Coda Octopus (CODA) 10-Q 16 Mar 22 2022 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Jan. 31, 2022	Mar. 15, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jan. 31, 2022
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2022
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	863
Local Phone Number	937 8985
Title of 12(b) Security	Common Stock
Trading Symbol	CODA
Security Exchange Name	NASDAQ
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 Common Stock, Shares Outstanding		10,857,195

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Jan. 31, 2022	Oct. 31, 2021
CURRENT ASSETS
Cash	$ 20,711,228	$ 17,747,656
Accounts Receivable, net	1,535,682	4,207,996
Inventory	11,159,798	10,691,177
Unbilled Receivables	401,661	1,080,384
Prepaid Expenses	313,945	1,202,327
Other Current Assets	651,724	627,619
Total Current Assets	34,774,038	35,557,159
FIXED ASSETS
Property and Equipment, net	6,743,670	6,037,101
OTHER ASSETS
Goodwill and Other Intangibles, net	3,794,880	3,794,383
Deferred Tax Asset	86,643	76,776
Total Other Assets	3,881,523	3,871,159
Total Assets	45,399,231	45,465,419
CURRENT LIABILITIES
Accounts Payable	319,605	1,454,611
Accrued Expenses and Other Current Liabilities	805,573	740,449
Note Payable		63,559
Deferred Revenue	1,288,231	1,999,841
Total Current Liabilities	2,413,409	4,258,460
LONG TERM LIABILITIES
Deferred Revenue, less current portion	153,176	157,886
Total Long Term Liabilities	153,176	157,886
Total Liabilities	2,566,585	4,416,346
STOCKHOLDERS’ EQUITY
Common Stock, $.001 par value; 150,000,000 shares authorized, 10,857,195 shares issued and outstanding as of January 31, 2022 and October 31, 2021, respectively	10,858	10,858
Additional Paid-in Capital	61,508,306	61,183,131
Accumulated Other Comprehensive Loss	(1,425,909)	(1,667,059)
Accumulated Deficit	(17,260,609)	(18,477,857)
Total Stockholders’ Equity	42,832,646	41,049,073
Total Liabilities and Stockholders’ Equity	$ 45,399,231	$ 45,465,419

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jan. 31, 2022	Oct. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	10,857,195	10,857,195
Common stock, shares outstanding	10,857,195	10,857,195

Consolidated Statements of Inco

Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)	3 Months Ended
	Jan. 31, 2022	Jan. 31, 2021
Income Statement [Abstract]
Net Revenues	$ 5,838,208	$ 5,050,459
Cost of Revenues	1,678,274	1,735,537
Gross Profit	4,159,934	3,314,922
OPERATING EXPENSES
Research & Development	672,890	583,139
Selling, General & Administrative	2,111,112	1,813,366
Total Operating Expenses	2,784,002	2,396,505
INCOME FROM OPERATIONS	1,375,932	918,417
OTHER INCOME (EXPENSE)
Other Income	79,994	92,025
Interest Expense	(11,278)	(14,514)
Total Other Income	68,716	77,511
INCOME BEFORE INCOME TAX EXPENSE	1,444,648	995,928
INCOME TAX (EXPENSE) BENEFIT
Current Tax (Expense) Benefit	(285,609)	24,725
Deferred Tax Benefit	58,209	108,191
Total Income Tax (Expense) Benefit	(227,400)	132,916
NET INCOME	$ 1,217,248	$ 1,128,844
NET INCOME PER SHARE:
Basic	$ 0.11	$ 0.10
Diluted	$ 0.11	$ 0.10
WEIGHTED AVERAGE SHARES:
Basic	10,857,195	10,751,881
Diluted	11,396,861	11,308,881
Foreign Currency Translation Adjustment	$ 241,150	$ 925,613
Total Other Comprehensive Income	241,150	925,613
COMPREHENSIVE INCOME	$ 1,458,398	$ 2,054,457

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Oct. 31, 2020	$ 10,753	$ 60,132,415	$ (2,321,278)	$ (23,425,622)	$ 34,396,268
Beginning balance, shares at Oct. 31, 2020	10,751,881
Employee stock based compensation		174,447			174,447
Foreign currency translation adjustment			925,613		925,613
Net Income				1,128,844	1,128,844
Ending balance, value at Jan. 31, 2021	$ 10,753	60,306,862	(1,395,665)	(22,296,778)	36,625,172
Ending balance, shares at Jan. 31, 2021	10,751,881
Beginning balance, value at Oct. 31, 2021	$ 10,858	61,183,131	(1,667,059)	(18,477,857)	41,049,073
Beginning balance, shares at Oct. 31, 2021	10,857,195
Employee stock based compensation		325,175			325,175
Foreign currency translation adjustment			241,150		241,150
Net Income				1,217,248	1,217,248
Ending balance, value at Jan. 31, 2022	$ 10,858	$ 61,508,306	$ (1,425,909)	$ (17,260,609)	$ 42,832,646
Ending balance, shares at Jan. 31, 2022	10,857,195

