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Goodwill and Intangible Assets (Tables) | 12 Months Ended
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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 |

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