Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

v3.21.4
Intangible Assets
6 Months Ended
Nov. 30, 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 November 30, 2021 and May 31, 2021:

 

   

November 30, 2021

 
   

Gross

   

Accumulated

Amortization

   

Net

 

Intellectual Property

  $ 319,600     $ (109,197

)

  $ 210,403  

License & Customer Relations

    990,000       (169,125

)

    820,875  

Tradenames - Trademarks

    301,000       (102,842

)

    198,158  

Non-Compete Agreements

    27,000       (27,000

)

    -  

Domain Names

    25,993       (8,388

)

    17,605  

Total

  $ 1,663,593     $ (416,552

)

  $ 1,247,041  

 

   

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 November 30, 2021 and 2020 was $28,715 and $28,715, respectively. Total amortization expense charged to operations for the six months ended November 30, 2021 and 2020 was $58,149 and $58,583, respectively.

 

Amount to be amortized during the twelve months ended November 30,

       

2022

  $ 111,989  

2023

    111,989  

2024

    111,989  

2025

    111,989  

2026

    111,989  

Thereafter

    687,096  
    $ 1,247,041