Coda Octopus (CODA) 10-K 14 Feb 22 2021 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Oct. 31, 2021	Feb. 11, 2022	Apr. 30, 2021
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Oct. 31, 2021
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--10-31
Entity File Number	001-38154
Entity Registrant Name	CODA OCTOPUS GROUP, INC.
Entity Central Index Key	0001334325
Entity Tax Identification Number	34-2008348
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	3300 S Hiawassee Rd
Entity Address, Address Line Two	Suite 104-105
Entity Address, City or Town	Orlando
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32835
City Area Code	407
Local Phone Number	735 2406
Title of 12(b) Security	COMMON STOCK, $0.001 PAR VALUE PER SHARE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 46,355,000
Entity Common Stock, Shares Outstanding		10,857,195

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Oct. 31, 2021	Oct. 31, 2020
CURRENT ASSETS
Cash	$ 17,747,656	$ 15,134,289
Accounts Receivable, net	4,207,996	2,014,660
Inventory	10,691,177	9,142,273
Unbilled Receivables	1,080,384	861,300
Prepaid Expenses	1,202,327	289,204
Other Current Assets	627,619	244,171
Total Current Assets	35,557,159	27,685,897
FIXED ASSETS
Property and Equipment, net	6,037,101	6,059,900
OTHER ASSETS
Goodwill and Other Intangibles, net	3,794,383	3,731,452
Deferred Tax Asset	76,776	561,902
Total Other Assets	3,871,159	4,293,354
Total Assets	45,465,419	38,039,151
CURRENT LIABILITIES
Accounts Payable	1,454,611	1,284,097
Accrued Expenses and Other Current Liabilities	740,449	584,202
Note Payable	63,559	509,769
Deferred Revenue	1,999,841	1,006,454
Total Current Liabilities	4,258,460	3,384,522
LONG TERM LIABILITIES
Deferred Revenue, less current portion	157,886	195,022
Note Payable, less current portion		63,339
Total Long Term Liabilities	157,886	258,361
Total Liabilities	4,416,346	3,642,883
STOCKHOLDERS’ EQUITY
Common Stock, $.001 par value; 150,000,000 shares authorized, 10,857,195 shares issued and outstanding as of October 31, 2021, and 10,751,881 shares issued and outstanding as of October 31, 2020, respectively	10,858	10,753
Additional Paid-in Capital	61,183,131	60,132,415
Accumulated Other Comprehensive Loss	(1,667,059)	(2,321,278)
Accumulated Deficit	(18,477,857)	(23,425,622)
Total Stockholders’ Equity	41,049,073	34,396,268
Total Liabilities and Stockholders’ Equity	$ 45,465,419	$ 38,039,151

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Oct. 31, 2021	Oct. 31, 2020
Statement of Financial Position [Abstract]
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares Authorized	150,000,000	150,000,000
Common Stock, Shares, Issued	10,857,195	10,751,881
Common Stock, Shares, Outstanding	10,857,195	10,751,881

Consolidated Statements of Inco

Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)	12 Months Ended
	Oct. 31, 2021	Oct. 31, 2020
Income Statement [Abstract]
Net Revenues	$ 21,331,527	$ 20,043,810
Cost of Revenues	6,561,809	7,314,362
Gross Profit	14,769,718	12,729,448
OPERATING EXPENSES
Research & Development	2,982,676	3,188,389
Selling, General & Administrative	7,915,575	6,737,294
Total Operating Expenses	10,898,251	9,925,683
INCOME FROM OPERATIONS	3,871,467	2,803,765
OTHER INCOME
Other Income	1,435,382	668,245
Interest Expense	(53,605)	(70,203)
Total Other Income	1,381,777	598,042
INCOME BEFORE INCOME TAX EXPENSE	5,253,244	3,401,807
INCOME TAX BENEFIT (EXPENSE)
Current Tax (Expense) Benefit	(16,592)	50,663
Deferred Tax Expense	(288,887)	(108,885)
Total Income Tax Expense	(305,479)	(58,222)
NET INCOME	$ 4,947,765	$ 3,343,585
NET INCOME PER SHARE:
Basic	$ 0.46	$ 0.31
Diluted	$ 0.44	$ 0.30
WEIGHTED AVERAGE SHARES:
Basic	10,804,074	10,733,799
Diluted	11,309,740	11,294,799
Foreign Currency Translation Adjustment	$ 654,219	$ (185,870)
Total Other Comprehensive Income (Loss)	654,219	(185,870)
COMPREHENSIVE INCOME	$ 5,601,984	$ 3,157,715

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Oct. 31, 2019	$ 10,723	$ 59,521,665	$ (2,135,408)	$ (26,769,207)	$ 30,627,773
Beginning balance, shares at Oct. 31, 2019	10,721,881
Employee stock based compensation		441,280			$ 441,280
Stock issued for options exercised, shares
Consultant stock based compensation	$ 30	169,470			$ 169,500
Consultant stock based compensation, shares	30,000
Foreign currency translation adjustment			(185,870)		(185,870)
Net Income				3,343,585	3,343,585
Ending balance, value at Oct. 31, 2020	$ 10,753	60,132,415	(2,321,278)	(23,425,622)	34,396,268
Ending balance, shares at Oct. 31, 2020	10,751,881
Employee stock based compensation		830,071			830,071
Stock issued for options exercised	$ 80	(80)
Stock issued for options exercised, shares	80,314				169,332
Consultant stock based compensation	$ 25	220,725			$ 220,750
Consultant stock based compensation, shares	25,000
Foreign currency translation adjustment			654,219		654,219
Net Income				4,947,765	4,947,765
Ending balance, value at Oct. 31, 2021	$ 10,858	$ 61,183,131	$ (1,667,059)	$ (18,477,857)	$ 41,049,073
Ending balance, shares at Oct. 31, 2021	10,857,195

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Oct. 31, 2021	Oct. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 4,947,765	$ 3,343,585
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	924,073	806,686
Stock based compensation	1,050,821	610,780
Deferred income taxes	485,126	69,782
Funding from Paycheck Protection Program recognized as income	(648,872)	(648,871)
(Increase) decrease in operating assets:
Accounts receivable	(2,193,336)	2,417,311
Inventory	(1,063,163)	(3,791,759)
Unbilled receivables	(219,084)	1,418,062
Other current assets	(383,449)	54,016
Prepaid expenses	(913,123)	(91,064)
Increase (decrease) in operating liabilities:
Accounts payable and other current liabilities	326,761	18,137
Deferred revenue	956,251	227,741
Net Cash Provided by Operating Activities	3,269,770	4,434,406
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment	(850,894)	(835,132)
Purchases of other intangible assets	(113,310)	(163,203)
Net Cash Used in Investing Activities	(964,204)	(998,335)
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of note payable	(509,549)	(486,466)
Proceeds from Paycheck Protection Program	648,872	648,871
Net Cash Provided by Financing Activities	139,323	162,405
EFFECT OF CURRENCY TRANSLATION ON CHANGES IN CASH	168,478	(185,870)
NET INCREASE IN CASH	2,613,367	3,412,606
CASH AT THE BEGINNING OF THE PERIOD	15,134,289	11,721,683
CASH AT THE END OF THE PERIOD	17,747,656	15,134,289
SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid for interest	53,605	70,202
Cash paid for taxes

ORGANIZATION AND DESCRIPTION OF

ORGANIZATION AND DESCRIPTION OF BUSINESS	12 Months Ended
	Oct. 31, 2021
Accounting Policies [Abstract]
ORGANIZATION AND DESCRIPTION OF BUSINESS	NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS Coda Octopus Group, Inc. (“Coda,” “the Company,” or “we”) operates two distinct operating business units. These are the Marine Technology Business (“Products Business”, “Products Operations” or “Products Segment”) and the Marine Engineering Business (“Services Business”, “Engineering Business” or “Engineering Operations”). The Marine Technology Business sells technology solutions to the subsea and underwater markets. These are designed, developed, manufactured and supported by the Business. Among the solutions it designs and develops, and which currently is its main revenue generating product, is its real time 3D volumetric imaging sonar which is a patented unique and leading product in the subsea/underwater market and marketed under the name Echoscope ® The consolidated financial statements include the accounts of Coda Octopus Group, Inc. and its domestic and foreign subsidiaries. All significant intercompany transactions and balances have been eliminated in the consolidated financial statements.

