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SEGMENT ANALYSIS (Tables)

9 Months Ended

Jul. 31, 2021

Segment Reporting [Abstract]

SCHEDULE OF SEGMENT REPORTING INFORMATION

 SCHEDULE OF SEGMENT REPORTING INFORMATION

		Marine Technology Business (Products)				Marine Engineering Business (Services)				Overhead				Total
Three Months Ended July 31, 2021
Revenues from External Customers		$	3,845,051			$	1,982,324			$	-			$	5,827,375
Cost of Revenues			545,243				1,069,723				-				1,614,966
Gross Profit			3,299,808				912,601				-				4,212,409
Research & Development			540,553				135,213				-				675,766
Selling, General & Administrative			860,539				616,378				728,313				2,205,230
Total Operating Expenses			1,401,092				751,591				728,313				2,880,996
Income (Loss) from Operations			1,898,716				161,010				(728,313	)			1,331,413
Other Income (Expense)
Other Income			3,554				17				-				3,571
Funding from Paycheck Protection Program			-				-				-				-
Interest Expense			(2,718	)			(5,863	)			(6,155	)			(14,736	)
Total Other Income (Expense)			836				(5,846	)			(6,155	)			(11,165	)
Income (Loss) before Income Taxes			1,899,552				155,164				(734,468	)			1,320,248
Income Tax (Expense) Benefit
Current Tax Benefit			157,333				260,996				-				418,329
Deferred Tax (Expense) Benefit			(338,098	)			108,141				12,466				(217,491	)
Total Income Tax (Expense) Benefit			(180,765	)			369,137				12,466				200,838
Net Income (Loss)		$	1,718,787			$	524,301			$	(722,002	)		$	1,521,086
Supplemental Disclosures
Total Assets		$	28,820,472			$	14,608,555			$	934,192			$	44,363,219
Total Liabilities		$	2,159,921			$	844,816			$	379,474			$	3,384,211
Revenues from Intercompany Sales - eliminated from sales above		$	492,579			$	44,372			$	675,000			$	1,211,951
Depreciation and Amortization		$	195,103			$	24,590			$	7,952			$	227,645
Purchases of Long-lived Assets		$	201,198			$	7,655			$	30,584			$	239,437

CODA OCTOPUS GROUP, INC.

Notes to the Unaudited Consolidated Financial Statements

July 31, 2021 and 2020

NOTE 15 -SEGMENT ANALYSIS (Continued)

		Marine Technology Business (Products)				Marine Engineering Business (Services)				Overhead				Total
Three Months Ended July 31, 2020
Revenues from External Customers		$	3,053,070			$	2,342,966			$	-			$	5,396,036
Cost of Revenues			653,117				1,123,751				-				1,776,868
Gross Profit			2,399,953				1,219,215				-				3,619,168
Research & Development			394,332				352,625				25,684				772,641
Selling, General & Administrative			496,772				515,547				513,150				1,525,469
Total Operating Expenses			891,104				868,172				538,834				2,298,110
Income (Loss) from Operations			1,508,849				351,043				(538,834	)			1,321,058
Other Income (Expense)
Other Income			3,745				126				-				3,871
Interest Expense			(1,718	)			(4,672	)			(10,190	)			(16,580	)
Total Other Income (Expense)			2,027				(4,546	)			(10,190	)			(12,709	)
Income (Loss) before Income Taxes			1,510,876				346,497				(549,024	)			1,308,349
Income Tax (Expense) Benefit
Current Tax (Expense) Benefit			5,532				-				(3,948	)			1,584
Deferred Tax (Expense) Benefit			(236,356	)			15,155				(65,979	)			(287,180	)
Total Income Tax (Expense) Benefit			(230,824	)			15,155				(69,927	)			(285,596	)
Net Income (Loss)		$	1,280,052			$	361,652			$	(618,951	)		$	1,022,753
Supplemental Disclosures
Total Assets		$	22,149,613			$	14,439,917			$	678,515			$	37,268,045
Total Liabilities		$	1,737,007			$	1,392,816			$	767,393			$	3,897,216
Revenues from Intercompany Sales - eliminated from sales above		$	498,312			$	8,976			$	1,350,000			$	1,857,288
Depreciation and Amortization		$	261,975			$	43,263			$	4,677			$	309,915
Purchases of Long-lived Assets		$	317,892			$	23,288			$	-			$	341,180

CODA OCTOPUS GROUP, INC.

