Coda Octopus (CODA) 10-Q 18 Mar 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Jan. 31, 2024	Mar. 15, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jan. 31, 2024
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024
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	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		11,172,683

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Jan. 31, 2024	Oct. 31, 2023
CURRENT ASSETS
Cash and Cash Equivalents	$ 25,003,984	$ 24,448,841
Accounts Receivable	3,030,988	2,643,461
Inventory	12,768,672	11,685,525
Unbilled Receivables	763,123	894,251
Prepaid Expenses	392,591	181,383
Other Current Assets	813,586	1,034,626
Total Current Assets	42,772,944	40,888,087
FIXED ASSETS
Property and Equipment, net	6,340,113	6,873,320
OTHER ASSETS
Goodwill	3,382,108	3,382,108
Intangible Assets, net	496,195	486,615
Deferred Tax Asset	21,582	211,386
Total Other Assets	3,899,885	4,080,109
Total Assets	53,012,942	51,841,516
CURRENT LIABILITIES
Accounts Payable	1,110,284	1,308,201
Accrued Expenses and Other Current Liabilities	855,977	995,630
Deferred Revenue	786,466	975,537
Total Current Liabilities	2,752,727	3,279,368
LONG TERM LIABILITIES
Deferred Revenue, less current portion	110,538	133,382
Total Liabilities	2,863,265	3,412,750
Commitments and contingencies
STOCKHOLDERS’ EQUITY
Common Stock, $.001 par value; 150,000,000 shares authorized, 11,164,483 issued and outstanding as of January 31, 2024 and 11,117,695 shares issued and outstanding as of October 31, 2023	11,165	11,118
Treasury Stock	(61,933)	(46,300)
Additional Paid-in Capital	63,036,013	62,958,984
Accumulated Other Comprehensive Loss	(2,412,969)	(3,442,549)
Accumulated Deficit	(10,422,599)	(11,052,487)
Total Stockholders’ Equity	50,149,677	48,428,766
Total Liabilities and Stockholders’ Equity	$ 53,012,942	$ 51,841,516

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jan. 31, 2024	Oct. 31, 2023
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	11,164,483	11,117,695
Common stock, shares outstanding	11,164,483	11,117,695

Consolidated Statements of Inco

Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)	3 Months Ended
	Jan. 31, 2024	Jan. 31, 2023
Income Statement [Abstract]
Net Revenues	$ 4,461,191	$ 5,596,284
Cost of Revenues	1,374,455	1,843,279
Gross Profit	3,086,736	3,753,005
OPERATING EXPENSES
Research & Development	485,977	444,458
Selling, General & Administrative	2,045,375	1,962,451
Total Operating Expenses	2,531,352	2,406,909
INCOME FROM OPERATIONS	555,384	1,346,096
OTHER INCOME (EXPENSE)
Other Income	35,020	2,904
Interest Income	192,540	12,861
Total Other Income	227,560	15,765
INCOME BEFORE INCOME TAX EXPENSE	782,944	1,361,861
INCOME TAX (EXPENSE) BENEFIT
Current Tax Benefit (Expense)	34,015	(11)
Deferred Tax (Expense) Benefit	(187,071)	36,007
Total Income Tax (Expense) Benefit	(153,056)	35,996
NET INCOME	$ 629,888	$ 1,397,857
NET INCOME PER SHARE:
Basic	$ 0.06	$ 0.13
Diluted	$ 0.06	$ 0.12
WEIGHTED AVERAGE SHARES:
Basic	11,125,061	10,946,683
Diluted	11,264,478	11,379,356
Foreign Currency Translation Adjustment	$ 1,029,580	$ 1,607,650
Total Other Comprehensive Income	1,029,580	1,607,650
COMPREHENSIVE INCOME	$ 1,659,468	$ 3,005,507

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]	Treasury Stock, Common [Member]	Total
Balance at Oct. 31, 2022	$ 10,918	$ 62,313,988	$ (4,737,124)	$ (14,176,636)	$ (28,337)	$ 43,382,809
Balance, shares at Oct. 31, 2022	10,916,853
Employee stock-based compensation		182,153				182,153
Stock issued for options exercised and stock grants	$ 25	(25)
Stock issued for options exercised and stock grants, shares	25,500
Foreign currency translation adjustment			1,607,650			1,607,650
Net Income				1,397,857		1,397,857
Balance at Jan. 31, 2023	$ 10,943	62,496,116	(3,129,474)	(12,778,779)	(28,337)	46,570,469
Balance, shares at Jan. 31, 2023	10,942,353
Balance at Oct. 31, 2023	$ 11,118	62,958,984	(3,442,549)	(11,052,487)	(46,300)	48,428,766
Balance, shares at Oct. 31, 2023	11,117,695
Employee stock-based compensation		77,076				77,076
Stock issued for options exercised and stock grants	$ 47	(47)
Stock issued for options exercised and stock grants, shares	46,788
Foreign currency translation adjustment			1,029,580			1,029,580
Net Income				$ 629,888		$ 629,888
Treasury Stock					(15,633)	(15,633)
Balance at Jan. 31, 2024	$ 11,165	$ 63,036,013	$ (2,412,969)	$ (10,422,599)	$ (61,933)	$ 50,149,677
Balance, shares at Jan. 31, 2024	11,164,483

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Jan. 31, 2024	Jan. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 629,888	$ 1,397,857
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation of property, plant and equipment	173,292	148,565
Amortization of intangible assets	17,246	15,442
Stock-based compensation	77,076	182,153
Deferred income taxes	187,071	(36,007)
Gain on sale of asset	(30,244)
(Increase) decrease in operating assets:
Accounts receivable	(337,120)	(161,980)
Inventory	(556,975)	(602,467)
Unbilled receivables	134,697	(37,958)
Prepaid expenses	(207,389)	(128,140)
Other current assets	(135,850)	(84,586)
Increase (decrease) in operating liabilities:
Accounts payable and other current liabilities	(17,505)	446,526
Deferred revenue	(232,146)	(154,519)
Net Cash (used in) provided by Operating Activities	(297,959)	984,886
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment	(135,651)	(84,422)
Purchases of other intangible assets	(26,825)	(21,485)
Proceeds from the sale of property and equipment	771,807
Net Cash provided by (used in) Investing Activities	609,331	(105,907)
CASH FLOWS FROM FINANCING ACTIVITIES
Purchase of treasury stock	(15,633)
Net Cash Used in Financing Activities	(15,633)
EFFECT OF CURRENCY TRANSLATION ON CHANGES IN CASH AND CASH EQUIVALENTS	259,404	716,033
NET INCREASE IN CASH AND CASH EQUIVALENTS	555,143	1,595,012
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD	24,448,841	22,927,371
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD	25,003,984	24,522,383
SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid for taxes	$ 74,118

