Coda Octopus (CODA) 10-Q 12 Jun 24 2024 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Apr. 30, 2024	Jun. 12, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Apr. 30, 2024
Document Fiscal Period Focus	Q2
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	(407)
Local Phone Number	735 2406
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		11,175,183

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Apr. 30, 2024	Oct. 31, 2023
CURRENT ASSETS
Cash and Cash Equivalents	$ 23,709,676	$ 24,448,841
Accounts Receivable	4,402,355	2,643,461
Inventory	12,645,976	11,685,525
Unbilled Receivables	1,580,546	894,251
Prepaid Expenses	786,490	181,383
Other Current Assets	706,491	1,034,626
Total Current Assets	43,831,534	40,888,087
FIXED ASSETS
Property and Equipment, net	6,261,124	6,873,320
OTHER ASSETS
Goodwill	3,382,108	3,382,108
Intangible Assets, net	522,390	486,615
Deferred Tax Asset		211,386
Total Other Assets	3,904,498	4,080,109
Total Assets	53,997,156	51,841,516
CURRENT LIABILITIES
Accounts Payable	1,212,484	1,308,201
Accrued Expenses and Other Current Liabilities	884,182	995,630
Deferred Revenue	721,167	975,537
Total Current Liabilities	2,817,833	3,279,368
LONG TERM LIABILITIES
Deferred Tax Liability	10,589
Deferred Revenue, less current portion	102,364	133,382
Total Liabilities	2,930,786	3,412,750
STOCKHOLDERS’ EQUITY
Common Stock, $.001 par value; 150,000,000 shares authorized, 11,172,683 issued and outstanding as of April 30, 2024 and 11,117,695 shares issued and outstanding as of October 31, 2023	11,173	11,118
Treasury Stock	(61,933)	(46,300)
Additional Paid-in Capital	62,975,143	62,958,984
Accumulated Other Comprehensive Loss	(2,850,652)	(3,442,549)
Accumulated Deficit	(9,007,361)	(11,052,487)
Total Stockholders’ Equity	51,066,370	48,428,766
Total Liabilities and Stockholders’ Equity	$ 53,997,156	$ 51,841,516

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Apr. 30, 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	11,172,683	11,117,695
Common stock, shares outstanding	11,172,683	11,117,695

Consolidated Statements of Inco

Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023
Income Statement [Abstract]
Net Revenues	$ 5,323,178	$ 5,301,509	$ 9,784,369	$ 10,897,793
Cost of Revenues	1,584,744	1,678,268	2,959,199	3,521,547
Gross Profit	3,738,434	3,623,241	6,825,170	7,376,246
OPERATING EXPENSES
Research & Development	542,481	525,939	1,028,458	970,397
Selling, General & Administrative	1,845,570	2,242,194	3,890,945	4,204,645
Total Operating Expenses	2,388,051	2,768,133	4,919,403	5,175,042
INCOME FROM OPERATIONS	1,350,383	855,108	1,905,767	2,201,204
OTHER INCOME (EXPENSE)
Other (Expense) Income	(2,636)	2,780	32,384	5,684
Interest Income	293,468	170,596	486,008	183,457
Total Other Income	290,832	173,376	518,392	189,141
INCOME BEFORE INCOME TAX EXPENSE	1,641,215	1,028,484	2,424,159	2,390,345
INCOME TAX (EXPENSE) BENEFIT
Current Tax (Expense)	(191,073)	(68,773)	(157,058)	(68,784)
Deferred Tax (Expense) Benefit	(34,904)	48,766	(221,975)	84,773
Total Income Tax (Expense)	(225,977)	(20,007)	(379,033)	15,989
NET INCOME	$ 1,415,238	$ 1,008,477	$ 2,045,126	$ 2,406,334
NET INCOME PER SHARE:
Basic	$ 0.13	$ 0.09	$ 0.18	$ 0.22
Diluted	$ 0.13	$ 0.09	$ 0.18	$ 0.21
WEIGHTED AVERAGE SHARES:
Basic	11,168,493	11,010,077	11,148,565	10,970,806
Diluted	11,288,210	11,330,754	11,268,282	11,291,483
Foreign Currency Translation Adjustment	$ (437,683)	$ 538,373	$ 591,897	$ 2,146,023
Total Other Comprehensive (Loss) Income	(437,683)	538,373	591,897	2,146,023
COMPREHENSIVE INCOME	$ 977,555	$ 1,546,850	$ 2,637,023	$ 4,552,357

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, 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
Foreign currency translation adjustment						2,146,023
Net Income						2,406,334
Balance at Apr. 30, 2023	$ 11,043	62,692,276	(2,591,101)	(11,770,302)	(31,175)	48,310,741
Balance, shares at Apr. 30, 2023	11,042,897
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
Employee stock-based compensation		196,261				196,261
Stock issued for options exercised and stock grants	$ 100	(101)			(2,838)	(2,839)
Stock issued for options exercised and stock grants, shares	100,544
Foreign currency translation adjustment			538,373			538,373
Net Income				1,008,477		1,008,477
Balance at Apr. 30, 2023	$ 11,043	62,692,276	(2,591,101)	(11,770,302)	(31,175)	48,310,741
Balance, shares at Apr. 30, 2023	11,042,897
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
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
Foreign currency translation adjustment						591,897
Net Income						2,045,126
Balance at Apr. 30, 2024	$ 11,173	62,975,143	(2,850,652)	(9,007,361)	(61,933)	51,066,370
Balance, shares at Apr. 30, 2024	11,172,683
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
Employee stock-based compensation		(60,862)				(60,862)
Stock issued for options exercised and stock grants	$ 8	(8)
Stock issued for options exercised and stock grants, shares	8,200
Foreign currency translation adjustment			(437,683)			(437,683)
Net Income				1,415,238		1,415,238
Balance at Apr. 30, 2024	$ 11,173	$ 62,975,143	$ (2,850,652)	$ (9,007,361)	$ (61,933)	$ 51,066,370
Balance, shares at Apr. 30, 2024	11,172,683

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 2,045,126	$ 2,406,334
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation of property and equipment	350,782	327,328
Amortization of intangible assets	33,869	15,442
Stock-based compensation	16,214	378,414
Deferred income taxes	221,975	120,868
Gain on sale of asset	(30,244)
(Increase) decrease in operating assets:
Accounts receivable	(1,750,243)	(905,242)
Inventory	(652,748)	(483,269)
Unbilled receivables	(686,816)	(484,570)
Prepaid expenses	(607,901)	(474,438)
Other current assets	(30,018)	(75,554)
Increase (decrease) in operating liabilities:
Accounts payable and other current liabilities	133,362	(1,127,450)
Deferred revenue	(297,083)	41,104
Net Cash used in Operating Activities	(1,253,725)	(261,033)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment	(290,175)	(166,623)
Purchases of other intangible assets	(69,643)	(57,731)
Proceeds from the sale of property and equipment	771,807
Net Cash Provided by (used in) Investing Activities	411,989	(224,354)
CASH FLOWS FROM FINANCING ACTIVITIES
Purchase of treasury stock	(15,633)	(2,838)
Net Cash Used in Financing Activities	(15,633)	(2,838)
EFFECT OF CURRENCY TRANSLATION ON CHANGES IN CASH AND CASH EQUIVALENTS	118,204	1,015,972
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(739,165)	527,747
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	23,709,676	23,455,118
SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid for taxes	$ 74,198	$ 1,270,100

ORGANIZATION AND DESCRIPTION OF

ORGANIZATION AND DESCRIPTION OF BUSINESS	6 Months Ended
	Apr. 30, 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 and diving markets. Its products and solutions include both hardware and software for which it is the patent holder, innovator, developer, manufacturer and distributor. It has key proprietary 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 the 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 covers in relation to the subassembly which it provides: “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 of its subsidiaries are wholly owned by the Company. 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	6 Months Ended
	Apr. 30, 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 written contracts with our customers. The Marine Technology Business model includes both rentals and outright sales of underwater technologies which are utilized for a wide range of subsea applications. The Engineering Business supplies engineering services to mainly the prime defense contractors which may include concept, design, prototyping, and contract manufacturing. 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. Where there are contractual failures giving rise to post-sale obligations these are addressed under our warranty or through life support provisions. CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements April 30, 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. Revenue derived by the Marine Technology Business from subscription package offerings or equipment rental 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 certain 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 April 30, 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 contract deliverables 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	6 Months Ended
	Apr. 30, 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 operating segments’ 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 (SG&A) costs. As a component of Cost of Goods Sold, sales commission costs in the three month period ended April 30, 2024, and 2023 were $ 132,222 102,452 425,406 607,828

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	6 Months Ended
	Apr. 30, 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 their fair values because of the short-term nature of these instruments.

