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COMPOSITION OF CERTAIN FINANCIAL STATEMENT CAPTIONS
 9 Months Ended
Jul. 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 as of July 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 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 4.75%.

 

Currency Denomination  Bank  July 31, 2024   October 31, 2023 
      Amount   Rate   Amount   Rate 
                    
USD  HSBC  $17,768,418    4.71%  $15,201,579    5.28%
GBP  HSBC  £1,400,000    4.58%  £750,000    4.80%
GBP (Unrestricted access)  HSBC  £83,313    5.00%  £500,000    5.00%
GBP (Unrestricted access)  HSBC  £434,007    2.00%          
USD  Jyske Bank (Denmark)            $2,400,000    4.00%

 

Inventory consisted of the following as of:

 

   July 31,   October 31, 
   2024   2023 
         
Raw materials and parts  $9,635,985   $8,994,482 
Work in progress   338,635    483,227 
Finished goods   3,049,373    2,207,816 
Total Inventory  $13,023,993   $11,685,525 

 

Other current assets consisted of the following as of:

 

   July 31,   October 31, 
   2024   2023 
         
Deposits  $13,438   $23,081 
Other Corporation Tax Receivables and Prepaid   248,190    450,625 
Employee Retention Credit Receivables   212,300    212,300 
Other Receivables   144,271    348,620 
Total Other Current Assets  $618,199   $1,034,626 

 

Property and equipment consisted of the following as of:

 

   July 31,   October 31, 
   2024   2023 
Buildings  $5,875,834   $6,386,705 
Land   200,000    200,000 
Office machinery and equipment   1,725,786    1,596,026 
Rental assets   2,762,543    2,323,446 
Furniture, fixtures and improvements   1,253,735    1,172,169 
Totals   11,817,898    11,678,346 
Less: accumulated depreciation   (5,480,090)   (4,805,026)
           
Total Property and Equipment, net  $6,337,808   $6,873,320 

 

Depreciation expense for the three months ended July 31, 2024, and 2023 was $187,982 and $165,211, respectively and for the nine months ended July 31, 2024, and 2023 was $533,968 and $473,988, respectively.

 

 

CODA OCTOPUS GROUP, INC.

Notes to the Consolidated Financial Statements

July 31, 2024 and October 31, 2023

 

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

 

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

 

   July 31,   October 31, 
   2024   2023 
         
USA  $1,708,496   $1,751,260 
Europe   4,629,312    5,122,060 
           
           
Total Property and Equipment, net  $6,337,808   $6,873,320 

 

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

 

   July 31,   October 31, 
   2024   2023 
         
Accruals  $315,882   $384,880 
Other Tax Payables   798,827    525,565 
Employee Payroll and Pensions   75,125    85,185 
Total Other Current Liabilities  $1,189,834   $995,630 

 

Total Other Income, net consisted of the following:

 

   Three Months   Three Months   Nine Months   Nine Months 
   Ended   Ended   Ended   Ended 
   July 31,   July 31,   July 31,   July 31, 
   2024   2023   2024   2023 
                 
Grant Income  $-   $-   $26,761   $- 
Other   10,463    2,848    16,086    8,532 
Total Other Income   10,463    2,848    42,847    8,532 
                     
Interest   230,009    211,704   $716,017    395,161 
                     
Total Other Income, net  $240,472   $214,552   $758,864   $403,693