GOODWILL AND OTHER INTANGIBLE ASSETS |
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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:
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:
Goodwill consisted of the following as of:
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
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