SUMMARY OF ACCOUNTING POLICIES

SUMMARY OF ACCOUNTING POLICIES	12 Months Ended
	Oct. 31, 2021
Accounting Policies [Abstract]
SUMMARY OF ACCOUNTING POLICIES	NOTE 2 - SUMMARY OF ACCOUNTING POLICIES a. Basis of Presentation The Company has adopted the Financial Accounting Standards Board (FASB) Codification (Codification). The Codification is the single official source of authoritative accounting principles generally accepted in the United States of America (U.S. GAAP) recognized by the FASB to be applied by nongovernmental entities, and all of the Codification’s content carries the same level of authority. b. Cash The Company considers all highly liquid investments with a maturity of three months or less at the time of purchase to be cash equivalents. At times such investments may be in excess of federal deposit insurance limits. c. Trade Accounts Receivable Trade accounts receivable are recorded net of the allowance for doubtful accounts. The Company provides for an allowance for doubtful collections that is based upon a review of outstanding receivables, historical collection information, and existing economic conditions. Balances still outstanding after the Company has used reasonable collection efforts are written off though a charge to the valuation allowance and a credit to trade accounts receivable. The allowance for doubtful accounts was $ 0 and $ 47,807 as of October 31, 2021 and 2020, respectively. CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements October 31, 2021 and 2020 NOTE 2 – SUMMARY OF ACCOUNTING POLICIES (Continued) d. Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Expenditures for minor replacements, maintenance and repairs which do not increase the useful lives of the property and equipment are charged to operations as incurred. Major additions and improvements are capitalized. Depreciation and amortization are computed using the straight-line method over their estimated useful lives which is typically three to five years for equipment and 50 years for buildings. In the year ended October 31, 2021, we have made an accounting policy change to allocation 70% We own substantially all of our facilities and believe that the effect of adopting Accounting Standards Codification 842, “Leases”, has been immaterial. e. Advertising Coda follows the policy of charging the costs of advertising to expense as incurred, which aggregated $ 5,042 and $ 4,884 for the years ended October, 31 2021 and 2020, respectively. f. Inventory Inventory is stated at the lower of cost (First In, First Out method) or net realizable value. Inventory consisted of the following components: SCHEDULE OF COMPONENTS OF INVENTORY October 31, October 31, 2021 2020 Raw materials and parts $ 7,525,419 $ 7,322,688 Work in progress 919,619 698,756 Finished goods 2,246,139 1,120,829 Total Inventory $ 10,691,177 $ 9,142,273 g. Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues including unbilled and deferred revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include estimates related to the percentage of completion method used to account for contracts including costs and earnings in excess of billings, billings in excess of costs and estimated earnings and the valuation of goodwill. h. Revenue Recognition The Company recognizes revenue under the Financial Accounting Standards Board’s Topic 606, Revenue from Contracts with Customers CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements October 31, 2021 and 2020 NOTE 2 – SUMMARY OF ACCOUNTING POLICIES (Continued) h. Revenue Recognition (Continued) Topic 606 has established a five-step process to determine the amount of revenue to record from contracts with customers. The five steps are: ● Determine if we have a contract with a customer; ● Determine the performance obligations in that contract; ● Determine the transaction price; ● Allocate the transaction price to the performance obligations; and ● Determine when to recognize revenue. Our revenues are earned under formal contracts with our customers and are derived from both sales and rental of underwater technologies and equipment for real time 3D imaging, mapping, defense and survey applications and from the engineering services which we provide primarily to prime defense contractors. Our contracts do not include the possibility for additional contingent consideration so that our determination of the contract price does not involve having to consider potential additional variable consideration. Our sales do not include a right of return by the customer. With regard to our Marine Technology Business (“Products Business”), all of our products are sold on a stand-alone basis and those market prices are evidence of the value of the products. To the extent that we also provide services (e.g., installation, training, post-sales technical support etc.), those services are either included as part of the product or are subject to written contracts based on the stand-alone value of those services. Revenue from the sale of services is recognized when those services have been provided to the customer and evidence of the provision of those services exist. Revenue derived from either our subscription package offerings or rental of our equipment is recognized when performance obligations are met, in particular, on a daily basis during the subscription or rental period. For arrangements with multiple performance obligations, we recognize product revenue by allocating the transaction revenue to each performance obligation based on the relative fair value of each deliverable and recognize revenue when performance obligations are met including when equipment is delivered, and for rental of equipment, when installation and other services are performed. Our contracts sometimes require customer payments in advance of revenue recognition and are recognized as revenue when the Company has fulfilled its obligations under the respective contracts. Until such time, we recognize this prepayment as deferred revenue. For software license sales for which any services rendered are not considered distinct to the functionality of the software, we recognize revenue upon delivery of the software. CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements October 31, 2021 and 2020 NOTE 2 – SUMMARY OF ACCOUNTING POLICIES (Continued) h. Revenue Recognition (Continued) With respect to revenues related to our Services Business, there are contracts in place that specify the fixed hourly rate and other reimbursable costs to be billed based on material and direct labor hours incurred and, revenue is recognized on these contracts based on material and the direct labor hours incurred. Revenues from fixed-price contracts are recognized on the percentage-of-completion method, measured by the percentage of costs incurred (materials and direct labor hours) to date to estimated total services (materials and direct labor hours) for each contract. This method is used as we consider expenditures for direct materials and labor hours to be the best available measure of progress on these contracts. On a quarterly basis, we examine all of our fixed-price contracts to determine if there are any losses to be recognized during the period. Any such loss is recorded in the quarter in which the loss first becomes apparent based upon costs incurred to date and the estimated costs to complete as determined by experience from similar contracts. Variations from estimated contract performance could result in adjustments to operating results. Recoverability of Deferred Costs In accordance with Topic 606, we defer costs on projects for service revenue. Deferred costs consist primarily of incremental direct costs to customize and install systems, as defined in individual customer contracts, including costs to acquire hardware and software from third parties and payroll costs for our employees and other third parties. The pricing of these service contracts is intended to provide for the recovery of these types of deferred costs over the life of the contract. We recognize such costs in accordance with our revenue recognition policy by contract. For revenue recognized under the percentage of completion method, costs are recognized as products are delivered or services are provided in accordance with the percentage of completion calculation. For revenue recognized over time, costs are recognized ratably over the term of the contract, commencing on the date of revenue recognition. At each quarterly balance sheet date, we review deferred costs, to ensure they are ultimately recoverable. Any anticipated losses on uncompleted contracts are recognized when evidence indicates the estimated total cost of a contract exceeds its estimated total revenue. Deferred Commissions Our incremental direct costs of obtaining a contract, which consists of sales commissions are deferred and amortized over the period of the contract performance. We classify deferred commissions as current or noncurrent based on the timing of when we expect to recognize the expense. The current and noncurrent portions of deferred commissions are included in prepaid expenses and other current assets, and other assets, net, respectively, in our consolidated balance sheets. As of October 31, 2021 and 2020, we had deferred commissions of $ 0 and $ 3,884 , respectively. Amortization expense related to deferred commissions was $ 3,884 and $ 125,284 in the years ended October 31, 2021 and 2020, respectively. CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements October 31, 2021 and 2020 NOTE 2 – SUMMARY OF ACCOUNTING POLICIES (Continued) h. Revenue Recognition (Continued) Other Revenue Disclosures See Note 13 – Disaggregation of Revenue for a breakdown of revenues from external customers and cost of those revenues between our Product Segment and Services Segment including information on the split of revenues by geography. i. Concentrations of Risk Credit losses, if any, have been provided for in the consolidated financial statements and are based on management’s expectations. The Company’s accounts receivables are subject to potential concentrations of credit risk, since a significant part of the Company’s sales are to a small number of companies and, even though these are generally established businesses, market fluctuations such as the price of oil may affect our customers’ ability to meet their obligations to us. Furthermore, Trade disputes may result in impairment or delays in receivables. The Company’s bank deposits are held with financial institutions both in and outside the USA. At times, such amounts may be in excess of applicable government mandated insurance limits. The Company has not experienced any losses in such accounts or lack of access to its cash, and believes it is not exposed to significant risk of loss with respect to cash. j. Contracts in Progress (Unbilled Receivables and Deferred Revenue) Costs and estimated earnings in excess of billings on uncompleted contracts represent accumulated project expenses and fees which have not been invoiced to customers as of the date of the balance sheet. These amounts are stated on the consolidated balance sheets as Unbilled Receivables of $ 1,080,384 and $ 861,300 as of October 31, 2021 and 2020, respectively. Our Deferred Revenue of $ 1,879,790 and $ 989,588 as of October 31, 2021 and 2020, respectively, consists of billings in excess of costs and revenues received as part of our warranty obligations upon completing a sale, as elaborated further in the last paragraph of this note. Revenue received as part of sales of equipment includes a provision for warranty or through life support (TLS) and is treated as deferred revenue, along with extended warranty sales or TLS, which may be purchased by customers. These amounts are amortized over the relevant warranty or TLS period (12 months is our standard warranty or 24, 36 or 60 months for TLS) from the date of sale. These amounts are stated on the consolidated balance sheets as a component of Deferred Revenue and were $ 277,937 and $ 211,888 as of October 31, 2021 and 2020, respectively. CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements October 31, 2021 and 2020 NOTE 2 - SUMMARY OF ACCOUNTING POLICIES (CONTINUED) k. Income Taxes The Company accounts for income taxes in accordance with Accounting Standards Codification 740, Income Taxes Deferred tax assets and liabilities are the amounts by which the Company’s future income taxes are expected to be impacted by these differences as they reverse. Deferred tax assets are based on differences that are expected to decrease future income taxes as they reverse. Correspondingly, deferred tax liabilities are based on differences that are expected to increase future income taxes as they reverse. Note 7 below discusses the amounts of deferred tax assets and liabilities, and also presents the impact of significant differences between financial reporting income and taxable income. For income tax purposes, the Company uses the percentage of completion method of recognizing revenues on long-term contracts which is consistent with the Company’s financial reporting under U.S. GAAP. l. Goodwill and Intangible Assets Goodwill and Intangible assets consist principally of the excess of cost over the fair value of net assets acquired (or goodwill), customer relationships, non-compete agreements and licenses. Goodwill was allocated to our reporting units based on the original purchase price allocation. Goodwill is not amortized and is evaluated for impairment annually or more often if circumstances indicate impairment may exist. Customer relationships, non-compete agreements, patents and licenses are being amortized on a straight-line basis over periods of 2 to 15 years. The Company amortizes its intangible assets using the straight-line method over their estimated period of benefit. We periodically evaluate the recoverability of goodwill and intangible assets and take into account events or circumstances that warrant revised estimates of useful lives or that indicate that impairment exists. Step 1 of the goodwill impairment test, used to identify potential impairment, compares the fair value of the reporting unit with its carrying amount, including goodwill. If the fair value, which is based on future cash flows, exceeds the carrying amount, goodwill is not considered impaired. The Company has adopted Accounting Standards Codification 2017 – 04, simplifying the Test for Goodwill Impairment, which permits the Company to impair the difference between carrying amounts in excess of the fair value of the reporting unit as the reduction in goodwill. CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements October 31, 2021 and 2020 NOTE 2 - SUMMARY OF ACCOUNTING POLICIES (Continued) l. Goodwill and Intangible Assets (Continued) At the end of each year, we evaluate goodwill on a separate reporting unit basis to assess recoverability, and impairments, if any, are recognized in earnings. An impairment loss would be recognized in an amount equal to the excess of the carrying amount of the reporting unit over the fair value of the reporting unit. There were no impairment charges recognized during the years ended October 31, 2021 and 2020. m. Fair Value of Financial Instruments The Company’s financial instruments include cash, accounts receivable, accounts payable, accrued expenses and notes payable. The carrying amounts of cash, accounts receivable, accounts payable and accrued expenses approximate fair values because of the short-term nature of these instruments. The aggregate carrying amount of the notes payable approximates fair value as they bear interest at a market interest rate based on their term and maturity. The fair value of the Company’s long-term debt approximates its carrying amount based on the fact that the Company believes it could obtain similar terms and conditions for similar debt. n. Foreign Currency Translation Assets and liabilities are translated at the prevailing exchange rates at the balance sheet dates. Related revenues and expenses are translated at weighted average exchange rates in effect during the period. Stockholders’ equity, fixed assets and long-term investments are recorded at historical exchange rates. Resulting translation adjustments are recorded as a separate component in stockholders’ equity as part of accumulated other comprehensive income or (loss) as may be appropriate. Foreign currency transaction gains and losses are included in the consolidated statements of income and comprehensive income. o. Long-Lived Assets Long-lived assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The carrying amount of a long-lived asset is not recoverable if its carrying amount exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposal of the asset. Long-lived assets to be disposed of are reported at the lower of carrying amount or fair value less cost to sell. No impairment loss was recognized during the years ended October 31, 2021 and 2020, respectively. p. Research and Development Research and development costs consist of expenditures for the development of present and future patents and technology, which are not capitalizable. Under current legislation, we are eligible for UK tax credits related to our qualified research and development expenditures. CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements October 31, 2021 and 2020 NOTE 2 - SUMMARY OF ACCOUNTING POLICIES (Continued) p. Research and Development (Continued) Tax credits are classified as a reduction of research and development expense. During the years ended October 31, 2021 and 2020, we had $ 0 and $ 0 , tax credits, respectively. q. Stock Based Compensation In accordance with the accounting rules for stock compensation, for time based awards, the Company is accruing a stock compensation expense and increase to additional paid in capital based on the market value of the common stock as of the grant date throughout the vesting period. The vesting period for the options is between 5 and 17 months and is based on the employee’s continuous service to the Company. In addition, the Company has issued Restricted Stock Awards (RSA) The vesting period is 11 months and is based on the employee’s/consultant’s continued service for the vesting period. Prior to vesting, the awards are subject to forfeiture in the whole or in part under certain circumstances. We use the Black-Scholes option pricing model to determine the fair value for equity instruments granted to employees. r. Comprehensive Income Comprehensive income is defined to include all changes in equity except those resulting from investments by owners and distributions to owners. Comprehensive income includes gains and losses on foreign currency translation adjustments and is included as a component of stockholders’ equity. s. Earnings per Share We compute basic earnings per share by dividing the income attributable to common shareholders by the weighted average number of common shares outstanding in the reporting period. Following is a reconciliation of earnings from continuing operations and weighted average common shares outstanding for purposes of calculating basic and diluted earnings per share: SCHEDULE OF EARNINGS PER SHARE BASIC AND DILUTED Year Year Ended Ended October 31, October 31, Fiscal Period 2021 2020 Numerator: Net Income $ 4,947,765 $ 3,343,585 Denominator: Basic weighted average common shares outstanding 10,804,074 10,733,799 Unused portion of options and restricted stock awards 505,666 561,000 Diluted outstanding shares 11,309,740 11,294,799 Net income per share Basic $ 0.46 $ 0.31 Diluted $ 0.44 $ 0.30 CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements October 31, 2021 and 2020 NOTE 2 - SUMMARY OF ACCOUNTING POLICIES (Continued) t. Reclassification of Prior Year Presentation Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations. An adjustment has been made to the disclosures of the composition of property and equipment. u. Recent Accounting Pronouncements There have been no new accounting pronouncements not yet effective that have significance, or potential significance, to our Consolidated Financial Statements. v. Other Income Other Income consisted of the following components: SCHEDULE OF OTHER INCOME October 31, October 31, 2021 2020 PPP Loans $ 648,872 $ 648,871 Employee Retention Credits payroll tax credits 701,568 - Other income 84,942 19,374 Total Other Income, net $ 1,435,382 $ 668,245

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	12 Months Ended
	Oct. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND OTHER INTANGIBLE ASSETS	NOTE 3 – GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill and other intangibles consisted of the following as of: SCHEDULE OF CARRYING VALUE OF IDENTIFIABLE INTANGIBLE ASSETS October 31, October 31, 2021 2020 Customer relationships (weighted average life of 10 years) $ 720,592 $ 720,592 Non-compete agreements (weighted average life of 3 years) 198,911 198,911 Patents and other (weighted average life of 10 years) 585,483 472,173 Total identifiable intangible assets - gross carrying value 1,504,986 1,391,676 Less: accumulated amortization (1,092,711 ) (1,042,332 ) Total intangible assets, net $ 412,275 $ 349,344 CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements October 31, 2021 and 2020 NOTE 3 – GOODWILL AND OTHER INTANGIBLE ASSETS (Continued) Amortization of patents, customer relationships, non-compete agreements and licenses included as a charge to income amounted to $ 50,379 and $ 44,642 for the years ended October 31, 2021 and 2020. Future estimated annual amortization expenses as of October 31, 2021 is as follows: SCHEDULE OF ESTIMATED FUTURE AMORTIZATION EXPENSES Years Ending October 31, Amount 2022 54,429 2023 52,089 2024 42,877 2025 27,533 2026 24,442 Thereafter 210,905 Totals $ 412,275 Goodwill consisted of the following as of: SCHEDULE OF GOODWILL October 31, October 31, 2021 2020 Coda Octopus Colmek, Inc. $ 2,038,669 $ 2,038,669 Coda Octopus Products Ltd 62,315 62,315 Coda Octopus Martech Ltd 1,281,124 1,281,124 Total Goodwill $ 3,382,108 $ 3,382,108 Considerable management judgment is necessary to estimate the fair value of goodwill. Based on various market factors and projections used by management, actual results could vary significantly from management’s estimates. The Company’s policy is to test its goodwill balances for impairment on an annual basis, as of October 31st, or more frequently if events or changes in circumstances indicate that the asset might be impaired. Based on these evaluations, the fair value of reporting unit exceeds its carrying value. As such no impairment was recorded by management. CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements October 31, 2021 and 2020

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	12 Months Ended
	Oct. 31, 2021
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	NOTE 4 – PROPERTY AND EQUIPMENT Property and equipment consisted of the following as of: SCHEDULE OF PROPERTY AND EQUIPMENT October 31, October 31, 2021 2020 Buildings $ 5,298,028 $ 5,103,324 Land 200,000 200,000 Office machinery and equipment 1,622,871 2,044,405 Rental assets 2,326,486 1,531,351 Furniture, fixtures and improvements 1,218,217 1,187,927 Totals 10,665,602 10,067,007 Less: accumulated depreciation (4,628,501 ) (4,007,107 ) Total Property and Equipment, net $ 6,037,101 $ 6,059,900 Depreciation expense for the years ended October 31, 2021 and 2020 was $ 873,694 and $ 758,297 respectively.

