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SEGMENT ANALYSIS
 12 Months Ended
Oct. 31, 2023
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, 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 cost of revenue 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, 2023 and 2022, 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, 2023 and 2022

 

   Marine Technology Business (Products)   Marine Engineering Business (Services)   Overhead   Total 
                 
Year Ended October 31, 2023                    
                     
Net Revenues  $12,119,066   $7,233,022   $-   $19,352,088 
                     
Cost of Revenues   2,819,796    3,501,237    -    6,321,033 
                     
Gross Profit   9,299,270    3,731,785    -    13,031,055 
                     
Research & Development   2,043,890    52,577    -    2,096,467 
Selling, General & Administrative   3,109,566    2,463,087    2,622,383    8,195,036 
                     
Total Operating Expenses   5,153,456    2,515,664    2,622,383    10,291,503 
                     
Income (Loss) from Operations   4,145,814    1,216,121    (2,622,383)   2,739,552 
                     
Other Income (Expense)                    
Other Income   39,146    -    -    39,146 
Interest Income   544,892    97,638    -    642,530 
                     
Total Other Income (Expense)   584,038    97,638    -    681,676 
                     
Income (Loss) before Income Taxes   4,729,852    1,313,759    (2,622,383)   3,421,228 
                     
Income Tax (Expense) Benefit                    
Current Tax (Expense) Benefit   (272,126)   (78,876)   102,347    (248,655)
Deferred Tax (Expense) Benefit   (115,954)   54,382    13,148    (48,424) 
                     
Total Income Tax (Expense) Benefit   (388,080)   (24,494)   115,495    (297,079)
                     
Net Income (Loss)  $4,341,772   $1,289,265   $(2,506,889)  $3,124,149 
                     
Supplemental Disclosures                    
                     
Total Assets  $36,969,673   $13,604,262   $1,267,581   $51,841,516 
                     
Total Liabilities  $2,263,761   $732,582   $416,407   $3,412,750 
                     
Revenues from Intercompany Sales - eliminated from sales above  $4,602,741   $584,622   $1,200,000   $6,387,363 
                     
Depreciation and Amortization  $523,339   $100,689   $43,502   $667,530 
                     
Purchases of Long-lived Assets  $1,996,544   $25,404   $108,392   $2,130,340 

 

 

CODA OCTOPUS GROUP, INC.

Notes to the Consolidated Financial Statements

October 31, 2023 and 2022

 

   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 (Expense)   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 Benefit (Expense)    (868,162)   39,422    (176,400)   (1,005,140)
Deferred Tax (Expense) Benefit    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, 2023 and 2022