| GOODWILL AND IDENTIFIED INTANGIBLE ASSETS |
NOTE
7 – GOODWILL AND IDENTIFIED INTANGIBLE ASSETS
Intangibles consisted of the following as of:
SCHEDULE OF OTHER INTANGIBLE ASSETS
| |
|
|
|
October 31, 2023 |
|
|
October 31, 2022 |
|
| |
|
Average |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Life |
|
Gross |
|
|
Accumulated |
|
|
|
|
|
Gross |
|
|
Accumulated |
|
|
|
|
| Finite-lived intangible assets |
|
(Years) |
|
Asset |
|
|
Amortization |
|
|
Net |
|
|
Asset |
|
|
Amortization |
|
|
Net |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Customer Relationships |
|
10 |
|
$ |
919,503 |
|
|
$ |
(906,422 |
) |
|
$ |
13,081 |
|
|
$ |
919,503 |
|
|
$ |
(883,922 |
) |
|
$ |
35,581 |
|
| Patents and others |
|
10 |
|
|
780,650 |
|
|
|
(307,116 |
) |
|
|
473,534 |
|
|
|
669,751 |
|
|
|
(263,046 |
) |
|
|
406,705 |
|
| Total intangible assets |
|
|
|
$ |
1,700,153 |
|
|
$ |
(1,213,538 |
) |
|
$ |
486,615 |
|
|
$ |
1,589,254 |
|
|
$ |
(1,146,968) |
|
|
$ |
442,286 |
|
Estimated
future annual amortization expenses of finite-lived assets as of October 31, 2023, is as follows:
SCHEDULE OF ESTIMATED FUTURE AMORTIZATION EXPENSES
| |
|
|
|
|
| 2024 |
|
$ |
56,104 |
|
| 2025 |
|
|
42,514 |
|
| 2026 |
|
|
39,434 |
|
| 2027 |
|
|
36,657 |
|
| Thereafter |
|
|
311,906 |
|
| |
|
|
|
|
| Totals |
|
$ |
486,615 |
|
Amortization
of intangible assets for the years ended October 31, 2023, and 2022 was $64,063 and $60,077 respectively.
Goodwill
consisted of the following as of:
SCHEDULE OF GOODWILL
| |
|
October 31, |
|
|
October 31, |
|
| |
|
2023 |
|
|
2022 |
|
| 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 |
|
|