OTHER CURRENT ASSETS

OTHER CURRENT ASSETS	12 Months Ended
	Oct. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
OTHER CURRENT ASSETS	NOTE 5 - OTHER CURRENT ASSETS Other current assets consisted of the following at: SUMMARY OF OTHER CURRENT ASSETS October 31, October 31, 2021 2020 Deposits $ 63,992 $ 112,984 Tax Receivables - 131,187 Employee Retention Credit receivables 563,627 - Total Other Current Assets $ 627,619 $ 244,171 CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements October 31, 2021 and 2020

CAPITAL STOCK

CAPITAL STOCK	12 Months Ended
	Oct. 31, 2021
Equity [Abstract]
CAPITAL STOCK	NOTE 6 – CAPITAL STOCK Common Stock On June 9, 2020, the Company issued 30,000 shares of common stock to consultants for services rendered. These shares had an aggregate fair value of $ 169,500 . During the fiscal year ended October 31, 2020, the Company granted options to purchase an aggregate of 564,000 shares of common stock pursuant to the terms of the 2017 Stock Incentive Plan (“2017 Plan”) to various eligible individuals. As a result, as of October 31, 2020, there were 352,612 shares available under the Plan. During the fiscal year ended October 31, 2021, the Company issued 80,314 shares of common stock for the exercise of 169,332 Options which were issued under the Company’s 2017 Plan. On July 20, 2021, the Company issued 25,000 shares of common stock to consultants for services rendered. These shares had a fair value of $ 220,750 . During the fiscal year ended October 31, 2021, the Company granted under its 2017 Plan restricted stock awards to purchase an aggregate of 127,500 shares of common stock pursuant to the terms of the Plan to various eligible individuals. As a result, as of October 31, 2021, there were 238,612 shares available under the 2017 Plan. There were forfeitures of 8,000 and 3,000 options during the years ended October 31, 2021 and 2020, respectively. The following table presents stock option activity for the years ended October 31, 2021 and 2020. The intrinsic value of the outstanding options as of October 31, 2021 was $ 1,446,835 and $ 491,280 for October 31, 2020. SCHEDULE OF STOCK OPTION ACTIVITY Stock Options Total Weighted Average Exercise Price Exercisable Weighted Average Exercise Price Non-Vested Weighted Average Exercise Price Outstanding at October 31, 2019 - $ - - $ - - $ - Granted 564,000 4.65 - - 564,000 4.65 Vested - - - - - - Exercises - - - - - - Forfeited or cancelled (3,000 ) 4.65 - - (3,000 ) 4.65 Outstanding at October 31, 2020 561,000 4.65 - - 561,000 4.65 Granted - - - - Vested - 4.65 185,667 4.65 (185,667 ) 4.65 Exercises (169,332 ) 4.65 (169,332 ) 4.65 - 4.65 Forfeited or cancelled (8,000 ) 4.65 - - (8,000 ) 4.65 Outstanding at October 31, 2021 383,668 $ 4.65 16,335 $ 4.65 367,333 $ 4.65 Aggregate Intrinsic Value October 31, 2020 $ 491,280 $ - $ 491,280 Aggregate Intrinsic Value October 31, 2021 $ 1,446,835 $ 61,746 $ 1,385,089 The total expense recognized by the Company relating to stock options during the years ended October 31, 2021 and 2020, respectively, was $ 482,595 and $ 441,280 311,228 SCHEDULE OF RESTRICTED STOCK AWARDS Restricted Stock Awards Total Weighted Average Exercise Price Exercisable Weighted Average Exercise Price Non-Vested Weighted Average Exercise Price Outstanding at October 31, 2020 - $ - $ - - $ - Granted 127,500 8.80 - $ - 127,500 $ 8.80 Vested - 8.80 $ - - $ - Exercises - 8.80 $ - - $ - Forfeited or cancelled (5,500 ) 8.80 - - (5,500 ) $ 8.80 Outstanding at October 31, 2021 122,000 $ 8.80 - - 122,000 $ 8.80 The total expense recognized by the Company relating to restricted stock awards during the year ended October 31, 2021 was $ 347,476 726,124 All Stock Options and grants have been issued pursuant to the 2017 Plan. Total stock compensation expense from issued shares, stock options and restricted stock awards is $ 1,050,821 Preferred Stock Series A and Series C Preferred Stock The Company is authorized to issue 5,000,000 shares of preferred stock with a par value of $ 0.001 per share. We had previously designated 50,000 preferred shares as Series A preferred stock and 50,000 preferred shares as Series C preferred stock. Both series have since been eliminated and as of October 31, 2021 there were no shares Preferred Stock issued or outstanding. CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements October 31, 2021 and 2020

INCOME TAXES

INCOME TAXES	12 Months Ended
	Oct. 31, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 7 - INCOME TAXES The Company provides for income taxes and the related accounts under the asset and liability method. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates expected to be in effect during the year in which the basis differences reverse. Valuation allowances are established when management determines it is more likely than not that some portion, or all, of the deferred tax assets will not be realized. As part of the US government’s response to the Pandemic, we have received $ 701,568 The provision (benefit) for income taxes comprises: SCHEDULE OF PROVISION (BENEFIT) FOR INCOME TAXES October 31, October 31, 2021 2020 Current federal benefit $ (25,429 ) $ (12,502 ) Foreign tax expense (benefit) 42,021 (38,161 ) Total current tax expense (benefit) 16,592 (50,663 ) Deferred federal expense 288,887 305,125 Deferred foreign benefit - (196,240 ) Deferred Tax Expense 288,887 108,885 Total Income Tax Expense $ 305,479 $ 58,222 CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements October 31, 2021 and 2020 NOTE 7 - INCOME TAXES (Continued) The expense for income taxes differed from the U.S. statutory rate due to the following: SCHEDULE OF RECONCILIATION OF INCOME TAX BENEFIT October 31, October 31, 2021 2020 Statutory tax rate 21.0 % 21.0 % Change in deferred taxes (18.4 )% (17.1 )% Alternative Minimum Tax (refund) 0.0 % (1.1 )% Foreign tax (benefit) expense 3.2 % (1.1 )% Total 5.8 % 1.7 % Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities are as follows: SCHEDULE OF COMPONENTS OF DEFERRED TAX ASSETS AND LIABILITIES October 31, October 31, 2021 2020 Noncurrent deferred tax assets Temporary differences U.S. NOL carryforwards $ 15,930 $ 272,993 Stock option compensation - 92,669 Restricted Stock Awards 72,970 $ - Book/Tax Depreciation (12,124 ) - Foreign fixed assets 18,168 - Foreign deferreds - 196,240 Foreign NOL carryforwards 148,650 143,563 Total 243,594 705,465 Valuation allowance (166,818 ) (143,563 ) Total Deferred Asset $ 76,776 $ 561,902 As of October 31, 2021, we had U.S. federal net operating loss (NOL) carryforwards of $ 75,857 , which expire in 2029 . CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements October 31, 2021 and 2020

NOTE PAYABLE

NOTE PAYABLE	12 Months Ended
	Oct. 31, 2021
Debt Disclosure [Abstract]
NOTE PAYABLE	NOTE 8 - NOTE PAYABLE Note payable consisted of the following at: SCHEDULE OF NOTES PAYABLE October 31, October 31, 2021 2020 Secured note payable to HSBC NA with interest payable on the 28th day of each month at 4.56 % per annum. Our monthly repayment obligation under this loan is $ 43,777 (comprising both principal and interest repayment). The maturity of this Loan is December 28, 2021 $ 63,559 $ 573,108 Total 63,559 573,108 Less: current portion (63,559 ) (509,769 ) Total Long Term Note Payable $ - $ 63,339 The HSBC loan is secured by a blanket lien on all of the Company’s US subsidiaries. The foreign subsidiaries are each guarantors of the obligations undertaken in the loan agreement. The HSBC Loan is due to be repaid in full by December 2021. After this payment is satisfied the blanket lien and guarantees will be released against the Business and its assets. The Company entered into a $ 4,000,000 revolving line of credit facility with HSBC NA on November 27, 2019, with the interest rate established as the applicable prime rate. This revolving line of credit facility is subject to annual renewal and has been extended to November 2022. The outstanding balance on the line of credit was $ 0 as of October 31, 2021 and 2020. CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements October 31, 2021 and 2020

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	12 Months Ended
	Oct. 31, 2021
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	NOTE 9 - ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Other comprehensive income (loss) consists of foreign currency translation adjustments. Total other comprehensive income (loss) was $ 654,219 185,870 A reconciliation of the other comprehensive income (loss) in the stockholders’ equity section of the consolidated balance sheets is as follows: SCHEDULE OF OTHER COMPREHENSIVE INCOME (LOSS) October 31, October 31, 2021 2020 Balance, beginning of year $ (2,321,278 ) $ (2,135,408 ) Total other comprehensive income (loss) for the year - foreign currency translation adjustment 654,219 (185,870 ) Balance, end of period $ (1,667,059 ) $ (2,321,278 )

CONCENTRATIONS

CONCENTRATIONS	12 Months Ended
	Oct. 31, 2021
Risks and Uncertainties [Abstract]
CONCENTRATIONS	NOTE 10 – CONCENTRATIONS Significant Customers During the year ended October 31, 2021, the Company had one customer from whom it generated sales greater than 10% of net revenues. Revenue from this customer was $ 2,484,173 , or 12% of net revenues during the period. Total accounts receivable from this customer at October 31, 2021 was $ 468,149 or 11% of accounts receivable. During the year ended October 31, 2020, the Company had one customer from whom it generated sales greater than 10% of net revenues. Revenue from this customer was $ 4,273,702 , or 21% of net revenues during the year. Total accounts receivable from this customer as of October 31, 2020 was $ 214,747 or 11% of accounts receivable.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	12 Months Ended
	Oct. 31, 2021
Retirement Benefits [Abstract]
EMPLOYEE BENEFIT PLANS	NOTE 11 - EMPLOYEE BENEFIT PLANS The Company’s U.S. subsidiaries maintain a 401(k) retirement plan. The plan allows the Company to make matching contributions of 4% of employee compensation, subject to IRS contribution limits. U.S. employees who have at least six months of service with the Company are eligible. In addition, the Company’s UK subsidiaries operate statutory pension schemes which provide for the payment of certain contribution by the Company and the Employee. These schemes in the UK operate on a defined contribution money purchase basis and the contributions are charged to operations as they arise. Finally, the Company is obligated to provide pension funding according to the laws in which it operates including in both Denmark and Australia. The Company has an arrangement that fulfills this requirement. Employee benefit costs for the years ended October 31, 2021 and 2020 were $ 123,215 and $ 140,271 , respectively. CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements October 31, 2021 and 2020

SEGMENT ANALYSIS

SEGMENT ANALYSIS	12 Months Ended
	Oct. 31, 2021
Segment Reporting [Abstract]
SEGMENT ANALYSIS	NOTE 12 - SEGMENT ANALYSIS Based on the fundamental difference in the types of offering products versus services, we operate two distinct reportable segments which are managed separately. Coda Octopus Products (“Marine Technology Business” or “Products Segment”) operations are comprised primarily of sale of underwater technology sonar solutions, products for underwater operations including hardware and software, and rental of solutions and products to the underwater market. Coda Octopus Martech and Coda Octopus Colmek (“Marine Engineering Business” or “Services Segment”) provides engineering services primarily as sub-contractors to prime defense contractors. Segment operating income is total segment revenue reduced by operating expenses identifiable with the business segment. Corporate includes general corporate administrative costs (“overhead”). The Company evaluates performance and allocates resources based upon segment operating income. There are inter-segment sales which have been eliminated in our financial statements but are disclosed in the tables below for information purposes. The following table summarizes segment asset and operating balances by reportable segment as of and for the years ended October 31, 2021 and 2020, 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 October 31, 2021 and 2020 NOTE 12 -SEGMENT ANALYSIS (Continued) SCHEDULE OF SEGMENT REPORTING INFORMATION Marine Technology Business (Products) Marine Engineering Business (Services) Overhead Total Year Ended October 31, 2021 Revenues from External Customers $ 15,804,222 $ 5,527,305 $ - $ 21,331,527 Cost of Revenues 3,169,835 3,391,974 - 6,561,809 Gross Profit 12,634,387 2,135,331 - 14,769,718 Research & Development 2,509,107 473,569 - 2,982,676 Selling, General & Administrative 3,220,883 2,284,997 2,409,695 7,915,575 Total Operating Expenses 5,729,990 2,758,566 2,409,695 10,898,251 Income (Loss) from Operations 6,904,397 (623,235 ) (2,409,695 ) 3,871,467 Other Income (Expense) Other Income 354,373 1,079,374 1,635 1,435,382 Interest Expense (12,588 ) (19,668 ) (21,349 ) (53,605 ) Total Other Income (Expense) 341,785 1,059,706 (19,714 ) 1,381,777 Income (Loss) before Income Taxes 7,246,182 436,471 (2,429,409 ) 5,253,244 Income Tax (Expense) Benefit Current Tax Benefit (Expense) 35,032 (51,624 ) - (16,592 ) Deferred Tax (Expense) Benefit (418,338 ) 409,205 (279,754 ) (288,887 ) Total Income Tax (Expense) Benefit (383,306 ) 357,581 (279,754 ) (305,479 ) Net Income (Loss) $ 6,862,876 $ 794,052 $ (2,709,163 ) $ 4,947,765 Supplemental Disclosures Total Assets $ 30,631,442 $ 14,117,747 $ 716,230 $ 45,465,419 Total Liabilities $ 3,166,999 $ 849,306 $ 400,041 $ 4,416,346 Revenues from Intercompany Sales - eliminated from sales above $ 2,075,387 $ 355,608 $ 3,470,000 $ 5,900,995 Depreciation and Amortization $ 780,434 $ 114,022 $ 29,617 $ 924,073 Purchases of Long-lived Assets $ 793,995 $ 51,907 $ 118,302 $ 964,204 CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements October 31, 2021 and 2020 NOTE 12 -SEGMENT ANALYSIS (Continued) Marine Technology Business (Products) Marine Engineering Business (Services) Overhead Total Year Ended October 31, 2020 Revenues from External Customers $ 11,278,181 $ 8,765,629 $ - $ 20,043,810 Cost of Revenues 2,254,008 5,060,354 - 7,314,362 Gross Profit 9,024,173 3,705,275 - 12,729,448 Research & Development 1,955,364 1,042,243 190,782 3,188,389 Selling, General & Administrative 2,779,662 2,260,849 1,696,783 6,737,294 Total Operating Expenses 4,735,026 3,303,092 1,887,565 9,925,683 Income (Loss) from Operations 4,289,147 402,183 (1,887,565 ) 2,803,765 Other Income (Expense) Other Income 141,511 526,734 - 668,245 Interest (Expense) (10,612 ) (15,672 ) (43,919 ) (70,203 ) Total Other Income (Expense) 130,899 511,062 (43,919 ) 598,042 Income (Loss) before Income Taxes 4,420,046 913,245 (1,931,484 ) 3,401,807 Income Tax (Expense) Benefit Current Tax Benefit (Expense) 63,590 - (12,927 ) 50,663 Deferred Tax (Expense) Benefit (196,664 ) 273,666 (185,887 ) (108,885 ) Total Income Tax (Expense) Benefit (133,074 ) 273,666 (198,814 ) (58,222 ) Net Income (Loss) $ 4,286,972 $ 1,186,911 $ (2,130,298 ) $ 3,343,585 Supplemental Disclosures Total Assets $ 22,200,123 $ 14,347,827 $ 1,491,201 $ 38,039,151 Total Liabilities $ 1,572,314 $ 1,321,011 $ 749,558 $ 3,642,883 Revenues from Intercompany Sales - eliminated from sales above $ 997,150 $ 354,373 $ 2,700,000 $ 4,051,523 Depreciation and Amortization $ 678,449 $ 105,775 $ 22,462 $ 806,686 Purchases of Long-lived Assets $ 811,352 $ 19,660 $ 167,323 $ 998,335 CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements October 31, 2021 and 2020