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Jan. 31, 2022	Jan. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 1,217,248	$ 1,128,844
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	161,466	366,183
Stock based compensation	325,175	174,447
Deferred income taxes	(9,750)	(108,191)
Funding from Paycheck Protection Program recognized as income		(89,971)
(Increase) decrease in operating assets:
Accounts receivable	2,608,920	144,023
Inventory	(613,670)	(853,446)
Unbilled receivables	675,179	(450,180)
Prepaid expenses	863,618	(10,805)
Other current assets	(26,093)	(47,225)
Increase (decrease) in operating liabilities:
Accounts payable and other current liabilities	(1,047,139)	(540,604)
Deferred revenue	(693,455)	316,639
Net Cash Provided by Operating Activities	3,461,499	29,714
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment	(987,093)	(406,083)
Purchases of other intangible assets	(14,871)	(3,061)
Net Cash Used in by Investing Activities	(1,001,964)	(409,144)
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of note	(63,559)	(125,142)
Proceeds from Paycheck Protection Program		526,545
Net Cash (Used in) Provided by Financing Activities	(63,559)	401,403
EFFECT OF CURRENCY TRANSLATION ON CHANGES IN CASH	567,596	925,613
NET INCREASE IN CASH	2,963,572	947,586
CASH AT THE BEGINNING OF THE PERIOD	17,747,656	15,134,289
CASH AT THE END OF THE PERIOD	20,711,228	16,081,875
SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid for interest	11,278	14,514
Cash paid for taxes	$ 51,264

ORGANIZATION AND DESCRIPTION OF

ORGANIZATION AND DESCRIPTION OF BUSINESS	3 Months Ended
	Jan. 31, 2022
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 our domestic and foreign subsidiaries. All significant intercompany transactions and balances have been eliminated in the consolidated financial statements.

REVENUE RECOGNITION

REVENUE RECOGNITION	3 Months Ended
	Jan. 31, 2022
Revenue Recognition
REVENUE RECOGNITION	NOTE 2 – REVENUE RECOGNITION The Company recognizes revenue under the Financial Accounting Standards Board’s Topic 606, Revenue from Contracts with Customers 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. CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements January 31, 2022 and October 31, 20 21 NOTE 2 – REVENUE RECOGNITION (Continued) 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. 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. CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements January 31, 2022 and October 31, 20 21 NOTE 2 – REVENUE RECOGNITION (Continued) 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 January 31, 2022, and October 31, 2021, we had deferred commissions of $ 0 and $ 0 , respectively. Amortization expense related to deferred commissions was $ 0 and $ 3,884 in the three months years ended January 31, 2022, and 2021, respectively. Other Revenue Disclosures See Note 15 – 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.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	3 Months Ended
	Jan. 31, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	NOTE 3 – 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

FOREIGN CURRENCY TRANSLATION	3 Months Ended
	Jan. 31, 2022
Foreign Currency [Abstract]
FOREIGN CURRENCY TRANSLATION	NOTE 4 – 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 reporting 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. CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements January 31, 2022 and October 31, 20 21

INVENTORY

INVENTORY	3 Months Ended
	Jan. 31, 2022
Inventory Disclosure [Abstract]
INVENTORY	NOTE 5 – 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 January 31, October 31, 2022 2021 Raw materials and parts $ 7,926,535 $ 7,525,419 Work in progress 793,246 919,619 Finished goods 2,440,017 2,246,139 Total Inventory $ 11,159,798 $ 10,691,177

FIXED ASSETS

FIXED ASSETS	3 Months Ended
	Jan. 31, 2022
Property, Plant and Equipment [Abstract]
FIXED ASSETS	NOTE 6 – FIXED ASSETS Property and equipment consisted of the following as of: SCHEDULE OF PROPERTY AND EQUIPMENT January 31, October 31, 2022 2021 Buildings $ 6,019,236 $ 5,298,028 Land 200,000 200,000 Office machinery and equipment 1,666,436 1,622,871 Rental assets 2,427,189 2,326,486 Furniture, fixtures and improvements 1,206,402 1,218,217 Totals 11,519,263 10,665,602 Less: accumulated depreciation (4,775,593 ) (4,628,501 ) Total Property and Equipment, net $ 6,743,670 $ 6,037,101

OTHER CURRENT ASSETS

OTHER CURRENT ASSETS	3 Months Ended
	Jan. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
OTHER CURRENT ASSETS	NOTE 7 – OTHER CURRENT ASSETS Other current assets consisted of the following as of: SUMMARY OF OTHER CURRENT ASSETS January 31, October 31, 2022 2021 Deposits $ 32,280 $ 63,992 Other Tax Receivables 43,156 - Employee Retention Credit Receivables 576,288 563,627 Total Other Current Assets $ 651,724 $ 627,619 CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements January 31, 2022 and October 31, 20 21

ESTIMATES

ESTIMATES	3 Months Ended
	Jan. 31, 2022
Estimates
ESTIMATES	NOTE 8 – 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.

CONTRACTS IN PROGESS

CONTRACTS IN PROGESS	3 Months Ended
	Jan. 31, 2022
Contracts In Progess
CONTRACTS IN PROGESS	NOTE 9 – CONTRACTS IN PROGESS 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 $ 401,661 and $ 1,080,384 as of January 31, 2022, and October 31, 2021, respectively. Our Deferred Revenue of $ 1,151,451 and $ 1,879,790 as of January 31, 2022, and October 31, 2021, 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. Sales of equipment include a separate performance obligation for warranty, which is treated as deferred revenue, along with extended warranty sales, which may be purchased by customers. These amounts are amortized over the relevant warranty period (12 months is our standard warranty or 24, 36 or 60 months for extended warranty, sold as Through Life Support (TLS) Package) from the date of sale. These amounts are stated on the consolidated balance sheets as a component of Deferred Revenue and were $ 289,956 and $ 277,937 as of January 31, 2022 and October 31, 2021, respectively.

