Goodwill and Intangible Assets, Net

6 Months Ended

Apr. 30, 2023

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, 2022	$	1,506

Foreign currency translation adjustment	23
Balance at April 30, 2023	$	1,529

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 April 30, 2023.

Intangible assets consisted of the following (in thousands):


	April 30, 2023							October 31, 2022
	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	(1,002)		1,106		8	$	2,108	$	(881)	$	1,227	8
Customer relationships	4,037		(1,885)		2,152		9	4,037		(1,660)		2,377		9
Non-competition agreement	437		(105)		332		8	437		(76)		361		8
Acquired water and mineral rights	3,648		—		3,648		Indefinite	3,352		—		3,352		Indefinite
	$	10,230	$	(2,992)	$	7,238		$	9,934	$	(2,617)	$	7,317

7. Goodwill and Intangible Assets, Net (continued)

Amortization expense totaled $178,000 and $180,000 for the three months ended April 30, 2023 and 2022, respectively. Amortization expense totaled $375,000 and $361,000 for the six months ended April 30, 2023 and 2022 respectively.

Estimated future amortization expense of intangible assets as of April 30, 2023 is as follows (in thousands):


2023 (remaining six months)	$	354
2024	711
2025	711
2026	711
2027	427
Thereafter	676
	$	3,590