DISAGGREGATION OF REVENUE

DISAGGREGATION OF REVENUE	12 Months Ended
	Oct. 31, 2021
Revenue from Contract with Customer [Abstract]
DISAGGREGATION OF REVENUE	NOTE 13 – DISAGGREGATION OF REVENUE SCHEDULE OF DISAGGREGATE OF REVENUE FROM CONTRACTS FOR SALE WITH CUSTOMERS BY GEOGRAPHIC LOCATION For the Year Ended October 31, 2021 Marine Marine Technology Engineering Grand Business Business Total Disaggregation of Total Net Sales Revenues Primary Geographical Markets Americas $ 3,434,552 $ 2,188,812 5,623,364 Europe 5,623,227 3,338,493 8,961,720 Australia/Asia 5,867,710 - 5,867,710 Middle East/Africa 878,733 - 878,733 Total Revenues 15,804,222 5,527,305 21,331,527 Major Goods/Service Lines Equipment Sales $ 10,914,124 $ 1,421,614 12,335,738 Equipment Rentals 2,324,773 - 2,324,773 Software Sales 669,968 - 669,968 Engineering Parts - 3,239,866 3,239,866 Services 1,895,357 865,825 2,761,182 Total Revenues 15,804,222 5,527,305 21,331,527 Goods transferred at a point in time $ 11,588,099 $ 1,421,614 13,009,713 Services transferred over time 4,216,123 4,105,691 8,321,814 Total Revenues 15,804,222 5,527,305 21,331,527 CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements October 31, 2021 and 2020 NOTE 13 - DISAGGREGATION OF REVENUE (Continued) For the Year Ended October 31, 2020 Marine Marine Technology Engineering Grand Business Business Total Disaggregation of Total Net Sales Revenues Primary Geographical Markets Americas $ 3,001,860 $ 5,776,674 $ 8,778,534 Europe 1,880,458 2,988,955 4,869,413 Australia/Asia 6,255,510 - 6,255,510 Middle East/Africa 140,353 - 140,353 Total Revenues $ 11,278,181 $ 8,765,629 $ 20,043,810 Major Goods/Service Lines Equipment Sales $ 7,183,580 $ 230,060 $ 7,413,640 Equipment Rentals 1,361,151 - 1,361,151 Software Sales 453,638 - 453,638 Engineering Parts - 7,299,879 7,299,879 Services 2,279,812 1,235,690 3,515,502 Total Revenues $ 11,278,181 $ 8,765,629 $ 20,043,810 Goods transferred at a point in time $ 7,484,414 $ 160,537 $ 7,644,951 Services transferred over time 3,793,767 8,605,092 12,398,859 Total Revenues $ 11,278,181 $ 8,765,629 $ 20,043,810

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Oct. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 14 – COMMITMENTS AND CONTINGENCIES Employment Agreements Annmarie Gayle Pursuant to the terms of an employment agreement dated March 16, 2017, the Company employs Ms. Gayle as its Chief Executive Officer on a full-time basis and a member of its Board of Directors. With effect from July 1, 2019, Ms. Gayle’s annual salary was increased from $ 230,000 to $ 305,000 payable on a monthly basis. Ms. Gayle is also entitled to an annual performance bonus of up to $ 100,000 , upon achieving certain targets that are to be defined on an annual basis. The agreement provides for 30 days of paid holidays in addition to public holidays observed in Scotland. The agreement has no definitive term and may be terminated only upon twelve months’ prior written notice by Ms. Gayle. In the event that the Company terminates her at any time without cause, she is entitled to a payment equal to her annual salary as well as a separation bonus of $ 150,000 . The Company may terminate the agreement for cause, immediately and without notice. Among others, “for cause” includes gross misconduct, a serious or repeated breach of the agreement and negligence and incompetence as reasonably determined by the Company’s Board. The agreement includes a 12-month non-compete and non-solicitation provision. CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements October 31, 2021 and 2020 NOTE 14 – COMMITMENTS AND CONTINGENCIES (Continued) Employment Agreements (Continued) Blair Cunningham Under the terms of an employment contract dated January 1, 2013, our wholly owned subsidiary Coda Octopus Products, Inc. employs Blair Cunningham as its Chief Executive Officer and President of Technology. He is being paid an annual base salary of $ 200,000 with effect from January 1, 2020, subject to review by the Company’s Chief Executive Officer. Mr. Cunningham is entitled to 25 vacation days in addition to any public holiday. The agreement may be terminated only upon twelve-month prior written notice without cause. The Company may terminate the agreement for cause, immediately and without notice. Among others, “for cause” includes gross misconduct, a serious or repeated breach of the agreement and negligence and incompetence as reasonably determined by the Company’s Board. The agreement includes an 18-month non-compete and non-solicitation provision. Kevin Kane Pursuant to the terms of an Employment Agreement dated May 7, 2021, as amended and modified, Kevin Kane was appointed the Chief Executive Officer of Colmek commencing July 6, 2021. The Employment Agreement provides for an annual base salary of $ 200,000 . He will also be eligible for an annual performance bonus based on the Company’s financial performance. Subject to certain performance milestone during the current fiscal year, Mr. Kane will be paid a performance bonus of $ 12,000 . As a further inducement, he was granted 15,000 restricted stock units out of the Company’s 2017 Stock Incentive Plan that vest in three equal annual instalments commencing on the first anniversary of grant. The agreement may be terminated by the Company at any time. In the event that the Company terminates the employment agreement for whatever reason, the following severance payments apply: Year 1 of employment 2 Weeks Year 2 of employment 1 Month Year 3 of employment 4 Months The agreement includes a 12-month non-compete and non-solicitation provision. CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements October 31, 2021 and 2020 NOTE 14 – COMMITMENTS AND CONTINGENCIES (Continued) Michael Midgley Pursuant to the terms of an employment agreement dated June 1, 2011, Mike Midgley was appointed the Chief Executive Officer of our wholly owned subsidiary Coda Octopus Colmek, Inc. and our Chief Financial Officer. He is being paid an annual salary of $ 210,000 subject to an annual review by Colmek’s Board of Directors and the Company’s Chief Executive Officer. Mr. Midgley is entitled to 20 vacation days in addition to any public holiday. The agreement may be terminated at any time upon 4-month prior written notice. The Company may terminate the agreement for cause, immediately and without notice. Among others, “for cause” includes gross misconduct, a serious or repeated breach of the agreement and negligence and incompetence as reasonably determined by the Company’s Board. The agreement includes a 12-month non-compete and non-solicitation provision. On December 6, 2017, the board of directors of the Company appointed Mr. Midgley to be the Company’s Chief Financial Officer. In connection with this appointment, all rights and obligations under Mr. Midgley’s employment agreement with Colmek were transferred to and have been assumed by Coda Octopus Group, Inc. Amendment to Michael Midgley’s Employment Agreement The Company and Mr. Midgely entered into an agreement for the Amendment of his Employment Agreement on February 15, 2021. The following amendments were made: Role Now Chief Financial Officer of the Company. Removing the position of Divisional CEO of Coda Octopus Colmek. Reduction in hours Working hours reduced to approximately 60 % and his compensation reduced proportionally to $ 126,000 . Paid Time Off Reduced proportionately and is now 12 days Benefits Reduced proportionately The agreement may be terminated at any time upon 4 months prior written notice. The Company may terminate the agreement for cause, immediately and without notice. Among others, “for cause” includes gross misconduct, a serious or repeated breach of the agreement and negligence and incompetence as reasonably determined by the Company’s Board. The agreement includes a 12-month non-compete and non-solicitation provision. Litigation From time to time we may be a party to or be involved with legal proceedings, governmental investigations or inquires, claims or litigation that are related to our business. We are not presently party to any legal proceedings the resolution of which we believe would have a material adverse effect on our business or its financial condition.

PAYROLL PROTECTION PROGRAM

PAYROLL PROTECTION PROGRAM	12 Months Ended
	Oct. 31, 2021
Payroll Protection Program
PAYROLL PROTECTION PROGRAM	NOTE 15 – PAYROLL PROTECTION PROGRAM In the year ended October 31, 2021, two of our US companies, received $ 648,872 under the second round of the US Government Payroll Protection Program (“Second Round PPP”) for payroll assistance during the Pandemic. The proceeds from the Second Round PPP have been used to pay US employees’ salaries during this period. In the year ended October 31, 2021 the Company utilized all of the $648,872 of the Second Round PPP to retain employees. These loans were forgiven on June 14 and 22, 2021. This amount is recorded in our accounts as “Other Income”. In the 2020 FY our US companies received $ 648,872 under the US Government Payroll Protection Program (“First Round PPP”). The proceeds from the First Round PPP were used to retain employees. The companies received their First Round PPP loans in April and May of 2020. The amount received under the First Round PPP has now been forgiven under the Program. This amount is recorded in our financial statements of 2020FY as “Other Income.”

COVID-19

COVID-19	12 Months Ended
	Oct. 31, 2021
Covid-19
COVID-19	NOTE 16 – COVID-19 The Company faces various risks related to the global outbreak of coronavirus disease 2019 (“COVID-19”). The Engineering Services Business is dependent on its workforce to deliver its products and services primarily to the U.S. and U.K. Governments. If significant portions of the Engineering Services Business’s workforce are unable to work effectively, or if the U.S. or UK. Government and/or other customers’ operations are curtailed due to illness, quarantines, government actions, facility closures, or other restrictions in connection with the COVID-19 Pandemic, the Engineering Services Business’s operations is likely be severely impacted. The Engineering Services Business may be unable to perform fully on its contracts and costs may increase as a result of the COVID-19 outbreak. These cost increases may not be fully recoverable either from our customers or under existing insurance policies. At this time, the Company’s management cannot predict with any precision the full extent of the impact which COVID-19 Pandemic will have on the Company, but management continues to mitigate where it can and monitor the situation, to assess further possible implications to operations, the supply chain, and customers, and to take actions in an effort to mitigate adverse consequences. Additionally, the Company is subject to flow downs from prime defense contractors under Defense Federal Acquisition Regulation Supplement (“DFARS”). Recent flow-down entailed Executive Order 14042 which mandates the vaccination of all staff. We may not be able to enforce mandatory vaccination resulting in losing key staff members, thus impacting on our ability to provide contractual engineering services. Further, the Pandemic may continue to affect the Company’s results of operation, financial position, and liquidity. The Marine Technology Business is dependent on its workforce and/or distributors/resellers to sell and deliver its products and services. Developments such as social distancing, shelter -in- place directives and travel restrictions introduced by governments have impacted the Marine Products Business’s ability to deploy its workforce effectively. These same developments may affect the operations of the Company’s suppliers, Customers and distributors/resellers, as their own workforces and operations are disrupted by efforts to curtail the spread of this virus. The Company, being a manufacturing company, in large part is unable to work remotely. The Company’s activities are performed in certain international locations that are also impacted by the COVID-19 outbreak. Furthermore, it is critical for the Marine Technology Business to have in-person engagement with customers for the demonstration of its products from a vessel at sea. The restriction on global travel has resulted in significantly less customer engagement which affects the demand for its goods and services. These disruptions have negatively impacted the Marine Technology Business’s sales, its ongoing development projects, ability to build meaningful pipeline of opportunities and its results of operations in the 2021 FY. A new variant of the coronavirus, Omicron, is emerging and governments are considering various forms of restriction including both on domestic and international travel. If there are further curtailments on our business including restriction on travel and potentially work from home policy (we are a manufacturing business), this will severely impact on our business and is likely to reduce significantly demand for our goods and services.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Oct. 31, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 17 – SUBSEQUENT EVENTS The Company has evaluated subsequent events occurring through the date that the financial statements were issued, for events requiring, recording or disclosure in the October 31, 2021 consolidated financial statements. On or around December 1, 2021 COPAS purchased property in Denmark for Danish Kroner 5,200,000 which is equivalent to US$ 808,116 at the Balance Sheet Date . This property was purchased to support the business activities of COPAS which was established as a mitigation strategy for the impact of the UK withdrawing as a member of the European Union. COPAS is pivotal for our business if we are to continue to do business in the EU member state countries. The property will be used by staff who are seconded to COPAS to provide operational capacity to the COPAS operations. In November 2021 we established a subsidiary in India Coda Octopus Products (India) Private Limited to address some of the skills shortage we are experiencing in key areas and also to serve as a regional center for support and business development activities for South Asia. In December 2021 the Company paid off all Principal and Interest due on the HSBC Debentures. All Collateral and Liens over the Company’s assets are, pursuant to the terms of the Debenture, expected to be removed in due course.

