Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

v3.21.2
Intangible Assets
3 Months Ended
Aug. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Disclosure [Text Block]

Note 10 Intangible Assets

 

Intangible assets consisted of the following at August 31, 2021 and May 31, 2021:

 

   

August 31, 2021

 
   

Gross

   

Accumulated

Amortization

   

Net

 

Intellectual Property

  $ 319,600     $ (101,207

)

  $ 218,393  

License & Customer Relations

    990,000       (156,750

)

    833,250  

Tradenames - Trademarks

    301,000       (95,317

)

    205,683  

Non-Compete Agreements

    27,000       (27,000

)

    -  

Domain Names 

    25,993       (7,563

)

    18,430  

Total

  $ 1,663,593     $ (387,837

)

  $ 1,275,756  

 

   

May 31, 2021

 
   

Gross

   

Accumulated

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  

 

Total amortization expense charged to operations for the three months ended August 31, 2021 and 2020 was $29,434 and $116,014, respectively.  

 

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

       

2022

  $ 111,989  

2023

    111,989  

2024

    111,989  

2025

    111,989  

2026

    111,989  

Thereafter

    715,811  
    $ 1,275,756