FOREIGN CURRENCY TRANSLATION

FOREIGN CURRENCY TRANSLATION	6 Months Ended
	Apr. 30, 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 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 April 30, 2024 and October 31, 2023

COMPOSITION OF CERTAIN FINANCIA

COMPOSITION OF CERTAIN FINANCIAL STATEMENT CAPTIONS	6 Months Ended
	Apr. 30, 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 as of April 30, 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 three (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 April 30, 2024 October 31, 2023 Amount Rate Amount Rate USD HSBC $ 17,614,335 4.62 % $ 15,201,579 5.28 % GBP HSBC £ 1,300,000 4.61 % £ 750,000 4.80 % GBP (Unrestricted access) HSBC £ 182,669 5.00 % £ 500,000 5.00 % GBP (Unrestricted access) HSBC £ 315,947 2.00 % USD Jyske Bank (Denmark) $ 2,400,000 4.00 % Inventory consisted of the following as of: SCHEDULE OF COMPONENTS OF INVENTORY April 30, October 31, 2024 2023 Raw materials and parts $ 9,134,243 $ 8,994,482 Work in progress 471,545 483,227 Finished goods 3,040,188 2,207,816 Total Inventory $ 12,645,976 $ 11,685,525 Other current assets consisted of the following as of: SUMMARY OF OTHER CURRENT ASSETS April 30, October 31, 2024 2023 Deposits $ 12,870 $ 23,081 Other Tax Receivables 459,893 450,625 Employee Retention Credit Receivables 212,300 212,300 Other Receivables 21,428 348,620 Total Other Current Assets $ 706,491 $ 1,034,626 Property and equipment consisted of the following as of: SCHEDULE OF PROPERTY AND EQUIPMENT April 30, October 31, 2024 2023 Buildings $ 5,769,545 $ 6,386,705 Land 200,000 200,000 Office machinery and equipment 1,665,736 1,596,026 Rental assets 2,616,335 2,323,446 Furniture, fixtures and improvements 1,225,662 1,172,169 Totals 11,477,278 11,678,346 Less: accumulated depreciation (5,216,154 ) (4,805,026 ) Total Property and Equipment, net $ 6,261,124 $ 6,873,320 Depreciation expense for the three months ended April 30, 2024, and 2023 was $ 177,490 178,763 350,782 327,328 CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements April 30, 2024 and October 31, 2023 NOTE 6 – COMPOSITION OF CERTAIN FINANCIAL STATEMENT CAPTIONS (Continued) Property and equipment, net, by geographic areas were as follows: SCHEDULE OF PROPERTY AND EQUIPMENT, NET, BY GEOGRAPHIC AREAS April 30, October 31, 2024 2023 USA $ 1,690,543 $ 1,751,260 Europe 4,570,581 5,122,060 Total Property and Equipment, net $ 6,261,124 $ 6,873,320 Accrued Expenses and Other Current Liabilities consisted of the following as of: SCHEDULE OF ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES April 30, October 31, 2024 2023 Accruals $ 388,729 $ 384,880 Other Tax Payables 415,745 525,565 Employee Related 79,708 85,185 Total Other Current Liabilities $ 884,182 $ 995,630 Total Other Income, net consisted of the following: SCHEDULE OF OTHER INCOME Three Months Three Months Six Months Six Months Ended Ended Ended Ended April 30, April 30, April 30, April 30, 2024 2023 2024 2023 Grant Income $ 11,980 $ - $ 26,694 $ - Other (14,616 ) 2,780 5,690 5,684 Total Other Income (2,636 ) 2,780 32,384 5,684 Interest 293,468 170,596 $ 486,008 183,457 Total Other Income, net $ 290,832 $ 173,376 $ 518,392 $ 189,141

CONTRACTS IN PROGESS

CONTRACTS IN PROGESS	6 Months Ended
	Apr. 30, 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 $ 1,580,546 894,251 Deferred Revenue of $ 823,531 1,108,919 Sales of equipment include a separate performance obligation for warranty or TLS, the latter 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 $ 366,773 457,600 CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements April 30, 2024 and October 31, 2023

CONCENTRATIONS

CONCENTRATIONS	6 Months Ended
	Apr. 30, 2024
Risks and Uncertainties [Abstract]
CONCENTRATIONS	NOTE 8 – CONCENTRATIONS Significant Customers During the three months ended April 30, 2024, the Company had two customers from whom it generated sales greater than 10% of net revenues. Revenue from these customers was $ 1,530,335 28.7 1,429,713 32.5 During the three months ended April 30, 2023, the Company had one customer from whom it generated sales greater than 10% of net revenues. Revenue from this customer was $ 1,270,138 24.0 1,365,300 35.1 During the six months ended April 30, 2024, the Company had two customers from whom it generated sales greater than 10% of net revenues. Revenue from these customers was $ 2,199,560 22.5 1,429,713 32.5 During the six months ended April 30, 2023, the Company had two customers from whom it generated sales greater than 10% of net revenues. Revenue from these customers was $ 2,517,093 23.1 1,483,542 38.1

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	6 Months Ended
	Apr. 30, 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). The information needed for these disclosures is available, but we are determining the best way to provide that information for these required segment disclosures. On December 14, 2023, the FASB issued Accounting Standards Update 2023-09 entitled Improvements to Income Tax Disclosures (ASU 2023-09), which is primarily applicable to public companies and requires a significant expansion of the granularity of the income tax rate reconciliation as well as an expansion of other income tax disclosures. The majority of the disclosures will only be made on an annual basis, although there is a modest expansion of required quarterly income tax disclosures. The amendments in ASU 2023-09 require disclosure of specific income tax categories in the rate and reconciliation and provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income (or loss) by the applicable statutory income tax rate. There are also additional disclosures related to taxes paid to local jurisdictions, and to income taxes paid. This information is currently available to the Company but was not a required disclosure. The Company expects to adopt ASU 2023-09 on November 1, 2025.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Apr. 30, 2024
NET INCOME PER SHARE:
EARNINGS PER SHARE	NOTE 10 – EARNINGS PER SHARE SCHEDULE OF EARNINGS PER SHARE BASIC AND DILUTED Three Months Three Months Six Months Six Months Ended Ended Ended Ended April 30, April 30, April 30, April 30, Fiscal Period 2024 2023 2024 2023 Numerator: Net Income $ 1,415,238 $ 1,008,477 $ 2,045,126 $ 2,406,334 Denominator: Basic weighted average common shares outstanding 11,168,493 11,010,077 11,148,565 10,970,806 Unexercised portion of options and restricted stock awards 119,717 320,677 119,717 320,677 Diluted outstanding shares 11,288,210 11,330,754 11,268,282 11,291,483 Net income per share Basic $ 0.13 $ 0.09 $ 0.18 $ 0.22 Diluted $ 0.13 $ 0.09 $ 0.18 $ 0.21

2017 STOCK INCENTIVE PLAN

2017 STOCK INCENTIVE PLAN	6 Months Ended
	Apr. 30, 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 month period ended April 30, 2024, no new restricted stock awards were made pursuant to the terms of the 2017 Plan. During this period, 8,200 5,000 6,500 387,694 60,862 196,261 16,214 378,414 CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements April 30, 2024 and October 31, 2023 NOTE 11 – 2017 STOCK INCENTIVE PLAN (Continued) 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 1,387,694

