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COMPOSITION OF CERTAIN FINANCIAL STATEMENT CAPTIONS
 3 Months Ended
Jan. 31, 2024
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 for the three months ended January 31, 2024 and October 31, 2023.

 

The Company has certified deposit interest-bearing accounts with its current bankers HSBC NA and HSBC UK. 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 with HSBC UK that tracks the Bank of England base rate and which has no access restrictions 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 as of January 31, 2024 and October 31,2023:

Currency Denomination  Bank  January 31, 2024   October 31, 2023 
      Amount   Rate   Amount   Rate 
US$  HSBC  $17,405,227    4.73%  $15,201,579    5.28%
GPB  HSBC  £1,250,000    4.65%  £750,000    4.80%
GBP(Unrestricted Access)  HSBC  £234,206    5.00%  £500,000    5.00%
USD  Jyske Bank (Denmark)   Nil    Nil   $2,400,000    4.00%

 

Inventory consisted of the following as of:

   January 31,   October 31, 
   2024   2023 
         
Raw materials and parts  $9,676,735   $8,994,482 
Work in progress   629,421    483,227 
Finished goods   2,462,516    2,207,816 
Total Inventory  $12,768,672   $11,685,525 

 

Other current assets consisted of the following as of:

  

   January 31,   October 31, 
   2024   2023 
         
Deposits  $13,070   $23,081 
Other Tax Receivables   539,950    450,625 
Employee Retention Credit Receivables   212,300    212,300 
Other Receivables   48,266    348,620 
Total Other Current Assets  $813,586   $1,034,626 

 

Property and equipment consisted of the following as of:

  

   January 31,   October 31, 
   2024   2023 
         
Buildings  $5,840,473   $6,386,705 
Land   200,000    200,000 
Office machinery and equipment   1,646,411    1,596,026 
Rental assets   2,533,274    2,323,446 
Furniture, fixtures and improvements   1,215,284    1,172,169 
Totals   11,435,442    11,678,346 
Less: accumulated depreciation   (5,095,329)   (4,805,026)
           
Total Property and Equipment, net  $6,340,113   $6,873,320 

 

Depreciation expense for the three months ended January 31, 2024, and 2023 was $173,292 and $148,565 respectively.

 

 

CODA OCTOPUS GROUP, INC.

Notes to the Consolidated Financial Statements

January 31, 2024 and October 31, 2023

 

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

SCHEDULE OF PROPERTY AND EQUIPMENT, NET, BY GEOGRAPHIC AREAS

   January 31,   October 31, 
   2024   2023 
         
USA   1,718,120    1,751,260 
Europe   4,621,993    5,122,060 
           
Total Property and Equipment, net  $6,340,113   $6,873,320 

 

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

SCHEDULE OF ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

   January 31,   October 31, 
   2024   2023 
         
Accruals  $333,570   $384,880 
Other Tax Payables   355,945    525,565 
Employee Related   166,462    85,185 
Total  $855,977   $995,630 

 

Total Other Income, net consisted of the following:

 

   January 31,   January 31, 
   2024   2023 
         
Grant Income   14,714    - 
Other Income   20,306    2,904 
Total Other Income  $35,020   $2,904 
           
Interest Income   192,540    12,861 
           
Total Other Income, net  $227,560   $15,765