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COMPOSITION OF CERTAIN FINANCIAL STATEMENT CAPTIONS
 6 Months Ended
Apr. 30, 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 as of April 30, 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 three (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%.

 

Currency Denomination  Bank  April 30, 2024   October 31, 2023 
      Amount   Rate   Amount   Rate 
                    
USD  HSBC  $17,614,335    4.62%  $15,201,579    5.28%
GBP  HSBC  £1,300,000    4.61%  £750,000    4.80%
GBP (Unrestricted access)  HSBC  £182,669    5.00%  £500,000    5.00%
GBP (Unrestricted access)  HSBC  £315,947    2.00%        
USD  Jyske Bank (Denmark)           $2,400,000    4.00%

 

Inventory consisted of the following as of:

 

SCHEDULE OF COMPONENTS OF INVENTORY

   April 30,   October 31, 
   2024   2023 
         
Raw materials and parts  $9,134,243   $8,994,482 
Work in progress   471,545    483,227 
Finished goods   3,040,188    2,207,816 
Total Inventory  $12,645,976   $11,685,525 

 

Other current assets consisted of the following as of:

 

SUMMARY OF OTHER CURRENT ASSETS

   April 30,   October 31, 
   2024   2023 
         
Deposits  $12,870   $23,081 
Other Tax Receivables   459,893    450,625 
Employee Retention Credit Receivables   212,300    212,300 
Other Receivables   21,428    348,620 
Total Other Current Assets  $706,491   $1,034,626 

 

Property and equipment consisted of the following as of:

 

SCHEDULE OF PROPERTY AND EQUIPMENT

   April 30,   October 31, 
   2024   2023 
         
Buildings  $5,769,545   $6,386,705 
Land   200,000    200,000 
Office machinery and equipment   1,665,736    1,596,026 
Rental assets   2,616,335    2,323,446 
Furniture, fixtures and improvements   1,225,662    1,172,169 
Totals   11,477,278    11,678,346 
Less: accumulated depreciation   (5,216,154)   (4,805,026)
           
Total Property and Equipment, net  $6,261,124   $6,873,320 

 

Depreciation expense for the three months ended April 30, 2024, and 2023 was $177,490 and $178,763 respectively and for the six months ended April 30, 2024, and 2023 was $350,782 and $327,328 respectively.

 

 

CODA OCTOPUS GROUP, INC.

Notes to the Consolidated Financial Statements

April 30, 2024 and October 31, 2023

 

NOTE 6 – COMPOSITION OF CERTAIN FINANCIAL STATEMENT CAPTIONS (Continued)

 

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

 

   April 30,   October 31, 
   2024   2023 
         
USA  $1,690,543   $1,751,260 
Europe   4,570,581    5,122,060 
           
Total Property and Equipment, net  $6,261,124   $6,873,320 

 

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

 

   April 30,   October 31, 
   2024   2023 
         
Accruals  $388,729   $384,880 
Other Tax Payables   415,745    525,565 
Employee Related   79,708    85,185 
Total Other Current Liabilities  $884,182   $995,630 

 

Total Other Income, net consisted of the following:

 

   Three Months   Three Months   Six Months   Six Months 
   Ended   Ended   Ended   Ended 
   April 30,   April 30,   April 30,   April 30, 
   2024   2023   2024   2023 
                 
Grant Income  $11,980   $-   $26,694   $- 
Other   (14,616)   2,780    5,690    5,684 
 Total Other Income    (2,636)   2,780    32,384    5,684 
                     
Interest   293,468    170,596   $486,008    183,457 
                     
Total Other Income, net  $290,832   $173,376   $518,392   $189,141