SEGMENT ANALYSIS

SEGMENT ANALYSIS	6 Months Ended
	Apr. 30, 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 (“R&D”), and Selling, General & Administrative (“SG&A”) identifiable with the reporting business segment. Overheads include general corporate administrative costs. The Company evaluates performance and resources based upon operating income. 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 (with entities operating in the UK, USA and Denmark) constitute the Marine Technology Business (“Products Segment”) is a supplier to the underwater/subsea market and selling both hardware and software solutions which include imaging sonar technology solutions, diving and diving communications technology, geophysical products, rental equipment, customization, and field operations services. Coda Octopus Colmek, Inc. (a Utah corporation) and Coda Octopus Martech Ltd (a UK corporation) constitute the Marine Engineering Business (“Services Segment”) and are subcontractors mainly to the prime defense contractors where they provide engineering services. The following tables summarize segment asset and operating balances by reportable segment for the three months and six months ended April 30, 2024, and April 30, 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 April 30, 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 April 30, 2024 Net Revenues $ 3,524,714 $ 1,798,464 $ - $ 5,323,178 Cost of Revenues 697,464 887,280 - 1,584,744 Gross Profit 2,827,250 911,184 - 3,738,434 Research & Development 485,061 57,420 - 542,481 Selling, General & Administrative 792,820 596,451 456,299 1,845,570 Total Operating Expenses 1,277,881 653,871 456,299 2,388,051 Income (Loss) from Operations 1,549,369 257,313 (456,299 ) 1,350,383 Other Income Other (Expense) Income (14,616 ) 11,980 - (2,636 ) Interest Income 202,157 52,067 39,244 293,468 Total Other Income 187,541 64,047 39,244 290,832 Income (Loss) before Income Taxes 1,736,910 321,360 (417,055 ) 1,641,215 Income Tax (Expense) Benefit Current Tax (Expense) (43,900 ) - (147,173 ) (191,073 ) Deferred Tax (Expense) (10,975 ) - (23,929 ) (34,904 ) Total Income Tax (Expense) (54,875 ) - (171,102 ) (225,977 ) Net Income (Loss) $ 1,682,035 $ 321,360 $ (588,157 ) $ 1,415,238 Supplemental Disclosures Total Assets $ 37,040,637 $ 13,945,102 $ 3,011,417 $ 53,997,156 Total Liabilities $ 1,807,318 $ 912,679 $ 210,789 $ 2,930,786 Revenues from Intercompany Sales - eliminated from sales above $ 474,742 $ 104,263 $ 318,000 $ 897,005 Depreciation and Amortization $ 158,112 $ 24,343 $ 11,658 $ 194,113 Purchases of Long-lived Assets $ 153,339 $ 1,185 $ 42,818 $ 197,342 CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements April 30, 2024 and October 31, 2023 NOTE 12 – SEGMENT ANALYSIS (Continued) Marine Technology Business (Products) Marine Engineering Business (Services) Overhead Total Three Months Ended April 30, 2023 Net Revenues $ 3,583,429 $ 1,718,080 $ - $ 5,301,509 Cost of Revenues 885,382 792,886 - 1,678,268 Gross Profit 2,698,047 925,194 - 3,623,241 Research & Development 518,405 7,534 - 525,939 Selling, General & Administrative 877,961 655,739 708,494 2,242,194 Total Operating Expenses 1,396,366 663,273 708,494 2,768,133 Income (Loss) from Operations 1,301,681 261,921 (708,494 ) 855,108 Other Income Other Income 2,780 - - 2,780 Interest Income 147,127 23,469 - 170,596 Total Other Income 149,907 23,469 - 173,376 Income (Loss) before Income Taxes 1,451,588 285,390 (708,494 ) 1,028,484 Income Tax (Expense) Benefit Current Tax (Expense) Benefit (108,712 ) (2,185 ) 42,124 (68,773 ) Deferred Tax Benefit - - 48,766 48,766 Total Income Tax (Expense) Benefit (108,712 ) (2,185 ) 90,890 (20,007 ) Net Income (Loss) $ 1,342,876 $ 283,205 $ (617,604 ) $ 1,008,477 Supplemental Disclosures Total Assets $ 36,187,625 $ 13,618,065 $ 1,097,772 $ 50,903,462 Total Liabilities $ 1,665,630 $ 802,459 $ 124,632 $ 2,592,721 Revenues from Intercompany Sales - eliminated from sales above $ 2,084,321 $ 169,811 $ (80,000 ) $ 2,174,132 Depreciation and Amortization $ 143,565 $ 24,757 $ 10,441 $ 178,763 Purchases of Long-lived Assets $ 64,191 $ 18,012 $ 36,246 $ 118,448 CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements April 30, 2024 and October 31, 2023 NOTE 12 – SEGMENT ANALYSIS (Continued) Marine Technology Business (Products) Marine Engineering Business (Services) Overhead Total Six Months Ended April 30, 2024 Net Revenues $ 7,067,480 $ 2,716,889 $ - $ 9,784,369 Cost of Revenues 1,671,344 1,287,855 - 2,959,199 Gross Profit 5,396,136 1,429,034 - 6,825,170 Research & Development 946,436 82,022 - 1,028,458 Selling, General & Administrative 1,628,211 1,196,935 1,065,799 3,890,945 Total Operating Expenses 2,574,647 1,278,957 1,065,799 4,919,403 Income (Loss) from Operations 2,821,489 150,077 (1,065,799 ) 1,905,767 Other Income Other Income 5,690 26,694 - 32,384 Interest Income 337,888 108,876 39,244 486,008 Total Other Income 343,578 135,570 39,244 518,392 Income (Loss) before Income Taxes 3,165,067 285,647 (1,026,555 ) 2,424,159 Income Tax (Expense) Benefit Current Tax (Expense) (79,440 ) - (77,618 ) (157,058 ) Deferred Tax Benefit (Expense) 16,353 - (238,328 ) (221,975 ) Total Income Tax (Expense) Benefit (63,087 ) - (315,946 ) (379,033 ) Net Income (Loss) $ 3,101,980 $ 285,647 $ (1,342,501 ) $ 2,045,126 Supplemental Disclosures Total Assets $ 37,040,637 $ 13,945,102 $ 3,011,417 $ 53,997,156 Total Liabilities $ 1,807,318 $ 912,679 $ 210,789 $ 2,930,786 Revenues from Intercompany Sales - eliminated from sales above $ 1,423,676 $ 115,053 $ 630,000 $ 2,168,729 Depreciation and Amortization $ 311,131 $ 49,700 $ 23,820 $ 384,651 Purchases of Long-lived Assets $ 285,762 $ 3,393 $ 70,663 $ 359,818 CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements April 30, 2024 and October 31, 2023 NOTE 12 – SEGMENT ANALYSIS (Continued) Marine Technology Business (Products) Marine Engineering Business (Services) Overhead Total Six Months Ended April 30, 2023 Net Revenues $ 7,407,588 $ 3,490,205 $ - $ 10,897,793 Cost of Revenues 1,949,626 1,571,921 - 3,521,547 Gross Profit 5,457,962 1,918,284 - 7,376,246 Research & Development 956,713 13,684 970,397 Selling, General & Administrative 1,539,720 1,302,049 1,362,876 4,204,645 Total Operating Expenses 2,496,433 1,315,733 1,362,876 5,175,042 Income (Loss) from Operations 2,961,529 602,551 (1,362,876 ) 2,201,204 Other Income Other Income 5,684 - - 5,684 Interest Income 159,243 24,214 - 183,457 Total Other Income 164,927 24,214 - 189,141 Income (Loss) before Income Taxes 3,126,456 626,765 (1,362,876 ) 2,390,345 Income Tax (Expense) Benefit Current Tax (Expense) Benefit (127,585 ) (22,041 ) 80,842 (68,784 ) Deferred Tax Benefit - - 84,773 84,773 Total Income Tax (Expense) Benefit (127,585 ) (22,041 ) 165,615 15,989 Net Income (Loss) $ 2,998,871 $ 604,724 $ (1,197,261 ) $ 2,406,334 Supplemental Disclosures Total Assets $ 36,187,625 $ 13,618,065 $ 1,097,772 $ 50,903,462 Total Liabilities $ 1,665,630 $ 802,459 $ 124,632 $ 2,592,721 Revenues from Intercompany Sales - eliminated from sales above $ 2,913,995 $ 215,518 $ 600,000 $ 3,729,513 Depreciation and Amortization $ 272,403 $ 49,667 $ 20,700 $ 342,770 Purchases of Long-lived Assets $ 143,833 $ 22,792 $ 57,731 $ 224,355 CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements April 30, 2024 and October 31, 2023

