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SEGMENT ANALYSIS (Tables) | 12 Months Ended
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Oct. 31, 2022
Segment Reporting [Abstract] |
SCHEDULE OF SEGMENT REPORTING INFORMATION | SCHEDULE OF SEGMENT REPORTING INFORMATION
|  | Marine Technology Business (Products) |  |  | Marine Engineering Business (Services) |  |  | Overhead |  |  | Total |
Year Ended October 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Revenues |  | $ | 14,724,688 |  |  | $ | 7,501,115 |  |  | $ | - |  |  | $ | 22,225,803 |
Cost of Revenues |  |  | 2,941,569 |  |  |  | 4,093,546 |  |  |  | - |  |  |  | 7,035,115 |
Gross Profit |  |  | 11,783,119 |  |  |  | 3,407,569 |  |  |  | - |  |  |  | 15,190,688 |
Research & Development |  |  | 2,207,500 |  |  |  | 30,420 |  |  |  | - |  |  |  | 2,237,920 |
Selling, General & Administrative |  |  | 2,563,554 |  |  |  | 2,654,565 |  |  |  | 2,730,585 |  |  |  | 7,948,704 |
Total Operating Expenses |  |  | 4,771,054 |  |  |  | 2,684,985 |  |  |  | 2,730,585 |  |  |  | 10,186,624 |
Income (Loss) from Operations |  |  | 7,012,065 |  |  |  | 722,584 |  |  |  | (2,730,585 | ) |  |  | 5,004,064 |
Other Income (Expense) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other Income |  |  | 55,715 |  |  |  | 79,204 |  |  |  | 3,056 |  |  |  | 137,975 |
Interest Expense |  |  | (9,233 | ) |  |  | (71 | ) |  |  | (400 | ) |  |  | (9,704 | )
Total Other Income |  |  | 46,482 |  |  |  | 79,133 |  |  |  | 2,656 |  |  |  | 128,271 |
Income (Loss) before Income Taxes |  |  | 7,058,547 |  |  |  | 801,717 |  |  |  | (2,727,929 | ) |  |  | 5,132,335 |
Income Tax (Expense) Benefit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Tax (Expense) Benefit |  |  | (868,162 | ) |  |  | 39,422 |  |  |  | (176,400 | ) |  |  | (1,005,140 | )
Deferred Tax Benefit (Expense) |  |  | 31,907 |  |  |  | (41,657 | ) |  |  | 183,776 |  |  |  | 174,026 |
Total Income Tax (Expense) Benefit |  |  | (836,255 | ) |  |  | (2,235 | ) |  |  | 7,376 |  |  |  | (831,114 | )
Net Income (Loss) |  | $ | 6,222,292 |  |  | $ | 799,482 |  |  | $ | (2,720,553 | ) |  | $ | 4,301,221 |
Supplemental Disclosures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Assets |  | $ | 33,348,805 |  |  | $ | 12,662,109 |  |  | $ | 916,544 |  |  | $ | 46,927,458 |
Total Liabilities |  | $ | 2,432,750 |  |  | $ | 526,195 |  |  | $ | 585,704 |  |  | $ | 3,544,649 |
Revenues from Intercompany Sales - eliminated from sales above |  | $ | 2,406,717 |  |  | $ | 396,015 |  |  | $ | 2,720,000 |  |  | $ | 5,522,732 |
Depreciation and Amortization |  | $ | 602,583 |  |  | $ | 96,776 |  |  | $ | 39,370 |  |  | $ | 738,729 |
Purchases of Long-lived Assets |  | $ | 1,123,475 |  |  | $ | 36,862 |  |  | $ | 90,887 |  |  | $ | 1,251,224 |
CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements October 31, 2022 and 2021 NOTE 13 -SEGMENT ANALYSIS (Continued)
|  | Marine Technology Business (Products) |  |  | Marine Engineering Business (Services) |  |  | Overhead |  |  | Total |
Year Ended October 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Revenues |  | $ | 15,804,222 |  |  | $ | 5,527,305 |  |  | $ | - |  |  | $ | 21,331,527 |
Cost of Revenues |  |  | 3,169,835 |  |  |  | 3,391,974 |  |  |  | - |  |  |  | 6,561,809 |
Gross Profit |  |  | 12,634,387 |  |  |  | 2,135,331 |  |  |  | - |  |  |  | 14,769,718 |
Research & Development |  |  | 2,509,107 |  |  |  | 473,569 |  |  |  | - |  |  |  | 2,982,676 |
Selling, General & Administrative |  |  | 3,231,733 |  |  |  | 2,304,300 |  |  |  | 2,413,492 |  |  |  | 7,949,525 |
Total Operating Expenses |  |  | 5,740,840 |  |  |  | 2,777,869 |  |  |  | 2,413,492 |  |  |  | 10,932,201 |
Income (Loss) from Operations |  |  | 6,893,547 |  |  |  | (642,538 | ) |  |  | (2,413,492 | ) |  |  | 3,837,517 |
Other Income (Expense) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other Income |  |  | 354,373 |  |  |  | 1,079,374 |  |  |  | 1,635 |  |  |  | 1,435,382 |
Interest Expense |  |  | (1,738 | ) |  |  | (365 | ) |  |  | (17,552 | ) |  |  | (19,655 | )
Total Other Income (Expense) |  |  | 352,635 |  |  |  | 1,079,009 |  |  |  | (15,917 | ) |  |  | 1,415,727 |
Income (Loss) before Income Taxes |  |  | 7,246,182 |  |  |  | 436,471 |  |  |  | (2,429,409 | ) |  |  | 5,253,244 |
Income Tax (Expense) Benefit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Tax Benefit (Expense) |  |  | 35,032 |  |  |  | (51,624 | ) |  |  | - |  |  |  | (16,592 | )
Deferred Tax (Expense) Benefit |  |  | (418,338 | ) |  |  | 409,205 |  |  |  | (279,754 | ) |  |  | (288,887 | )
Total Income Tax (Expense) Benefit |  |  | (383,306 | ) |  |  | 357,581 |  |  |  | (279,754 | ) |  |  | (305,479 | )
Net Income (Loss) |  | $ | 6,862,876 |  |  | $ | 794,052 |  |  | $ | (2,709,163 | ) |  | $ | 4,947,765 |
Supplemental Disclosures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Assets |  | $ | 30,631,442 |  |  | $ | 14,117,747 |  |  | $ | 716,230 |  |  | $ | 45,465,419 |
Total Liabilities |  | $ | 3,166,999 |  |  | $ | 849,306 |  |  | $ | 400,041 |  |  | $ | 4,416,346 |
Revenues from Intercompany Sales - eliminated from sales above |  | $ | 2,075,387 |  |  | $ | 355,608 |  |  | $ | 3,470,000 |  |  | $ | 5,900,995 |
Depreciation and Amortization |  | $ | 780,434 |  |  | $ | 114,022 |  |  | $ | 29,617 |  |  | $ | 924,073 |
Purchases of Long-lived Assets |  | $ | 793,995 |  |  | $ | 51,907 |  |  | $ | 118,302 |  |  | $ | 964,204 |

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