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GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended
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Oct. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND OTHER INTANGIBLE ASSETS | NOTE 3 – GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill and other intangibles consisted of the following as of: SCHEDULE OF CARRYING VALUE OF IDENTIFIABLE INTANGIBLE ASSETS
|  | October 31, |  |  | October 31, |
|  | 2021 |  |  | 2020 |
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) |  |  | 585,483 |  |  |  | 472,173 |
Total identifiable intangible assets - gross carrying value |  |  | 1,504,986 |  |  |  | 1,391,676 |
Less: accumulated amortization |  |  | (1,092,711 | ) |  |  | (1,042,332 | )
Total intangible assets, net |  | $ | 412,275 |  |  | $ | 349,344 |
CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements October 31, 2021 and 2020 NOTE 3 – GOODWILL AND OTHER INTANGIBLE ASSETS (Continued) Amortization of patents, customer relationships, non-compete agreements and licenses included as a charge to income amounted to $50,379 and $44,642 for the years ended October 31, 2021 and 2020. Future estimated annual amortization expenses as of October 31, 2021 is as follows: SCHEDULE OF ESTIMATED FUTURE AMORTIZATION EXPENSES
Years Ending October 31, |  | Amount |
2022 |  |  | 54,429 |
2023 |  |  | 52,089 |
2024 |  |  | 42,877 |
2025 |  |  | 27,533 |
2026 |  |  | 24,442 |
Thereafter |  |  | 210,905 |
Totals |  | $ | 412,275 |
Goodwill consisted of the following as of: SCHEDULE OF GOODWILL
|  | October 31, |  |  | October 31, |
|  | 2021 |  |  | 2020 |
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 |
Considerable management judgment is necessary to estimate the fair value of goodwill. Based on various market factors and projections used by management, actual results could vary significantly from management’s estimates. The Company’s policy is to test its goodwill balances for impairment on an annual basis, as of October 31st, or more frequently if events or changes in circumstances indicate that the asset might be impaired. Based on these evaluations, the fair value of reporting unit exceeds its carrying value. As such no impairment was recorded by management. CODA OCTOPUS GROUP, INC. Notes to the Consolidated Financial Statements October 31, 2021 and 2020

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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