DISAGGREGATION OF REVENUE

DISAGGREGATION OF REVENUE	6 Months Ended
	Apr. 30, 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 April 30, 2024 Marine Marine Technology Engineering Grand Business Business Total Disaggregation of Total Net Sales Primary Geographical Markets Americas $ 640,943 $ 799,214 $ 1,440,157 Europe 1,464,322 999,250 2,463,572 Australia/Asia 1,071,295 - 1,071,295 Middle East/Africa 348,154 - 348,154 Total Revenues $ 3,524,714 $ 1,798,464 $ 5,323,178 Major Goods/Service Lines Equipment Sales $ 2,005,128 $ 174,375 $ 2,179,503 Equipment Rentals 699,664 - 699,664 Software Sales 176,742 - 176,742 Engineering Parts - 1,426,224 1,426,224 Services 643,180 197,865 841,045 Total Revenues $ 3,524,714 $ 1,798,464 $ 5,323,178 Goods transferred at a point in time $ 2,181,870 $ 174,375 $ 2,356,245 Services transferred over time 1,342,844 1,624,089 2,966,933 Total Revenues $ 3,524,714 $ 1,798,464 $ 5,323,178 CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements April 30, 2024 and October 31, 2023 NOTE 13 –DISAGGREGATION OF REVENUE (Continued) Marine Marine For the Three Months Ended April 30, 2023 Marine Marine Technology Engineering Grand Business Business Total Disaggregation of Total Net Sales Primary Geographical Markets Americas $ 1,754,250 $ 1,144,891 $ 2,899,141 Europe 812,188 573,189 1,385,377 Australia/Asia 924,251 - 924,251 Middle East/Africa 92,740 - 92,740 Total Revenues $ 3,583,429 $ 1,718,080 $ 5,301,509 Major Goods/Service Lines Equipment Sales $ 2,500,156 $ 7,953 $ 2,508,109 Equipment Rentals 519,427 - 519,427 Software Sales 219,423 - 219,423 Engineering Parts - 1,071,906 1,071,906 Services 344,423 638,221 982,644 Total Revenues $ 3,583,429 $ 1,718,080 $ 5,301,509 Goods transferred at a point in time $ 2,719,579 $ 7,953 $ 2,727,532 Services transferred over time 863,850 1,710,127 2,573,977 Total Revenues $ 3,583,429 $ 1,718,080 $ 5,301,509 CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements April 30, 2024 and October 31, 2023 NOTE 13 –DISAGGREGATION OF REVENUE (Continued) For the Six Months Ended April 30, 2024 Marine Marine Technology Engineering Grand Business Business Total Disaggregation of Total Net Sales Primary Geographical Markets Americas $ 978,015 $ 1,254,628 $ 2,232,643 Europe 2,408,010 1,462,261 3,870,271 Australia/Asia 2,870,835 - 2,870,835 Middle East/Africa 810,620 - 810,620 Total Revenues $ 7,067,480 $ 2,716,889 $ 9,784,369 Major Goods/Service Lines Equipment Sales $ 4,381,400 $ 347,199 $ 4,728,599 Equipment Rentals 1,080,473 - 1,080,473 Software Sales 402,271 - 402,271 Engineering Parts - 1,922,128 1,922,128 Services 1,203,336 447,562 1,650,898 Total Revenues $ 7,067,480 $ 2,716,889 $ 9,784,369 Goods transferred at a point in time $ 4,783,671 $ 347,199 $ 5,130,870 Services transferred over time 2,283,809 2,369,690 4,653,499 Total Revenues $ 7,067,480 $ 2,716,889 $ 9,784,369 CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements April 30, 2024 and October 31, 2023 NOTE 13 –DISAGGREGATION OF REVENUE (Continued) For the Six Months Ended April 30, 2023 Marine Marine Technology Engineering Grand Business Business Total Disaggregation of Total Net Sales Primary Geographical Markets Americas $ 2,240,543 $ 2,467,868 $ 4,708,411 Europe 1,508,598 1,022,337 2,530,935 Australia/Asia 3,356,679 - 3,356,679 Middle East/Africa 301,768 - 301,768 Total Revenues $ 7,407,588 $ 3,490,205 $ 10,897,793 Major Goods/Service Lines Equipment Sales $ 5,072,716 $ 7,953 $ 5,080,669 Equipment Rentals 785,330 - 785,330 Software Sales 636,593 - 636,593 Engineering Parts - 2,220,985 2,220,985 Services 912,949 1,261,267 2,174,216 Total Revenues $ 7,407,588 $ 3,490,205 $ 10,897,793 Goods transferred at a point in time $ 5,709,309 $ 7,953 $ 5,717,262 Services transferred over time 1,698,279 3,482,252 5,180,531 Total Revenues $ 7,407,588 $ 3,490,205 $ 10,897,793

INCOME TAXES

INCOME TAXES	6 Months Ended
	Apr. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 14 – INCOME TAXES The Company’s tax rate may vary depending on the composition of its revenue in the reporting period (percentage of consolidated revenue attributable to the Company and its US-owned subsidiaries and percentage attributable to its foreign-owned subsidiaries). The Company’s effective tax rate for the three months ended April 30, 2024, and 2023, was 13.8 1.9 15.6 (0.7) 25.0 13.8 34,904 0.0 22.0 130,500 173,000

COMPOSITION OF CERTAIN FINANC_2

COMPOSITION OF CERTAIN FINANCIAL STATEMENT CAPTIONS (Tables)	6 Months Ended
	Apr. 30, 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 April 30, 2024 October 31, 2023 Amount Rate Amount Rate USD HSBC $ 17,614,335 4.62 % $ 15,201,579 5.28 % GBP HSBC £ 1,300,000 4.61 % £ 750,000 4.80 % GBP (Unrestricted access) HSBC £ 182,669 5.00 % £ 500,000 5.00 % GBP (Unrestricted access) HSBC £ 315,947 2.00 % USD Jyske Bank (Denmark) $ 2,400,000 4.00 %
SCHEDULE OF COMPONENTS OF INVENTORY	Inventory consisted of the following as of: SCHEDULE OF COMPONENTS OF INVENTORY April 30, October 31, 2024 2023 Raw materials and parts $ 9,134,243 $ 8,994,482 Work in progress 471,545 483,227 Finished goods 3,040,188 2,207,816 Total Inventory $ 12,645,976 $ 11,685,525
SUMMARY OF OTHER CURRENT ASSETS	Other current assets consisted of the following as of: SUMMARY OF OTHER CURRENT ASSETS April 30, October 31, 2024 2023 Deposits $ 12,870 $ 23,081 Other Tax Receivables 459,893 450,625 Employee Retention Credit Receivables 212,300 212,300 Other Receivables 21,428 348,620 Total Other Current Assets $ 706,491 $ 1,034,626
SCHEDULE OF PROPERTY AND EQUIPMENT	Property and equipment consisted of the following as of: SCHEDULE OF PROPERTY AND EQUIPMENT April 30, October 31, 2024 2023 Buildings $ 5,769,545 $ 6,386,705 Land 200,000 200,000 Office machinery and equipment 1,665,736 1,596,026 Rental assets 2,616,335 2,323,446 Furniture, fixtures and improvements 1,225,662 1,172,169 Totals 11,477,278 11,678,346 Less: accumulated depreciation (5,216,154 ) (4,805,026 ) Total Property and Equipment, net $ 6,261,124 $ 6,873,320
SCHEDULE OF PROPERTY AND EQUIPMENT, NET, BY GEOGRAPHIC AREAS	Property and equipment, net, by geographic areas were as follows: SCHEDULE OF PROPERTY AND EQUIPMENT, NET, BY GEOGRAPHIC AREAS April 30, October 31, 2024 2023 USA $ 1,690,543 $ 1,751,260 Europe 4,570,581 5,122,060 Total Property and Equipment, net $ 6,261,124 $ 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 April 30, October 31, 2024 2023 Accruals $ 388,729 $ 384,880 Other Tax Payables 415,745 525,565 Employee Related 79,708 85,185 Total Other Current Liabilities $ 884,182 $ 995,630
SCHEDULE OF OTHER INCOME	Total Other Income, net consisted of the following: SCHEDULE OF OTHER INCOME Three Months Three Months Six Months Six Months Ended Ended Ended Ended April 30, April 30, April 30, April 30, 2024 2023 2024 2023 Grant Income $ 11,980 $ - $ 26,694 $ - Other (14,616 ) 2,780 5,690 5,684 Total Other Income (2,636 ) 2,780 32,384 5,684 Interest 293,468 170,596 $ 486,008 183,457 Total Other Income, net $ 290,832 $ 173,376 $ 518,392 $ 189,141