ORGANIZATION AND DESCRIPTION OF

ORGANIZATION AND DESCRIPTION OF BUSINESS	3 Months Ended
	Jan. 31, 2024
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 discrete operating business units. These are the Marine Technology Business (“Products Business,” or “Products Segment”) and the Marine Engineering Business (“Services Business,” “Engineering Business” or “Services Segment”). The Marine Technology Business is an established supplier of underwater technologies and solutions to the underwater/subsea and diving markets. Its products and solutions comprise both hardware and software for which it is the innovator, developer, manufacturer and distributor. It has key proprietary 3D/4D/5D/6D imaging sonar technology marketed under the name of Echoscope® and Echoscope PIPE® and diving technology marketed under the name of CodaOctopus ® ® The Engineering Business is an established sub-contractor to prime defense contractors and generally supplies proprietary sub-assemblies for incorporation into broader mission critical defense systems. These sub-assemblies are typically supplied for the life of the program. The Marine Engineering Business’ scope of services for these defense programs typically extends to concept, design, prototype, manufacture, and post-sale support. The manufacturing contracts for these sub-assemblies can run over many years. The consolidated financial statements include the accounts of Coda Octopus Group, Inc. and its wholly owned domestic and foreign subsidiaries. All significant intercompany transactions and balances have been eliminated in the consolidated financial statements. 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

REVENUE RECOGNITION	3 Months Ended
	Jan. 31, 2024
Revenue Recognition
REVENUE RECOGNITION	NOTE 2 – REVENUE RECOGNITION The Company recognizes revenue in accordance with 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: ● Identify the contract with the customer; ● Identify the performance obligations in the contract with customer; ● Determine the transaction price; ● Allocate the transaction price to performance obligations; and ● Recognize revenue when (or as) a performance obligation is satisfied. Our revenues are earned under formal contracts with our customers. These are derived from both sales and rental of underwater technologies and equipment for real time 3D imaging, mapping, defense and survey applications by the Marine Technology Business and from engineering services provided by our Services Segment. 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, 2024 and October 31, 2023 NOTE 2 – REVENUE RECOGNITION (Continued) Regarding our Marine Technology Business, all 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, customization of our technology for bespoke application, 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 performed and evidence of the provision of those services exists. 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 a relative standalone selling price basis and recognize revenue when performance obligations are met including when equipment is delivered, and for rental of equipment, when installation, training and other services prescribed by the contract are performed. Our contracts sometimes require customer payments in advance of revenue recognition. These are recognized as revenue when the Company has fulfilled its obligations under the respective contracts. Until such time, we recognize these prepayments 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 by the provision of the software installers and activation codes to 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 cost (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 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, 2024 and October 31, 2023 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. Other Revenue Disclosures See Notes 12 and 13 – Segment Analysis and Disaggregation of Revenue. These Notes provide disclosure of our revenue by segment (Products Business versus Services Business); revenues from external customers and cost of those revenues; and split of revenue by geography including within and outside the USA.

COST OF GOODS SOLD

COST OF GOODS SOLD	3 Months Ended
	Jan. 31, 2024
Compensation Related Costs [Abstract]
COST OF GOODS SOLD	NOTE 3 – COST OF GOODS SOLD Our Cost of goods sold includes the cost of materials and related direct costs. With respect to sales made through the Company’s sales agents distribution network, we include in our costs of goods sold commissions paid to agents for the specific sales they make. Without using agents, we would not be eligible to participate in the Request for Proposals (“RFP”) for these sales on which we incur commission costs. All other sales-related expenses, including those related to unsuccessful bids, are included in selling, general and administrative costs. As a component of Cost of Goods Sold, sales commission in the 3 months period ended January 31, 2024 was $ 293,184 505,376

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	3 Months Ended
	Jan. 31, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	NOTE 4 – FAIR VALUE OF FINANCIAL INSTRUMENTS The Company’s financial instruments include cash, cash equivalents, accounts receivable, accounts payable, and accrued expenses. The carrying amounts of cash, cash equivalents, accounts receivable, accounts payable and accrued expenses approximate fair values because of the short-term nature of these instruments.

FOREIGN CURRENCY TRANSLATION

FOREIGN CURRENCY TRANSLATION	3 Months Ended
	Jan. 31, 2024
Foreign Currency [Abstract]
FOREIGN CURRENCY TRANSLATION	NOTE 5 – 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 is 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, 2024 and October 31, 2023

COMPOSITION OF CERTAIN FINANCIA

COMPOSITION OF CERTAIN FINANCIAL STATEMENT CAPTIONS	3 Months Ended
	Jan. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
COMPOSITION OF CERTAIN FINANCIAL STATEMENT CAPTIONS	NOTE 6 – COMPOSITION OF CERTAIN FINANCIAL STATEMENT CAPTIONS Certified Deposit Interest Bearing Accounts for the three months ended January 31, 2024 and October 31, 2023. The Company has certified deposit interest-bearing accounts with its current bankers HSBC NA and HSBC UK. These interest-bearing accounts are for rolling fixed short-term periods not exceeding 3 months and are classified in our financial statements as “cash equivalent”. In addition, we have an interest-bearing deposit account with HSBC UK that tracks the Bank of England base rate and which has no access restrictions and has a current rate of 5.0 SCHEDULE OF INTEREST RATES AND AMOUNT HELD IN CERTIFIED DEPOSIT INTEREST BEARING ACCOUNTS Currency Denomination Bank January 31, 2024 October 31, 2023 Amount Rate Amount Rate US$ HSBC $ 17,405,227 4.73 % $ 15,201,579 5.28 % GPB HSBC £ 1,250,000 4.65 % £ 750,000 4.80 % GBP(Unrestricted Access) HSBC £ 234,206 5.00 % £ 500,000 5.00 % USD Jyske Bank (Denmark) Nil Nil $ 2,400,000 4.00 % Inventory consisted of the following as of: SCHEDULE OF COMPONENTS OF INVENTORY January 31, October 31, 2024 2023 Raw materials and parts $ 9,676,735 $ 8,994,482 Work in progress 629,421 483,227 Finished goods 2,462,516 2,207,816 Total Inventory $ 12,768,672 $ 11,685,525 Other current assets consisted of the following as of: SUMMARY OF OTHER CURRENT ASSETS January 31, October 31, 2024 2023 Deposits $ 13,070 $ 23,081 Other Tax Receivables 539,950 450,625 Employee Retention Credit Receivables 212,300 212,300 Other Receivables 48,266 348,620 Total Other Current Assets $ 813,586 $ 1,034,626 Property and equipment consisted of the following as of: SCHEDULE OF PROPERTY AND EQUIPMENT January 31, October 31, 2024 2023 Buildings $ 5,840,473 $ 6,386,705 Land 200,000 200,000 Office machinery and equipment 1,646,411 1,596,026 Rental assets 2,533,274 2,323,446 Furniture, fixtures and improvements 1,215,284 1,172,169 Totals 11,435,442 11,678,346 Less: accumulated depreciation (5,095,329 ) (4,805,026 ) Total Property and Equipment, net $ 6,340,113 $ 6,873,320 Depreciation expense for the three months ended January 31, 2024, and 2023 was $ 173,292 148,565 CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements January 31, 2024 and October 31, 2023 Property and equipment, net, by geographic areas was as follows: SCHEDULE OF PROPERTY AND EQUIPMENT, NET, BY GEOGRAPHIC AREAS January 31, October 31, 2024 2023 USA 1,718,120 1,751,260 Europe 4,621,993 5,122,060 Total Property and Equipment, net $ 6,340,113 $ 6,873,320 Accrued Expenses and Other Current Liabilities consisted of the following as of: SCHEDULE OF ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES January 31, October 31, 2024 2023 Accruals $ 333,570 $ 384,880 Other Tax Payables 355,945 525,565 Employee Related 166,462 85,185 Total $ 855,977 $ 995,630 Total Other Income, net consisted of the following: SCHEDULE OF OTHER INCOME January 31, January 31, 2024 2023 Grant Income 14,714 - Other Income 20,306 2,904 Total Other Income $ 35,020 $ 2,904 Interest Income 192,540 12,861 Total Other Income, net $ 227,560 $ 15,765

CONTRACTS IN PROGESS

CONTRACTS IN PROGESS	3 Months Ended
	Jan. 31, 2024
Contracts In Progess
CONTRACTS IN PROGESS	NOTE 7 – 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 balance sheet date. These amounts are stated on the consolidated balance sheets as Unbilled Receivables of $ 763,123 894,251 Deferred Revenue of $ 786,466 975,537 Sales of equipment include a separate performance obligation for warranty or Through Life Support (“TLS”) which may be optionally purchased by the customer. This is treated as deferred revenue which is amortized over the relevant obligation period (12 months is our standard warranty or 36 or 60-months from the date of delivery for our TLS product). These amounts are stated on the consolidated balance sheets as a component of Deferred Revenue and were $ 153,610 148,361 CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements January 31, 2024 and October 31, 2023

CONCENTRATIONS

CONCENTRATIONS	3 Months Ended
	Jan. 31, 2024
Risks and Uncertainties [Abstract]
CONCENTRATIONS	NOTE 8 – CONCENTRATIONS Significant Customers During the three months ended January 31, 2024, the Company had three customers from whom it generated sales greater than 10% of net revenues. Revenue from these customers was $ 1,809,398 40.6 1,047,960 34.6 During the three months ended January 31, 2023, the Company had two customers from whom it generated sales greater than 10% of net revenues. Revenue from these customers was $ 1,575,724 28 836,315 27

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	3 Months Ended
	Jan. 31, 2024
Accounting Changes and Error Corrections [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	NOTE 9 – RECENT ACCOUNTING PRONOUNCEMENTS On October 27, 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 will affect how we report segment information, starting with our Form 10-K for the year ended October 31, 2025, and our quarterly reports on Form 10-Q starting with our quarterly report for the quarter ended January 31, 2026. The ASU requires that we provide disclosures of significant segment expenses and other segment items that are regularly provided to our CODM and included in each reported measure of segment profit or loss. We will also have to disclose other segment items by reportable segment (i.e., the difference between reported segment revenues less the significant segment expenses (which are disclosed) less reported segment profit or loss). We will disclose the CODM and their position within the company and details about the information that they regularly review to make capital allocation and other operating decisions about each segment, as well as an explanation of how the CODM uses the reported measures and other disclosures. The information needed for these disclosures is available, but we will need to determine the best way to provide that information for these required segment disclosures.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Jan. 31, 2024
NET INCOME PER SHARE:
EARNINGS PER SHARE	NOTE 10 – EARNINGS PER SHARE SCHEDULE OF EARNINGS PER SHARE BASIC AND DILUTED Fiscal Period Three Months January 31, 2024 Three Months January 31, 2023 Numerator: Net Income $ 629,888 $ 1,397,857 Denominator: Basic weighted average common shares outstanding 11,125,061 10,946,683 Unused portion of options and restricted stock awards 139,417 432,673 Diluted outstanding shares 11,264,478 11,379,356 Net income per share Basic $ 0.06 $ 0.13 Diluted $ 0.06 $ 0.12

2017 STOCK INCENTIVE PLAN

2017 STOCK INCENTIVE PLAN	3 Months Ended
	Jan. 31, 2024
Retirement Benefits [Abstract]
2017 STOCK INCENTIVE PLAN	NOTE 11 – 2017 STOCK INCENTIVE PLAN 2017 Stock Incentive Plan On December 6, 2017, the Board of Directors adopted the 2017 Stock Incentive Plan (the “2017 Plan”). The purpose of the Plan is to advance the interests of the Company and its stockholders by enabling the Company and its subsidiaries to attract and retain qualified individuals through opportunities for equity participation in the Company, and to reward those individuals who contribute to the Company’s achievement of its economic objectives. The Plan was adopted subject to stockholders’ approval and was approved by Stockholders at the Company’s Annual General Meeting held on July 24, 2018. The maximum number of shares of Common Stock allocated for issuance under the 2017 Plan is 913,612 During the three months ended January 31, 2024, the Company did not grant any new restricted stock awards pursuant to the terms of the 2017 Plan. During the said period, 46,788 2,394 3,500 376,194 77,076 CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements January 31, 2024 and October 31, 2023 2021 Stock Incentive Plan On July 12, 2021, the Board of Directors adopted the 2021 Stock Incentive Plan (the “2021 Plan”). The 2021 Plan was approved by the Company’s stockholders at its Annual General Meeting held on September 14, 2021. The 2021 Plan is identical to the 2017 Plan in all material respects, except that the number of shares allocated for issuance thereunder is 1,000,000 The total number of shares available for issuance under the 2017 and 2021 Plans is 1,376,194

SEGMENT ANALYSIS

SEGMENT ANALYSIS	3 Months Ended
	Jan. 31, 2024
Segment Reporting [Abstract]
SEGMENT ANALYSIS	NOTE 12 – SEGMENT ANALYSIS We operate in two reportable segments, “Products Business” and “Service Business” which are managed separately based upon fundamental differences in their operations. Segment operating income is total Segment revenue reduced by cost of revenues and operating expenses (research and development and Selling, General & Administrative) identifiable with the reporting business segment. Overheads include general corporate administrative costs. The Company evaluates performance and allocates resources based upon operating income. The accounting policies of the reportable segments are the same as those described in the critical accounting policies in Item 2 of this Form 10-Q. There are inter-segment sales in the table below which have been eliminated from our financial statements. However, for the purpose of segment reporting, these inter-segment sales are only included in the table below. Coda Octopus Products constitute the Marine Technology Business (“Products Segment”) is a supplier to the underwater/subsea market and selling both hardware and software solutions which includes imaging sonar technology solutions, diving technology, geophysical products, rental equipment, customization, and field operations services. Coda Octopus Colmek, Inc. and Coda Octopus Martech Ltd constitute the Marine Engineering Business (“Services Segment”) and are engineering subcontractors to prime defense contractors. The following tables summarize segment asset and operating balances by reportable segment for the three months ended January 31, 2024 and 2023, 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, 2024 and October 31, 2023 NOTE 12 -SEGMENT ANALYSIS (Continued) SCHEDULE OF SEGMENT REPORTING INFORMATION Marine Technology Business (Products) Marine Engineering Business (Services) Overhead Total Three Months Ended January 31, 2024 Net Revenues $ 3,542,766 $ 918,425 $ - $ 4,461,191 Cost of Revenues 973,880 400,575 - 1,374,455 Gross Profit 2,568,886 517,850 - 3,086,736 Research & Development 461,375 24,602 - 485,977 Selling, General & Administrative 835,391 600,484 609,500 2,045,375 Total Operating Expenses 1,296,766 625,086 609,500 2,531,352 Income (Loss) from Operations 1,272,120 (107,236 ) (609,500 ) 555,384 Other Income Other Income 20,306 14,714 - 35,020 Interest Income 135,731 56,809 - 192,540 Total Other Income 156,037 71,523 - 227,560 Income (Loss) before Income Taxes 1,428,157 (35,713 ) (609,500 ) 782,944 Income Tax (Expense) Benefit Current Tax (Expense) Benefit (35,540 ) - 69,555 34,015 Deferred Tax (Expense) Benefit 27,328 - (214,399 ) (187,071 ) Total Income Tax (Expense) Benefit (8,212 ) - (144,844 ) (153,056 ) Net Income (Loss) $ 1,419,945 $ (35,713 ) $ (754,344 ) $ 629,888 Supplemental Disclosures Total Assets $ 36,685,343 $ 13,298,356 $ 3,029,244 $ 53,012,943 Total Liabilities $ 1,963,391 $ 429,635 $ 470,239 $ 2,863,265 Revenues from Intercompany Sales – eliminated from sales above $ 948,934 $ 10,790 $ 312,000 $ 1,271,724 Depreciation and Amortization $ 153,019 $ 25,357 $ 12,162 $ 190,538 Purchases of Long-lived Assets $ 132,423 $ 2,208 $ 27,845 $ 162,476 CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements January 31, 2024 and October 31, 2023 NOTE 12 – SEGMENT ANALYSIS (Continued) Marine Technology Business (Products) Marine Engineering Business (Services) Overhead Total Three Months Ended January 31, 2023 Net Revenues $ 3,824,159 $ 1,772,125 $ - $ 5,596,284 Cost of Revenues 1,064,244 779,035 - 1,843,279 Gross Profit 2,759,915 993,090 - 3,753,005 Research & Development 438,308 6,150 - 444,458 Selling, General & Administrative 661,759 646,310 654,382 1,962,451 Total Operating Expenses 1,100,067 652,460 654,382 2,406,909 Income (Loss) from Operations 1,659,848 340,630 (654,382 ) 1,346,096 Other Income (Expense) Other Income 2,904 - - 2,904 Interest Income 12,116 745 - 12,861 Total Other Income (Expense) 15,020 745 - 15,765 Income (Loss) before Income Taxes 1,674,868 341,375 (654,382 ) 1,361,861 Income Tax (Expense) Benefit Current Tax (Expense) Benefit (18,873 ) (19,856 ) 38,718 (11 ) Deferred Tax (Expense) Benefit - - 36,007 36,007 Total Income Tax (Expense) Benefit (18,873 ) (19,856 ) 74,725 35,996 Net Income (Loss) $ 1,655,995 $ 321,519 $ (579,657 ) $ 1,397,857 Supplemental Disclosures Total Assets $ 36,176,835 $ 13,377,560 $ 949,710 $ 50,504,105 Total Liabilities $ 2,694,766 $ 758,160 $ 480,710 $ 3,933,636 Revenues from Intercompany Sales – eliminated from sales above $ 829,674 $ 45,707 $ 680,000 $ 1,555,381 Depreciation and Amortization $ 128,838 $ 24,910 $ 10,259 $ 164,007 Purchases of Long-lived Assets $ 79,642 $ 4,780 $ 21,485 $ 105,907 CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements January 31, 2024 and October 31, 2023

DISAGGREGATION OF REVENUE

DISAGGREGATION OF REVENUE	3 Months Ended
	Jan. 31, 2024
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 Marine Marine For the Three Months Ended January 31, 2024 Marine Marine Technology Engineering Grand Business Business Total Disaggregation of Total Net Sales Primary Geographical Markets Americas $ 337,072 $ 455,414 $ 792,486 Europe 943,688 463,011 1,406,699 Australia/Asia 1,799,540 - 1,799,540 Middle East/Africa 462,466 - 462,466 Total Revenues $ 3,542,766 $ 918,425 $ 4,461,191 Major Goods/Service Lines Equipment Sales $ 2,376,272 $ 172,824 $ 2,549,096 Equipment Rentals 380,809 - 380,809 Software Sales 225,529 - 225,529 Engineering Parts - 495,904 495,904 Services 560,156 249,697 809,853 Total Revenues $ 3,542,766 $ 918,425 $ 4,461,191 Goods transferred at a point in time $ 2,601,801 $ 172,824 $ 2,774,625 Services transferred over time 940,965 745,601 1,686,566 Total Revenues $ 3,542,766 $ 918,425 $ 4,461,191 CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements January 31, 2024 and October 31, 2023 NOTE 13 –DISAGGREGATION OF REVENUE (Continued) Marine Marine For the Three Months Ended January 31, 2023 Marine Marine Technology Engineering Grand Business Business Total Disaggregation of Total Net Sales Primary Geographical Markets Americas $ 486,293 $ 1,322,977 $ 1,809,270 Europe 696,410 449,148 1,145,558 Australia/Asia 2,432,428 - 2,432,428 Middle East/Africa 209,028 - 209,028 Total Revenues $ 3,824,159 $ 1,772,125 $ 5,596,284 Major Goods/Service Lines Equipment Sales $ 2,572,560 $ - $ 2,572,560 Equipment Rentals 265,903 - 265,903 Software Sales 417,170 - 417,170 Engineering Parts - 1,149,079 1,149,079 Services 568,526 623,046 1,191,572 Total Revenues $ 3,824,159 $ 1,772,125 $ 5,596,284 Goods transferred at a point in time $ 2,989,730 $ - $ 2,989,730 Services transferred over time 834,429 1,772,125 2,606,554 Total Revenues $ 3,824,159 $ 1,772,125 $ 5,596,284

INCOME TAXES

INCOME TAXES	3 Months Ended
	Jan. 31, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 14 – INCOME TAXES The Company’s effective tax rate for the three months ended January 31, 2024, and 2023, was 19.5 2.6 25.0 187,071 0.0 22.0 42,500

SALE OF ASSET

SALE OF ASSET	3 Months Ended
	Jan. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
SALE OF ASSET	NOTE 15 – SALE OF ASSET On January 16, 2024, the Company sold its flat located in Copenhagen for a price of DKK 5,300,000 771,807 30,244

COMPOSITION OF CERTAIN FINANC_2

COMPOSITION OF CERTAIN FINANCIAL STATEMENT CAPTIONS (Tables)	3 Months Ended
	Jan. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
SCHEDULE OF INTEREST RATES AND AMOUNT HELD IN CERTIFIED DEPOSIT INTEREST BEARING ACCOUNTS	SCHEDULE OF INTEREST RATES AND AMOUNT HELD IN CERTIFIED DEPOSIT INTEREST BEARING ACCOUNTS Currency Denomination Bank January 31, 2024 October 31, 2023 Amount Rate Amount Rate US$ HSBC $ 17,405,227 4.73 % $ 15,201,579 5.28 % GPB HSBC £ 1,250,000 4.65 % £ 750,000 4.80 % GBP(Unrestricted Access) HSBC £ 234,206 5.00 % £ 500,000 5.00 % USD Jyske Bank (Denmark) Nil Nil $ 2,400,000 4.00 %
SCHEDULE OF COMPONENTS OF INVENTORY	Inventory consisted of the following as of: SCHEDULE OF COMPONENTS OF INVENTORY January 31, October 31, 2024 2023 Raw materials and parts $ 9,676,735 $ 8,994,482 Work in progress 629,421 483,227 Finished goods 2,462,516 2,207,816 Total Inventory $ 12,768,672 $ 11,685,525
SUMMARY OF OTHER CURRENT ASSETS	Other current assets consisted of the following as of: SUMMARY OF OTHER CURRENT ASSETS January 31, October 31, 2024 2023 Deposits $ 13,070 $ 23,081 Other Tax Receivables 539,950 450,625 Employee Retention Credit Receivables 212,300 212,300 Other Receivables 48,266 348,620 Total Other Current Assets $ 813,586 $ 1,034,626
SCHEDULE OF PROPERTY AND EQUIPMENT	Property and equipment consisted of the following as of: SCHEDULE OF PROPERTY AND EQUIPMENT January 31, October 31, 2024 2023 Buildings $ 5,840,473 $ 6,386,705 Land 200,000 200,000 Office machinery and equipment 1,646,411 1,596,026 Rental assets 2,533,274 2,323,446 Furniture, fixtures and improvements 1,215,284 1,172,169 Totals 11,435,442 11,678,346 Less: accumulated depreciation (5,095,329 ) (4,805,026 ) Total Property and Equipment, net $ 6,340,113 $ 6,873,320
SCHEDULE OF PROPERTY AND EQUIPMENT, NET, BY GEOGRAPHIC AREAS	Property and equipment, net, by geographic areas was as follows: SCHEDULE OF PROPERTY AND EQUIPMENT, NET, BY GEOGRAPHIC AREAS January 31, October 31, 2024 2023 USA 1,718,120 1,751,260 Europe 4,621,993 5,122,060 Total Property and Equipment, net $ 6,340,113 $ 6,873,320
SCHEDULE OF ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	Accrued Expenses and Other Current Liabilities consisted of the following as of: SCHEDULE OF ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES January 31, October 31, 2024 2023 Accruals $ 333,570 $ 384,880 Other Tax Payables 355,945 525,565 Employee Related 166,462 85,185 Total $ 855,977 $ 995,630
SCHEDULE OF OTHER INCOME	Total Other Income, net consisted of the following: SCHEDULE OF OTHER INCOME January 31, January 31, 2024 2023 Grant Income 14,714 - Other Income 20,306 2,904 Total Other Income $ 35,020 $ 2,904 Interest Income 192,540 12,861 Total Other Income, net $ 227,560 $ 15,765

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Jan. 31, 2024
NET INCOME PER SHARE:
SCHEDULE OF EARNINGS PER SHARE BASIC AND DILUTED	SCHEDULE OF EARNINGS PER SHARE BASIC AND DILUTED Fiscal Period Three Months January 31, 2024 Three Months January 31, 2023 Numerator: Net Income $ 629,888 $ 1,397,857 Denominator: Basic weighted average common shares outstanding 11,125,061 10,946,683 Unused portion of options and restricted stock awards 139,417 432,673 Diluted outstanding shares 11,264,478 11,379,356 Net income per share Basic $ 0.06 $ 0.13 Diluted $ 0.06 $ 0.12

SEGMENT ANALYSIS (Tables)

SEGMENT ANALYSIS (Tables)	3 Months Ended
	Jan. 31, 2024
Segment Reporting [Abstract]
SCHEDULE OF SEGMENT REPORTING INFORMATION	SCHEDULE OF SEGMENT REPORTING INFORMATION Marine Technology Business (Products) Marine Engineering Business (Services) Overhead Total Three Months Ended January 31, 2024 Net Revenues $ 3,542,766 $ 918,425 $ - $ 4,461,191 Cost of Revenues 973,880 400,575 - 1,374,455 Gross Profit 2,568,886 517,850 - 3,086,736 Research & Development 461,375 24,602 - 485,977 Selling, General & Administrative 835,391 600,484 609,500 2,045,375 Total Operating Expenses 1,296,766 625,086 609,500 2,531,352 Income (Loss) from Operations 1,272,120 (107,236 ) (609,500 ) 555,384 Other Income Other Income 20,306 14,714 - 35,020 Interest Income 135,731 56,809 - 192,540 Total Other Income 156,037 71,523 - 227,560 Income (Loss) before Income Taxes 1,428,157 (35,713 ) (609,500 ) 782,944 Income Tax (Expense) Benefit Current Tax (Expense) Benefit (35,540 ) - 69,555 34,015 Deferred Tax (Expense) Benefit 27,328 - (214,399 ) (187,071 ) Total Income Tax (Expense) Benefit (8,212 ) - (144,844 ) (153,056 ) Net Income (Loss) $ 1,419,945 $ (35,713 ) $ (754,344 ) $ 629,888 Supplemental Disclosures Total Assets $ 36,685,343 $ 13,298,356 $ 3,029,244 $ 53,012,943 Total Liabilities $ 1,963,391 $ 429,635 $ 470,239 $ 2,863,265 Revenues from Intercompany Sales – eliminated from sales above $ 948,934 $ 10,790 $ 312,000 $ 1,271,724 Depreciation and Amortization $ 153,019 $ 25,357 $ 12,162 $ 190,538 Purchases of Long-lived Assets $ 132,423 $ 2,208 $ 27,845 $ 162,476 CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements January 31, 2024 and October 31, 2023 NOTE 12 – SEGMENT ANALYSIS (Continued) Marine Technology Business (Products) Marine Engineering Business (Services) Overhead Total Three Months Ended January 31, 2023 Net Revenues $ 3,824,159 $ 1,772,125 $ - $ 5,596,284 Cost of Revenues 1,064,244 779,035 - 1,843,279 Gross Profit 2,759,915 993,090 - 3,753,005 Research & Development 438,308 6,150 - 444,458 Selling, General & Administrative 661,759 646,310 654,382 1,962,451 Total Operating Expenses 1,100,067 652,460 654,382 2,406,909 Income (Loss) from Operations 1,659,848 340,630 (654,382 ) 1,346,096 Other Income (Expense) Other Income 2,904 - - 2,904 Interest Income 12,116 745 - 12,861 Total Other Income (Expense) 15,020 745 - 15,765 Income (Loss) before Income Taxes 1,674,868 341,375 (654,382 ) 1,361,861 Income Tax (Expense) Benefit Current Tax (Expense) Benefit (18,873 ) (19,856 ) 38,718 (11 ) Deferred Tax (Expense) Benefit - - 36,007 36,007 Total Income Tax (Expense) Benefit (18,873 ) (19,856 ) 74,725 35,996 Net Income (Loss) $ 1,655,995 $ 321,519 $ (579,657 ) $ 1,397,857 Supplemental Disclosures Total Assets $ 36,176,835 $ 13,377,560 $ 949,710 $ 50,504,105 Total Liabilities $ 2,694,766 $ 758,160 $ 480,710 $ 3,933,636 Revenues from Intercompany Sales – eliminated from sales above $ 829,674 $ 45,707 $ 680,000 $ 1,555,381 Depreciation and Amortization $ 128,838 $ 24,910 $ 10,259 $ 164,007 Purchases of Long-lived Assets $ 79,642 $ 4,780 $ 21,485 $ 105,907 CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements January 31, 2024 and October 31, 2023

DISAGGREGATION OF REVENUE (Tabl

DISAGGREGATION OF REVENUE (Tables)	3 Months Ended
	Jan. 31, 2024
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 Marine Marine For the Three Months Ended January 31, 2024 Marine Marine Technology Engineering Grand Business Business Total Disaggregation of Total Net Sales Primary Geographical Markets Americas $ 337,072 $ 455,414 $ 792,486 Europe 943,688 463,011 1,406,699 Australia/Asia 1,799,540 - 1,799,540 Middle East/Africa 462,466 - 462,466 Total Revenues $ 3,542,766 $ 918,425 $ 4,461,191 Major Goods/Service Lines Equipment Sales $ 2,376,272 $ 172,824 $ 2,549,096 Equipment Rentals 380,809 - 380,809 Software Sales 225,529 - 225,529 Engineering Parts - 495,904 495,904 Services 560,156 249,697 809,853 Total Revenues $ 3,542,766 $ 918,425 $ 4,461,191 Goods transferred at a point in time $ 2,601,801 $ 172,824 $ 2,774,625 Services transferred over time 940,965 745,601 1,686,566 Total Revenues $ 3,542,766 $ 918,425 $ 4,461,191 CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements January 31, 2024 and October 31, 2023 NOTE 13 –DISAGGREGATION OF REVENUE (Continued) Marine Marine For the Three Months Ended January 31, 2023 Marine Marine Technology Engineering Grand Business Business Total Disaggregation of Total Net Sales Primary Geographical Markets Americas $ 486,293 $ 1,322,977 $ 1,809,270 Europe 696,410 449,148 1,145,558 Australia/Asia 2,432,428 - 2,432,428 Middle East/Africa 209,028 - 209,028 Total Revenues $ 3,824,159 $ 1,772,125 $ 5,596,284 Major Goods/Service Lines Equipment Sales $ 2,572,560 $ - $ 2,572,560 Equipment Rentals 265,903 - 265,903 Software Sales 417,170 - 417,170 Engineering Parts - 1,149,079 1,149,079 Services 568,526 623,046 1,191,572 Total Revenues $ 3,824,159 $ 1,772,125 $ 5,596,284 Goods transferred at a point in time $ 2,989,730 $ - $ 2,989,730 Services transferred over time 834,429 1,772,125 2,606,554 Total Revenues $ 3,824,159 $ 1,772,125 $ 5,596,284

COST OF GOODS SOLD (Details Nar

COST OF GOODS SOLD (Details Narrative) - USD ($)	3 Months Ended
	Jan. 31, 2024	Jan. 31, 2023
Compensation Related Costs [Abstract]
Cost of goods sold	$ 293,184	$ 505,376

SCHEDULE OF INTEREST RATES AND

SCHEDULE OF INTEREST RATES AND AMOUNT HELD IN CERTIFIED DEPOSIT INTEREST BEARING ACCOUNTS (Details) - USD ($)	Jan. 31, 2024	Oct. 31, 2023
HSBC [Member]
Amount	$ 17,405,227	$ 15,201,579
Deposit interest rate	4.73%	5.28%
HSBC [Member] | United Kingdom, Pounds
Amount	$ 1,250,000	$ 750,000
Deposit interest rate	4.65%	4.80%
HSBC [Member] | United Kingdom, Pounds | Unrestricted Access [Member]
Amount	$ 234,206	$ 500,000
Deposit interest rate	5%	5%
Jyske Bank [Member]
Amount		$ 2,400,000
Deposit interest rate		4%

SCHEDULE OF COMPONENTS OF INVEN

SCHEDULE OF COMPONENTS OF INVENTORY (Details) - USD ($)	Jan. 31, 2024	Oct. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials and parts	$ 9,676,735	$ 8,994,482
Work in progress	629,421	483,227
Finished goods	2,462,516	2,207,816
Total Inventory	$ 12,768,672	$ 11,685,525

SUMMARY OF OTHER CURRENT ASSETS

SUMMARY OF OTHER CURRENT ASSETS (Details) - USD ($)	Jan. 31, 2024	Oct. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Deposits	$ 13,070	$ 23,081
Other Tax Receivables	539,950	450,625
Employee Retention Credit Receivables	212,300	212,300
Other Receivables	48,266	348,620
Total Other Current Assets	$ 813,586	$ 1,034,626

SCHEDULE OF PROPERTY AND EQUIPM

SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($)	Jan. 31, 2024	Oct. 31, 2023
Property, Plant and Equipment [Line Items]
Totals	$ 11,435,442	$ 11,678,346
Less: accumulated depreciation	(5,095,329)	(4,805,026)
Total Property and Equipment, net	6,340,113	6,873,320
Building [Member]
Property, Plant and Equipment [Line Items]
Totals	5,840,473	6,386,705
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	1,646,411	1,596,026
Rental Assets [Member]
Property, Plant and Equipment [Line Items]
Totals	2,533,274	2,323,446
Furniture Fixtures And Improvements [Member]
Property, Plant and Equipment [Line Items]
Totals	$ 1,215,284	$ 1,172,169

SCHEDULE OF PROPERTY AND EQUI_2

SCHEDULE OF PROPERTY AND EQUIPMENT, NET, BY GEOGRAPHIC AREAS (Details) - USD ($)	Jan. 31, 2024	Oct. 31, 2023
Total Property and Equipment, net	$ 6,340,113	$ 6,873,320
UNITED STATES
Total Property and Equipment, net	1,718,120	1,751,260
Europe [Member]
Total Property and Equipment, net	$ 4,621,993	$ 5,122,060

SCHEDULE OF ACCRUED EXPENSES AN

SCHEDULE OF ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($)	Jan. 31, 2024	Oct. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accruals	$ 333,570	$ 384,880
Other Tax Payables	355,945	525,565
Employee Related	166,462	85,185
Total	$ 855,977	$ 995,630

SCHEDULE OF OTHER INCOME (Detai

SCHEDULE OF OTHER INCOME (Details) - USD ($)	3 Months Ended
	Jan. 31, 2024	Jan. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Grant Income	$ 14,714
Other Income	20,306	2,904
Total Other Income	35,020	2,904
Interest Income	192,540	12,861
Total Other Income	$ 227,560	$ 15,765

COMPOSITION OF CERTAIN FINANC_3

COMPOSITION OF CERTAIN FINANCIAL STATEMENT CAPTIONS (Details Narrative) - USD ($)	3 Months Ended
	Jan. 31, 2024	Jan. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Current rate	5%
Depreciation expense	$ 173,292	$ 148,565

CONTRACTS IN PROGESS (Details N

CONTRACTS IN PROGESS (Details Narrative) - USD ($)	Jan. 31, 2024	Oct. 31, 2023
Contracts In Progess
Unbilled receivables	$ 763,123	$ 894,251
Deferred revenue, billings	786,466	975,537
Deferred revenue	$ 153,610	$ 148,361

CONCENTRATIONS (Details Narrati

CONCENTRATIONS (Details Narrative) - USD ($)	3 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Oct. 31, 2023
Concentration Risk [Line Items]
Revenue	$ 4,461,191	$ 5,596,284
Accounts receivable	3,030,988		$ 2,643,461
Three Customer [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Revenue	$ 1,809,398
Concentration risk, percentage	40.60%
Three Customer [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	34.60%
Accounts receivable	$ 1,047,960
Two Customer [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Revenue		$ 1,575,724
Concentration risk, percentage		28%
Two Customer [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk, percentage		27%
Accounts receivable		$ 836,315

SCHEDULE OF EARNINGS PER SHARE

SCHEDULE OF EARNINGS PER SHARE BASIC AND DILUTED (Details) - USD ($)	3 Months Ended
	Jan. 31, 2024	Jan. 31, 2023
NET INCOME PER SHARE:
Net Income	$ 629,888	$ 1,397,857
Basic weighted average common shares outstanding	11,125,061	10,946,683
Unused portion of options and restricted stock awards	139,417	432,673
Diluted outstanding shares	11,264,478	11,379,356
Basic	$ 0.06	$ 0.13
Diluted	$ 0.06	$ 0.12

2017 STOCK INCENTIVE PLAN (Deta

2017 STOCK INCENTIVE PLAN (Details Narrative) - USD ($)	3 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jul. 12, 2021	Dec. 06, 2017
Defined Benefit Plan Disclosure [Line Items]
Share based compensation	$ 77,076	$ 182,153
2017 Stock Incentive Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Restricted stock available for future issuance	376,194
Restricted stock forfeited	3,500
2017 Stock Incentive Plan [Member] | Treasury Stock, Common [Member]
Defined Benefit Plan Disclosure [Line Items]
Restricted stock available for future issuance	2,394
2017 Stock Incentive Plan [Member] | Restricted Stock [Member]
Defined Benefit Plan Disclosure [Line Items]
Restricted stock available for future issuance	46,788
2017 Stock Incentive Plan [Member] | Board of Director [Member] | Maximum [Member]
Defined Benefit Plan Disclosure [Line Items]
Common stock available for issuance				913,612
2017 Plan and 2021 Plan [Member] | Board of Director [Member]
Defined Benefit Plan Disclosure [Line Items]
Common stock available for issuance			1,000,000
Common stock available for issuance	1,376,194

