v3.22.4
GOODWILL AND OTHER INTANGIBLE ASSETS
 12 Months Ended
Oct. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND OTHER INTANGIBLE ASSETS

NOTE 4 – GOODWILL AND OTHER INTANGIBLE ASSETS

 

Other intangibles consisted of the following as of:

 SCHEDULE OF OTHER INTANGIBLE ASSETS 

   October 31,   October 31, 
   2022   2021 
         
Customer relationships (weighted average life of 10 years)  $720,592   $720,592 
Non-compete agreements (weighted average life of 3 years)   198,911    198,911 
Patents and other (weighted average life of 10 years)   675,572    585,483 
           
Total identifiable intangible assets - gross carrying value   1,595,075    1,504,986 
           
Less: accumulated amortization   (1,152,789)   (1,092,711)
           
Total intangible assets, net  $442,286   $412,275 

 

 

CODA OCTOPUS GROUP, INC.

Notes to the Consolidated Financial Statements

October 31, 2022 and 2021

 

NOTE 4 – GOODWILL AND OTHER INTANGIBLE ASSETS (Continued)

 

Amortization of patents, customer relationships, non-compete agreements and licenses included as a charge to income amounted to $60,077 and $50,379 for the years ended October 31, 2022 and 2021.

 

Future estimated annual amortization expenses as of October 31, 2022 is as follows:

 

Years Ending October 31,  Amount 
2023   52,089 
2024   42,877 
2025   27,533 
2026   24,442 
Thereafter   295,345 
      
Totals  $442,286 

 

Goodwill consisted of the following as of:

 

   October 31,   October 31, 
   2022   2021 
Coda Octopus Colmek, Inc.  $2,038,669   $2,038,669 
Coda Octopus Products, Ltd   62,315    62,315 
Coda Octopus Martech, Ltd   1,281,124    1,281,124 
           
Total Goodwill  $3,382,108   $3,382,108 

 

Considerable management judgment is necessary to estimate the fair value of goodwill. Based on various market factors and projections used by management, actual results could vary significantly from management’s estimates.

 

The Company’s policy is to test its goodwill balances for impairment on an annual basis, as of October 31, or more frequently if events or changes in circumstances indicate that the asset might be impaired.

 

Based on these evaluations, the fair value of reporting unit exceeds its carrying value. As such no impairment was recorded by management.

 

 

CODA OCTOPUS GROUP, INC.

Notes to the Consolidated Financial Statements

October 31, 2022 and 2021