CONCENTRATIONS

CONCENTRATIONS	3 Months Ended
	Jan. 31, 2022
Risks and Uncertainties [Abstract]
CONCENTRATIONS	NOTE 10 – CONCENTRATIONS Significant Customers During the three months ended January 31, 31, 2022, the Company had two customers from whom it generated sales greater than 10% of net revenues. Revenue from these customers was $ 1,855,731 , or 32 % of net revenues during the period. Receivables from these customers was less than 10% of net receivables as of January 31, 2022. During the three months ended January 31, 2021, the Company had two customers from whom it generated sales greater than 10% of net revenues. Revenues from these customers was $ 1,303,807 , or 26 % of net revenues during the year. Total accounts receivable from these customers as of January 31, 2021 was $ 862,850 or 46 % of accounts receivable. CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements January 31, 2022 and October 31, 20 21

NOTE PAYABLE

NOTE PAYABLE	3 Months Ended
	Jan. 31, 2022
Debt Disclosure [Abstract]
NOTE PAYABLE	NOTE 11 – NOTE PAYABLE SCHEDULE OF NOTE PAYABLE January 31, October 31, 2022 2021 Secured note payable to HSBC NA with interest payable on the 28 th 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 was December 28, 2021 $ - $ 63,559 Total - 63,559 Less: current portion - (63,559 ) Total Long Term Note Payable $ - $ - The HSBC loan was satisfied in full in the Current Quarter. 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 January 31, 2022 and October 31, 2021.

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	3 Months Ended
	Jan. 31, 2022
Accounting Changes and Error Corrections [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	NOTE 12 – RECENT ACCOUNTING PRONOUNCEMENTS There have been no new accounting pronouncements not yet effective that have significant or potential significance, to our Consolidated Financial Statements.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Jan. 31, 2022
NET INCOME PER SHARE:
EARNINGS PER SHARE	NOTE 13 – EARNINGS PER SHARE SCHEDULE OF EARNINGS PER SHARE BASIC AND DILUTED Three Months Three Months Ended Ended January 31, January 31, Fiscal Period 2022 2021 Numerator: Net Income $ 1,217,248 $ 1,128,844 Denominator: Basic weighted average common shares outstanding 10,857,195 10,751,881 Unvested portion of options and restricted stock awards 539,666 557,000 Diluted outstanding shares 11,396,861 11,308,881 Net Income per share Basic $ 0.11 $ 0.10 Diluted $ 0.11 $ 0.10 CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements January 31, 2022 and October 31, 20 21

SEGMENT ANALYSIS

SEGMENT ANALYSIS	3 Months Ended
	Jan. 31, 2022
Segment Reporting [Abstract]
SEGMENT ANALYSIS	NOTE 14 - 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; diver management system; 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 three months ended January 31, 2022, and 2021, respectively. The Company’s reportable business segments sell their goods and services in four geographic locations: ● Americas ● Europe ● Australia/Asia ● Middle East/Africa CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements January 31, 2022 and October 31, 20 21 NOTE 14 -SEGMENT ANALYSIS (Continued) SCHEDULE OF SEGMENT REPORTING INFORMATION Marine Marine Overhead Total Three Months Ended January 31, 2022 Net Revenues $ 3,823,748 $ 2,014,460 $ - $ 5,838,208 Cost of Revenues 572,292 1,105,982 - 1,678,274 Gross Profit 3,251,456 908,478 - 4,159,934 Research & Development 529,375 143,515 - 672,890 Selling, General & Administrative 753,614 651,149 706,349 2,111,112 Total Operating Expenses 1,282,989 794,664 706,349 2,784,002 Income (Loss) from Operations 1,968,467 113,814 (706,349 ) 1,375,932 Other Income (Expense) Other Income 9,049 70,945 - 79,994 Interest Expense (4,882 ) (5,026 ) (1,370 ) (11,278 ) Total Other Income (Expense) 4,167 65,919 (1,370 ) 68,716 Income (Loss) before Income Taxes 1,972,634 179,733 (707,719 ) 1,444,648 Income Tax (Expense) Benefit Current Tax (Expense) Benefit (266,520 ) 24,036 (43,125 ) (285,609 ) Deferred Tax Benefit 6,708 204 51,297 58,209 Total Income Tax (Expense) Benefit (259,812 ) 24,240 8,172 (227,400 ) Net Income (Loss) $ 1,712,822 $ 203,973 $ (699,547 ) $ 1,217,248 Supplemental Disclosures Total Assets $ 30,847,114 $ 13,893,382 $ 658,735 $ 45,399,231 Total Liabilities $ 1,635,666 $ 501,339 $ 429,580 $ 2,566,585 Revenues from Intercompany Sales - eliminated from sales above $ 389,395 $ 115,823 $ 600,000 $ 1,105,218 Depreciation and Amortization $ 135,658 $ 16,657 $ 9,151 $ 161,466 Purchases of Long-lived Assets $ 986,093 $ 1,000 $ 14,871 $ 1,001,964 CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements January 31, 2022 and October 31, 20 21 NOTE 14 -SEGMENT ANALYSIS (Continued) Marine Marine Overhead Total Three Months Ended January 31, 2021 Net Revenues $ 3,748,279 $ 1,302,180 $ - $ 5,050,459 Cost of Revenues 894,275 841,262 - 1,735,537 Gross Profit 2,854,004 460,918 - 3,314,922 Research & Development 441,744 141,395 - 583,139 Selling, General & Administrative 733,825 567,559 511,982 1,813,366 Total Operating Expenses 1,175,569 708,954 511,982 2,396,505 Income (Loss) from Operations 1,678,435 (248,036 ) (511,982 ) 918,417 Other Income (Expense) Other Income 2,036 18 - 92,025 Interest Expense (2,253 ) (5,151 ) (7,110 ) (14,514 ) Total Other Income (Expense) (217 ) (5,133 ) (7,110 ) 77,511 Income (Loss) before Income Taxes 1,678,218 (253,169 ) (519,092 ) 995,928 Income Tax (Expense) Benefit Current Tax (Expense) Benefit 12,653 - 12,072 24,725 Deferred Tax (Expense) Benefit (11,155 ) 152,086 (32,740 ) 108,191 Total Income Tax (Expense) Benefit 1,498 152,086 (20,668 ) 132,916 Net Income (Loss) $ 1,679,716 $ (101,083 ) $ (539,760 ) $ 1,128,844 Supplemental Disclosures Total Assets $ 24,767,757 $ 14,362,811 $ 1,224,954 $ 40,355,522 Total Liabilities $ 1,573,260 $ 1,436,624 $ 720,466 $ 3,730,350 Revenues from Intercompany Sales - eliminated from sales above $ 370,629 $ 49,201 $ 675,000 $ 1,094,830 Depreciation and Amortization $ 312,122 $ 47,645 $ 6,416 $ 366,183 Purchases of Long-lived Assets $ 399,975 $ 4,177 $ 4,992 $ 409,144 CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements January 31, 2022 and October 31, 20 21

DISAGGREGATION OF REVENUE

DISAGGREGATION OF REVENUE	3 Months Ended
	Jan. 31, 2022
Revenue from Contract with Customer [Abstract]
DISAGGREGATION OF REVENUE	NOTE 15 – DISAGGREGATION OF REVENUE SCHEDULE OF DISAGGREGATE OF REVENUE FROM CONTRACTS FOR SALE WITH CUSTOMERS BY GEOGRAPHIC LOCATION For the Three Months Ended January 31, 2022 Marine Marine Technology Engineering Grand Business Business Total Disaggregation of Total Net Sales Revenues Primary Geographical Markets Americas $ 2,057,668 $ 1,204,282 $ 3,261,950 Europe 491,016 810,178 1,301,194 Australia/Asia 815,084 - 815,084 Middle East/Africa 459,980 - 459,980 Total Revenues $ 3,823,748 $ 2,014,460 $ 5,838,208 Major Goods/Service Lines Equipment Sales $ 1,958,845 $ 436,864 $ 2,395,709 Equipment Rentals 630,468 - 630,468 Software Sales 304,796 - 304,796 Engineering Parts - 1,300,618 1,300,618 Services 929,639 276,978 1,206,617 Total Revenues $ 3,823,748 $ 2,014,460 $ 5,838,208 Goods transferred at a point in time $ 2,263,641 $ 436,866 $ 2,724,343 Services transferred over time 1,560,107 1,577,594 3,113,865 Total Revenues $ 3,823,748 $ 2,014,460 $ 5,838,208 CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements January 31, 2022 and October 31, 20 21 NOTE 15 –DISAGGREGATION OF REVENUE (Continued) For the Three Months Ended January 31, 2021 Marine Marine Technology Engineering Grand Business Business Total Disaggregation of Total Net Sales Revenues Primary Geographical Markets Americas $ 549,278 $ 516,441 $ 1,065,719 Europe 1,125,112 785,739 1,910,851 Australia/Asia 2,008,210 - 2,008,210 Middle East/Africa 65,679 - 65,679 Total Revenues $ 3,748,279 $ 1,302,180 $ 5,050,459 Major Goods/Service Lines Equipment Sales $ 2,793,487 $ 220,957 $ 3,014,444 Equipment Rentals 334,363 - 334,363 Software Sales 225,222 - 225,222 Engineering Parts - 856,347 856,347 Services 395,207 224,876 620,083 Total Revenues $ 3,748,279 $ 1,302,180 $ 5,050,459 Goods transferred at a point in time $ 3,056,037 $ 220,957 $ 3,276,994 Services transferred over time 692,242 1,081,223 1,773,465 Total Revenues $ 3,748,279 $ 1,302,180 $ 5,050,459 CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements January 31, 2022 and October 31, 20 21

COVID-19

COVID-19	3 Months Ended
	Jan. 31, 2022
Covid-19
COVID-19	NOTE 16 – COVID-19 The Company faces various risks related to the global outbreak of coronavirus disease (“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 continue to impact the business. Particularly, its ability to perform sustained and meaningful business development and marketing activities, which require demonstrations at sea at customer locations. Asia which is a significant region for our solutions and products, still has strict restrictions as they relate to foreigners entering these countries. These restrictions cumulatively affect demand for our goods and services.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Jan. 31, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 17 – INCOME TAXES The Company’s effective tax rate for the three months ended January 31, 2022, and 2021, was 16.0 % and ( 11.8 %) respectively. The increase in the effective tax rate for the three months ended January 31, 2022, as compared to January 31, 2021, resulted from the US companies becoming tax paying entities having used up their net operating loss carry-forwards.