SUMMARY OF ACCOUNTING POLICIES

SUMMARY OF ACCOUNTING POLICIES (Policies)	12 Months Ended
	Oct. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	a. Basis of Presentation The Company has adopted the Financial Accounting Standards Board (FASB) Codification (Codification). The Codification is the single official source of authoritative accounting principles generally accepted in the United States of America (U.S. GAAP) recognized by the FASB to be applied by nongovernmental entities, and all of the Codification’s content carries the same level of authority.
Cash	b. Cash The Company considers all highly liquid investments with a maturity of three months or less at the time of purchase to be cash equivalents. At times such investments may be in excess of federal deposit insurance limits.
Trade Accounts Receivable	c. Trade Accounts Receivable Trade accounts receivable are recorded net of the allowance for doubtful accounts. The Company provides for an allowance for doubtful collections that is based upon a review of outstanding receivables, historical collection information, and existing economic conditions. Balances still outstanding after the Company has used reasonable collection efforts are written off though a charge to the valuation allowance and a credit to trade accounts receivable. The allowance for doubtful accounts was $ 0 and $ 47,807 as of October 31, 2021 and 2020, respectively. CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements October 31, 2021 and 2020 NOTE 2 – SUMMARY OF ACCOUNTING POLICIES (Continued)
Property and Equipment	d. Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Expenditures for minor replacements, maintenance and repairs which do not increase the useful lives of the property and equipment are charged to operations as incurred. Major additions and improvements are capitalized. Depreciation and amortization are computed using the straight-line method over their estimated useful lives which is typically three to five years for equipment and 50 years for buildings. In the year ended October 31, 2021, we have made an accounting policy change to allocation 70% We own substantially all of our facilities and believe that the effect of adopting Accounting Standards Codification 842, “Leases”, has been immaterial.
Advertising	e. Advertising Coda follows the policy of charging the costs of advertising to expense as incurred, which aggregated $ 5,042 and $ 4,884 for the years ended October, 31 2021 and 2020, respectively.
Inventory	f. Inventory Inventory is stated at the lower of cost (First In, First Out method) or net realizable value. Inventory consisted of the following components: SCHEDULE OF COMPONENTS OF INVENTORY October 31, October 31, 2021 2020 Raw materials and parts $ 7,525,419 $ 7,322,688 Work in progress 919,619 698,756 Finished goods 2,246,139 1,120,829 Total Inventory $ 10,691,177 $ 9,142,273
Estimates	g. Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues including unbilled and deferred revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include estimates related to the percentage of completion method used to account for contracts including costs and earnings in excess of billings, billings in excess of costs and estimated earnings and the valuation of goodwill.
Revenue Recognition	h. Revenue Recognition The Company recognizes revenue under the Financial Accounting Standards Board’s Topic 606, Revenue from Contracts with Customers CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements October 31, 2021 and 2020 NOTE 2 – SUMMARY OF ACCOUNTING POLICIES (Continued) h. Revenue Recognition (Continued) Topic 606 has established a five-step process to determine the amount of revenue to record from contracts with customers. The five steps are: ● Determine if we have a contract with a customer; ● Determine the performance obligations in that contract; ● Determine the transaction price; ● Allocate the transaction price to the performance obligations; and ● Determine when to recognize revenue. Our revenues are earned under formal contracts with our customers and are derived from both sales and rental of underwater technologies and equipment for real time 3D imaging, mapping, defense and survey applications and from the engineering services which we provide primarily to prime defense contractors. Our contracts do not include the possibility for additional contingent consideration so that our determination of the contract price does not involve having to consider potential additional variable consideration. Our sales do not include a right of return by the customer. With regard to our Marine Technology Business (“Products Business”), all of our products are sold on a stand-alone basis and those market prices are evidence of the value of the products. To the extent that we also provide services (e.g., installation, training, post-sales technical support etc.), those services are either included as part of the product or are subject to written contracts based on the stand-alone value of those services. Revenue from the sale of services is recognized when those services have been provided to the customer and evidence of the provision of those services exist. Revenue derived from either our subscription package offerings or rental of our equipment is recognized when performance obligations are met, in particular, on a daily basis during the subscription or rental period. For arrangements with multiple performance obligations, we recognize product revenue by allocating the transaction revenue to each performance obligation based on the relative fair value of each deliverable and recognize revenue when performance obligations are met including when equipment is delivered, and for rental of equipment, when installation and other services are performed. Our contracts sometimes require customer payments in advance of revenue recognition and are recognized as revenue when the Company has fulfilled its obligations under the respective contracts. Until such time, we recognize this prepayment as deferred revenue. For software license sales for which any services rendered are not considered distinct to the functionality of the software, we recognize revenue upon delivery of the software. CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements October 31, 2021 and 2020 NOTE 2 – SUMMARY OF ACCOUNTING POLICIES (Continued) h. Revenue Recognition (Continued) With respect to revenues related to our Services Business, there are contracts in place that specify the fixed hourly rate and other reimbursable costs to be billed based on material and direct labor hours incurred and, revenue is recognized on these contracts based on material and the direct labor hours incurred. Revenues from fixed-price contracts are recognized on the percentage-of-completion method, measured by the percentage of costs incurred (materials and direct labor hours) to date to estimated total services (materials and direct labor hours) for each contract. This method is used as we consider expenditures for direct materials and labor hours to be the best available measure of progress on these contracts. On a quarterly basis, we examine all of our fixed-price contracts to determine if there are any losses to be recognized during the period. Any such loss is recorded in the quarter in which the loss first becomes apparent based upon costs incurred to date and the estimated costs to complete as determined by experience from similar contracts. Variations from estimated contract performance could result in adjustments to operating results. Recoverability of Deferred Costs In accordance with Topic 606, we defer costs on projects for service revenue. Deferred costs consist primarily of incremental direct costs to customize and install systems, as defined in individual customer contracts, including costs to acquire hardware and software from third parties and payroll costs for our employees and other third parties. The pricing of these service contracts is intended to provide for the recovery of these types of deferred costs over the life of the contract. We recognize such costs in accordance with our revenue recognition policy by contract. For revenue recognized under the percentage of completion method, costs are recognized as products are delivered or services are provided in accordance with the percentage of completion calculation. For revenue recognized over time, costs are recognized ratably over the term of the contract, commencing on the date of revenue recognition. At each quarterly balance sheet date, we review deferred costs, to ensure they are ultimately recoverable. Any anticipated losses on uncompleted contracts are recognized when evidence indicates the estimated total cost of a contract exceeds its estimated total revenue. Deferred Commissions Our incremental direct costs of obtaining a contract, which consists of sales commissions are deferred and amortized over the period of the contract performance. We classify deferred commissions as current or noncurrent based on the timing of when we expect to recognize the expense. The current and noncurrent portions of deferred commissions are included in prepaid expenses and other current assets, and other assets, net, respectively, in our consolidated balance sheets. As of October 31, 2021 and 2020, we had deferred commissions of $ 0 and $ 3,884 , respectively. Amortization expense related to deferred commissions was $ 3,884 and $ 125,284 in the years ended October 31, 2021 and 2020, respectively. CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements October 31, 2021 and 2020 NOTE 2 – SUMMARY OF ACCOUNTING POLICIES (Continued) h. Revenue Recognition (Continued) Other Revenue Disclosures See Note 13 – Disaggregation of Revenue for a breakdown of revenues from external customers and cost of those revenues between our Product Segment and Services Segment including information on the split of revenues by geography.
Concentrations of Risk	i. Concentrations of Risk Credit losses, if any, have been provided for in the consolidated financial statements and are based on management’s expectations. The Company’s accounts receivables are subject to potential concentrations of credit risk, since a significant part of the Company’s sales are to a small number of companies and, even though these are generally established businesses, market fluctuations such as the price of oil may affect our customers’ ability to meet their obligations to us. Furthermore, Trade disputes may result in impairment or delays in receivables. The Company’s bank deposits are held with financial institutions both in and outside the USA. At times, such amounts may be in excess of applicable government mandated insurance limits. The Company has not experienced any losses in such accounts or lack of access to its cash, and believes it is not exposed to significant risk of loss with respect to cash.
Contracts in Progress (Unbilled Receivables and Deferred Revenue)	j. Contracts in Progress (Unbilled Receivables and Deferred Revenue) Costs and estimated earnings in excess of billings on uncompleted contracts represent accumulated project expenses and fees which have not been invoiced to customers as of the date of the balance sheet. These amounts are stated on the consolidated balance sheets as Unbilled Receivables of $ 1,080,384 and $ 861,300 as of October 31, 2021 and 2020, respectively. Our Deferred Revenue of $ 1,879,790 and $ 989,588 as of October 31, 2021 and 2020, respectively, consists of billings in excess of costs and revenues received as part of our warranty obligations upon completing a sale, as elaborated further in the last paragraph of this note. Revenue received as part of sales of equipment includes a provision for warranty or through life support (TLS) and is treated as deferred revenue, along with extended warranty sales or TLS, which may be purchased by customers. These amounts are amortized over the relevant warranty or TLS period (12 months is our standard warranty or 24, 36 or 60 months for TLS) from the date of sale. These amounts are stated on the consolidated balance sheets as a component of Deferred Revenue and were $ 277,937 and $ 211,888 as of October 31, 2021 and 2020, respectively. CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements October 31, 2021 and 2020 NOTE 2 - SUMMARY OF ACCOUNTING POLICIES (CONTINUED)
Income Taxes	k. Income Taxes The Company accounts for income taxes in accordance with Accounting Standards Codification 740, Income Taxes Deferred tax assets and liabilities are the amounts by which the Company’s future income taxes are expected to be impacted by these differences as they reverse. Deferred tax assets are based on differences that are expected to decrease future income taxes as they reverse. Correspondingly, deferred tax liabilities are based on differences that are expected to increase future income taxes as they reverse. Note 7 below discusses the amounts of deferred tax assets and liabilities, and also presents the impact of significant differences between financial reporting income and taxable income. For income tax purposes, the Company uses the percentage of completion method of recognizing revenues on long-term contracts which is consistent with the Company’s financial reporting under U.S. GAAP.
Goodwill and Intangible Assets	l. Goodwill and Intangible Assets Goodwill and Intangible assets consist principally of the excess of cost over the fair value of net assets acquired (or goodwill), customer relationships, non-compete agreements and licenses. Goodwill was allocated to our reporting units based on the original purchase price allocation. Goodwill is not amortized and is evaluated for impairment annually or more often if circumstances indicate impairment may exist. Customer relationships, non-compete agreements, patents and licenses are being amortized on a straight-line basis over periods of 2 to 15 years. The Company amortizes its intangible assets using the straight-line method over their estimated period of benefit. We periodically evaluate the recoverability of goodwill and intangible assets and take into account events or circumstances that warrant revised estimates of useful lives or that indicate that impairment exists. Step 1 of the goodwill impairment test, used to identify potential impairment, compares the fair value of the reporting unit with its carrying amount, including goodwill. If the fair value, which is based on future cash flows, exceeds the carrying amount, goodwill is not considered impaired. The Company has adopted Accounting Standards Codification 2017 – 04, simplifying the Test for Goodwill Impairment, which permits the Company to impair the difference between carrying amounts in excess of the fair value of the reporting unit as the reduction in goodwill. CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements October 31, 2021 and 2020 NOTE 2 - SUMMARY OF ACCOUNTING POLICIES (Continued) l. Goodwill and Intangible Assets (Continued) At the end of each year, we evaluate goodwill on a separate reporting unit basis to assess recoverability, and impairments, if any, are recognized in earnings. An impairment loss would be recognized in an amount equal to the excess of the carrying amount of the reporting unit over the fair value of the reporting unit. There were no impairment charges recognized during the years ended October 31, 2021 and 2020.
Fair Value of Financial Instruments	m. Fair Value of Financial Instruments The Company’s financial instruments include cash, accounts receivable, accounts payable, accrued expenses and notes payable. The carrying amounts of cash, accounts receivable, accounts payable and accrued expenses approximate fair values because of the short-term nature of these instruments. The aggregate carrying amount of the notes payable approximates fair value as they bear interest at a market interest rate based on their term and maturity. The fair value of the Company’s long-term debt approximates its carrying amount based on the fact that the Company believes it could obtain similar terms and conditions for similar debt.
Foreign Currency Translation	n. Foreign Currency Translation Assets and liabilities are translated at the prevailing exchange rates at the balance sheet dates. Related revenues and expenses are translated at weighted average exchange rates in effect during the period. Stockholders’ equity, fixed assets and long-term investments are recorded at historical exchange rates. Resulting translation adjustments are recorded as a separate component in stockholders’ equity as part of accumulated other comprehensive income or (loss) as may be appropriate. Foreign currency transaction gains and losses are included in the consolidated statements of income and comprehensive income.
Long-Lived Assets	o. Long-Lived Assets Long-lived assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The carrying amount of a long-lived asset is not recoverable if its carrying amount exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposal of the asset. Long-lived assets to be disposed of are reported at the lower of carrying amount or fair value less cost to sell. No impairment loss was recognized during the years ended October 31, 2021 and 2020, respectively.
Research and Development	p. Research and Development Research and development costs consist of expenditures for the development of present and future patents and technology, which are not capitalizable. Under current legislation, we are eligible for UK tax credits related to our qualified research and development expenditures. CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements October 31, 2021 and 2020 NOTE 2 - SUMMARY OF ACCOUNTING POLICIES (Continued) p. Research and Development (Continued) Tax credits are classified as a reduction of research and development expense. During the years ended October 31, 2021 and 2020, we had $ 0 and $ 0 , tax credits, respectively.
Stock Based Compensation	q. Stock Based Compensation In accordance with the accounting rules for stock compensation, for time based awards, the Company is accruing a stock compensation expense and increase to additional paid in capital based on the market value of the common stock as of the grant date throughout the vesting period. The vesting period for the options is between 5 and 17 months and is based on the employee’s continuous service to the Company. In addition, the Company has issued Restricted Stock Awards (RSA) The vesting period is 11 months and is based on the employee’s/consultant’s continued service for the vesting period. Prior to vesting, the awards are subject to forfeiture in the whole or in part under certain circumstances. We use the Black-Scholes option pricing model to determine the fair value for equity instruments granted to employees.
Comprehensive Income	r. Comprehensive Income Comprehensive income is defined to include all changes in equity except those resulting from investments by owners and distributions to owners. Comprehensive income includes gains and losses on foreign currency translation adjustments and is included as a component of stockholders’ equity.
Earnings per Share	s. Earnings per Share We compute basic earnings per share by dividing the income attributable to common shareholders by the weighted average number of common shares outstanding in the reporting period. Following is a reconciliation of earnings from continuing operations and weighted average common shares outstanding for purposes of calculating basic and diluted earnings per share: SCHEDULE OF EARNINGS PER SHARE BASIC AND DILUTED Year Year Ended Ended October 31, October 31, Fiscal Period 2021 2020 Numerator: Net Income $ 4,947,765 $ 3,343,585 Denominator: Basic weighted average common shares outstanding 10,804,074 10,733,799 Unused portion of options and restricted stock awards 505,666 561,000 Diluted outstanding shares 11,309,740 11,294,799 Net income per share Basic $ 0.46 $ 0.31 Diluted $ 0.44 $ 0.30 CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements October 31, 2021 and 2020 NOTE 2 - SUMMARY OF ACCOUNTING POLICIES (Continued)
Reclassification of Prior Year Presentation	t. Reclassification of Prior Year Presentation Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations. An adjustment has been made to the disclosures of the composition of property and equipment.
Recent Accounting Pronouncements	u. Recent Accounting Pronouncements There have been no new accounting pronouncements not yet effective that have significance, or potential significance, to our Consolidated Financial Statements.
Other Income	v. Other Income Other Income consisted of the following components: SCHEDULE OF OTHER INCOME October 31, October 31, 2021 2020 PPP Loans $ 648,872 $ 648,871 Employee Retention Credits payroll tax credits 701,568 - Other income 84,942 19,374 Total Other Income, net $ 1,435,382 $ 668,245

