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COMPOSITION OF CERTAIN FINANCIAL STATEMENT CAPTIONS | 12 Months Ended
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Oct. 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 The Company established certified deposit interest-bearing accounts with its current bankers HSBC NA and Jyske Bank in February 2023. These interest-bearing accounts are for rolling fixed short-term periods not exceeding 3 months and are classified in our financial statements as “cash equivalents”. The Company also maintains an interest-bearing deposit account in the UK that tracks the Bank of England base rate, which has no restrictions on access and has a current rate of 4.75%. The table below indicates the amounts which, at the date hereof, are held in certified deposit and unrestricted interest-bearing accounts, and interest earned in the period: SCHEDULE OF INTEREST RATES AND AMOUNT HELD IN CERTIFIED DEPOSIT AND INTEREST BEARING ACCOUNTS
Country |  | Deposit October 31, 2024 |  |  | Interest October 31, 2024 |  |  | Deposit October 31, 2023 |  |  | Interest October 31, 2023 |
USA |  | $ | 15,156,719 |  |  | $ | 823,816 |  |  | $ | 15,201,579 |  |  | $ | 486,756 |
UK |  |  | 764,659 |  |  |  | 103,144 |  |  |  | 1,516,641 |  |  |  | 86,266 |
Denmark |  |  | - |  |  |  | 11,815 |  |  |  | 2,400,000 |  |  |  | 69,508 |
|  | $ | 15,921,378 |  |  | $ | 938,775 |  |  | $ | 19,118,282 |  |  | $ | 642,530 |
Inventory consisted of the following as of: SCHEDULE OF COMPONENTS OF INVENTORY
|  | October 31, |  |  | October 31, |
|  | 2024 |  |  | 2023 |
Raw materials and parts |  | $ | 10,368,350 |  |  | $ | 8,994,482 |
Work in progress |  |  | 193,062 |  |  |  | 483,227 |
Finished goods |  |  | 3,340,464 |  |  |  | 2,207,816 |
Stock in transit |  |  | 73,653 |  |  |  | - |
Total Inventory |  | $ | 13,975,529 |  |  | $ | 11,685,525 |
CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements October 31, 2024 and 2023 Other current assets consisted of the following as of: SUMMARY OF OTHER CURRENT ASSETS
|  | October 31, |  |  | October 31, |
|  | 2024 |  |  | 2023 |
Deposits and other assets |  | $ | 63,630 |  |  | $ | 23,081 |
Other US Tax Receivables/Prepaid Taxes |  |  | 240,909 |  |  |  | 450,625 |
Employee Retention Credit Receivables |  |  | 212,300 |  |  |  | 212,300 |
Other Foreign Tax Receivables |  |  | 321,996 |  |  |  | 348,620 |
Total Other Current Assets |  | $ | 838,835 |  |  | $ | 1,034,626 |
Fixed assets consisted of the following as of: SCHEDULE OF FIXED ASSETS
|  | October 31, |  |  | October 31, |
|  | 2024 |  |  | 2023 |
Buildings |  | $ | 5,881,237 |  |  | $ | 6,386,705 |
Land |  |  | 200,000 |  |  |  | 200,000 |
Office machinery and equipment |  |  | 1,872,693 |  |  |  | 1,596,026 |
Rental assets |  |  | 2,784,921 |  |  |  | 2,323,446 |
Furniture, fixtures and improvements |  |  | 1,549,965 |  |  |  | 1,172,169 |
Totals |  |  | 12,288,816 |  |  |  | 11,678,346 |
Less: accumulated depreciation |  |  | (5,465,826 | ) |  |  | (4,805,026 | )
Total Property and Equipment, net |  |  | 6,822,990 |  |  |  | 6,873,320 |
Right of use assets |  |  | 413,171 |  |  |  | - |
Total Fixed Assets, net |  | $ | 7,236,161 |  |  | $ | 6,873,320 |
On January 16, 2024, the Company sold its flat located in Copenhagen, Denmark for a price of DKK 5,300,000 (equivalent of $771,807 at transaction date). Prior to the sale this was composed within our Fixed Assets – Property and Equipment. We realized a gain of $30,244 upon sale. Depreciation expense for the years ended October 31, 2024 and 2023 was $710,059 and $603,467 respectively. Property and equipment, net, by geographic areas were as follows: SCHEDULE OF PROPERTY AND EQUIPMENT, NET, BY GEOGRAPHIC AREAS
|  | October 31, |  |  | October 31, |
|  | 2024 |  |  | 2023 |
USA |  | $ | 1,743,840 |  |  | $ | 1,751,260 |
Europe |  |  | 5,079,150 |  |  |  | 5,122,060 |
Total Property and Equipment, net |  | $ | 6,822,990 |  |  | $ | 6,873,320 |
Accrued Expenses and Other Current Liabilities consisted of the following as of: SCHEDULE OF ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
|  | October 31, |  |  | October 31, |
|  | 2024 |  |  | 2023 |
Accruals |  | $ | 560,986 |  |  | $ | 384,880 |
Other Tax Payables |  |  | 924,735 |  |  |  | 525,565 |
Employee Related |  |  | 118,875 |  |  |  | 85,185 |
Total Accrued Expenses and Other Current Liabilities |  | $ | 1,604,596 |  |  | $ | 995,630 |
CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements October 31, 2024 and 2023 Total Other Income, net consisted of the following for the year ended: SCHEDULE OF OTHER INCOME
|  | October 31, |  |  | October 31, |
|  | 2024 |  |  | 2023 |
Grant Income |  | $ | 34,422 |  |  | $ | - |
Other |  |  | 53,960 |  |  |  | 39,146 |
Total Other Income |  |  | 88,382 |  |  |  | 39,146 |
Interest |  | $ | 938,775 |  |  |  | 642,530 |
Total Other Income, net |  | $ | 1,027,157 |  |  | $ | 681,676 |

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