Goodwill and Intangible Assets, Net

6 Months Ended

Apr. 30, 2025

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, 2024	$	1,504
Foreign currency translation adjustment	1
Balance at April 30, 2025	$	1,505

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, 2025.

7. Goodwill and Intangible Assets, Net (continued)

Intangible assets consist of the following (in thousands):



	April 30, 2025							October 31, 2024
	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	(1,411)		697		8	$	2,108	$	(1,308)	$	800	8
Customer relationships	2,707		(2,001)		706		8	2,707		(1,842)		865		8
Non-competition agreement	437		(214)		223		8	437		(187)		250		8
Acquired water and mineral rights	3,090		—		3,090		Indefinite	3,306		—		3,306		Indefinite
	$	8,342	$	(3,626)	$	4,716		$	8,558	$	(3,337)	$	5,221

Amortization expense totaled $145,000 and $177,000 for the three months ended April 30, 2025 and 2024, respectively. Amortization expense totaled $289,000 and $356,000 for the six months ended April 30, 2025 and 2024, respectively.

In January 2025, the Company sold acquired water rights in the Santa Paula Basin for $30,000 per acre-foot in two transactions. The total selling price was $1,440,000 and the Company recorded a gain on sales of water rights of $1,200,000.

Estimated future amortization expense of intangible assets as of April 30, 2025 is as follows (in thousands):


2025 (remaining six months)	$	289
2026	578
2027	294
2028	294
2029	171
Thereafter	—
	$	1,626