SUMMARY OF ACCOUNTING POLICIE_2

SUMMARY OF ACCOUNTING POLICIES (Tables)	12 Months Ended
	Oct. 31, 2021
Accounting Policies [Abstract]
SCHEDULE OF COMPONENTS OF INVENTORY	Inventory is stated at the lower of cost (First In, First Out method) or net realizable value. Inventory consisted of the following components: SCHEDULE OF COMPONENTS OF INVENTORY October 31, October 31, 2021 2020 Raw materials and parts $ 7,525,419 $ 7,322,688 Work in progress 919,619 698,756 Finished goods 2,246,139 1,120,829 Total Inventory $ 10,691,177 $ 9,142,273
SCHEDULE OF EARNINGS PER SHARE BASIC AND DILUTED	Following is a reconciliation of earnings from continuing operations and weighted average common shares outstanding for purposes of calculating basic and diluted earnings per share: SCHEDULE OF EARNINGS PER SHARE BASIC AND DILUTED Year Year Ended Ended October 31, October 31, Fiscal Period 2021 2020 Numerator: Net Income $ 4,947,765 $ 3,343,585 Denominator: Basic weighted average common shares outstanding 10,804,074 10,733,799 Unused portion of options and restricted stock awards 505,666 561,000 Diluted outstanding shares 11,309,740 11,294,799 Net income per share Basic $ 0.46 $ 0.31 Diluted $ 0.44 $ 0.30
SCHEDULE OF OTHER INCOME	Other Income consisted of the following components: SCHEDULE OF OTHER INCOME October 31, October 31, 2021 2020 PPP Loans $ 648,872 $ 648,871 Employee Retention Credits payroll tax credits 701,568 - Other income 84,942 19,374 Total Other Income, net $ 1,435,382 $ 668,245

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	12 Months Ended
	Oct. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
SCHEDULE OF CARRYING VALUE OF IDENTIFIABLE INTANGIBLE ASSETS	SCHEDULE OF CARRYING VALUE OF IDENTIFIABLE INTANGIBLE ASSETS October 31, October 31, 2021 2020 Customer relationships (weighted average life of 10 years) $ 720,592 $ 720,592 Non-compete agreements (weighted average life of 3 years) 198,911 198,911 Patents and other (weighted average life of 10 years) 585,483 472,173 Total identifiable intangible assets - gross carrying value 1,504,986 1,391,676 Less: accumulated amortization (1,092,711 ) (1,042,332 ) Total intangible assets, net $ 412,275 $ 349,344
SCHEDULE OF ESTIMATED FUTURE AMORTIZATION EXPENSES	Future estimated annual amortization expenses as of October 31, 2021 is as follows: SCHEDULE OF ESTIMATED FUTURE AMORTIZATION EXPENSES Years Ending October 31, Amount 2022 54,429 2023 52,089 2024 42,877 2025 27,533 2026 24,442 Thereafter 210,905 Totals $ 412,275
SCHEDULE OF GOODWILL	Goodwill consisted of the following as of: SCHEDULE OF GOODWILL October 31, October 31, 2021 2020 Coda Octopus Colmek, Inc. $ 2,038,669 $ 2,038,669 Coda Octopus Products Ltd 62,315 62,315 Coda Octopus Martech Ltd 1,281,124 1,281,124 Total Goodwill $ 3,382,108 $ 3,382,108

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	12 Months Ended
	Oct. 31, 2021
Property, Plant and Equipment [Abstract]
SCHEDULE OF PROPERTY AND EQUIPMENT	Property and equipment consisted of the following as of: SCHEDULE OF PROPERTY AND EQUIPMENT October 31, October 31, 2021 2020 Buildings $ 5,298,028 $ 5,103,324 Land 200,000 200,000 Office machinery and equipment 1,622,871 2,044,405 Rental assets 2,326,486 1,531,351 Furniture, fixtures and improvements 1,218,217 1,187,927 Totals 10,665,602 10,067,007 Less: accumulated depreciation (4,628,501 ) (4,007,107 ) Total Property and Equipment, net $ 6,037,101 $ 6,059,900

OTHER CURRENT ASSETS (Tables)

OTHER CURRENT ASSETS (Tables)	12 Months Ended
	Oct. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
SUMMARY OF OTHER CURRENT ASSETS	Other current assets consisted of the following at: SUMMARY OF OTHER CURRENT ASSETS October 31, October 31, 2021 2020 Deposits $ 63,992 $ 112,984 Tax Receivables - 131,187 Employee Retention Credit receivables 563,627 - Total Other Current Assets $ 627,619 $ 244,171

CAPITAL STOCK (Tables)

CAPITAL STOCK (Tables)	12 Months Ended
	Oct. 31, 2021
Equity [Abstract]
SCHEDULE OF STOCK OPTION ACTIVITY	SCHEDULE OF STOCK OPTION ACTIVITY Stock Options Total Weighted Average Exercise Price Exercisable Weighted Average Exercise Price Non-Vested Weighted Average Exercise Price Outstanding at October 31, 2019 - $ - - $ - - $ - Granted 564,000 4.65 - - 564,000 4.65 Vested - - - - - - Exercises - - - - - - Forfeited or cancelled (3,000 ) 4.65 - - (3,000 ) 4.65 Outstanding at October 31, 2020 561,000 4.65 - - 561,000 4.65 Granted - - - - Vested - 4.65 185,667 4.65 (185,667 ) 4.65 Exercises (169,332 ) 4.65 (169,332 ) 4.65 - 4.65 Forfeited or cancelled (8,000 ) 4.65 - - (8,000 ) 4.65 Outstanding at October 31, 2021 383,668 $ 4.65 16,335 $ 4.65 367,333 $ 4.65 Aggregate Intrinsic Value October 31, 2020 $ 491,280 $ - $ 491,280 Aggregate Intrinsic Value October 31, 2021 $ 1,446,835 $ 61,746 $ 1,385,089
SCHEDULE OF RESTRICTED STOCK AWARDS	SCHEDULE OF RESTRICTED STOCK AWARDS Restricted Stock Awards Total Weighted Average Exercise Price Exercisable Weighted Average Exercise Price Non-Vested Weighted Average Exercise Price Outstanding at October 31, 2020 - $ - $ - - $ - Granted 127,500 8.80 - $ - 127,500 $ 8.80 Vested - 8.80 $ - - $ - Exercises - 8.80 $ - - $ - Forfeited or cancelled (5,500 ) 8.80 - - (5,500 ) $ 8.80 Outstanding at October 31, 2021 122,000 $ 8.80 - - 122,000 $ 8.80

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Oct. 31, 2021
Income Tax Disclosure [Abstract]
SCHEDULE OF PROVISION (BENEFIT) FOR INCOME TAXES	The provision (benefit) for income taxes comprises: SCHEDULE OF PROVISION (BENEFIT) FOR INCOME TAXES October 31, October 31, 2021 2020 Current federal benefit $ (25,429 ) $ (12,502 ) Foreign tax expense (benefit) 42,021 (38,161 ) Total current tax expense (benefit) 16,592 (50,663 ) Deferred federal expense 288,887 305,125 Deferred foreign benefit - (196,240 ) Deferred Tax Expense 288,887 108,885 Total Income Tax Expense $ 305,479 $ 58,222
SCHEDULE OF RECONCILIATION OF INCOME TAX BENEFIT	The expense for income taxes differed from the U.S. statutory rate due to the following: SCHEDULE OF RECONCILIATION OF INCOME TAX BENEFIT October 31, October 31, 2021 2020 Statutory tax rate 21.0 % 21.0 % Change in deferred taxes (18.4 )% (17.1 )% Alternative Minimum Tax (refund) 0.0 % (1.1 )% Foreign tax (benefit) expense 3.2 % (1.1 )% Total 5.8 % 1.7 %
SCHEDULE OF COMPONENTS OF DEFERRED TAX ASSETS AND LIABILITIES	Significant components of the Company’s deferred tax assets and liabilities are as follows: SCHEDULE OF COMPONENTS OF DEFERRED TAX ASSETS AND LIABILITIES October 31, October 31, 2021 2020 Noncurrent deferred tax assets Temporary differences U.S. NOL carryforwards $ 15,930 $ 272,993 Stock option compensation - 92,669 Restricted Stock Awards 72,970 $ - Book/Tax Depreciation (12,124 ) - Foreign fixed assets 18,168 - Foreign deferreds - 196,240 Foreign NOL carryforwards 148,650 143,563 Total 243,594 705,465 Valuation allowance (166,818 ) (143,563 ) Total Deferred Asset $ 76,776 $ 561,902

NOTE PAYABLE (Tables)

NOTE PAYABLE (Tables)	12 Months Ended
	Oct. 31, 2021
Debt Disclosure [Abstract]
SCHEDULE OF NOTES PAYABLE	Note payable consisted of the following at: SCHEDULE OF NOTES PAYABLE October 31, October 31, 2021 2020 Secured note payable to HSBC NA with interest payable on the 28th day of each month at 4.56 % per annum. Our monthly repayment obligation under this loan is $ 43,777 (comprising both principal and interest repayment). The maturity of this Loan is December 28, 2021 $ 63,559 $ 573,108 Total 63,559 573,108 Less: current portion (63,559 ) (509,769 ) Total Long Term Note Payable $ - $ 63,339

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	12 Months Ended
	Oct. 31, 2021
Equity [Abstract]
SCHEDULE OF OTHER COMPREHENSIVE INCOME (LOSS)	A reconciliation of the other comprehensive income (loss) in the stockholders’ equity section of the consolidated balance sheets is as follows: SCHEDULE OF OTHER COMPREHENSIVE INCOME (LOSS) October 31, October 31, 2021 2020 Balance, beginning of year $ (2,321,278 ) $ (2,135,408 ) Total other comprehensive income (loss) for the year - foreign currency translation adjustment 654,219 (185,870 ) Balance, end of period $ (1,667,059 ) $ (2,321,278 )

SEGMENT ANALYSIS (Tables)

SEGMENT ANALYSIS (Tables)	12 Months Ended
	Oct. 31, 2021
Segment Reporting [Abstract]
SCHEDULE OF SEGMENT REPORTING INFORMATION	SCHEDULE OF SEGMENT REPORTING INFORMATION Marine Technology Business (Products) Marine Engineering Business (Services) Overhead Total Year Ended October 31, 2021 Revenues from External Customers $ 15,804,222 $ 5,527,305 $ - $ 21,331,527 Cost of Revenues 3,169,835 3,391,974 - 6,561,809 Gross Profit 12,634,387 2,135,331 - 14,769,718 Research & Development 2,509,107 473,569 - 2,982,676 Selling, General & Administrative 3,220,883 2,284,997 2,409,695 7,915,575 Total Operating Expenses 5,729,990 2,758,566 2,409,695 10,898,251 Income (Loss) from Operations 6,904,397 (623,235 ) (2,409,695 ) 3,871,467 Other Income (Expense) Other Income 354,373 1,079,374 1,635 1,435,382 Interest Expense (12,588 ) (19,668 ) (21,349 ) (53,605 ) Total Other Income (Expense) 341,785 1,059,706 (19,714 ) 1,381,777 Income (Loss) before Income Taxes 7,246,182 436,471 (2,429,409 ) 5,253,244 Income Tax (Expense) Benefit Current Tax Benefit (Expense) 35,032 (51,624 ) - (16,592 ) Deferred Tax (Expense) Benefit (418,338 ) 409,205 (279,754 ) (288,887 ) Total Income Tax (Expense) Benefit (383,306 ) 357,581 (279,754 ) (305,479 ) Net Income (Loss) $ 6,862,876 $ 794,052 $ (2,709,163 ) $ 4,947,765 Supplemental Disclosures Total Assets $ 30,631,442 $ 14,117,747 $ 716,230 $ 45,465,419 Total Liabilities $ 3,166,999 $ 849,306 $ 400,041 $ 4,416,346 Revenues from Intercompany Sales - eliminated from sales above $ 2,075,387 $ 355,608 $ 3,470,000 $ 5,900,995 Depreciation and Amortization $ 780,434 $ 114,022 $ 29,617 $ 924,073 Purchases of Long-lived Assets $ 793,995 $ 51,907 $ 118,302 $ 964,204 CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements October 31, 2021 and 2020 NOTE 12 -SEGMENT ANALYSIS (Continued) Marine Technology Business (Products) Marine Engineering Business (Services) Overhead Total Year Ended October 31, 2020 Revenues from External Customers $ 11,278,181 $ 8,765,629 $ - $ 20,043,810 Cost of Revenues 2,254,008 5,060,354 - 7,314,362 Gross Profit 9,024,173 3,705,275 - 12,729,448 Research & Development 1,955,364 1,042,243 190,782 3,188,389 Selling, General & Administrative 2,779,662 2,260,849 1,696,783 6,737,294 Total Operating Expenses 4,735,026 3,303,092 1,887,565 9,925,683 Income (Loss) from Operations 4,289,147 402,183 (1,887,565 ) 2,803,765 Other Income (Expense) Other Income 141,511 526,734 - 668,245 Interest (Expense) (10,612 ) (15,672 ) (43,919 ) (70,203 ) Total Other Income (Expense) 130,899 511,062 (43,919 ) 598,042 Income (Loss) before Income Taxes 4,420,046 913,245 (1,931,484 ) 3,401,807 Income Tax (Expense) Benefit Current Tax Benefit (Expense) 63,590 - (12,927 ) 50,663 Deferred Tax (Expense) Benefit (196,664 ) 273,666 (185,887 ) (108,885 ) Total Income Tax (Expense) Benefit (133,074 ) 273,666 (198,814 ) (58,222 ) Net Income (Loss) $ 4,286,972 $ 1,186,911 $ (2,130,298 ) $ 3,343,585 Supplemental Disclosures Total Assets $ 22,200,123 $ 14,347,827 $ 1,491,201 $ 38,039,151 Total Liabilities $ 1,572,314 $ 1,321,011 $ 749,558 $ 3,642,883 Revenues from Intercompany Sales - eliminated from sales above $ 997,150 $ 354,373 $ 2,700,000 $ 4,051,523 Depreciation and Amortization $ 678,449 $ 105,775 $ 22,462 $ 806,686 Purchases of Long-lived Assets $ 811,352 $ 19,660 $ 167,323 $ 998,335