INVENTORY (Tables)

INVENTORY (Tables)	3 Months Ended
	Jan. 31, 2022
Inventory Disclosure [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 January 31, October 31, 2022 2021 Raw materials and parts $ 7,926,535 $ 7,525,419 Work in progress 793,246 919,619 Finished goods 2,440,017 2,246,139 Total Inventory $ 11,159,798 $ 10,691,177

FIXED ASSETS (Tables)

FIXED ASSETS (Tables)	3 Months Ended
	Jan. 31, 2022
Property, Plant and Equipment [Abstract]
SCHEDULE OF PROPERTY AND EQUIPMENT	Property and equipment consisted of the following as of: SCHEDULE OF PROPERTY AND EQUIPMENT January 31, October 31, 2022 2021 Buildings $ 6,019,236 $ 5,298,028 Land 200,000 200,000 Office machinery and equipment 1,666,436 1,622,871 Rental assets 2,427,189 2,326,486 Furniture, fixtures and improvements 1,206,402 1,218,217 Totals 11,519,263 10,665,602 Less: accumulated depreciation (4,775,593 ) (4,628,501 ) Total Property and Equipment, net $ 6,743,670 $ 6,037,101

OTHER CURRENT ASSETS (Tables)

OTHER CURRENT ASSETS (Tables)	3 Months Ended
	Jan. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
SUMMARY OF OTHER CURRENT ASSETS	Other current assets consisted of the following as of: SUMMARY OF OTHER CURRENT ASSETS January 31, October 31, 2022 2021 Deposits $ 32,280 $ 63,992 Other Tax Receivables 43,156 - Employee Retention Credit Receivables 576,288 563,627 Total Other Current Assets $ 651,724 $ 627,619

NOTE PAYABLE (Tables)

NOTE PAYABLE (Tables)	3 Months Ended
	Jan. 31, 2022
Debt Disclosure [Abstract]
SCHEDULE OF NOTE PAYABLE	SCHEDULE OF NOTE PAYABLE January 31, October 31, 2022 2021 Secured note payable to HSBC NA with interest payable on the 28 th 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 was December 28, 2021 $ - $ 63,559 Total - 63,559 Less: current portion - (63,559 ) Total Long Term Note Payable $ - $ -

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Jan. 31, 2022
NET INCOME PER SHARE:
SCHEDULE OF EARNINGS PER SHARE BASIC AND DILUTED	SCHEDULE OF EARNINGS PER SHARE BASIC AND DILUTED Three Months Three Months Ended Ended January 31, January 31, Fiscal Period 2022 2021 Numerator: Net Income $ 1,217,248 $ 1,128,844 Denominator: Basic weighted average common shares outstanding 10,857,195 10,751,881 Unvested portion of options and restricted stock awards 539,666 557,000 Diluted outstanding shares 11,396,861 11,308,881 Net Income per share Basic $ 0.11 $ 0.10 Diluted $ 0.11 $ 0.10

SEGMENT ANALYSIS (Tables)

SEGMENT ANALYSIS (Tables)	3 Months Ended
	Jan. 31, 2022
Segment Reporting [Abstract]
SCHEDULE OF SEGMENT REPORTING INFORMATION	SCHEDULE OF SEGMENT REPORTING INFORMATION Marine Marine Overhead Total Three Months Ended January 31, 2022 Net Revenues $ 3,823,748 $ 2,014,460 $ - $ 5,838,208 Cost of Revenues 572,292 1,105,982 - 1,678,274 Gross Profit 3,251,456 908,478 - 4,159,934 Research & Development 529,375 143,515 - 672,890 Selling, General & Administrative 753,614 651,149 706,349 2,111,112 Total Operating Expenses 1,282,989 794,664 706,349 2,784,002 Income (Loss) from Operations 1,968,467 113,814 (706,349 ) 1,375,932 Other Income (Expense) Other Income 9,049 70,945 - 79,994 Interest Expense (4,882 ) (5,026 ) (1,370 ) (11,278 ) Total Other Income (Expense) 4,167 65,919 (1,370 ) 68,716 Income (Loss) before Income Taxes 1,972,634 179,733 (707,719 ) 1,444,648 Income Tax (Expense) Benefit Current Tax (Expense) Benefit (266,520 ) 24,036 (43,125 ) (285,609 ) Deferred Tax Benefit 6,708 204 51,297 58,209 Total Income Tax (Expense) Benefit (259,812 ) 24,240 8,172 (227,400 ) Net Income (Loss) $ 1,712,822 $ 203,973 $ (699,547 ) $ 1,217,248 Supplemental Disclosures Total Assets $ 30,847,114 $ 13,893,382 $ 658,735 $ 45,399,231 Total Liabilities $ 1,635,666 $ 501,339 $ 429,580 $ 2,566,585 Revenues from Intercompany Sales - eliminated from sales above $ 389,395 $ 115,823 $ 600,000 $ 1,105,218 Depreciation and Amortization $ 135,658 $ 16,657 $ 9,151 $ 161,466 Purchases of Long-lived Assets $ 986,093 $ 1,000 $ 14,871 $ 1,001,964 CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements January 31, 2022 and October 31, 20 21 NOTE 14 -SEGMENT ANALYSIS (Continued) Marine Marine Overhead Total Three Months Ended January 31, 2021 Net Revenues $ 3,748,279 $ 1,302,180 $ - $ 5,050,459 Cost of Revenues 894,275 841,262 - 1,735,537 Gross Profit 2,854,004 460,918 - 3,314,922 Research & Development 441,744 141,395 - 583,139 Selling, General & Administrative 733,825 567,559 511,982 1,813,366 Total Operating Expenses 1,175,569 708,954 511,982 2,396,505 Income (Loss) from Operations 1,678,435 (248,036 ) (511,982 ) 918,417 Other Income (Expense) Other Income 2,036 18 - 92,025 Interest Expense (2,253 ) (5,151 ) (7,110 ) (14,514 ) Total Other Income (Expense) (217 ) (5,133 ) (7,110 ) 77,511 Income (Loss) before Income Taxes 1,678,218 (253,169 ) (519,092 ) 995,928 Income Tax (Expense) Benefit Current Tax (Expense) Benefit 12,653 - 12,072 24,725 Deferred Tax (Expense) Benefit (11,155 ) 152,086 (32,740 ) 108,191 Total Income Tax (Expense) Benefit 1,498 152,086 (20,668 ) 132,916 Net Income (Loss) $ 1,679,716 $ (101,083 ) $ (539,760 ) $ 1,128,844 Supplemental Disclosures Total Assets $ 24,767,757 $ 14,362,811 $ 1,224,954 $ 40,355,522 Total Liabilities $ 1,573,260 $ 1,436,624 $ 720,466 $ 3,730,350 Revenues from Intercompany Sales - eliminated from sales above $ 370,629 $ 49,201 $ 675,000 $ 1,094,830 Depreciation and Amortization $ 312,122 $ 47,645 $ 6,416 $ 366,183 Purchases of Long-lived Assets $ 399,975 $ 4,177 $ 4,992 $ 409,144

