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SEGMENT ANALYSIS | 3 Months Ended
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Jan. 31, 2025
Segment Reporting [Abstract] |
SEGMENT ANALYSIS | NOTE 15 – SEGMENT ANALYSIS We operate three reportable segments, “Marine Technology Products Business”, “Acoustic Sensors and Materials Business” and “Service Business” which are managed separately based upon fundamental differences in their operations, allocation of resources and markets. Segment operating income is total segment revenue reduced by cost of revenues and operating expenses (research and development and selling, general & administrative) identifiable with the reporting business segment. Overhead includes general corporate administrative costs. The Company evaluates performance and allocates resources based upon operating income. The accounting policies of the reportable segments are the same as those described in the critical accounting policies in Item 2 of this Form 10-Q. Our CODM regularly reviews consolidated net sales, consolidated operating expenses, and consolidated operating income (loss) by segment. Amounts included in consolidated operating expenses include “cost of sales,” “R&D expenses”, “selling, general and administrative expenses,” and “other operating expense (income), net”. Our CODM manages our business by reviewing business plans and strategy, annual forecasts and consolidated results by segment on a quarterly basis. There are inter-segment sales in the supplemental disclosures section of the table below which have been eliminated from our financial statements. There are no internal revenue transactions between our reportable segments. However, for the purpose of segment reporting, these inter-segment sales are only included in the table below. ● Marine Technology Business The Marine Technology Business (“Products Business”) is a supplier to the underwater/subsea market and selling both hardware and software solutions which includes imaging sonar technology solutions, diving technology, geophysical products, rental equipment, customization, and field operations services. ● Acoustic Sensors and Materials Business The Company acquired Precision Acoustics Limited (PAL) on October 29, 2024. PAL is a supplier of acoustic sensors and materials. PAL serves a broad base of markets such as the medical, subsea, defense, universities and research and development institutes. ● Services Business The Services Business operate primarily as subcontractors to prime defense contractors where they provide engineering services which typically form part of larger mission critical defense systems. The following tables summarize segment asset and operating balances by reportable segment for the three months ended January 31, 2025 and 2024, 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 January 31, 2025 and October 31, 2024 NOTE 15 - SEGMENT ANALYSIS (Continued) SCHEDULE OF SEGMENT REPORTING INFORMATION
|  | Marine Technology Business |  |  | Acoustic Sensors and Materials Business (“PAL”) |  |  | Marine Engineering Business |  |  | Overhead |  |  | Total |
Three Months Ended January 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Revenues |  | $ | 2,275,809 |  |  | $ | 1,312,261 |  |  | $ | 1,621,645 |  |  | $ | - |  |  | $ | 5,209,715 |
Cost of Revenues |  |  | 612,168 |  |  |  | 502,117 |  |  |  | 666,960 |  |  |  | - |  |  |  | 1,781,245 |
Gross Profit |  |  | 1,663,641 |  |  |  | 810,144 |  |  |  | 954,685 |  |  |  | - |  |  |  | 3,428,470 |
Research & Development |  |  | 405,812 |  |  |  | 90,964 |  |  |  | 46,350 |  |  |  | - |  |  |  | 543,126 |
Selling, General & Administrative |  |  | 565,864 |  |  |  | 238,254 |  |  |  | 637,896 |  |  |  | 781,308 |  |  |  | 2,223,322 |
Total Operating Expenses |  |  | 971,676 |  |  |  | 329,218 |  |  |  | 684,246 |  |  |  | 781,308 |  |  |  | 2,766,448 |
Income (Loss) from Operations |  |  | 691,965 |  |  |  | 480,926 |  |  |  | 270,439 |  |  |  | (781,308 | ) |  |  | 662,022 |
Other Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other Income |  |  | 5,846 |  |  |  | 72,821 |  |  |  | - |  |  |  | - |  |  |  | 78,667 |
Interest Income |  |  | 155,313 |  |  |  | 2,302 |  |  |  | 27,356 |  |  |  | 9,200 |  |  |  | 194,171 |
Total Other Income |  |  | 161,159 |  |  |  | 75,123 |  |  |  | 27,356 |  |  |  | 9,200 |  |  |  | 272,838 |