DISAGGREGATION OF REVENUE (Tabl

DISAGGREGATION OF REVENUE (Tables)	12 Months Ended
	Oct. 31, 2021
Revenue from Contract with Customer [Abstract]
SCHEDULE OF DISAGGREGATE OF REVENUE FROM CONTRACTS FOR SALE WITH CUSTOMERS BY GEOGRAPHIC LOCATION	SCHEDULE OF DISAGGREGATE OF REVENUE FROM CONTRACTS FOR SALE WITH CUSTOMERS BY GEOGRAPHIC LOCATION For the Year Ended October 31, 2021 Marine Marine Technology Engineering Grand Business Business Total Disaggregation of Total Net Sales Revenues Primary Geographical Markets Americas $ 3,434,552 $ 2,188,812 5,623,364 Europe 5,623,227 3,338,493 8,961,720 Australia/Asia 5,867,710 - 5,867,710 Middle East/Africa 878,733 - 878,733 Total Revenues 15,804,222 5,527,305 21,331,527 Major Goods/Service Lines Equipment Sales $ 10,914,124 $ 1,421,614 12,335,738 Equipment Rentals 2,324,773 - 2,324,773 Software Sales 669,968 - 669,968 Engineering Parts - 3,239,866 3,239,866 Services 1,895,357 865,825 2,761,182 Total Revenues 15,804,222 5,527,305 21,331,527 Goods transferred at a point in time $ 11,588,099 $ 1,421,614 13,009,713 Services transferred over time 4,216,123 4,105,691 8,321,814 Total Revenues 15,804,222 5,527,305 21,331,527 CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements October 31, 2021 and 2020 NOTE 13 - DISAGGREGATION OF REVENUE (Continued) For the Year Ended October 31, 2020 Marine Marine Technology Engineering Grand Business Business Total Disaggregation of Total Net Sales Revenues Primary Geographical Markets Americas $ 3,001,860 $ 5,776,674 $ 8,778,534 Europe 1,880,458 2,988,955 4,869,413 Australia/Asia 6,255,510 - 6,255,510 Middle East/Africa 140,353 - 140,353 Total Revenues $ 11,278,181 $ 8,765,629 $ 20,043,810 Major Goods/Service Lines Equipment Sales $ 7,183,580 $ 230,060 $ 7,413,640 Equipment Rentals 1,361,151 - 1,361,151 Software Sales 453,638 - 453,638 Engineering Parts - 7,299,879 7,299,879 Services 2,279,812 1,235,690 3,515,502 Total Revenues $ 11,278,181 $ 8,765,629 $ 20,043,810 Goods transferred at a point in time $ 7,484,414 $ 160,537 $ 7,644,951 Services transferred over time 3,793,767 8,605,092 12,398,859 Total Revenues $ 11,278,181 $ 8,765,629 $ 20,043,810

SCHEDULE OF COMPONENTS OF INVEN

SCHEDULE OF COMPONENTS OF INVENTORY (Details) - USD ($)	Oct. 31, 2021	Oct. 31, 2020
Accounting Policies [Abstract]
Raw materials and parts	$ 7,525,419	$ 7,322,688
Work in progress	919,619	698,756
Finished goods	2,246,139	1,120,829
Total Inventory	$ 10,691,177	$ 9,142,273

SCHEDULE OF EARNINGS PER SHARE

SCHEDULE OF EARNINGS PER SHARE BASIC AND DILUTED (Details) - USD ($)	12 Months Ended
	Oct. 31, 2021	Oct. 31, 2020
Accounting Policies [Abstract]
Net Income	$ 4,947,765	$ 3,343,585
Basic weighted average common shares outstanding	10,804,074	10,733,799
Unused portion of options and restricted stock awards	505,666	561,000
Diluted outstanding shares	11,309,740	11,294,799
Basic	$ 0.46	$ 0.31
Diluted	$ 0.44	$ 0.30

SCHEDULE OF OTHER INCOME (Detai

SCHEDULE OF OTHER INCOME (Details) - USD ($)	12 Months Ended
	Oct. 31, 2021	Oct. 31, 2020
Accounting Policies [Abstract]
PPP Loans	$ 648,872	$ 648,871
Employee Retention Credits payroll tax credits	701,568
Other income	84,942	19,374
Total Other Income, net	$ 1,435,382	$ 668,245

SUMMARY OF ACCOUNTING POLICIE_3

SUMMARY OF ACCOUNTING POLICIES (Details Narrative) - USD ($)	12 Months Ended
	Oct. 31, 2021	Oct. 31, 2020
Property, Plant and Equipment [Line Items]
Allowance for doubtful accounts receivable	$ 0	$ 47,807
Depreciation cost of goods sold allocation percentage	70.00%
Advertising Expense	$ 5,042	4,884
Deferred commissions	0	3,884
Amortization expense	3,884	125,284
Unbilled receivables	1,080,384	861,300
Deferred revenue	1,879,790	989,588
Component of deferred revenue	$ 277,937	211,888
Finite lived intangible asset amortization period	Customer relationships, non-compete agreements, patents and licenses are being amortized on a straight-line basis over periods of 2 to 15 years.
Impairment charges on goodwill and intangible assets	$ 0	0
Impairment, Long-Lived Asset, Held-for-Use	0	0
Reduction on research and development expenses	$ 0	$ 0
Restricted Stock [Member]
Property, Plant and Equipment [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	11 months
Minimum [Member] | Options Held [Member]
Property, Plant and Equipment [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	5 months
Maximum [Member] | Options Held [Member]
Property, Plant and Equipment [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	17 months
Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Building [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	50

SCHEDULE OF CARRYING VALUE OF I

SCHEDULE OF CARRYING VALUE OF IDENTIFIABLE INTANGIBLE ASSETS (Details) - USD ($)	Oct. 31, 2021	Oct. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Total identifiable intangible assets - gross carrying value	$ 1,504,986	$ 1,391,676
Less: accumulated amortization	(1,092,711)	(1,042,332)
Total intangible assets, net	412,275	349,344
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Total identifiable intangible assets - gross carrying value	720,592	720,592
Noncompete Agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Total identifiable intangible assets - gross carrying value	198,911	198,911
Patents and Other [Member]
Finite-Lived Intangible Assets [Line Items]
Total identifiable intangible assets - gross carrying value	$ 585,483	$ 472,173

SCHEDULE OF CARRYING VALUE OF_2

SCHEDULE OF CARRYING VALUE OF IDENTIFIABLE INTANGIBLE ASSETS (Details) (Parenthetical)	12 Months Ended
	Oct. 31, 2021
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted average lives of intangible assets	10 years
Noncompete Agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted average lives of intangible assets	3 years
Patents and Other [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted average lives of intangible assets	10 years

SCHEDULE OF ESTIMATED FUTURE AM

SCHEDULE OF ESTIMATED FUTURE AMORTIZATION EXPENSES (Details)	Oct. 31, 2021USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2022	$ 54,429
2023	52,089
2024	42,877
2025	27,533
2026	24,442
Thereafter	210,905
Totals	$ 412,275

SCHEDULE OF GOODWILL (Details)

SCHEDULE OF GOODWILL (Details) - USD ($)	Oct. 31, 2021	Oct. 31, 2020
Total Goodwill	$ 3,382,108	$ 3,382,108
Coda Octopus Colmek, Inc. [Member]
Total Goodwill	2,038,669	2,038,669
Coda Octopus Products, Ltd [Member]
Total Goodwill	62,315	62,315
Coda Octopus Martech, Ltd [Member]
Total Goodwill	$ 1,281,124	$ 1,281,124

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS (Details Narrative) - USD ($)	12 Months Ended
	Oct. 31, 2021	Oct. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 50,379	$ 44,642

SCHEDULE OF PROPERTY AND EQUIPM

SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($)	Oct. 31, 2021	Oct. 31, 2020
Property, Plant and Equipment [Line Items]
Totals	$ 10,665,602	$ 10,067,007
Less: accumulated depreciation	(4,628,501)	(4,007,107)
Total Property and Equipment, net	6,037,101	6,059,900
Building [Member]
Property, Plant and Equipment [Line Items]
Totals	5,298,028	5,103,324
Land [Member]
Property, Plant and Equipment [Line Items]
Totals	200,000	200,000
Office Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Totals	1,622,871	2,044,405
Rental Assets [Member]
Property, Plant and Equipment [Line Items]
Totals	2,326,486	1,531,351
Furniture, Fixtures and Improvements [Member]
Property, Plant and Equipment [Line Items]
Totals	$ 1,218,217	$ 1,187,927

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details Narrative) - USD ($)	12 Months Ended
	Oct. 31, 2021	Oct. 31, 2020
Property, Plant and Equipment [Abstract]
Depreciation	$ 873,694	$ 758,297

SUMMARY OF OTHER CURRENT ASSETS

SUMMARY OF OTHER CURRENT ASSETS (Details) - USD ($)	Oct. 31, 2021	Oct. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deposits	$ 63,992	$ 112,984
Tax Receivables		131,187
Employee Retention Credit receivables	563,627
Total Other Current Assets	$ 627,619	$ 244,171

SCHEDULE OF STOCK OPTION ACTIVI

SCHEDULE OF STOCK OPTION ACTIVITY (Details) - USD ($)	12 Months Ended
	Oct. 31, 2021	Oct. 31, 2020
Equity [Abstract]
Number of stock options, outstanding	561,000
Weighted average exercise price of options, outstanding
Number of nonvested stock options, outstanding	561,000
Weighted average exercise price of nonvested options, outstanding	$ 4.65
Number of stock options, granted		564,000
Weighted average exercise price of nonvested options, granted		$ 4.65
Number of exercisable stock options, granted
Weighted average exercise price of options, granted
Number of nonvested stock options, granted		564,000
Number of shares options, vested
Weighted average exercise price of options, vested	$ 4.65
Weighted average exercise price of nonvested options, vested	$ 4.65
Number of stock options, exercises	169,332
Weighted average exercise price of options, exercises	$ 4.65
Weighted average exercise price of options, exercises	$ 4.65
Number of nonvested stock options, exercises
Number of stock options, forfeited or cancelled	(8,000)	(3,000)
Weighted average exercise price of options, forfeited or cancelled	$ 4.65	$ 4.65
Number of exercisable stock options, forfeited or cancelled
Weighted average exercise price of options, forfeited or cancelled
Number of nonvested stock options, forfeited or cancelled	(8,000)	(3,000)
Number of stock options, outstanding	$ 4.65
Number of exercisable stock options, granted
Weighted average exercise price of options, granted
Number of exercisable stock options, vested	185,667
Weighted average exercise price of options, vested	$ 4.65
Number of nonvested stock options, vested	(185,667)
Weighted average exercise price of nonvested options, granted	$ 4.65
Number of stock options, exercises	(169,332)
Number of exercisable stock options, exercises	(169,332)
Number of exercisable stock options, forfeited or cancelled
Weighted average exercise price of nonvested options, forfeited or cancelled	$ 4.65
Number of stock options, outstanding	383,668	561,000
Weighted average exercise price of options, outstanding	$ 4.65
Number of exercisable stock options, outstanding	16,335
Weighted average exercise price of options, oustanding	$ 4.65	$ 4.65
Number of nonvested stock options, outstanding	367,333	561,000
Weighted average exercise price of nonvested options, outstanding	$ 4.65	$ 4.65
Aggregate intrinsic value outstanding	$ 1,446,835	$ 491,280
Aggregate intrinsic value of options exercisable	61,746
Aggregate intrinsic value of nonvested options outstanding	$ 1,385,089	$ 491,280

SCHEDULE OF RESTRICTED STOCK AW

SCHEDULE OF RESTRICTED STOCK AWARDS (Details)	12 Months Ended
	Oct. 31, 2021$ / sharesshares
Equity [Abstract]
Number of restricted stock awards, outstanding total | shares
Number of restricted stock awards, outstanding exercisable | shares
Weighted average exercise price of restricted stock awards, outstanding exercisable
Number of restricted stock awards, outstanding non-vested | shares
Weighted average exercise price of restricted stock awards, outstanding non-vested
Number of restricted stock awards, granted total | shares	127,500
Weighted average exercise price of restricted stock awards, granted total	$ 8.80
Number of restricted stock awards, granted exercisable | shares
Weighted average exercise price of restricted stock awards, granted exercisable
Number of restricted stock awards, granted non-vested | shares	127,500
Weighted average exercise price of restricted stock awards, granted non-vested	$ 8.80
Number of restricted stock awards, vested total | shares
Weighted average exercise price of restricted stock awards, vested total	$ 8.80
Weighted average exercise price of restricted stock awards, vested exercisable
Number of restricted stock awards, vested non-vested | shares
Weighted average exercise price of restricted stock awards, vested non-vested
Number of restricted stock awards, exercises total | shares
Weighted average exercise price of restricted stock awards, exercises total	$ 8.80
Weighted average exercise price of restricted stock awards, exercises exercisable
Number of restricted stock awards, exercises non-vested | shares
Weighted average exercise price of restricted stock awards, exercises non-vested
Number of restricted stock awards, forfeited or cancelled total | shares	(5,500)
Weighted average exercise price of restricted stock awards, forfeited or cancelled total	$ 8.80
Number of restricted stock awards, forfeited or cancelled exercisable | shares
Weighted average exercise price of restricted stock awards, forfeited or cancelled exercisable
Number of restricted stock awards, forfeited or cancelled non-vested | shares	(5,500)
Weighted average exercise price of restricted stock awards, forfeited or cancelled non-vested	$ 8.80
Number of restricted stock awards, outstanding total | shares	122,000
Weighted average exercise price of restricted stock awards, outstanding total	$ 8.80
Number of restricted stock awards, outstanding exercisable | shares
Weighted average exercise price of restricted stock awards, outstanding exercisable
Number of restricted stock awards, outstanding non-vested | shares	122,000
Weighted average exercise price of restricted stock awards, outstanding non-vested	$ 8.80

CAPITAL STOCK (Details Narrativ

CAPITAL STOCK (Details Narrative) - USD ($)	Jul. 20, 2021	Jun. 09, 2020	Oct. 31, 2021	Oct. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross				564,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant				352,612
Stock issued for options exercised, shares			169,332
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period			8,000	3,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value			$ 1,446,835	$ 491,280
Share-based Payment Arrangement, Expense			482,595	441,280
Share Based Compensation			1,050,821	$ 610,780
Preferred Stock, Shares Authorized				5,000,000
Preferred Stock, Par or Stated Value Per Share				$ 0.001
Series A Preferred Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Michael Midgley [Member]				50,000
Series C Preferred Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Michael Midgley [Member]				50,000
Restricted Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share-based Payment Arrangement, Expense			$ 347,476
Future Years [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share-based Payment Arrangement, Expense				$ 311,228
Future Years [Member] | Restricted Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share-based Payment Arrangement, Expense				$ 726,124
Stock Incentive Plan 2017 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			127,500
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant			238,612
Equity Option [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock issued for options exercised, shares			169,332
Common Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock issued for options exercised, shares			80,314
Consultants [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of shares issued for services		30,000
Number of shares issued for services, value		$ 169,500
Director of Foreign Subsidiaries [Member] | Stock Incentive Plan 2017 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of shares issued for services	25,000
Number of shares issued for services, value	$ 220,750