DISAGGREGATION OF REVENUE (Tabl

DISAGGREGATION OF REVENUE (Tables)	3 Months Ended
	Jan. 31, 2022
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 Three Months Ended January 31, 2022 Marine Marine Technology Engineering Grand Business Business Total Disaggregation of Total Net Sales Revenues Primary Geographical Markets Americas $ 2,057,668 $ 1,204,282 $ 3,261,950 Europe 491,016 810,178 1,301,194 Australia/Asia 815,084 - 815,084 Middle East/Africa 459,980 - 459,980 Total Revenues $ 3,823,748 $ 2,014,460 $ 5,838,208 Major Goods/Service Lines Equipment Sales $ 1,958,845 $ 436,864 $ 2,395,709 Equipment Rentals 630,468 - 630,468 Software Sales 304,796 - 304,796 Engineering Parts - 1,300,618 1,300,618 Services 929,639 276,978 1,206,617 Total Revenues $ 3,823,748 $ 2,014,460 $ 5,838,208 Goods transferred at a point in time $ 2,263,641 $ 436,866 $ 2,724,343 Services transferred over time 1,560,107 1,577,594 3,113,865 Total Revenues $ 3,823,748 $ 2,014,460 $ 5,838,208 CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements January 31, 2022 and October 31, 20 21 NOTE 15 –DISAGGREGATION OF REVENUE (Continued) For the Three Months Ended January 31, 2021 Marine Marine Technology Engineering Grand Business Business Total Disaggregation of Total Net Sales Revenues Primary Geographical Markets Americas $ 549,278 $ 516,441 $ 1,065,719 Europe 1,125,112 785,739 1,910,851 Australia/Asia 2,008,210 - 2,008,210 Middle East/Africa 65,679 - 65,679 Total Revenues $ 3,748,279 $ 1,302,180 $ 5,050,459 Major Goods/Service Lines Equipment Sales $ 2,793,487 $ 220,957 $ 3,014,444 Equipment Rentals 334,363 - 334,363 Software Sales 225,222 - 225,222 Engineering Parts - 856,347 856,347 Services 395,207 224,876 620,083 Total Revenues $ 3,748,279 $ 1,302,180 $ 5,050,459 Goods transferred at a point in time $ 3,056,037 $ 220,957 $ 3,276,994 Services transferred over time 692,242 1,081,223 1,773,465 Total Revenues $ 3,748,279 $ 1,302,180 $ 5,050,459

REVENUE RECOGNITION (Details Na

REVENUE RECOGNITION (Details Narrative) - USD ($)	3 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Oct. 31, 2021
Revenue Recognition
Deferred Sales Commission	$ 0		$ 0
Amortization of Deferred Sales Commissions	$ 0	$ 3,884

SCHEDULE OF COMPONENTS OF INVEN

SCHEDULE OF COMPONENTS OF INVENTORY (Details) - USD ($)	Jan. 31, 2022	Oct. 31, 2021
Inventory Disclosure [Abstract]
Raw materials and parts	$ 7,926,535	$ 7,525,419
Work in progress	793,246	919,619
Finished goods	2,440,017	2,246,139
Total Inventory	$ 11,159,798	$ 10,691,177

SCHEDULE OF PROPERTY AND EQUIPM

SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($)	Jan. 31, 2022	Oct. 31, 2021
Property, Plant and Equipment [Line Items]
Totals	$ 11,519,263	$ 10,665,602
Less: accumulated depreciation	(4,775,593)	(4,628,501)
Total Property and Equipment, net	6,743,670	6,037,101
Building [Member]
Property, Plant and Equipment [Line Items]
Totals	6,019,236	5,298,028
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	1,666,436	1,622,871
Rental Assets [Member]
Property, Plant and Equipment [Line Items]
Totals	2,427,189	2,326,486
Furniture Fixtures And Improvements [Member]
Property, Plant and Equipment [Line Items]
Totals	$ 1,206,402	$ 1,218,217

SUMMARY OF OTHER CURRENT ASSETS

SUMMARY OF OTHER CURRENT ASSETS (Details) - USD ($)	Jan. 31, 2022	Oct. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deposits	$ 32,280	$ 63,992
Other Tax Receivables	43,156
Employee Retention Credit Receivables	576,288	563,627
Total Other Current Assets	$ 651,724	$ 627,619

