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SEGMENT ANALYSIS | 9 Months Ended
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Jul. 31, 2024
Segment Reporting [Abstract] |
SEGMENT ANALYSIS | NOTE 12 – SEGMENT ANALYSIS We operate in two reportable segments, “Products Business” and “Service Business” which are managed separately based upon fundamental differences in their operations. Segment operating income is total segment revenue reduced by cost of revenues and operating expenses, Research and Development (“R&D”), and Selling, General & Administrative (“SG&A”) identifiable with the reporting business segment. Overheads include general corporate administrative costs. The Company evaluates performance and resources based upon operating income. The Net Revenues shown in this Note 12 in the tables below comprise sales which have been made externally and exclude intercompany sales (sales between companies in our Group). For segment reporting purposes we have, nevertheless, included in the Supplemental Disclosures in the tables below, information on intercompany sales in the reporting period. Intercompany sales are not included in Net Revenues. Coda Octopus Products (with entities operating in the UK, USA and Denmark) constitute the Marine Technology Business (“Products Segment”) is a supplier to the underwater/subsea market and selling both hardware and software solutions which include imaging sonar technology solutions, diving and diving communications technology, geophysical products, rental equipment, customization, and field operations services. Coda Octopus Colmek, Inc. (a Utah corporation) and Coda Octopus Martech Ltd (a UK corporation) constitute the Marine Engineering Business (“Services Segment”) and are subcontractors mainly to prime defense contractors where they provide engineering services. The following tables summarize segment asset and operating balances by reportable segment for the three months and nine months ended July 31, 2024 and 2023, 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 July 31, 2024 and October 31, 2023 NOTE 12 – SEGMENT ANALYSIS (Continued) SCHEDULE OF SEGMENT REPORTING INFORMATION
|  | Marine Technology Business (Products) |  |  | Marine Engineering Business (Services) |  |  | Overhead |  |  | Total |
Three Months Ended July 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Revenues |  | $ | 3,048,544 |  |  | $ | 2,428,000 |  |  | $ | - |  |  | $ | 5,476,544 |
Cost of Revenues |  |  | 521,141 |  |  |  | 906,865 |  |  |  | - |  |  |  | 1,428,006 |
Gross Profit |  |  | 2,527,403 |  |  |  | 1,521,135 |  |  |  | - |  |  |  | 4,048,538 |
Research & Development |  |  | 459,879 |  |  |  | 36,480 |  |  |  | - |  |  |  | 496,359 |
Selling, General & Administrative |  |  | 1,085,495 |  |  |  | 498,941 |  |  |  | 576,969 |  |  |  | 2,161,405 |
Total Operating Expenses |  |  | 1,545,374 |  |  |  | 535,421 |  |  |  | 576,969 |  |  |  | 2,657,764 |
Income (Loss) from Operations |  |  | 982,029 |  |  |  | 985,714 |  |  |  | (576,969 | ) |  |  | 1,390,774 |
Other Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other Income |  |  | 10,396 |  |  |  | 67 |  |  |  | - |  |  |  | 10,463 |
Interest Income |  |  | 161,875 |  |  |  | 44,707 |  |  |  | 23,427 |  |  |  | 230,009 |
Total Other Income |  |  | 172,271 |  |  |  | 44,774 |  |  |  | 23,427 |  |  |  | 240,472 |
Income (Loss) before Income Taxes |  |  | 1,154,300 |  |  |  | 1,030,488 |  |  |  | (553,542 | ) |  |  | 1,631,246 |
Income Tax (Expense) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Tax (Expense) |  |  | (101,172 | ) |  |  | - |  |  |  | (224,453 | ) |  |  | (325,625 | )
Deferred Tax (Expense) |  |  | (27,309 | ) |  |  | - |  |  |  | (3,654 | ) |  |  | (30,963 | )
Total Income Tax (Expense) |  |  | (128,481 | ) |  |  | - |  |  |  | (228,107 | ) |  |  | (356,588 | )
Net Income (Loss) |  | $ | 1,025,819 |  |  | $ | 1,030,488 |  |  | $ | (781,649 | ) |  | $ | 1,274,658 |
Supplemental Disclosures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Assets |  | $ | 37,464,861 |  |  | $ | 14,827,016 |  |  | $ | 3,653,237 |  |  | $ | 55,945,114 |