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Apr. 30, 2024
NET INCOME PER SHARE:
SCHEDULE OF EARNINGS PER SHARE BASIC AND DILUTED	SCHEDULE OF EARNINGS PER SHARE BASIC AND DILUTED Three Months Three Months Six Months Six Months Ended Ended Ended Ended April 30, April 30, April 30, April 30, Fiscal Period 2024 2023 2024 2023 Numerator: Net Income $ 1,415,238 $ 1,008,477 $ 2,045,126 $ 2,406,334 Denominator: Basic weighted average common shares outstanding 11,168,493 11,010,077 11,148,565 10,970,806 Unexercised portion of options and restricted stock awards 119,717 320,677 119,717 320,677 Diluted outstanding shares 11,288,210 11,330,754 11,268,282 11,291,483 Net income per share Basic $ 0.13 $ 0.09 $ 0.18 $ 0.22 Diluted $ 0.13 $ 0.09 $ 0.18 $ 0.21

SEGMENT ANALYSIS (Tables)

SEGMENT ANALYSIS (Tables)	6 Months Ended
	Apr. 30, 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 April 30, 2024 Net Revenues $ 3,524,714 $ 1,798,464 $ - $ 5,323,178 Cost of Revenues 697,464 887,280 - 1,584,744 Gross Profit 2,827,250 911,184 - 3,738,434 Research & Development 485,061 57,420 - 542,481 Selling, General & Administrative 792,820 596,451 456,299 1,845,570 Total Operating Expenses 1,277,881 653,871 456,299 2,388,051 Income (Loss) from Operations 1,549,369 257,313 (456,299 ) 1,350,383 Other Income Other (Expense) Income (14,616 ) 11,980 - (2,636 ) Interest Income 202,157 52,067 39,244 293,468 Total Other Income 187,541 64,047 39,244 290,832 Income (Loss) before Income Taxes 1,736,910 321,360 (417,055 ) 1,641,215 Income Tax (Expense) Benefit Current Tax (Expense) (43,900 ) - (147,173 ) (191,073 ) Deferred Tax (Expense) (10,975 ) - (23,929 ) (34,904 ) Total Income Tax (Expense) (54,875 ) - (171,102 ) (225,977 ) Net Income (Loss) $ 1,682,035 $ 321,360 $ (588,157 ) $ 1,415,238 Supplemental Disclosures Total Assets $ 37,040,637 $ 13,945,102 $ 3,011,417 $ 53,997,156 Total Liabilities $ 1,807,318 $ 912,679 $ 210,789 $ 2,930,786 Revenues from Intercompany Sales - eliminated from sales above $ 474,742 $ 104,263 $ 318,000 $ 897,005 Depreciation and Amortization $ 158,112 $ 24,343 $ 11,658 $ 194,113 Purchases of Long-lived Assets $ 153,339 $ 1,185 $ 42,818 $ 197,342 CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements April 30, 2024 and October 31, 2023 NOTE 12 – SEGMENT ANALYSIS (Continued) Marine Technology Business (Products) Marine Engineering Business (Services) Overhead Total Three Months Ended April 30, 2023 Net Revenues $ 3,583,429 $ 1,718,080 $ - $ 5,301,509 Cost of Revenues 885,382 792,886 - 1,678,268 Gross Profit 2,698,047 925,194 - 3,623,241 Research & Development 518,405 7,534 - 525,939 Selling, General & Administrative 877,961 655,739 708,494 2,242,194 Total Operating Expenses 1,396,366 663,273 708,494 2,768,133 Income (Loss) from Operations 1,301,681 261,921 (708,494 ) 855,108 Other Income Other Income 2,780 - - 2,780 Interest Income 147,127 23,469 - 170,596 Total Other Income 149,907 23,469 - 173,376 Income (Loss) before Income Taxes 1,451,588 285,390 (708,494 ) 1,028,484 Income Tax (Expense) Benefit Current Tax (Expense) Benefit (108,712 ) (2,185 ) 42,124 (68,773 ) Deferred Tax Benefit - - 48,766 48,766 Total Income Tax (Expense) Benefit (108,712 ) (2,185 ) 90,890 (20,007 ) Net Income (Loss) $ 1,342,876 $ 283,205 $ (617,604 ) $ 1,008,477 Supplemental Disclosures Total Assets $ 36,187,625 $ 13,618,065 $ 1,097,772 $ 50,903,462 Total Liabilities $ 1,665,630 $ 802,459 $ 124,632 $ 2,592,721 Revenues from Intercompany Sales - eliminated from sales above $ 2,084,321 $ 169,811 $ (80,000 ) $ 2,174,132 Depreciation and Amortization $ 143,565 $ 24,757 $ 10,441 $ 178,763 Purchases of Long-lived Assets $ 64,191 $ 18,012 $ 36,246 $ 118,448 CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements April 30, 2024 and October 31, 2023 NOTE 12 – SEGMENT ANALYSIS (Continued) Marine Technology Business (Products) Marine Engineering Business (Services) Overhead Total Six Months Ended April 30, 2024 Net Revenues $ 7,067,480 $ 2,716,889 $ - $ 9,784,369 Cost of Revenues 1,671,344 1,287,855 - 2,959,199 Gross Profit 5,396,136 1,429,034 - 6,825,170 Research & Development 946,436 82,022 - 1,028,458 Selling, General & Administrative 1,628,211 1,196,935 1,065,799 3,890,945 Total Operating Expenses 2,574,647 1,278,957 1,065,799 4,919,403 Income (Loss) from Operations 2,821,489 150,077 (1,065,799 ) 1,905,767 Other Income Other Income 5,690 26,694 - 32,384 Interest Income 337,888 108,876 39,244 486,008 Total Other Income 343,578 135,570 39,244 518,392 Income (Loss) before Income Taxes 3,165,067 285,647 (1,026,555 ) 2,424,159 Income Tax (Expense) Benefit Current Tax (Expense) (79,440 ) - (77,618 ) (157,058 ) Deferred Tax Benefit (Expense) 16,353 - (238,328 ) (221,975 ) Total Income Tax (Expense) Benefit (63,087 ) - (315,946 ) (379,033 ) Net Income (Loss) $ 3,101,980 $ 285,647 $ (1,342,501 ) $ 2,045,126 Supplemental Disclosures Total Assets $ 37,040,637 $ 13,945,102 $ 3,011,417 $ 53,997,156 Total Liabilities $ 1,807,318 $ 912,679 $ 210,789 $ 2,930,786 Revenues from Intercompany Sales - eliminated from sales above $ 1,423,676 $ 115,053 $ 630,000 $ 2,168,729 Depreciation and Amortization $ 311,131 $ 49,700 $ 23,820 $ 384,651 Purchases of Long-lived Assets $ 285,762 $ 3,393 $ 70,663 $ 359,818 CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements April 30, 2024 and October 31, 2023 NOTE 12 – SEGMENT ANALYSIS (Continued) Marine Technology Business (Products) Marine Engineering Business (Services) Overhead Total Six Months Ended April 30, 2023 Net Revenues $ 7,407,588 $ 3,490,205 $ - $ 10,897,793 Cost of Revenues 1,949,626 1,571,921 - 3,521,547 Gross Profit 5,457,962 1,918,284 - 7,376,246 Research & Development 956,713 13,684 970,397 Selling, General & Administrative 1,539,720 1,302,049 1,362,876 4,204,645 Total Operating Expenses 2,496,433 1,315,733 1,362,876 5,175,042 Income (Loss) from Operations 2,961,529 602,551 (1,362,876 ) 2,201,204 Other Income Other Income 5,684 - - 5,684 Interest Income 159,243 24,214 - 183,457 Total Other Income 164,927 24,214 - 189,141 Income (Loss) before Income Taxes 3,126,456 626,765 (1,362,876 ) 2,390,345 Income Tax (Expense) Benefit Current Tax (Expense) Benefit (127,585 ) (22,041 ) 80,842 (68,784 ) Deferred Tax Benefit - - 84,773 84,773 Total Income Tax (Expense) Benefit (127,585 ) (22,041 ) 165,615 15,989 Net Income (Loss) $ 2,998,871 $ 604,724 $ (1,197,261 ) $ 2,406,334 Supplemental Disclosures Total Assets $ 36,187,625 $ 13,618,065 $ 1,097,772 $ 50,903,462 Total Liabilities $ 1,665,630 $ 802,459 $ 124,632 $ 2,592,721 Revenues from Intercompany Sales - eliminated from sales above $ 2,913,995 $ 215,518 $ 600,000 $ 3,729,513 Depreciation and Amortization $ 272,403 $ 49,667 $ 20,700 $ 342,770 Purchases of Long-lived Assets $ 143,833 $ 22,792 $ 57,731 $ 224,355