CONTRACTS IN PROGESS (Details N

CONTRACTS IN PROGESS (Details Narrative) - USD ($)	Jan. 31, 2022	Oct. 31, 2021
Contracts In Progess
Unbilled Receivables, Current	$ 401,661	$ 1,080,384
Contract with Customer, Liability	1,151,451	1,879,790
Deferred revenue inclusive of extended warranty sales	$ 289,956	$ 277,937

CONCENTRATIONS (Details Narrati

CONCENTRATIONS (Details Narrative) - USD ($)	3 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Oct. 31, 2021
Concentration Risk [Line Items]
Accounts Receivable, after Allowance for Credit Loss, Current	$ 1,535,682		$ 4,207,996
Two Customers [Member] | Revenue Benchmark [Member]
Concentration Risk [Line Items]
Proceeds from Customers	$ 1,855,731	$ 1,303,807
Two Customers [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	32.00%	26.00%
Two Customers [Member] | Accounts Receivable [Member]
Concentration Risk [Line Items]
Accounts Receivable, after Allowance for Credit Loss, Current		$ 862,850
Two Customers [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage		46.00%

SCHEDULE OF NOTE PAYABLE (Detai

SCHEDULE OF NOTE PAYABLE (Details) (Parenthetical) - Secured Debt [Member]	12 Months Ended
	Oct. 31, 2021USD ($)
Debt Instrument [Line Items]
Debt Instrument, Interest Rate During Period	4.56%
Debt Instrument, Periodic Payment	$ 43,777
Debt Instrument, Maturity Date	Dec. 28, 2021

SCHEDULE OF NOTE PAYABLE (Det_2

SCHEDULE OF NOTE PAYABLE (Details) - USD ($)	Jan. 31, 2022	Oct. 31, 2021
Debt Instrument [Line Items]
Total		$ 63,559
Less: current portion		(63,559)
Total Long Term Notes Payable
Secured Debt [Member]
Debt Instrument [Line Items]
Total		$ 63,559

NOTE PAYABLE (Details Narrative

NOTE PAYABLE (Details Narrative) - USD ($)	3 Months Ended	12 Months Ended
	Jan. 31, 2022	Oct. 31, 2021	Nov. 27, 2019
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Amount Outstanding During Period	$ 0	$ 0
HSBC [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity			$ 4,000,000

SCHEDULE OF EARNINGS PER SHARE

SCHEDULE OF EARNINGS PER SHARE BASIC AND DILUTED (Details) - USD ($)	3 Months Ended
	Jan. 31, 2022	Jan. 31, 2021
NET INCOME PER SHARE:
Net Income	$ 1,217,248	$ 1,128,844
Basic weighted average common shares outstanding	10,857,195	10,751,881
Unvested portion of options and restricted stock awards	539,666	557,000
Diluted outstanding shares	11,396,861	11,308,881
Net Income per share
Basic	$ 0.11	$ 0.10
Diluted	$ 0.11	$ 0.10

