Business Description

NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS Coda Octopus Group, Inc. (“Coda,” “the Company,” or “we”) operates three operating business units. These are the Marine Technology Business (“Products Business,” or “Products Segment”), Acoustics Sensors and Materials Business (“PAL”), and the Defense Engineering Services 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 market. 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 ® , Echoscope PIPE ® and Echoscope PIPE NANO Gen Series ® and diving technology marketed under the name of DAVD. The Echoscope ® sonar series is the only sonar that can generate multiple real time 3D images of moving objects underwater in zero visibility conditions. This business also launched the DAVD system in 2021 which emanated from the requirements of the Office of Naval Research as part of its Future Naval Requirements Program. The DAVD embeds a pair of transparent glasses inside of the diver Head up Display (HUD) which is used as the data hub for displaying real time data to the diver. It allows both the diver underwater and the dive supervisor on the surface to see the same data or underwater scene. In addition, by combining the DAVD with the Echoscope ® , dive operations can be performed in zero visibility conditions. These conditions are a common barrier which impinges on the ability to perform these activities and therefore the DAVD combined with the Echoscope ® is a critical requirement for these operations. The Company acquired PAL on October…