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Segment Analysis (Tables) | 12 Months Ended
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Oct. 31, 2020
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information |
|  | 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 |
Schedule of Disaggregate of Revenue from Contracts for Sale with Customers by Geographic Location |
|  | 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 |

X
- Definition Tabular disclosure of the extent of the entity's reliance on its major customers, if revenues from transactions with a single external customer amount to 10 percent or more of entity revenues, including the disclosure of that fact, the total amount of revenues from each such customer, and the identity of the reportable segment or segments reporting the revenues. The entity need not disclose the identity of a major customer or the amount of revenues that each segment reports from that customer. For these purposes, a group of companies known to the entity to be under common control is considered a single customer, and the federal government, a state government, a local government such as a county or municipality, or a foreign government is each considered a single customer. + References No definition available. + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -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 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599 + Details
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