DISAGGREGATION OF REVENUE (Tabl

DISAGGREGATION OF REVENUE (Tables)	6 Months Ended
	Apr. 30, 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 April 30, 2024 Marine Marine Technology Engineering Grand Business Business Total Disaggregation of Total Net Sales Primary Geographical Markets Americas $ 640,943 $ 799,214 $ 1,440,157 Europe 1,464,322 999,250 2,463,572 Australia/Asia 1,071,295 - 1,071,295 Middle East/Africa 348,154 - 348,154 Total Revenues $ 3,524,714 $ 1,798,464 $ 5,323,178 Major Goods/Service Lines Equipment Sales $ 2,005,128 $ 174,375 $ 2,179,503 Equipment Rentals 699,664 - 699,664 Software Sales 176,742 - 176,742 Engineering Parts - 1,426,224 1,426,224 Services 643,180 197,865 841,045 Total Revenues $ 3,524,714 $ 1,798,464 $ 5,323,178 Goods transferred at a point in time $ 2,181,870 $ 174,375 $ 2,356,245 Services transferred over time 1,342,844 1,624,089 2,966,933 Total Revenues $ 3,524,714 $ 1,798,464 $ 5,323,178 CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements April 30, 2024 and October 31, 2023 NOTE 13 –DISAGGREGATION OF REVENUE (Continued) Marine Marine For the Three Months Ended April 30, 2023 Marine Marine Technology Engineering Grand Business Business Total Disaggregation of Total Net Sales Primary Geographical Markets Americas $ 1,754,250 $ 1,144,891 $ 2,899,141 Europe 812,188 573,189 1,385,377 Australia/Asia 924,251 - 924,251 Middle East/Africa 92,740 - 92,740 Total Revenues $ 3,583,429 $ 1,718,080 $ 5,301,509 Major Goods/Service Lines Equipment Sales $ 2,500,156 $ 7,953 $ 2,508,109 Equipment Rentals 519,427 - 519,427 Software Sales 219,423 - 219,423 Engineering Parts - 1,071,906 1,071,906 Services 344,423 638,221 982,644 Total Revenues $ 3,583,429 $ 1,718,080 $ 5,301,509 Goods transferred at a point in time $ 2,719,579 $ 7,953 $ 2,727,532 Services transferred over time 863,850 1,710,127 2,573,977 Total Revenues $ 3,583,429 $ 1,718,080 $ 5,301,509 CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements April 30, 2024 and October 31, 2023 NOTE 13 –DISAGGREGATION OF REVENUE (Continued) For the Six Months Ended April 30, 2024 Marine Marine Technology Engineering Grand Business Business Total Disaggregation of Total Net Sales Primary Geographical Markets Americas $ 978,015 $ 1,254,628 $ 2,232,643 Europe 2,408,010 1,462,261 3,870,271 Australia/Asia 2,870,835 - 2,870,835 Middle East/Africa 810,620 - 810,620 Total Revenues $ 7,067,480 $ 2,716,889 $ 9,784,369 Major Goods/Service Lines Equipment Sales $ 4,381,400 $ 347,199 $ 4,728,599 Equipment Rentals 1,080,473 - 1,080,473 Software Sales 402,271 - 402,271 Engineering Parts - 1,922,128 1,922,128 Services 1,203,336 447,562 1,650,898 Total Revenues $ 7,067,480 $ 2,716,889 $ 9,784,369 Goods transferred at a point in time $ 4,783,671 $ 347,199 $ 5,130,870 Services transferred over time 2,283,809 2,369,690 4,653,499 Total Revenues $ 7,067,480 $ 2,716,889 $ 9,784,369 CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements April 30, 2024 and October 31, 2023 NOTE 13 –DISAGGREGATION OF REVENUE (Continued) For the Six Months Ended April 30, 2023 Marine Marine Technology Engineering Grand Business Business Total Disaggregation of Total Net Sales Primary Geographical Markets Americas $ 2,240,543 $ 2,467,868 $ 4,708,411 Europe 1,508,598 1,022,337 2,530,935 Australia/Asia 3,356,679 - 3,356,679 Middle East/Africa 301,768 - 301,768 Total Revenues $ 7,407,588 $ 3,490,205 $ 10,897,793 Major Goods/Service Lines Equipment Sales $ 5,072,716 $ 7,953 $ 5,080,669 Equipment Rentals 785,330 - 785,330 Software Sales 636,593 - 636,593 Engineering Parts - 2,220,985 2,220,985 Services 912,949 1,261,267 2,174,216 Total Revenues $ 7,407,588 $ 3,490,205 $ 10,897,793 Goods transferred at a point in time $ 5,709,309 $ 7,953 $ 5,717,262 Services transferred over time 1,698,279 3,482,252 5,180,531 Total Revenues $ 7,407,588 $ 3,490,205 $ 10,897,793

COST OF GOODS SOLD (Details Nar

COST OF GOODS SOLD (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023
Compensation Related Costs [Abstract]
Cost of goods sold	$ 132,222	$ 102,452	$ 425,406	$ 607,828

SCHEDULE OF INTEREST RATES AND

SCHEDULE OF INTEREST RATES AND AMOUNT HELD IN CERTIFIED DEPOSIT INTEREST BEARING ACCOUNTS (Details) - USD ($)	Apr. 30, 2024	Oct. 31, 2023
HSBC [Member]
Amount	$ 17,614,335	$ 15,201,579
Deposit interest rate	4.62%	5.28%
HSBC [Member] | GBP Currency [Member]
Amount	$ 1,300,000	$ 750,000
Deposit interest rate	4.61%	4.80%
HSBC [Member] | GBP Currency [Member] | Unrestricted Access [Member]
Amount	$ 182,669	$ 500,000
Deposit interest rate	5%	5%
HSBC [Member] | GBP Currency [Member] | Unrestricted Access One [Member]
Amount	$ 315,947
Deposit interest rate	2%
Jyske Bank [Member]
Amount		$ 2,400,000
Deposit interest rate		4%

SCHEDULE OF COMPONENTS OF INVEN

SCHEDULE OF COMPONENTS OF INVENTORY (Details) - USD ($)	Apr. 30, 2024	Oct. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials and parts	$ 9,134,243	$ 8,994,482
Work in progress	471,545	483,227
Finished goods	3,040,188	2,207,816
Total Inventory	$ 12,645,976	$ 11,685,525

SUMMARY OF OTHER CURRENT ASSETS

SUMMARY OF OTHER CURRENT ASSETS (Details) - USD ($)	Apr. 30, 2024	Oct. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Deposits	$ 12,870	$ 23,081
Other Tax Receivables	459,893	450,625
Employee Retention Credit Receivables	212,300	212,300
Other Receivables	21,428	348,620
Total Other Current Assets	$ 706,491	$ 1,034,626

SCHEDULE OF PROPERTY AND EQUIPM

SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($)	Apr. 30, 2024	Oct. 31, 2023
Property, Plant and Equipment [Line Items]
Totals	$ 11,477,278	$ 11,678,346
Less: accumulated depreciation	(5,216,154)	(4,805,026)
Total Property and Equipment, net	6,261,124	6,873,320
Building [Member]
Property, Plant and Equipment [Line Items]
Totals	5,769,545	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	1,665,736	1,596,026
Rental Assets [Member]
Property, Plant and Equipment [Line Items]
Totals	2,616,335	2,323,446
Furniture Fixtures and Improvements [Member]
Property, Plant and Equipment [Line Items]
Totals	$ 1,225,662	$ 1,172,169