Total Liabilities |  | $ | 1,952,347 |  |  | $ | 747,484 |  |  | $ | 440,246 |  |  | $ | 3,140,077 |
Intercompany sales that are not included in Net Revenues shown above |  | $ | 1,088,573 |  |  | $ | 70,284 |  |  | $ | 318,000 |  |  | $ | 1,476,857 |
Depreciation and Amortization |  | $ | 167,914 |  |  | $ | 21,029 |  |  | $ | 12,058 |  |  | $ | 201,001 |
Purchases of Long-lived Assets |  | $ | 151,526 |  |  | $ | 13,414 |  |  | $ | 15,082 |  |  | $ | 180,022 |
CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements July 31, 2024 and October 31, 2023 NOTE 12 – SEGMENT ANALYSIS (Continued)
|  | Marine Technology Business (Products) |  |  | Marine Engineering Business (Services) |  |  | Overhead |  |  | Total |
Three Months Ended July 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Revenues |  | $ | 2,863,251 |  |  | $ | 2,027,281 |  |  | $ | - |  |  | $ | 4,890,532 |
Cost of Revenues |  |  | 512,091 |  |  |  | 1,013,217 |  |  |  | - |  |  |  | 1,525,308 |
Gross Profit |  |  | 2,351,160 |  |  |  | 1,014,064 |  |  |  | - |  |  |  | 3,365,224 |
Research & Development |  |  | 557,260 |  |  |  | 11,027 |  |  |  | - |  |  |  | 568,287 |
Selling, General & Administrative |  |  | 882,663 |  |  |  | 547,712 |  |  |  | 503,948 |  |  |  | 1,934,323 |
Total Operating Expenses |  |  | 1,439,923 |  |  |  | 558,739 |  |  |  | 503,948 |  |  |  | 2,502,610 |
Income (Loss) from Operations |  |  | 911,237 |  |  |  | 455,325 |  |  |  | (503,948 | ) |  |  | 862,614 |
Other Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other Income |  |  | 2,848 |  |  |  | - |  |  |  | - |  |  |  | 2,848 |
Interest Income |  |  | 177,615 |  |  |  | 34,089 |  |  |  | - |  |  |  | 211,704 |
Total Other Income |  |  | 180,463 |  |  |  | 34,089 |  |  |  | - |  |  |  | 214,552 |
Income (Loss) before Income Taxes |  |  | 1,091,700 |  |  |  | 489,414 |  |  |  | (503,948 | ) |  |  | 1,077,166 |
Income Tax (Expense) Benefit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Tax (Expense) Benefit |  |  | (39,064 | ) |  |  | (55,476 | ) |  |  | 25,769 |  |  |  | (68,771 | )
Deferred Tax Benefit |  |  | - |  |  |  | - |  |  |  | 30,385 |  |  |  | 30,385 |
Total Income Tax (Expense) Benefit |  |  | (39,064 | ) |  |  | (55,476 | ) |  |  | 56,154 |  |  |  | (38,386 | )
Net Income (Loss) |  | $ | 1,052,636 |  |  | $ | 433,938 |  |  | $ | (447,794 | ) |  | $ | 1,038,780 |
Supplemental Disclosures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Assets |  | $ | 37,173,921 |  |  | $ | 13,962,350 |  |  | $ | 833,524 |  |  | $ | 51,969,795 |
Total Liabilities |  | $ | 1,619,997 |  |  | $ | 679,522 |  |  | $ | (166,953 | ) |  | $ | 2,132,566 |
Intercompany sales that are not included in Net Revenues shown above |  | $ | 1,174,823 |  |  | $ | 106,328 |  |  | $ | 300,000 |  |  | $ | 1,581,151 |
Depreciation and Amortization |  | $ | 141,764 |  |  | $ | 25,716 |  |  | $ | 11,446 |  |  | $ | 178,927 |
Purchases of Long-lived Assets |  | $ | 263,493 |  |  | $ | 2,814 |  |  | $ | 28,946 |  |  | $ | 295,253 |
CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements July 31, 2024 and October 31, 2023 NOTE 12 – SEGMENT ANALYSIS (Continued)
|  | Marine Technology Business (Products) |  |  | Marine Engineering Business (Services) |  |  | Overhead |  |  | Total |
Nine Months Ended July 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Revenues |  | $ | 10,116,024 |  |  | $ | 5,144,889 |  |  | $ | - |  |  | $ | 15,260,913 |
Cost of Revenues |  |  | 2,192,486 |  |  |  | 2,194,719 |  |  |  | - |  |  |  | 4,387,205 |
Gross Profit |  |  | 7,923,538 |  |  |  | 2,950,170 |  |  |  | - |  |  |  | 10,873,708 |
Research & Development |  |  | 1,406,315 |  |  |  | 118,502 |  |  |  | - |  |  |  | 1,524,817 |
Selling, General & Administrative |  |  | 2,713,704 |  |  |  | 1,695,875 |  |  |  | 1,642,771 |  |  |  | 6,052,350 |
Total Operating Expenses |  |  | 4,120,019 |  |  |  | 1,814,377 |  |  |  | 1,642,771 |  |  |  | 7,577,167 |
Income (Loss) from Operations |  |  | 3,803,519 |  |  |  | 1,135,793 |  |  |  | (1,642,771 | ) |  |  | 3,296,541 |
Other Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other Income |  |  | 16,086 |  |  |  | 26,761 |  |  |  | - |  |  |  | 42,847 |
