General form of registration statement for all companies including face-amount certificate companies

INTANGIBLE ASSETS (Tables)

v3.21.2
INTANGIBLE ASSETS (Tables)
9 Months Ended 12 Months Ended
Feb. 28, 2021
May 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]    
Schedule of Finite-Lived Intangible Assets [Table Text Block]
Intangible assets consisted of the following at February 28, 2021 and May 31, 2020:


           

Accumulated

         

February 28, 2021

 

Gross

   

Amortization

   

Net

 

Intellectual Property

  $ 319,600     $ (85,227

)

  $ 234,373  

License & Customer Relations

    990,000       (132,000

)

    858,000  

Tradenames - Trademarks

    301,000       (80,267

)

    220,733  

Non-Compete Agreements

    27,000       (27,000

)

    -  

Domain Names 

    26,512       (5,713

)

    20,799  

Total

  $ 1,664,112     $ (330,207

)

  $ 1,333,905  
           

Accumulated

         

May 31, 2020

 

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

    26,512       (3,202

)

    23,310  

Total

  $ 1,664,112     $ (242,908

)

  $ 1,421,204  
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  
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]
Total amortization expense charged to operations for the three months ended February 28, 2021 and February 29, 2020 was $28,716 and $28,030, respectively. Total amortization expense charged to operations for the nine months ended February 28, 2021 and February 28, 2020 was $87,299 and $86,334, respectively.


Amount to be amortized during the twelve months ended February 28,

       

2022

  $ 111,989  

2023

    111,989  

2024

    111,989  

2025

    111,989  

2026

    111,989  

Thereafter

    773,960  
    $ 1,333,905  
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