SCHEDULE OF SEGMENT REPORTING I

SCHEDULE OF SEGMENT REPORTING INFORMATION (Details) - USD ($)	3 Months Ended
	Jan. 31, 2024	Jan. 31, 2023
Segment Reporting Information [Line Items]
Net Revenues	$ 4,461,191	$ 5,596,284
Cost of Revenues	1,374,455	1,843,279
Gross Profit	3,086,736	3,753,005
Research & Development	485,977	444,458
Selling, General & Administrative	2,045,375	1,962,451
Total Operating Expenses	2,531,352	2,406,909
INCOME FROM OPERATIONS	555,384	1,346,096
Other Income (Expense)
Other Income	35,020	2,904
Total Other Income	227,560	15,765
INCOME BEFORE INCOME TAX EXPENSE	782,944	1,361,861
Income Tax (Expense) Benefit
Current Tax (Expense) Benefit	34,015	(11)
Deferred Tax (Expense) Benefit	(187,071)	36,007
Total Income Tax (Expense) Benefit	(153,056)	35,996
NET INCOME	629,888	1,397,857
Supplemental Disclosures
Total Assets	53,012,942
Total Liabilities	2,863,265
Segment Reporting [Member]
Segment Reporting Information [Line Items]
Net Revenues	4,461,191	5,596,284
Cost of Revenues	1,374,455	1,843,279
Gross Profit	3,086,736	3,753,005
Research & Development	485,977	444,458
Selling, General & Administrative	2,045,375	1,962,451
Total Operating Expenses	2,531,352	2,406,909
INCOME FROM OPERATIONS	555,384	1,346,096
Other Income (Expense)
Other Income	35,020	2,904
Interest Income	192,540	12,861
Total Other Income	227,560	15,765
INCOME BEFORE INCOME TAX EXPENSE	782,944	1,361,861
Income Tax (Expense) Benefit
Current Tax (Expense) Benefit	34,015	(11)
Deferred Tax (Expense) Benefit	(187,071)	36,007
Total Income Tax (Expense) Benefit	(153,056)	35,996
NET INCOME	629,888	1,397,857
Supplemental Disclosures
Total Assets	53,012,943	50,504,105
Total Liabilities	2,863,265	3,933,636
Revenues from Intercompany Sales – eliminated from sales above	1,271,724	1,555,381
Depreciation and Amortization	190,538	164,007
Purchases of Long-lived Assets	162,476	105,907
Marine Technology Business (Products) [Member] | Segment Reporting [Member]
Segment Reporting Information [Line Items]
Net Revenues	3,542,766	3,824,159
Cost of Revenues	973,880	1,064,244
Gross Profit	2,568,886	2,759,915
Research & Development	461,375	438,308
Selling, General & Administrative	835,391	661,759
Total Operating Expenses	1,296,766	1,100,067
INCOME FROM OPERATIONS	1,272,120	1,659,848
Other Income (Expense)
Other Income	20,306	2,904
Interest Income	135,731	12,116
Total Other Income	156,037	15,020
INCOME BEFORE INCOME TAX EXPENSE	1,428,157	1,674,868
Income Tax (Expense) Benefit
Current Tax (Expense) Benefit	(35,540)	(18,873)
Deferred Tax (Expense) Benefit	27,328
Total Income Tax (Expense) Benefit	(8,212)	(18,873)
NET INCOME	1,419,945	1,655,995
Supplemental Disclosures
Total Assets	36,685,343	36,176,835
Total Liabilities	1,963,391	2,694,766
Revenues from Intercompany Sales – eliminated from sales above	948,934	829,674
Depreciation and Amortization	153,019	128,838
Purchases of Long-lived Assets	132,423	79,642
Marine Engineering Business (Services) [Member] | Segment Reporting [Member]
Segment Reporting Information [Line Items]
Net Revenues	918,425	1,772,125
Cost of Revenues	400,575	779,035
Gross Profit	517,850	993,090
Research & Development	24,602	6,150
Selling, General & Administrative	600,484	646,310
Total Operating Expenses	625,086	652,460
INCOME FROM OPERATIONS	(107,236)	340,630
Other Income (Expense)
Other Income	14,714
Interest Income	56,809	745
Total Other Income	71,523	745
INCOME BEFORE INCOME TAX EXPENSE	(35,713)	341,375
Income Tax (Expense) Benefit
Current Tax (Expense) Benefit		(19,856)
Deferred Tax (Expense) Benefit
Total Income Tax (Expense) Benefit		(19,856)
NET INCOME	(35,713)	321,519
Supplemental Disclosures
Total Assets	13,298,356	13,377,560
Total Liabilities	429,635	758,160
Revenues from Intercompany Sales – eliminated from sales above	10,790	45,707
Depreciation and Amortization	25,357	24,910
Purchases of Long-lived Assets	2,208	4,780
Overhead [Member] | Segment Reporting [Member]
Segment Reporting Information [Line Items]
Net Revenues
Cost of Revenues
Gross Profit
Research & Development
Selling, General & Administrative	609,500	654,382
Total Operating Expenses	609,500	654,382
INCOME FROM OPERATIONS	(609,500)	(654,382)
Other Income (Expense)
Other Income
Interest Income
Total Other Income
INCOME BEFORE INCOME TAX EXPENSE	(609,500)	(654,382)
Income Tax (Expense) Benefit
Current Tax (Expense) Benefit	69,555	38,718
Deferred Tax (Expense) Benefit	(214,399)	36,007
Total Income Tax (Expense) Benefit	(144,844)	74,725
NET INCOME	(754,344)	(579,657)
Supplemental Disclosures
Total Assets	3,029,244	949,710
Total Liabilities	470,239	480,710
Revenues from Intercompany Sales – eliminated from sales above	312,000	680,000
Depreciation and Amortization	12,162	10,259
Purchases of Long-lived Assets	$ 27,845	$ 21,485

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, 2024	Jan. 31, 2023
Disaggregation of Revenue [Line Items]
Total Revenues	$ 4,461,191	$ 5,596,284
Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	2,774,625	2,989,730
Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	1,686,566	2,606,554
Equipment Sales [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	2,549,096	2,572,560
Equipment Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	380,809	265,903
Software Sales [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	225,529	417,170
Engineering Parts [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	495,904	1,149,079
Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	809,853	1,191,572
Marine Technology Business (Products) [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	3,542,766	3,824,159
Marine Technology Business (Products) [Member] | Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	2,601,801	2,989,730
Marine Technology Business (Products) [Member] | Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	940,965	834,429
Marine Technology Business (Products) [Member] | Equipment Sales [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	2,376,272	2,572,560
Marine Technology Business (Products) [Member] | Equipment Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	380,809	265,903
Marine Technology Business (Products) [Member] | Software Sales [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	225,529	417,170
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	560,156	568,526
Marine Engineering Business (Services) [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	918,425	1,772,125
Marine Engineering Business (Services) [Member] | Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	172,824
Marine Engineering Business (Services) [Member] | Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	745,601	1,772,125
Marine Engineering Business (Services) [Member] | Equipment Sales [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	172,824
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	495,904	1,149,079
Marine Engineering Business (Services) [Member] | Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	249,697	623,046
Americas [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	792,486	1,809,270
Americas [Member] | Marine Technology Business (Products) [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	337,072	486,293
Americas [Member] | Marine Engineering Business (Services) [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	455,414	1,322,977
Europe [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	1,406,699	1,145,558
Europe [Member] | Marine Technology Business (Products) [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	943,688	696,410
Europe [Member] | Marine Engineering Business (Services) [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	463,011	449,148
Australia/Asia [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	1,799,540	2,432,428
Australia/Asia [Member] | Marine Technology Business (Products) [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	1,799,540	2,432,428
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	462,466	209,028
Middle East/Africa [Member] | Marine Technology Business (Products) [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	462,466	209,028
Middle East/Africa [Member] | Marine Engineering Business (Services) [Member]
Disaggregation of Revenue [Line Items]
Total Revenues

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative) - USD ($)	3 Months Ended
	Jan. 31, 2024	Jan. 31, 2023
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, Percent	19.50%	2.60%
Statutory tax rate	25%
Deferred Income Tax Expense (Benefit)	$ 187,071	$ (36,007)
Effective Income Tax Rate Reconciliation, Tax Credit, Percent	0%
Effective income tax rate reconciliation, percent	22%
Global intangible low tax income	$ 42,500

SALE OF ASSET (Details Narrativ

SALE OF ASSET (Details Narrative)			3 Months Ended
	Jan. 16, 2024 USD ($)	Jan. 16, 2024 DKK (kr)	Jan. 31, 2024 USD ($)	Jan. 31, 2023 USD ($)
Discontinued Operations and Disposal Groups [Abstract]
Proceeds from sale of flat	$ 771,807	kr 5,300,000
Gain loss on sale of asset	$ 30,244		$ (30,244)