SCHEDULE OF SEGMENT REPORTING I

SCHEDULE OF SEGMENT REPORTING INFORMATION (Details) - USD ($)	3 Months Ended
	Jan. 31, 2022	Jan. 31, 2021
Segment Reporting Information [Line Items]
Net Revenues	$ 5,838,208	$ 5,050,459
Cost of Revenues	1,678,274	1,735,537
Gross Profit	4,159,934	3,314,922
Research & Development	672,890	583,139
Selling, General & Administrative	2,111,112	1,813,366
Total Operating Expenses	2,784,002	2,396,505
INCOME FROM OPERATIONS	1,375,932	918,417
Other Income	79,994	92,025
Interest Expense	(11,278)	(14,514)
Total Other Income	68,716	77,511
INCOME BEFORE INCOME TAX EXPENSE	1,444,648	995,928
Current Tax (Expense) Benefit	(285,609)	24,725
Deferred Tax (Expense) Benefit	58,209	108,191
Total Income Tax (Expense) Benefit	(227,400)	132,916
NET INCOME	1,217,248	1,128,844
Total Assets	45,399,231
Total Liabilities	2,566,585
Segment Reporting [Member]
Segment Reporting Information [Line Items]
Net Revenues	5,838,208	5,050,459
Cost of Revenues	1,678,274	1,735,537
Gross Profit	4,159,934	3,314,922
Research & Development	672,890	583,139
Selling, General & Administrative	2,111,112	1,813,366
Total Operating Expenses	2,784,002	2,396,505
INCOME FROM OPERATIONS	1,375,932	918,417
Other Income	79,994	92,025
Interest Expense	(11,278)	(14,514)
Total Other Income	68,716	77,511
INCOME BEFORE INCOME TAX EXPENSE	1,444,648	995,928
Current Tax (Expense) Benefit	(285,609)	24,725
Deferred Tax (Expense) Benefit	58,209	108,191
Total Income Tax (Expense) Benefit	(227,400)	132,916
NET INCOME	1,217,248	1,128,844
Total Assets	45,399,231	40,355,522
Total Liabilities	2,566,585	3,730,350
Revenues from Intercompany Sales - eliminated from sales above	1,105,218	1,094,830
Depreciation and Amortization	161,466	366,183
Purchases of Long-lived Assets	1,001,964	409,144
Marine Technology Business Products [Member] | Segment Reporting [Member]
Segment Reporting Information [Line Items]
Net Revenues	3,823,748	3,748,279
Cost of Revenues	572,292	894,275
Gross Profit	3,251,456	2,854,004
Research & Development	529,375	441,744
Selling, General & Administrative	753,614	733,825
Total Operating Expenses	1,282,989	1,175,569
INCOME FROM OPERATIONS	1,968,467	1,678,435
Other Income	9,049	2,036
Interest Expense	(4,882)	(2,253)
Total Other Income	4,167	(217)
INCOME BEFORE INCOME TAX EXPENSE	1,972,634	1,678,218
Current Tax (Expense) Benefit	(266,520)	12,653
Deferred Tax (Expense) Benefit	6,708	(11,155)
Total Income Tax (Expense) Benefit	(259,812)	1,498
NET INCOME	1,712,822	1,679,716
Total Assets	30,847,114	24,767,757
Total Liabilities	1,635,666	1,573,260
Revenues from Intercompany Sales - eliminated from sales above	389,395	370,629
Depreciation and Amortization	135,658	312,122
Purchases of Long-lived Assets	986,093	399,975
Marine Engineering Business Services [Member] | Segment Reporting [Member]
Segment Reporting Information [Line Items]
Net Revenues	2,014,460	1,302,180
Cost of Revenues	1,105,982	841,262
Gross Profit	908,478	460,918
Research & Development	143,515	141,395
Selling, General & Administrative	651,149	567,559
Total Operating Expenses	794,664	708,954
INCOME FROM OPERATIONS	113,814	(248,036)
Other Income	70,945	18
Interest Expense	(5,026)	(5,151)
Total Other Income	65,919	(5,133)
INCOME BEFORE INCOME TAX EXPENSE	179,733	(253,169)
Current Tax (Expense) Benefit	24,036
Deferred Tax (Expense) Benefit	204	152,086
Total Income Tax (Expense) Benefit	24,240	152,086
NET INCOME	203,973	(101,083)
Total Assets	13,893,382	14,362,811
Total Liabilities	501,339	1,436,624
Revenues from Intercompany Sales - eliminated from sales above	115,823	49,201
Depreciation and Amortization	16,657	47,645
Purchases of Long-lived Assets	1,000	4,177
Overhead [Member] | Segment Reporting [Member]
Segment Reporting Information [Line Items]
Net Revenues
Cost of Revenues
Gross Profit
Research & Development
Selling, General & Administrative	706,349	511,982
Total Operating Expenses	706,349	511,982
INCOME FROM OPERATIONS	(706,349)	(511,982)
Other Income
Interest Expense	(1,370)	(7,110)
Total Other Income	(1,370)	(7,110)
INCOME BEFORE INCOME TAX EXPENSE	(707,719)	(519,092)
Current Tax (Expense) Benefit	(43,125)	12,072
Deferred Tax (Expense) Benefit	51,297	(32,740)
Total Income Tax (Expense) Benefit	8,172	(20,668)
NET INCOME	(699,547)	(539,760)
Total Assets	658,735	1,224,954
Total Liabilities	429,580	720,466
Revenues from Intercompany Sales - eliminated from sales above	600,000	675,000
Depreciation and Amortization	9,151	6,416
Purchases of Long-lived Assets	$ 14,871	$ 4,992

SEGMENT ANALYSIS (Details Narra

SEGMENT ANALYSIS (Details Narrative)	3 Months Ended
	Jan. 31, 2022Integer
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 ($)	3 Months Ended
	Jan. 31, 2022	Jan. 31, 2021
Disaggregation of Revenue [Line Items]
Total Revenues	$ 5,838,208	$ 5,050,459
Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	2,724,343	3,276,994
Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	3,113,865	1,773,465
Equipment Sales [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	2,395,709	3,014,444
Equipment Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	630,468	334,363
Software Sales [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	304,796	225,222
Engineering Parts [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	1,300,618	856,347
Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	1,206,617	620,083
Marine Technology Business Products [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	3,823,748	3,748,279
Marine Technology Business Products [Member] | Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	2,263,641	3,056,037
Marine Technology Business Products [Member] | Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	1,560,107	692,242
Marine Technology Business Products [Member] | Equipment Sales [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	1,958,845	2,793,487
Marine Technology Business Products [Member] | Equipment Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	630,468	334,363
Marine Technology Business Products [Member] | Software Sales [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	304,796	225,222
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	929,639	395,207
Marine Engineering Business Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	2,014,460	1,302,180
Marine Engineering Business Services [Member] | Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	436,866	220,957
Marine Engineering Business Services [Member] | Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	1,577,594	1,081,223
Marine Engineering Business Services [Member] | Equipment Sales [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	436,864	220,957
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	1,300,618	856,347
Marine Engineering Business Services [Member] | Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	276,978	224,876
Americas [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	3,261,950	1,065,719
Americas [Member] | Marine Technology Business Products [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	2,057,668	549,278
Americas [Member] | Marine Engineering Business Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	1,204,282	516,441
Europe [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	1,301,194	1,910,851
Europe [Member] | Marine Technology Business Products [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	491,016	1,125,112
Europe [Member] | Marine Engineering Business Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	810,178	785,739
Australia/Asia [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	815,084	2,008,210
Australia/Asia [Member] | Marine Technology Business Products [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	815,084	2,008,210
Australia/Asia [Member] | Marine Engineering Business Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues
Middle East/Africa [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	459,980	65,679
Middle East/Africa [Member] | Marine Technology Business Products [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	459,980	65,679
Middle East/Africa [Member] | Marine Engineering Business Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative)	3 Months Ended
	Jan. 31, 2022	Jan. 31, 2021
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, Percent	16.00%	11.80%