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COMPOSITION OF CERTAIN FINANCIAL STATEMENT CAPTIONS
 12 Months Ended
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:

 

   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:

  

   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:

  

   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:

 

   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