SCHEDULE OF PROPERTY AND EQUI_2

SCHEDULE OF PROPERTY AND EQUIPMENT, NET, BY GEOGRAPHIC AREAS (Details) - USD ($)	Apr. 30, 2024	Oct. 31, 2023
Total Property and Equipment, net	$ 6,261,124	$ 6,873,320
UNITED STATES
Total Property and Equipment, net	1,690,543	1,751,260
Europe [Member]
Total Property and Equipment, net	$ 4,570,581	$ 5,122,060

SCHEDULE OF ACCRUED EXPENSES AN

SCHEDULE OF ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($)	Apr. 30, 2024	Oct. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accruals	$ 388,729	$ 384,880
Other Tax Payables	415,745	525,565
Employee Related	79,708	85,185
Total Other Current Liabilities	$ 884,182	$ 995,630

SCHEDULE OF OTHER INCOME (Detai

SCHEDULE OF OTHER INCOME (Details) - USD ($)	3 Months Ended		6 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Grant Income	$ 11,980		$ 26,694
Other	(14,616)	2,780	5,690	5,684
Total Other Income	(2,636)	2,780	32,384	5,684
Interest	293,468	170,596	486,008	183,457
Total Other Income	$ 290,832	$ 173,376	$ 518,392	$ 189,141

COMPOSITION OF CERTAIN FINANC_3

COMPOSITION OF CERTAIN FINANCIAL STATEMENT CAPTIONS (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Current rate			5%
Depreciation expense	$ 177,490	$ 178,763	$ 350,782	$ 327,328

CONTRACTS IN PROGESS (Details N

CONTRACTS IN PROGESS (Details Narrative) - USD ($)	Apr. 30, 2024	Oct. 31, 2023
Contracts In Progess
Unbilled receivables	$ 1,580,546	$ 894,251
Deferred revenue, billings	823,531	1,108,919
Deferred revenue	$ 366,773	$ 457,600

CONCENTRATIONS (Details Narrati

CONCENTRATIONS (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023	Oct. 31, 2023
Concentration Risk [Line Items]
Revenue	$ 5,323,178	$ 5,301,509	$ 9,784,369	$ 10,897,793
Accounts receivable	4,402,355		4,402,355		$ 2,643,461
Two Customer [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Revenue	$ 1,530,335		$ 2,199,560	$ 2,517,093
Concentration risk, percentage	28.70%		22.50%	23.10%
Two Customer [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	32.50%		32.50%	38.10%
Accounts receivable	$ 1,429,713	1,483,542	$ 1,429,713	$ 1,483,542
One Customer [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Revenue		$ 1,270,138
Concentration risk, percentage		24%
One Customer [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk, percentage		35.10%
Accounts receivable		$ 1,365,300		$ 1,365,300

SCHEDULE OF EARNINGS PER SHARE

SCHEDULE OF EARNINGS PER SHARE BASIC AND DILUTED (Details) - USD ($)	3 Months Ended				6 Months Ended
	Apr. 30, 2024	Jan. 31, 2024	Apr. 30, 2023	Jan. 31, 2023	Apr. 30, 2024	Apr. 30, 2023
NET INCOME PER SHARE:
Net Income	$ 1,415,238	$ 629,888	$ 1,008,477	$ 1,397,857	$ 2,045,126	$ 2,406,334
Basic weighted average common shares outstanding	11,168,493		11,010,077		11,148,565	10,970,806
Unexercised portion of options and restricted stock awards	119,717		320,677		119,717	320,677
Diluted outstanding shares	11,288,210		11,330,754		11,268,282	11,291,483
Basic	$ 0.13		$ 0.09		$ 0.18	$ 0.22
Diluted	$ 0.13		$ 0.09		$ 0.18	$ 0.21

2017 STOCK INCENTIVE PLAN (Deta

2017 STOCK INCENTIVE PLAN (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023	Jul. 12, 2021	Dec. 06, 2017
Defined Benefit Plan Disclosure [Line Items]
Share based compensation	$ 60,862	$ 196,261	$ 16,214	$ 378,414
2017 Stock Incentive Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Restricted stock available for future issuance	387,694
Restricted stock forfeited	5,000
stock awards forfeited	6,500
2017 Stock Incentive Plan [Member] | Restricted Stock [Member]
Defined Benefit Plan Disclosure [Line Items]
Restricted stock available for future issuance	8,200
2017 Stock Incentive Plan [Member] | Board of Director [Member] | Maximum [Member]
Defined Benefit Plan Disclosure [Line Items]
Number of shares allocated for issuance						913,612
2017 Plan and 2021 Plan [Member] | Board of Director [Member]
Defined Benefit Plan Disclosure [Line Items]
Number of shares allocated for issuance					1,000,000
Common stock available for issuance	1,387,694		1,387,694

