GOODWILL AND IDENTIFIED INTANGIBLE ASSETS |
NOTE
8 – GOODWILL AND IDENTIFIED INTANGIBLE ASSETS
Intangibles
consisted of the following as of:
SCHEDULE OF INTANGIBLE ASSETS
|
|
|
|
October 31, 2024 |
|
|
October 31, 2023 |
|
|
|
Average |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finite-lived |
|
Life |
|
Gross |
|
|
Accumulated |
|
|
|
|
|
Gross |
|
|
Accumulated |
|
|
|
|
intangible assets |
|
(Years) |
|
Asset |
|
|
Amortization |
|
|
Net |
|
|
Asset |
|
|
Amortization |
|
|
Net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer Relationships |
|
10 |
|
$ |
919,503 |
|
|
$ |
(919,503 |
) |
|
$ |
- |
|
|
$ |
919,503 |
|
|
$ |
(906,422 |
) |
|
$ |
13,081 |
|
Non-Compete Agreements |
|
4 |
|
|
423,548 |
|
|
|
(198,911 |
) |
|
|
224,637 |
|
|
|
198,911 |
|
|
|
(198,911 |
) |
|
|
- |
|
Value of Technology |
|
7 |
|
|
2,947,155 |
|
|
|
- |
|
|
|
2,947,155 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Patents |
|
10 |
|
|
820,555 |
|
|
|
(305,313 |
) |
|
|
515,242 |
|
|
|
581,739 |
|
|
|
(108,205 |
) |
|
|
473,534 |
|
Total intangible assets |
|
|
|
$ |
5,110,761 |
|
|
$ |
(1,423,727 |
) |
|
$ |
3,687,034 |
|
|
$ |
1,700,153 |
|
|
$ |
(1,213,538 |
) |
|
$ |
486,615 |
|
Estimated
future annual amortization expenses of finite-lived assets as of October 31, 2024, is as follows:
SCHEDULE OF ESTIMATED FUTURE AMORTIZATION EXPENSES
Years Ending October 31, |
|
Amount |
|
|
|
|
|
2025 |
|
$ |
524,068 |
|
2026 |
|
|
523,381 |
|
2027 |
|
|
522,821 |
|
2028 |
|
|
522,821 |
|
2029 |
|
|
466,662 |
|
|
|
|
|
|
Thereafter |
|
|
1,127,281 |
|
|
|
|
|
|
Totals |
|
$ |
3,687,034 |
|
Amortization
of intangible assets for the years ended October 31, 2024, and 2023 was $60,476 and $64,063 respectively.
Goodwill
consisted of the following as of:
SCHEDULE OF GOODWILL
|
|
October 31, |
|
|
October 31, |
|
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
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 |
|
Precision Acoustics Ltd |
|
|
257,226 |
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Total Goodwill |
|
$ |
3,639,334 |
|
|
$ |
3,382,108 |
|
|