Interest Income |  |  | 499,763 |  |  |  | 153,583 |  |  |  | 62,671 |  |  |  | 716,017 |
Total Other Income |  |  | 515,849 |  |  |  | 180,344 |  |  |  | 62,671 |  |  |  | 758,864 |
Income (Loss) before Income Taxes |  |  | 4,319,368 |  |  |  | 1,316,137 |  |  |  | (1,580,100 | ) |  |  | 4,055,405 |
Income Tax (Expense) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Tax (Expense) |  |  | (180,612 | ) |  |  | - |  |  |  | (302,071 | ) |  |  | (482,683 | )
Deferred Tax (Expense) |  |  | (10,956 | ) |  |  | - |  |  |  | (241,982 | ) |  |  | (252,938 | )
Total Income Tax (Expense) |  |  | (191,568 | ) |  |  | - |  |  |  | (544,053 | ) |  |  | (735,621 | )
Net Income (Loss) |  | $ | 4,127,800 |  |  | $ | 1,316,137 |  |  | $ | (2,124,153 | ) |  | $ | 3,319,784 |
Supplemental Disclosures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Assets |  | $ | 37,464,861 |  |  | $ | 14,827,016 |  |  | $ | 3,653,237 |  |  | $ | 55,945,114 |
Total Liabilities |  | $ | 1,952,347 |  |  | $ | 747,484 |  |  | $ | 440,246 |  |  | $ | 3,140,077 |
Intercompany sales that are not included in Net Revenues shown above |  | $ | 2,512,249 |  |  | $ | 185,337 |  |  | $ | 948,000 |  |  | $ | 3,645,586 |
Depreciation and Amortization |  | $ | 474,248 |  |  | $ | 70,730 |  |  | $ | 35,877 |  |  | $ | 580,855 |
Purchases of Long-lived Assets |  | $ | 437,288 |  |  | $ | 16,807 |  |  | $ | 85,745 |  |  | $ | 539,840 |
CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements July 31, 2024 and October 31, 2023 NOTE 12 – SEGMENT ANALYSIS (Continued)
|  | Marine Technology Business (Products) |  |  | Marine Engineering Business (Services) |  |  | Overhead |  |  | Total |
Nine Months Ended July 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Revenues |  | $ | 10,270,839 |  |  | $ | 5,517,486 |  |  | $ | - |  |  | $ | 15,788,325 |
Cost of Revenues |  |  | 2,461,717 |  |  |  | 2,585,138 |  |  |  | - |  |  |  | 5,046,855 |
Gross Profit |  |  | 7,809,122 |  |  |  | 2,932,348 |  |  |  | - |  |  |  | 10,741,470 |
Research & Development |  |  | 1,513,973 |  |  |  | 24,711 |  |  |  | - |  |  |  | 1,538,684 |
Selling, General & Administrative |  |  | 2,422,383 |  |  |  | 1,849,761 |  |  |  | 1,866,824 |  |  |  | 6,138,968 |
Total Operating Expenses |  |  | 3,936,356 |  |  |  | 1,874,472 |  |  |  | 1,866,824 |  |  |  | 7,677,652 |
Income (Loss) from Operations |  |  | 3,872,766 |  |  |  | 1,057,876 |  |  |  | (1,866,824 | ) |  |  | 3,063,818 |
Other Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other Income |  |  | 8,532 |  |  |  | - |  |  |  | - |  |  |  | 8,532 |
Interest Income |  |  | 336,858 |  |  |  | 58,303 |  |  |  |  |  |  |  | 395,161 |
Total Other Income |  |  | 345,390 |  |  |  | 58,303 |  |  |  | - |  |  |  | 403,693 |
Income (Loss) before Income Taxes |  |  | 4,218,156 |  |  |  | 1,116,179 |  |  |  | (1,866,824 | ) |  |  | 3,467,511 |
Income Tax (Expense) Benefit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Tax (Expense) Benefit |  |  | (166,649 | ) |  |  | (77,517 | ) |  |  | 106,611 |  |  |  | (137,555 | )
Deferred Tax Benefit |  |  | - |  |  |  | - |  |  |  | 115,158 |  |  |  | 115,158 |
Total Income Tax (Expense) Benefit |  |  | (166,649 | ) |  |  | (77,517 | ) |  |  | 221,769 |  |  |  | (22,397 | )
Net Income (Loss) |  | $ | 4,051,507 |  |  | $ | 1,038,662 |  |  | $ | (1,645,055 | ) |  | $ | 3,445,114 |
Supplemental Disclosures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Assets |  | $ | 37,173,921 |  |  | $ | 13,962,350 |  |  | $ | 833,524 |  |  | $ | 51,969,795 |
Total Liabilities |  | $ | 1,619,997 |  |  | $ | 679,522 |  |  | $ | (166,953 | ) |  | $ | 2,132,566 |
Intercompany sales that are not included in Net Revenues shown above |  | $ | 4,088,818 |  |  | $ | 321,846 |  |  | $ | 900,000 |  |  | $ | 5,310,664 |
Depreciation and Amortization |  | $ | 414,167 |  |  | $ | 75,201 |  |  | $ | 32,146 |  |  | $ | 521,515 |
Purchases of Long-lived Assets |  | $ | 407,326 |  |  | $ | 25,606 |  |  | $ | 76,677 |  |  | $ | 509,609 |
CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements July 31, 2024 and October 31, 2023

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