SCHEDULE OF SEGMENT REPORTING I

SCHEDULE OF SEGMENT REPORTING INFORMATION (Details) - USD ($)	3 Months Ended				6 Months Ended
	Apr. 30, 2024	Jan. 31, 2024	Apr. 30, 2023	Jan. 31, 2023	Apr. 30, 2024	Apr. 30, 2023
Segment Reporting Information [Line Items]
Net Revenues	$ 5,323,178		$ 5,301,509		$ 9,784,369	$ 10,897,793
Cost of Revenues	1,584,744		1,678,268		2,959,199	3,521,547
Gross Profit	3,738,434		3,623,241		6,825,170	7,376,246
Research & Development	542,481		525,939		1,028,458	970,397
Selling, General & Administrative	1,845,570		2,242,194		3,890,945	4,204,645
Total Operating Expenses	2,388,051		2,768,133		4,919,403	5,175,042
INCOME FROM OPERATIONS	1,350,383		855,108		1,905,767	2,201,204
Other Income
Other (Expense) Income	(2,636)		2,780		32,384	5,684
Total Other Income	290,832		173,376		518,392	189,141
INCOME BEFORE INCOME TAX EXPENSE	1,641,215		1,028,484		2,424,159	2,390,345
Income Tax (Expense) Benefit
Current Tax (Expense) Benefit	(191,073)		(68,773)		(157,058)	(68,784)
Deferred Tax Benefit	(34,904)		48,766		(221,975)	84,773
Total Income Tax (Expense)	(225,977)		(20,007)		(379,033)	15,989
NET INCOME	1,415,238	$ 629,888	1,008,477	$ 1,397,857	2,045,126	2,406,334
Supplemental Disclosures
Total Assets	53,997,156				53,997,156
Total Liabilities	2,930,786				2,930,786
Other Income	(2,636)		2,780		32,384	5,684
Segment Reporting [Member]
Segment Reporting Information [Line Items]
Net Revenues	5,323,178		5,301,509		9,784,369	10,897,793
Cost of Revenues	1,584,744		1,678,268		2,959,199	3,521,547
Gross Profit	3,738,434		3,623,241		6,825,170	7,376,246
Research & Development	542,481		525,939		1,028,458	970,397
Selling, General & Administrative	1,845,570		2,242,194		3,890,945	4,204,645
Total Operating Expenses	2,388,051		2,768,133		4,919,403	5,175,042
INCOME FROM OPERATIONS	1,350,383		855,108		1,905,767	2,201,204
Other Income
Other (Expense) Income	(2,636)
Interest Income	293,468		170,596		486,008	183,457
Total Other Income	290,832		173,376		518,392	189,141
INCOME BEFORE INCOME TAX EXPENSE	1,641,215		1,028,484		2,424,159	2,390,345
Income Tax (Expense) Benefit
Current Tax (Expense) Benefit	(191,073)		(68,773)		(157,058)	(68,784)
Deferred Tax Benefit	(34,904)		48,766		(221,975)	84,773
Total Income Tax (Expense)	(225,977)		(20,007)		(379,033)	15,989
NET INCOME	1,415,238		1,008,477		2,045,126	2,406,334
Supplemental Disclosures
Total Assets	53,997,156		50,903,462		53,997,156	50,903,462
Total Liabilities	2,930,786		2,592,721		2,930,786	2,592,721
Revenues from Intercompany Sales - eliminated from sales above	897,005		2,174,132		2,168,729	3,729,513
Depreciation and Amortization	194,113		178,763		384,651	342,770
Purchases of Long-lived Assets	197,342		118,448		359,818	224,355
Other Income			2,780		32,384	5,684
Marine Technology Business (Products) [Member] | Segment Reporting [Member]
Segment Reporting Information [Line Items]
Net Revenues	3,524,714		3,583,429		7,067,480	7,407,588
Cost of Revenues	697,464		885,382		1,671,344	1,949,626
Gross Profit	2,827,250		2,698,047		5,396,136	5,457,962
Research & Development	485,061		518,405		946,436	956,713
Selling, General & Administrative	792,820		877,961		1,628,211	1,539,720
Total Operating Expenses	1,277,881		1,396,366		2,574,647	2,496,433
INCOME FROM OPERATIONS	1,549,369		1,301,681		2,821,489	2,961,529
Other Income
Other (Expense) Income	(14,616)
Interest Income	202,157		147,127		337,888	159,243
Total Other Income	187,541		149,907		343,578	164,927
INCOME BEFORE INCOME TAX EXPENSE	1,736,910		1,451,588		3,165,067	3,126,456
Income Tax (Expense) Benefit
Current Tax (Expense) Benefit	(43,900)		(108,712)		(79,440)	(127,585)
Deferred Tax Benefit	(10,975)				16,353
Total Income Tax (Expense)	(54,875)		(108,712)		(63,087)	(127,585)
NET INCOME	1,682,035		1,342,876		3,101,980	2,998,871
Supplemental Disclosures
Total Assets	37,040,637		36,187,625		37,040,637	36,187,625
Total Liabilities	1,807,318		1,665,630		1,807,318	1,665,630
Revenues from Intercompany Sales - eliminated from sales above	474,742		2,084,321		1,423,676	2,913,995
Depreciation and Amortization	158,112		143,565		311,131	272,403
Purchases of Long-lived Assets	153,339		64,191		285,762	143,833
Other Income			2,780		5,690	5,684
Marine Engineering Business (Services) [Member] | Segment Reporting [Member]
Segment Reporting Information [Line Items]
Net Revenues	1,798,464		1,718,080		2,716,889	3,490,205
Cost of Revenues	887,280		792,886		1,287,855	1,571,921
Gross Profit	911,184		925,194		1,429,034	1,918,284
Research & Development	57,420		7,534		82,022	13,684
Selling, General & Administrative	596,451		655,739		1,196,935	1,302,049
Total Operating Expenses	653,871		663,273		1,278,957	1,315,733
INCOME FROM OPERATIONS	257,313		261,921		150,077	602,551
Other Income
Other (Expense) Income	11,980
Interest Income	52,067		23,469		108,876	24,214
Total Other Income	64,047		23,469		135,570	24,214
INCOME BEFORE INCOME TAX EXPENSE	321,360		285,390		285,647	626,765
Income Tax (Expense) Benefit
Current Tax (Expense) Benefit			(2,185)			(22,041)
Deferred Tax Benefit
Total Income Tax (Expense)			(2,185)			(22,041)
NET INCOME	321,360		283,205		285,647	604,724
Supplemental Disclosures
Total Assets	13,945,102		13,618,065		13,945,102	13,618,065
Total Liabilities	912,679		802,459		912,679	802,459
Revenues from Intercompany Sales - eliminated from sales above	104,263		169,811		115,053	215,518
Depreciation and Amortization	24,343		24,757		49,700	49,667
Purchases of Long-lived Assets	1,185		18,012		3,393	22,792
Other Income					26,694
Overhead [Member] | Segment Reporting [Member]
Segment Reporting Information [Line Items]
Net Revenues
Cost of Revenues
Gross Profit
Research & Development
Selling, General & Administrative	456,299		708,494		1,065,799	1,362,876
Total Operating Expenses	456,299		708,494		1,065,799	1,362,876
INCOME FROM OPERATIONS	(456,299)		(708,494)		(1,065,799)	(1,362,876)
Other Income
Other (Expense) Income
Interest Income	39,244				39,244
Total Other Income	39,244				39,244
INCOME BEFORE INCOME TAX EXPENSE	(417,055)		(708,494)		(1,026,555)	(1,362,876)
Income Tax (Expense) Benefit
Current Tax (Expense) Benefit	(147,173)		42,124		(77,618)	80,842
Deferred Tax Benefit	(23,929)		48,766		(238,328)	84,773
Total Income Tax (Expense)	(171,102)		90,890		(315,946)	165,615
NET INCOME	(588,157)		(617,604)		(1,342,501)	(1,197,261)
Supplemental Disclosures
Total Assets	3,011,417		1,097,772		3,011,417	1,097,772
Total Liabilities	210,789		124,632		210,789	124,632
Revenues from Intercompany Sales - eliminated from sales above	318,000		(80,000)		630,000	600,000
Depreciation and Amortization	11,658		10,441		23,820	20,700
Purchases of Long-lived Assets	$ 42,818		36,246		70,663	57,731
Other Income

SCHEDULE OF DISAGGREGATE OF REV

SCHEDULE OF DISAGGREGATE OF REVENUE FROM CONTRACTS FOR SALE WITH CUSTOMERS BY GEOGRAPHIC LOCATION (Details) - USD ($)	3 Months Ended		6 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023
Disaggregation of Revenue [Line Items]
Total Revenues	$ 5,323,178	$ 5,301,509	$ 9,784,369	$ 10,897,793
Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	2,356,245	2,727,532	5,130,870	5,717,262
Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	2,966,933	2,573,977	4,653,499	5,180,531
Equipment Sales [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	2,179,503	2,508,109	4,728,599	5,080,669
Equipment Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	699,664	519,427	1,080,473	785,330
Software Sales [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	176,742	219,423	402,271	636,593
Engineering Parts [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	1,426,224	1,071,906	1,922,128	2,220,985
Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	841,045	982,644	1,650,898	2,174,216
Marine Technology Business (Products) [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	3,524,714	3,583,429	7,067,480	7,407,588
Marine Technology Business (Products) [Member] | Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	2,181,870	2,719,579	4,783,671	5,709,309
Marine Technology Business (Products) [Member] | Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	1,342,844	863,850	2,283,809	1,698,279
Marine Technology Business (Products) [Member] | Equipment Sales [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	2,005,128	2,500,156	4,381,400	5,072,716
Marine Technology Business (Products) [Member] | Equipment Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	699,664	519,427	1,080,473	785,330
Marine Technology Business (Products) [Member] | Software Sales [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	176,742	219,423	402,271	636,593
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	643,180	344,423	1,203,336	912,949
Marine Engineering Business (Services) [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	1,798,464	1,718,080	2,716,889	3,490,205
Marine Engineering Business (Services) [Member] | Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	174,375	7,953	347,199	7,953
Marine Engineering Business (Services) [Member] | Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	1,624,089	1,710,127	2,369,690	3,482,252
Marine Engineering Business (Services) [Member] | Equipment Sales [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	174,375	7,953	347,199	7,953
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	1,426,224	1,071,906	1,922,128	2,220,985
Marine Engineering Business (Services) [Member] | Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	197,865	638,221	447,562	1,261,267
Americas [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	1,440,157	2,899,141	2,232,643	4,708,411
Americas [Member] | Marine Technology Business (Products) [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	640,943	1,754,250	978,015	2,240,543
Americas [Member] | Marine Engineering Business (Services) [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	799,214	1,144,891	1,254,628	2,467,868
Europe [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	2,463,572	1,385,377	3,870,271	2,530,935
Europe [Member] | Marine Technology Business (Products) [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	1,464,322	812,188	2,408,010	1,508,598
Europe [Member] | Marine Engineering Business (Services) [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	999,250	573,189	1,462,261	1,022,337
Australia/Asia [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	1,071,295	924,251	2,870,835	3,356,679
Australia/Asia [Member] | Marine Technology Business (Products) [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	1,071,295	924,251	2,870,835	3,356,679
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	348,154	92,740	810,620	301,768
Middle East/Africa [Member] | Marine Technology Business (Products) [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	348,154	92,740	810,620	301,768
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		6 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Statutory tax rate	13.80%	1.90%	15.60%	0.70%
Income tax rate	(13.80%)	(1.90%)	(15.60%)	(0.70%)
Deferred tax expense			$ 34,904
Effective income tax rate reconciliation, percent			0%
Effective income tax rate reconciliation, percent			22%
Global intangible low tax income			$ 130,500
Global intangible low tax income			$ 173,000
Minimum [Member]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Statutory tax rate			25%
Maximum [Member]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Statutory tax rate			13.80%
Income tax rate			(13.80%)