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COMPOSITION OF CERTAIN FINANCIAL STATEMENT CAPTIONS
 12 Months Ended
Oct. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
COMPOSITION OF CERTAIN FINANCIAL STATEMENT CAPTIONS

NOTE 6 – COMPOSITION OF CERTAIN FINANCIAL STATEMENT CAPTIONS

 

Certified Deposit Interest Bearing Accounts

 

The Company established certified deposit interest-bearing accounts with its current bankers HSBC NA and Jyske Bank in February 2023. These interest-bearing accounts are for rolling fixed short-term periods not exceeding 3 months and are classified in our financial statements as “cash equivalent”. In addition, we have an interest-bearing deposit account in the UK that tracks the Bank of England base rate, which has no restrictions on access and has a current rate of 5.0%. The table below indicates the applicable interest rates and amounts which are held in certified deposit and unrestricted interest-bearing accounts at the date hereof:

 

Currency Denomination  Amount   HSBC   Jyske Bank
(Denmark)		 
USD  $15,201,579    5.28%     
GBP  £750,000    4.80%     
GBP (Unrestricted access)  £500,000    5.00%     
*USD  $2,400,000         4.0%

*Held in Jyske Bank USD Account

 

Inventory consisted of the following as of:

   October 31,   October 31, 
   2023   2022 
         
Raw materials and parts  $8,994,482   $7,219,344 
Work in progress   483,227    383,427 
Finished goods   2,207,816    2,424,340 
Total Inventory  $11,685,525   $10,027,111 

 

Other current assets consisted of the following as of:

  

   October 31,   October 31, 
   2023   2022 
         
Deposits and other assets  $23,081   $18,631 
Other US Tax Receivables/Prepaid Taxes   450,625    151,217 
Employee Retention Credit Receivables   212,300    173,213 
Other Foreign Tax Receivables    348,620    - 
Total Other Current Assets  $1,034,626   $343,061 

 

Property and equipment consisted of the following as of:

  

   October 31,   October 31, 
   2023   2022 
         
Buildings  $6,386,705   $5,419,946 
Land   200,000    200,000 
Office machinery and equipment   1,596,026    1,556,030 
Rental assets   2,323,446    2,252,292 
Furniture, fixtures and improvements   1,172,169    1,108,787 
Total   11,678,346    10,537,055 
Less: accumulated depreciation   (4,805,026)   (4,704,523)
           
Total Property and Equipment, net  $6,873,320   $5,832,532 

 

Depreciation expense for the years ended October 31, 2023, and 2022 was $603,467 and $678,652 respectively.

 

Property and equipment, net, by geographic areas was as follows: 

SCHEDULE OF PROPERTY AND EQUIPMENT, NET, BY GEOGRAPHIC AREAS

   October 31,   October 31, 
   2023   2022 
         
USA   1,751,260    1,825,858 
Europe   5,122,060    4,006,674 
Total Property and Equipment, net  $6,873,320   $5,832,532 

 

Accrued Expenses and Other Current Liabilities consisted of the following as of: 

SCHEDULE OF ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

   October 31,   October 31, 
   2023   2022 
         
Accruals  $384,880   $1,474,744 
Other Tax Payables    525,565    144,158 
Employee Related   85,185    112,804 
Total  $995,630   $1,731,706 

 

 

CODA OCTOPUS GROUP, INC.

Notes to the Consolidated Financial Statements

October 31, 2023 and 2022

 

Total Other Income, net consisted of the following for the year ended:

 

   October 31,   October 31, 
   2023   2022 
         
Employee Retention Credits  $-   $88,917 
Other Income   

39,146

    

49,058

 

Total Other Income,

  $

39,146

   $

137,975

 
           
Interest Income   642,530    - 
           
Interest (Expense)   -    (9,704)
Total Other Income, net  $681,676   $128,271