XML 29 R19.htm IDEA: XBRL DOCUMENT
v3.22.4

SEGMENT ANALYSIS | 12 Months Ended
--- | ---
Oct. 31, 2022
Segment Reporting [Abstract] |
SEGMENT ANALYSIS | NOTE 13 -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. 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, 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 October 31, 2022 and 2021 NOTE 13 -SEGMENT ANALYSIS (Continued) 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 |
CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements October 31, 2022 and 2021

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration