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COMPOSITION OF CERTAIN FINANCIAL STATEMENT CAPTIONS
 3 Months Ended
Jan. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
COMPOSITION OF CERTAIN FINANCIAL STATEMENT CAPTIONS

NOTE 7 – COMPOSITION OF CERTAIN FINANCIAL STATEMENT CAPTIONS

 

Certified Deposit Interest Bearing Accounts for the three months ended January 31, 2025 and 2024.

 

The Company has certified deposit interest-bearing accounts with its current bankers HSBC NA. These interest-bearing accounts are for rolling fixed short-term periods not exceeding 3 months and are classified in our financial statements as “cash equivalent”. In addition, we have an interest-bearing deposit account with HSBC UK which has no access restrictions and tracks the Bank of England base rate, which has a current rate of 4.75%. The table below indicates the applicable interest rates and amounts which are held in certified deposit and unrestricted interest-bearing accounts as of January 31, 2025 and 2024, and interest earned in the respective periods:

 

   2025   2024 
   Amount   Interest    Amount   Interest  
Country  January 31, 2025   January 31, 2025   January 31, 2024   January 31, 2024 
                 
USA  $15,315,906   $144,901   $17,405,227   $148,204 
UK   1,387,369    40,309    1,889,567    32,550 
Denmark   -    8,961    -    11,786 
                     
   $16,703,275   $194,171   $19,294,794   $192,540 

 

Inventory consisted of the following as of:

 

   January 31,   October 31, 
   2025   2024 
         
Raw materials and parts  $10,057,541   $10,368,350 
Work in progress   275,542    193,062 
Finished goods   3,100,478    3,340,464 
Stock in transit   -    73,653 
Total Inventory  $13,433,561   $13,975,529 

 

Other current assets consisted of the following as of:

 

   January 31,   October 31, 
   2025   2024 
         
Deposits  $12,825   $63,630 
Other Tax Receivables   32,139    240,909 
Employee Retention Credit Receivables   212,300    212,300 
Other Receivables   143,591    321,996 
Total Other Current Assets  $400,855   $838,835 

 

Fixed Assets consisted of the following as of:

 

   January 31,   October 31, 
   2025   2024 
         
Buildings  $5,747,116   $5,881,237 
Land   200,000    200,000 
Office machinery and equipment   1,956,733    1,872,693 
Rental assets   2,730,276    2,784,921 
Furniture, fixtures and improvements   1,514,240    1,549,965 
Totals   12,148,365    12,288,816 
Less: accumulated depreciation   (5,565,207)   (5,465,826)
           
Total Property and Equipment, net   6,583,158    6,822,990 
           
Right of use assets, net   388,060    413,171 
           
Total Fixed Assets, net  $6,971,218   $7,236,161 

 

Depreciation expense for the three months ended January 31, 2025, and 2024 was $205,646 and $173,292 respectively.

 

 

CODA OCTOPUS GROUP, INC.

Notes to the Consolidated Financial Statements

January 31, 2025 and October 31, 2024

 

NOTE 7 – COMPOSITION OF CERTAIN FINANCIAL STATEMENT CAPTIONS (Continued)

 

Property and equipment, net, by geographic areas were as follows:

 

   January 31,   October 31, 
   2025   2024 
         
USA  $1,711,932   $1,743,840 
Europe   4,871,226    5,079,150 
           
Total Property and Equipment, net  $6,583,158   $6,822,990 

 

Accrued Expenses and Other Current Liabilities consisted of the following as of:

 

   January 31,   October 31, 
   2025   2024 
         
Accruals  $348,450   $560,986 
Other Tax Payables   732,159    924,735 
Employee Related   145,812    118,875 
Total Accrued Expenses and Other Current Liabilities  $1,226,421   $1,604,596 

 

Total Other Income, net consisted of the following:

 

   Three Months   Three Months 
   Ended   Ended 
   January 31,   January 31, 
   2025   2024 
         
Grant Income  $72,821   $14,714 
Other   5,846    20,306 
Total Other Income  $78,667   $35,020 
           
Interest Received  $194,171   $192,540 
           
Total Other Income, net  $272,838   $227,560