
Total Net Sales |  | $ | 11,278,181 |  |  | $ | 8,765,629 |  |  | $ | 20,043,810 |
|  | 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 |

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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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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