Notes to the Unaudited Consolidated Financial Statements

July 31, 2021 and 2020

NOTE 15 -SEGMENT ANALYSIS (Continued)

		Marine Technology Business (Products)				Marine Engineering Business (Services)				Overhead				Total
Nine Months Ended July 31, 2021
Revenues from External Customers		$	11,777,739			$	4,473,171			$	-			$	16,250,910
Cost of Revenues			2,462,219				2,511,756				-				4,973,975
Gross Profit			9,315,520				1,961,415				-				11,276,935
Research & Development			1,521,175				383,011				-				1,904,186
Selling, General & Administrative			2,394,986				1,736,004				1,667,607				5,798,597
Total Operating Expenses			3,916,161				2,119,015				1,667,607				7,702,783
Income (Loss) from Operations			5,399,359				(157,600	)			(1,667,607	)			3,574,152
Other Income (Expense)
Other Income			74,173				51				846				75,070
Funding from Paycheck Protection Program			122,327				526,545				-				648,872
Interest Expense			(8,489	)			(15,558	)			(18,844	)			(42,891	)
Total Other Income (Expense)			188,011				511,038				(17,998	)			681,051
Income (Loss) before Income Taxes			5,587,370				353,438				(1,685,605	)			4,255,203
Income Tax (Expense) Benefit
Current Tax Benefit (Expense)			254,745				498,666				(394	)			753,017
Deferred Tax (Expense) Benefit			(356,164	)			264,636				(58,829	)			(150,357	)
Total Income Tax (Expense) Benefit			(101,419	)			763,302				(59,223	)			602,660
Net Income (Loss)		$	5,485,951			$	1,116,740			$	(1,744,828	)		$	4,857,863
Supplemental Disclosures
Total Assets		$	28,820,472			$	14,608,555			$	934,192			$	44,363,219
Total Liabilities		$	2,159,921			$	844,816			$	379,474			$	3,384,211
Revenues from Intercompany Sales - eliminated from sales above		$	1,367,619			$	184,016			$	2,025,000			$	3,576,635
Depreciation and Amortization		$	707,761			$	98,671			$	21,077			$	827,509
Purchases of Long-lived Assets		$	745,405			$	13,203			$	80,018			$	838,626

CODA OCTOPUS GROUP, INC.

Notes to the Unaudited Consolidated Financial Statements

July 31, 2021 and 2020

NOTE 15 -SEGMENT ANALYSIS (Continued)

		Marine Technology Business (Products)				Marine Engineering Business (Services)				Overhead				Total
Nine Months Ended July 31, 2020
Revenues from External Customers		$	8,377,081			$	6,989,152			$	-			$	15,366,233
Cost of Revenues			1,715,647				3,831,564				-				5,547,211
Gross Profit			6,661,434				3,157,588				-				9,819,022
Research & Development			1,393,757				830,008				190,782				2,414,547
Selling, General & Administrative			2,056,947				1,678,882				1,214,528				4,950,357
Total Operating Expenses			3,450,704				2,508,890				1,405,310				7,364,904
Income (Loss) from Operations			3,210,730				648,698				(1,405,310	)			2,454,118
Other Income (Expense)
Other Income			16,242				142				-				16,384
Interest (Expense)			(7,345	)			(12,313	)			(34,992	)			(54,650	)
Total Other Income (Expense)			8,897				(12,171	)			(34,992	)			(38,266	)
Income (Loss) before Income Taxes			3,219,627				636,527				(1,440,302	)			2,415,852
Income Tax (Expense) Benefit
Current Tax (Expense) Benefit			24,968				-				(11,905	)			13,063
Deferred Tax (Expense) Benefit			(315,849	)			145,713				(154,333	)			(324,469	)
Total Income Tax (Expense) Benefit			(290,881	)			145,713				(166,238	)			(311,406	)
Net Income (Loss)		$	2,928,746			$	782,240			$	(1,606,540	)		$	2,104,446
Supplemental Disclosures
Total Assets		$	22,149,613			$	14,439,917			$	678,515			$	37,268,045
Total Liabilities		$	1,737,007			$	1,392,816			$	767,393			$	3,897,216
Revenues from Intercompany Sales - eliminated from sales above		$	801,134			$	109,505			$	2,025,000			$	2,935,639
Depreciation and Amortization		$	539,567			$	89,688			$	14,080			$	643,335
Purchases of Long-lived Assets		$	758,619			$	24,440			$	49,615			$	832,674