Income (Loss) before Income Taxes |  |  | 853,124 |  |  |  | 556,049 |  |  |  | 297,795 |  |  |  | (772,108 | ) |  |  | 934,860 |
Income Tax (Expense) Benefit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Tax (Expense) |  |  | (48,874 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (48,874 | )
Deferred Tax Benefit |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 26,989 |  |  |  | 26,989 |
Total Income Tax (Expense) Benefit |  |  | (48,874 | ) |  |  | - |  |  |  | - |  |  |  | 26,989 |  |  |  | (21,885 | )
Net Income (Loss) |  | $ | 804,250 |  |  | $ | 556,049 |  |  | $ | 297,795 |  |  | $ | (745,119 | ) |  | $ | 912,975 |
Supplemental Disclosures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Assets |  | $ | 34,107,320 |  |  | $ | 6,558,739 |  |  | $ | 13,573,805 |  |  | $ | 2,657,434 |  |  | $ | 56,897,298 |
Total Liabilities |  | $ | 1,586,101 |  |  | $ | 1,027,551 |  |  | $ | 730,161 |  |  | $ | 440,428 |  |  | $ | 3,784,241 |
Intercompany sales that are not included in Net Revenues shown above |  | $ | 922,331 |  |  | $ | 2,752 |  |  | $ | 18,813 |  |  | $ | 312,000 |  |  | $ | 1,255,896 |
Depreciation and Amortization |  | $ | 147,331 |  |  | $ | 156,370 |  |  | $ | 16,704 |  |  | $ | 13,000 |  |  | $ | 333,405 |
Purchases of Long-lived Assets |  | $ | 18,298 |  |  | $ | 107,342 |  |  | $ | 2,468 |  |  | $ | - |  |  | $ | 128,108 |
CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements January 31, 2025 and October 31, 2024 NOTE 15 – SEGMENT ANALYSIS (Continued) In the Segment Analysis information presented for the Previous Quarter, there is no information for the Acoustics Sensors and Material Business (“PAL”) as this business unit was acquired on October 29, 2024.
|  | Marine Technology Business |  |  | Marine Engineering Business |  |  | Overhead |  |  | Total |
Three Months Ended January 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Revenues |  | $ | 3,542,766 |  |  | $ | 918,425 |  |  | $ | - |  |  | $ | 4,461,191 |
Cost of Revenues |  |  | 973,880 |  |  |  | 400,575 |  |  |  | - |  |  |  | 1,374,455 |
Gross Profit |  |  | 2,568,886 |  |  |  | 517,850 |  |  |  | - |  |  |  | 3,086,736 |
Research & Development |  |  | 461,375 |  |  |  | 24,602 |  |  |  | - |  |  |  | 485,977 |
Selling, General & Administrative |  |  | 835,391 |  |  |  | 600,484 |  |  |  | 609,500 |  |  |  | 2,045,375 |
Total Operating Expenses |  |  | 1,296,766 |  |  |  | 625,086 |  |  |  | 609,500 |  |  |  | 2,531,352 |
Income (Loss) from Operations |  |  | 1,272,120 |  |  |  | (107,236 | ) |  |  | (609,500 | ) |  |  | 555,384 |
Other Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other Income |  |  | 20,306 |  |  |  | 14,714 |  |  |  | - |  |  |  | 35,020 |
Interest Income |  |  | 135,731 |  |  |  | 56,809 |  |  |  | - |  |  |  | 192,540 |
Total Other Income |  |  | 156,037 |  |  |  | 71,523 |  |  |  | - |  |  |  | 227,560 |
Income (Loss) before Income Taxes |  |  | 1,428,157 |  |  |  | (35,713 | ) |  |  | (609,500 | ) |  |  | 782,944 |
Income Tax (Expense) Benefit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Tax (Expense) Benefit |  |  | (35,540 | ) |  |  | - |  |  |  | 69,555 |  |  |  | 34,015 |
Deferred Tax Benefit (Expense) |  |  | 27,328 |  |  |  | - |  |  |  | (214,399 | ) |  |  | (187,071 | )
Total Income Tax (Expense) Benefit |  |  | (8,212 | ) |  |  | - |  |  |  | (144,844 | ) |  |  | (153,056 | )
Net Income (Loss) |  | $ | 1,419,945 |  |  | $ | (35,713 | ) |  | $ | (754,344 | ) |  | $ | 629,888 |
Supplemental Disclosures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Assets |  | $ | 36,685,343 |  |  | $ | 13,298,356 |  |  | $ | 3,029,244 |  |  | $ | 53,012,943 |
Total Liabilities |  | $ | 1,963,391 |  |  | $ | 429,635 |  |  | $ | 470,239 |  |  | $ | 2,863,265 |
Intercompany sales that are not included in Net Revenues shown above |  | $ | 948,934 |  |  | $ | 10,790 |  |  | $ | 312,000 |  |  | $ | 1,271,724 |
Depreciation and Amortization |  | $ | 153,019 |  |  | $ | 25,357 |  |  | $ | 12,162 |  |  | $ | 190,538 |
Purchases of Long-lived Assets |  | $ | 132,423 |  |  | $ | 2,208 |  |  | $ | 27,845 |  |  | $ | 162,476 |
CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements January 31, 2025 and October 31, 2024

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