Annual report pursuant to Section 13 and 15(d)

GOODWILL AND IDENTIFIED INTANGIBLE ASSETS

v3.24.4
GOODWILL AND IDENTIFIED INTANGIBLE ASSETS
12 Months Ended
Oct. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND IDENTIFIED INTANGIBLE ASSETS

NOTE 8 – GOODWILL AND IDENTIFIED INTANGIBLE ASSETS

 

Intangibles consisted of the following as of:

  

        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:

  

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:

  

    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