Annual report pursuant to Section 13 and 15(d)

Goodwill and Intangible Assets (Tables)

v3.20.4
Goodwill and Intangible Assets (Tables)
12 Months Ended
Oct. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Carrying Value of Identifiable Goodwill and Intangible Assets

Amortization of patents, customer relationships, non-compete agreements and licenses included as a charge to income amounted to $44,642 and $39,689 for the years ended October 31, 2020 and 2019, respectively. Goodwill is not being amortized.

 

    October 31, 2020     October 31, 2019  
             
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)     472,173       381,785  
                 
Total identifiable intangible assets - gross carrying value     1,391,676       1,301,288  
                 
Less: accumulated amortization     (1,042,332 )     (1,070,505 )
                 
Total intangible assets, net   $ 349,344     $ 230,783  
Schedule of Estimated Future Amortization Expenses

Future estimated annual amortization expenses as of October 31, 2020 as follows:

 

Years Ending October 31,   Amount  
2021     46,338  
2022     46,317  
2023     43,978  
2024     33,000  
2025     19,409  
Thereafter     160,302  
         
Totals   $ 349,344  
Schedule of Goodwill

The carrying amount of goodwill as of October 31, 2020 and 2019, respectively, are recorded below:

 

    October 31, 2020     October 31, 2019  
Breakout of Goodwill:                
                 
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