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SEGMENT ANALYSIS
 3 Months Ended
Jan. 31, 2022
Segment Reporting [Abstract]  
SEGMENT ANALYSIS

NOTE 14 -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; diver management system; 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.

 

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 three months ended January 31, 2022, and 2021, respectively.

 

The Company’s reportable business segments sell their goods and services in four geographic locations:

 

  ● Americas
     
  ● Europe
     
  ● Australia/Asia
     
  ● Middle East/Africa

 

 

CODA OCTOPUS GROUP, INC.

Notes to the Consolidated Financial Statements

January 31, 2022 and October 31, 2021

 

NOTE 14 -SEGMENT ANALYSIS (Continued)

 

   Marine
Technology
Business
(Products)		   Marine
Engineering
Business
(Services)		   Overhead   Total 
                 
Three Months Ended January 31, 2022                    
                     
Net Revenues  $3,823,748   $2,014,460   $-   $5,838,208 
                     
Cost of Revenues   572,292    1,105,982    -    1,678,274 
                     
Gross Profit   3,251,456    908,478    -    4,159,934 
                     
Research & Development   529,375    143,515    -    672,890 
Selling, General & Administrative   753,614    651,149    706,349    2,111,112 
                     
Total Operating Expenses   1,282,989    794,664    706,349    2,784,002 
                     
Income (Loss) from Operations   1,968,467    113,814    (706,349)   1,375,932 
                     
Other Income (Expense)                    
Other Income   9,049    70,945    -    79,994 
Interest Expense   (4,882)   (5,026)   (1,370)   (11,278)
                     
Total Other Income (Expense)   4,167    65,919    (1,370)   68,716 
                     
Income (Loss) before Income Taxes   1,972,634    179,733    (707,719)   1,444,648 
                     
Income Tax (Expense) Benefit                    
Current Tax (Expense) Benefit    (266,520)   24,036    (43,125)   (285,609)
Deferred Tax Benefit   6,708    204    51,297    58,209 
                     
Total Income Tax (Expense) Benefit   (259,812)   24,240    8,172    (227,400)
                     
Net Income (Loss)  $1,712,822   $203,973   $(699,547)  $1,217,248 
                     
Supplemental Disclosures                    
                     
Total Assets  $30,847,114   $13,893,382   $658,735   $45,399,231 
                     
Total Liabilities  $1,635,666   $501,339   $429,580   $2,566,585 
                     
Revenues from Intercompany Sales - eliminated from sales above  $389,395   $115,823   $600,000   $1,105,218 
                     
Depreciation and Amortization  $135,658   $16,657   $9,151   $161,466 
                     
Purchases of Long-lived Assets  $986,093   $1,000   $14,871   $1,001,964 

 

 

CODA OCTOPUS GROUP, INC.

Notes to the Consolidated Financial Statements

January 31, 2022 and October 31, 2021

 

NOTE 14 -SEGMENT ANALYSIS (Continued)

 

   Marine
Technology
Business
(Products)		   Marine
Engineering
Business
(Services)		   Overhead   Total 
                 
Three Months Ended January 31, 2021                    
                     
Net Revenues  $3,748,279   $1,302,180   $-   $5,050,459 
                     
Cost of Revenues   894,275    841,262    -    1,735,537 
                     
Gross Profit   2,854,004    460,918    -    3,314,922 
                     
Research & Development   441,744    141,395    -    583,139 
Selling, General & Administrative   733,825    567,559    511,982    1,813,366 
                     
Total Operating Expenses   1,175,569    708,954    511,982    2,396,505 
                     
Income (Loss) from Operations   1,678,435    (248,036)   (511,982)   918,417 
                     
Other Income (Expense)                    
Other Income   2,036    18    -    92,025 
Interest Expense   (2,253)   (5,151)   (7,110)   (14,514)
                     
Total Other Income (Expense)   (217)   (5,133)   (7,110)   77,511 
                     
Income (Loss) before Income Taxes   1,678,218    (253,169)   (519,092)   995,928 
                     
Income Tax (Expense) Benefit                    
Current Tax (Expense) Benefit   12,653    -    12,072    24,725 
Deferred Tax (Expense) Benefit   (11,155)   152,086    (32,740)   108,191 
                     
Total Income Tax (Expense) Benefit   1,498    152,086    (20,668)   132,916 
                     
Net Income (Loss)  $1,679,716   $(101,083)  $(539,760)  $1,128,844 
                     
Supplemental Disclosures                    
                     
Total Assets  $24,767,757   $14,362,811   $1,224,954   $40,355,522 
                     
Total Liabilities  $1,573,260   $1,436,624   $720,466   $3,730,350 
                     
Revenues from Intercompany Sales - eliminated from sales above  $370,629   $49,201   $675,000   $1,094,830 
                     
Depreciation and Amortization  $312,122   $47,645   $6,416   $366,183 
                     
Purchases of Long-lived Assets  $399,975   $4,177   $4,992   $409,144 

 

 

CODA OCTOPUS GROUP, INC.

Notes to the Consolidated Financial Statements

January 31, 2022 and October 31, 2021