Annual report pursuant to Section 13 and 15(d)

INTANGIBLE ASSETS

v3.20.2
INTANGIBLE ASSETS
12 Months Ended
May 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Disclosure [Text Block]

NOTE 12 – INTANGIBLE ASSETS


Intangible assets consisted of the following at May 31, 2020 and 2019:


   

May 31, 2020

 
           

Accumulated

         
   

Gross

   

Amortization

   

Net

 

Intellectual Property

  $ 319,600     $ (61,257

)

  $ 258,343  

License & Customer Relations

    990,000       (94,875

)

    895,125  

Tradenames - Trademarks

    301,000       (57,692

)

    243,308  

Non-compete Agreements

    27,000       (25,882

)

    1,118  

Domain Names 

    25,993       (2,683

)

    23,310  

Total

  $ 1,663,593     $ (242,389

)

  $ 1,421,204  

   

May 31, 2019

 
           

Accumulated

         
   

Gross

   

Amortization

   

Net

 

Intellectual Property

  $ 319,600     $ (29,297

)

  $ 290,303  

License & Customer Relations

    990,000       (45,375

)

    944,625  

Tradenames - Trademarks

    301,000       (27,592

)

    273,408  

Non-compete Agreements

    27,000       (12,378

)

    14,622  

Domain Names 

    3,963       (1,834

)

    2,129  

Total

  $ 1,641,563     $ (116,476

)

  $ 1,525,087  

Total amortization expense charged to operations for the years ended May 31, 2020 and 2019 was $125,913 and $115,074, respectively. 


Amount to be amortized during the twelve months ended May 31, 

 
         

2021

  $ 113,080  

2022

    111,962  

2023

    111,962  

2024

    111,962  

2025

    111,962  

Thereafter

    860,276  
    $ 1,421,204