XML 240 R29.htm IDEA: XBRL DOCUMENT
v3.24.4

ACQUISITION OF PRECISION ACOUSTICS LIMITED (Tables) | 12 Months Ended
--- | ---
Oct. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
SCHEDULE OF POTENTIAL EARNOUT PROVISION AMOUNTS | SCHEDULE OF POTENTIAL EARNOUT PROVISION AMOUNTS
Earn Out |  | 2025 FY |  | 2026 FY |  | 2027 FY
Revenue Target |  | $ | 5,334,584 |  |  | $ | 5,867,914 |  |  | $ | 6,454,962 |
Pre-Tax Profit Target |  | $ | 1,046,476 |  |  | $ | 1,295,597 |  |  | $ | 1,573,133 |
Earn Out Amount Payable based on Targets |  | $ | 208,472 |  |  | $ | 418,223 |  |  | $ | 652,275 |
SCHEDULE OF PROFORMA INFORMATION | SCHEDULE OF PROFORMA INFORMATION
|  | October 31, |  |  | October 31, |
|  | 2024 |  |  | 2023 |
Net Revenue |  |  |  |  |  |
Coda Octopus Group |  | $ | 20,316,161 |  |  | $ | 19,352,088 |
Precision Acoustics |  |  | 4,942,389 |  |  |  | 3,777,057 |
Combined Net Revenue |  |  | 25,258,550 |  |  |  | 23,129,145 |
Net Revenue |  |  | 25,258,550 |  |  |  | 23,129,145 |
Net Income |  |  |  |  |  |  |  |
Amortization of acquired intangible assets, pro forma |  | $ | (477,181) |  |  | $ | (477,181)
Coda Octopus Group |  |  | 3,645,996 |  |  |  | 3,124,149
Precision Acoustics |  |  | 483,776 |  |  |  | 113,793
Combined Net Income |  | $ | 3,652,591 |  |  | $ | 2,760,761
Net Income |  | $ | 3,652,591 |  |  | $ | 2,760,761
SCHEDULE OF ASSETS ACQUIRED AND LIABILITIES ASSUMED IN ACQUISITION | The table below shows the fair value of the assets acquired and liabilities assumed in connection with the PAL acquisition. SCHEDULE OF ASSETS ACQUIRED AND LIABILITIES ASSUMED IN ACQUISITION
Description |  | Amount |
Tangible assets and liabilities acquired |  |  |  |
Cash (including excess cash amount purchased of $1,337,415) |  | $ | 1,933,284 |
Accounts receivable |  |  | 698,595 |
Inventory |  |  | 980,594 |
Property, plant and equipment |  |  | 509,337 |
Right of Use Asset (Lease) |  |  | 417,881 |
Accounts payable |  |  | (362,305 | )
Lease liability |  |  | (417,881 | )
Deferred revenues |  |  | (498,422 | )
Accruals and other liabilities |  |  | (151,532 | )
Intangible assets and liabilities at fair value |  |  |  |
Fair value of noncompete agreement |  |  | 224,637 |
Value of technology |  |  | 2,947,155 |
Expected value of earn out provision |  |  | - |
Goodwill |  |  | 257,226 |
Total purchase price |  | $ | 6,538,569 |
Acquisition, net of acquired cash |  | $ | 4,605,285 |

X
- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(3) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 + Details
Name: | us-gaap_BusinessAcquisitionProFormaInformationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_BusinessCombinationAndAssetAcquisitionAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of contingent payment arrangements including the terms that will result in payment and the accounting treatment that will be followed if such contingencies occur, including the potential impact on earnings per share if contingencies are to be settled in common stock of the entity. The description also may include the period over which amounts are expected to be paid, and changes in the amount since the previous reporting period. This also includes contingent options and commitments. + References No definition available. + Details
Name: | us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionContingentConsiderationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-1 + Details
Name: | us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration