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GOODWILL AND IDENTIFIED INTANGIBLE ASSETS
 12 Months Ended
Oct. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND IDENTIFIED INTANGIBLE ASSETS

NOTE 7 – GOODWILL AND IDENTIFIED INTANGIBLE ASSETS

 

Intangibles consisted of the following as of:

   

      October 31, 2023   October 31, 2022 
   Average                        
   Life  Gross   Accumulated       Gross   Accumulated     
Finite-lived intangible assets  (Years)  Asset   Amortization   Net   Asset   Amortization   Net 
                            
Customer Relationships  10  $919,503   $(906,422) $13,081   $919,503   $(883,922)  $35,581 
Patents and others   10   780,650    (307,116)   473,534    669,751    (263,046)   406,705 
Total intangible assets      $1,700,153   $(1,213,538) $486,615   $1,589,254   $(1,146,968)   $442,286 

 

Estimated future annual amortization expenses of finite-lived assets as of October 31, 2023, is as follows:

  

      
2024  $56,104 
2025   42,514 
2026   39,434 
2027   36,657 
Thereafter   311,906 
      
Totals  $486,615 

 

Amortization of intangible assets for the years ended October 31, 2023, and 2022 was $64,063 and $60,077 respectively.

 

Goodwill consisted of the following as of:

  

   October 31,   October 31, 
   2023   2022 
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