SCHEDULE OF PROVISION (BENEFIT)

SCHEDULE OF PROVISION (BENEFIT) FOR INCOME TAXES (Details) - USD ($)	12 Months Ended
	Oct. 31, 2021	Oct. 31, 2020
Income Tax Disclosure [Abstract]
Current federal benefit	$ (25,429)	$ (12,502)
Foreign tax expense (benefit)	42,021	(38,161)
Total current tax expense (benefit)	16,592	(50,663)
Deferred federal expense	288,887	305,125
Deferred foreign benefit		(196,240)
Deferred Tax Expense	288,887	108,885
Total Income Tax Expense	$ 305,479	$ 58,222

SCHEDULE OF RECONCILIATION OF I

SCHEDULE OF RECONCILIATION OF INCOME TAX BENEFIT (Details)	12 Months Ended
	Oct. 31, 2021	Oct. 31, 2020
Income Tax Disclosure [Abstract]
Statutory tax rate	21.00%	21.00%
Change in deferred taxes	(18.40%)	(17.10%)
Alternative Minimum Tax (refund)	0.00%	(1.10%)
Foreign tax expense	3.20%	(1.10%)
Total	5.80%	1.70%

SCHEDULE OF COMPONENTS OF DEFER

SCHEDULE OF COMPONENTS OF DEFERRED TAX ASSETS AND LIABILITIES (Details) - USD ($)	Oct. 31, 2021	Oct. 31, 2020
Income Tax Disclosure [Abstract]
U.S. NOL carryforwards	$ 15,930	$ 272,993
Stock option compensation		92,669
Restricted Stock Awards	72,970
Book/Tax Depreciation	(12,124)
Foreign fixed assets	18,168
Foreign deferreds		196,240
Foreign NOL carryforwards	148,650	143,563
Total	243,594	705,465
Valuation allowance	(166,818)	(143,563)
Total Deferred Asset	$ 76,776	$ 561,902

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative)	12 Months Ended
	Oct. 31, 2021USD ($)
Income Tax Disclosure [Abstract]
Employee Retention Credits	$ 701,568
Operating Loss Carryforwards	$ 75,857
Operating loss expiration description	expire in 2029

SCHEDULE OF NOTES PAYABLE (Deta

SCHEDULE OF NOTES PAYABLE (Details) - USD ($)	Oct. 31, 2021	Oct. 31, 2020
Short-term Debt [Line Items]
Total	$ 63,559	$ 573,108
Less: current portion	(63,559)	(509,769)
Total Long Term Note Payable		63,339
Secured Note Payable [Member]
Short-term Debt [Line Items]
Total	$ 63,559	$ 573,108

SCHEDULE OF NOTES PAYABLE (De_2

SCHEDULE OF NOTES PAYABLE (Details) (Parenthetical) - Secured Note Payable [Member] - USD ($)	12 Months Ended
	Oct. 31, 2021	Oct. 31, 2020
Short-term Debt [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		4.56%
Debt Instrument, Periodic Payment	$ 43,777
Debt Instrument, Maturity Date	Dec. 28, 2021

NOTE PAYABLE (Details Narrative

NOTE PAYABLE (Details Narrative) - USD ($)	12 Months Ended
	Oct. 31, 2021	Oct. 31, 2020
Debt Disclosure [Abstract]
Line of Credit Facility, Maximum Borrowing Capacity		$ 4,000,000
Line of Credit Facility, Maximum Amount Outstanding During Period	$ 0	$ 0

SCHEDULE OF OTHER COMPREHENSIVE

SCHEDULE OF OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($)	12 Months Ended
	Oct. 31, 2021	Oct. 31, 2020
Equity [Abstract]
Balance, beginning of year	$ (2,321,278)	$ (2,135,408)
Total other comprehensive income (loss) for the year - foreign currency translation adjustment	654,219	(185,870)
Balance, end of period	$ (1,667,059)	$ (2,321,278)

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details Narrative) - USD ($)	12 Months Ended
	Oct. 31, 2021	Oct. 31, 2020
Equity [Abstract]
Other comprehensive income (loss) of foreign currency translation adjustments	$ 654,219	$ 185,870

CONCENTRATIONS (Details Narrati

CONCENTRATIONS (Details Narrative) - USD ($)	12 Months Ended
	Oct. 31, 2021	Oct. 31, 2020
Concentration Risk [Line Items]
Accounts Receivable, after Allowance for Credit Loss, Current	$ 4,207,996	$ 2,014,660
One Customer [Member] | Revenue Benchmark [Member]
Concentration Risk [Line Items]
Proceeds from Customers	$ 2,484,173	$ 4,273,702
One Customer [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	12.00%	21.00%
One Customer [Member] | Accounts Receivable [Member]
Concentration Risk [Line Items]
Accounts Receivable, after Allowance for Credit Loss, Current	$ 468,149	$ 214,747
One Customer [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	11.00%	11.00%

EMPLOYEE BENEFIT PLANS (Details

EMPLOYEE BENEFIT PLANS (Details Narrative) - USD ($)	12 Months Ended
	Oct. 31, 2021	Oct. 31, 2020
Retirement Benefits [Abstract]
Employee compensation percentage	4.00%
Defined Benefit Plan, Service Cost	$ 123,215	$ 140,271

SCHEDULE OF SEGMENT REPORTING I

SCHEDULE OF SEGMENT REPORTING INFORMATION (Details) - USD ($)	12 Months Ended
	Oct. 31, 2021	Oct. 31, 2020
Segment Reporting Information [Line Items]
Revenues from External Customers	$ 21,331,527	$ 20,043,810
Cost of Revenues	6,561,809	7,314,362
Gross Profit	14,769,718	12,729,448
Research & Development	2,982,676	3,188,389
Selling, General & Administrative	7,915,575	6,737,294
Total Operating Expenses	10,898,251	9,925,683
INCOME FROM OPERATIONS	3,871,467	2,803,765
Other Income	1,435,382	668,245
Interest (Expense)	(53,605)	(70,203)
Total Other Income	1,381,777	598,042
INCOME BEFORE INCOME TAX EXPENSE	5,253,244	3,401,807
Current Tax Benefit (Expense)	(16,592)	50,663
Deferred Tax (Expense) Benefit	(288,887)	(108,885)
Total Income Tax Expense	(305,479)	(58,222)
NET INCOME	4,947,765	3,343,585
Total Assets	45,465,419	38,039,151
Total Liabilities	4,416,346	3,642,883
Revenues from Intercompany Sales - eliminated from sales above	5,900,995	4,051,523
Depreciation and Amortization	924,073	806,686
Purchases of Long-lived Assets	964,204	998,335
Corporate, Non-Segment [Member]
Segment Reporting Information [Line Items]
Revenues from External Customers
Cost of Revenues
Gross Profit
Research & Development		190,782
Selling, General & Administrative	2,409,695	1,696,783
Total Operating Expenses	2,409,695	1,887,565
INCOME FROM OPERATIONS	(2,409,695)	(1,887,565)
Other Income	1,635
Interest (Expense)	(21,349)	(43,919)
Total Other Income	(19,714)	(43,919)
INCOME BEFORE INCOME TAX EXPENSE	(2,429,409)	(1,931,484)
Current Tax Benefit (Expense)		(12,927)
Deferred Tax (Expense) Benefit	(279,754)	(185,887)
Total Income Tax Expense	(279,754)	(198,814)
NET INCOME	(2,709,163)	(2,130,298)
Total Assets	716,230	1,491,201
Total Liabilities	400,041	749,558
Revenues from Intercompany Sales - eliminated from sales above	3,470,000	2,700,000
Depreciation and Amortization	29,617	22,462
Purchases of Long-lived Assets	118,302	167,323
Marine Technology Business Products [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues from External Customers	15,804,222	11,278,181
Cost of Revenues	3,169,835	2,254,008
Gross Profit	12,634,387	9,024,173
Research & Development	2,509,107	1,955,364
Selling, General & Administrative	3,220,883	2,779,662
Total Operating Expenses	5,729,990	4,735,026
INCOME FROM OPERATIONS	6,904,397	4,289,147
Other Income	354,373	141,511
Interest (Expense)	(12,588)	(10,612)
Total Other Income	341,785	130,899
INCOME BEFORE INCOME TAX EXPENSE	7,246,182	4,420,046
Current Tax Benefit (Expense)	35,032	63,590
Deferred Tax (Expense) Benefit	(418,338)	(196,664)
Total Income Tax Expense	(383,306)	(133,074)
NET INCOME	6,862,876	4,286,972
Total Assets	30,631,442	22,200,123
Total Liabilities	3,166,999	1,572,314
Revenues from Intercompany Sales - eliminated from sales above	2,075,387	997,150
Depreciation and Amortization	780,434	678,449
Purchases of Long-lived Assets	793,995	811,352
Marine Engineering Business Services [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues from External Customers	5,527,305	8,765,629
Cost of Revenues	3,391,974	5,060,354
Gross Profit	2,135,331	3,705,275
Research & Development	473,569	1,042,243
Selling, General & Administrative	2,284,997	2,260,849
Total Operating Expenses	2,758,566	3,303,092
INCOME FROM OPERATIONS	(623,235)	402,183
Other Income	1,079,374	526,734
Interest (Expense)	(19,668)	(15,672)
Total Other Income	1,059,706	511,062
INCOME BEFORE INCOME TAX EXPENSE	436,471	913,245
Current Tax Benefit (Expense)	(51,624)
Deferred Tax (Expense) Benefit	409,205	273,666
Total Income Tax Expense	357,581	273,666
NET INCOME	794,052	1,186,911
Total Assets	14,117,747	14,347,827
Total Liabilities	849,306	1,321,011
Revenues from Intercompany Sales - eliminated from sales above	355,608	354,373
Depreciation and Amortization	114,022	105,775
Purchases of Long-lived Assets	$ 51,907	$ 19,660

SEGMENT ANALYSIS (Details Narra

SEGMENT ANALYSIS (Details Narrative)	12 Months Ended
	Oct. 31, 2021Integer
Segment Reporting [Abstract]
Number of Reportable Segments	2

SCHEDULE OF DISAGGREGATE OF REV

SCHEDULE OF DISAGGREGATE OF REVENUE FROM CONTRACTS FOR SALE WITH CUSTOMERS BY GEOGRAPHIC LOCATION (Details) - USD ($)	12 Months Ended
	Oct. 31, 2021	Oct. 31, 2020
Disaggregation of Revenue [Line Items]
Total Revenues	$ 21,331,527	$ 20,043,810
Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	13,009,713	7,644,951
Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	8,321,814	12,398,859
Equipment Sales [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	12,335,738	7,413,640
Equipment Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	2,324,773	1,361,151
Software Sales [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	669,968	453,638
Engineering Parts [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	3,239,866	7,299,879
Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	2,761,182	3,515,502
Americas [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	5,623,364	8,778,534
Europe [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	8,961,720	4,869,413
Australia/Asia [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	5,867,710	6,255,510
Middle East/Africa [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	878,733	140,353
Marine Technology Business Products [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	15,804,222	11,278,181
Marine Technology Business Products [Member] | Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	11,588,099	7,484,414
Marine Technology Business Products [Member] | Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	4,216,123	3,793,767
Marine Technology Business Products [Member] | Equipment Sales [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	10,914,124	7,183,580
Marine Technology Business Products [Member] | Equipment Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	2,324,773	1,361,151
Marine Technology Business Products [Member] | Software Sales [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	669,968	453,638
Marine Technology Business Products [Member] | Engineering Parts [Member]
Disaggregation of Revenue [Line Items]
Total Revenues
Marine Technology Business Products [Member] | Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	1,895,357	2,279,812
Marine Technology Business Products [Member] | Americas [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	3,434,552	3,001,860
Marine Technology Business Products [Member] | Europe [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	5,623,227	1,880,458
Marine Technology Business Products [Member] | Australia/Asia [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	5,867,710	6,255,510
Marine Technology Business Products [Member] | Middle East/Africa [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	878,733	140,353
Marine Engineering Business Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	5,527,305	8,765,629
Marine Engineering Business Services [Member] | Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	1,421,614	160,537
Marine Engineering Business Services [Member] | Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	4,105,691	8,605,092
Marine Engineering Business Services [Member] | Equipment Sales [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	1,421,614	230,060
Marine Engineering Business Services [Member] | Equipment Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues
Marine Engineering Business Services [Member] | Software Sales [Member]
Disaggregation of Revenue [Line Items]
Total Revenues
Marine Engineering Business Services [Member] | Engineering Parts [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	3,239,866	7,299,879
Marine Engineering Business Services [Member] | Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	865,825	1,235,690
Marine Engineering Business Services [Member] | Americas [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	2,188,812	5,776,674
Marine Engineering Business Services [Member] | Europe [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	3,338,493	2,988,955
Marine Engineering Business Services [Member] | Australia/Asia [Member]
Disaggregation of Revenue [Line Items]
Total Revenues
Marine Engineering Business Services [Member] | Middle East/Africa [Member]
Disaggregation of Revenue [Line Items]
Total Revenues

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)	Jun. 30, 2019	Oct. 31, 2021	Oct. 31, 2020
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Restricted stock units granted			564,000
Employment Agreements [Member] | Annmarie Gayle [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Annual base salary	$ 230,000	$ 305,000
Annual performance bonus		100,000
Annual salary, separation bonus		150,000
Employment Agreements [Member] | Blair Cunningham [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Annual base salary		200,000
Employment Agreements [Member] | Kevin Kane [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Annual base salary		200,000
Annual performance bonus		$ 12,000
Restricted stock units granted		15,000
Employment Agreements [Member] | Michael Midgley [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Annual base salary		$ 210,000
Percentage of working hours reduced		60.00%
Reduction compensation amount		$ 126,000

PAYROLL PROTECTION PROGRAM (Det

PAYROLL PROTECTION PROGRAM (Details Narrative) - USD ($)	12 Months Ended
	Oct. 31, 2021	Oct. 31, 2020
Second Round Payroll Protection Program [Member]
Short-term Debt [Line Items]
Proceeds from Loan Originations	$ 648,872
First Round Payroll Protection Program [Member]
Short-term Debt [Line Items]
Proceeds from Loan Originations		$ 648,872

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - Subsequent Event [Member]	1 Months Ended
	Dec. 02, 2021USD ($)shares
Subsequent Event [Line Items]
Stock Issued During Period, Shares, Purchase of Assets | shares	5,200,000
Stock Issued During Period, Value, Purchase of Assets | $	$ 808,116