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SEGMENT ANALYSIS | 12 Months Ended
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Oct. 31, 2024
Segment Reporting [Abstract] |
SEGMENT ANALYSIS | NOTE 15 -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. Up until October 29, 2024, the Products Segment was constituted by our Marine Technology Business. On October 29, 2024, we acquired an additional business unit within the Products Segment, PAL. For the purposes of this Note 15, PAL is excluded from the Consolidated Statements of Income and Comprehensive Income since this entity was acquired on October 29, 2024, and it had no material Income Statement activity in the two days from the acquisition date to the end of the Company’s fiscal end on October 31, 2024. However, the fair value of assets acquired, and liabilities assumed for PAL, have been included in our Consolidated Balance Sheet and in respect of the Segment information provided immediately below, PAL is included in the Supplemental Disclosure information in the table below but not in the income and expense statement. The Company evaluates performance and resources based upon operating income. There are inter-segment sales in the table below which have been eliminated from our financial statements. Inter-company sales are not included in our financial statements. For segment reporting purposes we have shown in the table below our inter-company sales during the reporting period. Coda Octopus Products (with entities operating in the UK, USA and Denmark) constitute the Marine Technology Business (“Products Segment”) where it 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). PAL is a supplier of products to the ultrasound, acoustic measurement and NDT market. 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 table summarizes segment asset and operating balances by reportable segment as of and for the years ended October 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 October 31, 2024 and 2023 SCHEDULE OF SEGMENT REPORTING INFORMATION
|  | Products |  |  | Services |  |  | Overhead |  |  | Total |
Year Ended October 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Revenues |  | $ | 12,806,603 |  |  | $ | 7,509,558 |  |  | $ | - |  |  | $ | 20,316,161 |
Cost of Revenues |  |  | 2,824,541 |  |  |  | 3,318,515 |  |  |  | - |  |  |  | 6,143,056 |
Gross Profit |  |  | 9,982,062 |  |  |  | 4,191,043 |  |  |  | - |  |  |  | 14,173,105 |
Research & Development |  |  | 2,019,112 |  |  |  | 223,317 |  |  |  | - |  |  |  | 2,242,429 |
Selling, General & Administrative |  |  | 3,814,860 |  |  |  | 2,248,493 |  |  |  | 2,283,192 |  |  |  | 8,346,545 |
Total Operating Expenses |  |  | 5,833,972 |  |  |  | 2,471,810 |  |  |  | 2,283,192 |  |  |  | 10,588,974 |
Income (Loss) from Operations |  |  | 4,148,090 |  |  |  | 1,719,233 |  |  |  | (2,283,192 | ) |  |  | 3,584,131 |
Other Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other Income |  |  | 53,960 |  |  |  | 34,422 |  |  |  | - |  |  |  | 88,382 |
Interest Income |  |  | 657,817 |  |  |  | 198,239 |  |  |  | 82,719 |  |  |  | 938,775 |
Total Other Income |  |  | 711,777 |  |  |  | 232,661 |  |  |  | 82,719 |  |  |  | 1,027,157 |
Income (Loss) before Income Taxes |  |  | 4,859,867 |  |  |  | 1,951,894 |  |  |  | (2,200,473 | ) |  |  | 4,611,288 |
Income Tax Expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Tax Expense |  |  | 316,955 |  |  |  | 169,374 |  |  |  | 227,341 |  |  |  | 713,670 |
Deferred Tax Expense (Benefit) |  |  | (5,655 | ) |  |  | 19,169 |  |  |  | 238,108 |  |  |  | 251,622 |
Total Income Tax Expense |  |  | 311,300 |  |  |  | 188,543 |  |  |  | 465,449 |  |  |  | 965,292 |
Net Income (Loss) |  | $ | 4,548,567 |  |  | $ | 1,763,351 |  |  | $ | (2,665,922 | ) |  | $ | 3,645,996 |
Supplemental Disclosures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
*Total Assets |  | $ | 40,922,453 |  |  | $ | 13,404,567 |  |  | $ | 3,217,524 |  |  | $ | 57,544,544 |
*Total Liabilities |  | $ | 3,072,876 |  |  | $ | 842,450 |  |  | $ | 500,695 |  |  | $ | 4,416,021 |
Revenues from Intercompany Sales - eliminated from sales above |  | $ | 3,367,839 |  |  | $ | 238,143 |  |  | $ | 1,266,000 |  |  | $ | 4,871,982 |
Depreciation and Amortization |  | $ | 632,882 |  |  | $ | 88,166 |  |  | $ | 49,487 |  |  | $ | 770,535 |
Purchases of Long-lived Assets |  | $ | 345,191 |  |  | $ | 23,786 |  |  | $ | 89,103 |  |  | $ | 458,079 |
* | The Total Assets and Total Liabilities included in the Supplemental Disclosures include PAL
CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements October 31, 2024 and 2023
|  | Products |  |  | 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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other Income |  |  | 39,146 |  |  |  | - |  |  |  | - |  |  |  | 39,146 |
Interest Income |  |  | 544,892 |  |  |  | 97,638 |  |  |  | - |  |  |  | 642,530 |
Total Other Income |  |  | 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 |  |  | $ | (2,506,888 | ) |  | $ | 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, 2024 and 2023

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