Goodwill and Intangible Assets, Net

9 Months Ended

Jul. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

A summary of the change in the carrying amount of goodwill is as follows (in thousands):


	Goodwill Carrying Amount
Balance at October 31, 2021	$	1,527

Foreign currency translation adjustment	(15)
Balance at July 31, 2022	$	1,512

Goodwill is tested for impairment on an annual basis or when an event or changes in circumstances indicate that its carrying value may not be recoverable. There have been no impairment charges recorded against goodwill as of July 31, 2022.

During the nine months ended July 31, 2021, the Company acquired additional water rights in Chile for $186,000.

7. Goodwill and Intangible Assets, Net (continued)

Intangible assets consisted of the following (in thousands):


	July 31, 2022							October 31, 2021
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Useful Life in Years
Trade names and trademarks	$	2,108	(826)		1,282		8	$	2,108	$	(663)	$	1,445	8
Customer relationships	4,037		(1,547)		2,490		9	4,037		(1,209)		2,828		9
Non-competition agreement	437		(64)		373		8	437		(22)		415		8
Acquired water and mineral rights	3,437		—		3,437		Indefinite	3,641		—		3,641		Indefinite
	$	10,019	$	(2,437)	$	7,582		$	10,223	$	(1,894)	$	8,329

Amortization expense totaled $182,000 and $210,000 for the three months ended July 31, 2022 and 2021, respectively. Amortization expense totaled $543,000 and $736,000 for the nine months ended July 31, 2022 and 2021, respectively.

Estimated future amortization expense of intangible assets as of July 31, 2022 is as follows (in thousands):


2022 (excluding the nine months ended July 31, 2022)	$	180
2023	724
2024	716
2025	711
2026	711
Thereafter	1,103
	$	4,145