Annual report pursuant to Section 13 and 15(d)

INTANGIBLE ASSETS (Tables)

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


   

May 31, 2021

 
           

Accumulated

         
   

Gross

   

Amortization

   

Net

 

Intellectual Property

  $ 319,600     $ (93,217

)

  $ 226,383  

License & Customer Relations

    990,000       (144,375

)

    845,625  

Tradenames - Trademarks

    301,000       (87,792

)

    213,208  

Non-compete Agreements

    27,000       (27,000

)

    -  

Domain Names 

    25,993       (6,019

)

    19,974  

Total

  $ 1,663,593     $ (358,403

)

  $ 1,305,190  
   

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  
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]
Total amortization expense charged to operations for the years ended May 31, 2021 and 2020 was $116,014 and $125,913, respectively.


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

 
         

2022

  $ 111,989  

2023

    111,989  

2024

    111,989  

2025

    111,989  

2026

    111,989  

Thereafter

    745,245  
    $ 1,305,190