SCHEDULE OF DISAGGREGATE OF REVENUE FROM CONTRACTS FOR SALE WITH CUSTOMERS BY GEOGRAPHIC LOCATION

 SCHEDULE OF DISAGGREGATE OF REVENUE FROM CONTRACTS FOR SALE WITH CUSTOMERS BY GEOGRAPHIC LOCATION

		For the Three Months Ended July 31, 2021
		Marine				Marine
		Technology				Engineering				Grand
		Business				Business				Total
Americas		$	962,043			$	589,560			$	1,551,603
Europe			1,649,281				1,392,764				3,042,045
Australia/Asia			971,563				-				971,563
Middle East/Africa			262,164				-				262,164
			3,845,051				1,982,324			$	5,827,375
Equipment Sales		$	2,151,520			$	782,255			$	2,933,775
Equipment Rentals			713,389				-				713,389
Software Sales			153,150				-				153,150
Engineering Parts			-				1,093,176				1,093,176
Services			826,992				106,893				933,885
			3,845,051				1,982,324			$	5,827,375
Goods transferred at a point in time		$	2,298,962			$	670,255			$	2,969,217
Services transferred over time			1,546,089				1,312,069				2,858,158
		$	3,845,051				1,982,324			$	5,827,375

CODA OCTOPUS GROUP, INC.

Notes to the Unaudited Consolidated Financial Statements

July 31, 2021 and 2020

NOTE 15 -SEGMENT ANALYSIS (Continued)

		For the Three Months Ended July 31, 2020
		Marine				Marine
		Technology				Engineering				Grand
		Business				Business				Total
Americas		$	1,071,893			$	1,753,662			$	2,825,555
Europe			240,127				589,304				829,431
Australia/Asia			1,718,644				-				1,718,644
Middle East/Africa			22,406				-				22,406
		$	3,053,070			$	2,342,966			$	5,396,036
Equipment Sales		$	2,058,166			$	160,537			$	2,218,703
Equipment Rentals			119,100				-				119,100
Software Sales			90,540				-				90,540
Engineering Parts			-				1,895,509				1,895,509
Services			785,264				286,920				1,072,184
		$	3,053,070			$	2,342,966			$	5,396,036
Goods transferred at a point in time		$	2,148,706			$	160,537			$	2,309,243
Services transferred over time			904,364				2,182,429				3,086,793
		$	3,053,070			$	2,342,966			$	5,396,036

CODA OCTOPUS GROUP, INC.

Notes to the Unaudited Consolidated Financial Statements

July 31, 2021 and 2020

NOTE 15 -SEGMENT ANALYSIS (Continued)

		For the Nine Months Ended July 31, 2021
		Marine				Marine
		Technology				Engineering				Grand
		Business				Business				Total
Americas		$	2,425,850			$	1,703,464			$	4,129,314
Europe			4,440,036				2,769,707				7,209,743
Australia/Asia			4,466,796				-				4,466,796
Middle East/Africa			445,057				-				445,057
			11,777,739				4,473,171			$	16,250,910
Equipment Sales		$	8,035,469			$	1,096,718			$	9,132,187
Equipment Rentals			1,645,942				-				1,645,942
Software Sales			599,425				-				599,425
Engineering Parts			213,956				2,727,892				2,941,848
Services			1,282,947				648,561				1,931,508
			11,777,739				4,473,171			$	16,250,910
Goods transferred at a point in time		$	8,666,514			$	984,717			$	9,651,231
Services transferred over time			3,111,225				3,488,454				6,599,679
		$	11,777,739			$	4,473,171			$	16,250,910

CODA OCTOPUS GROUP, INC.

Notes to the Unaudited Consolidated Financial Statements

July 31, 2021 and 2020

NOTE 15 -SEGMENT ANALYSIS (Continued)

		For the Nine Months Ended July 31, 2020
		Marine				Marine
		Technology				Engineering				Grand
		Business				Business				Total
Americas		$	2,126,863			$	4,899,676			$	7,026,539
Europe			1,379,134				2,089,476				3,468,610
Australia/Asia			4,760,390				-				4,760,390
Middle East/Africa			110,694				-				110,694
		$	8,377,081			$	6,989,152			$	15,366,233
Equipment Sales		$	5,241,537			$	160,537			$	5,402,074
Equipment Rentals			947,664				-				947,664
Software Sales			358,467				-				358,467
Engineering Parts			-				5,883,872				5,883,872
Services			1,829,413				944,743				2,774,156
		$	8,377,081			$	6,989,152			$	15,366,233
Goods transferred at a point in time		$	5,467,995			$	160,537			$	5,628,532
Services transferred over time			2,909,086				6,828,615				9,737,701
		$	8,377,081			$	6,989,152			$	15,366,233

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.

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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

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