Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

v3.23.3
Intangible Assets
3 Months Ended
Aug. 31, 2023
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, 2023 and May 31, 2023:

 

   

August 31, 2023

 
           

Accumulated

                 
   

Gross

   

Amortization

   

Impairment

   

Net

 

License & Customer Relations

  $ 110,000     $ (28,417

)

    -     $ 81,583  

Tradenames - Trademarks

    222,000       (114,700

)

    -       107,300  

Domain Names

    25,993       (13,539

)

    -       12,454  

Total

  $ 357,993     $ (156,656

)

    -     $ 201,337  

 

   

May 31, 2023

 
           

Accumulated

                 
   

Gross

   

Amortization

   

Impairment

   

Net

 

Intellectual Property

  $ 319,600     $ (157,137

)

  $ (162,463

)

  $ -  

License & Customer Relations

    990,000       (243,375

)

    (663,667

)

    82,958  

Tradenames - Trademarks

    301,000       (147,992

)

    (40,158

)

    112,850  

Non-compete Agreements

    27,000       (27,000

)

    -       -  

Domain Names

    25,993       (12,713

)

    -       13,280  

Total

  $ 1,663,593     $ (588,217

)

  $ (866,288

)

  $ 209,088  

 

Total amortization expense charged to operations for the three months ended August 31, 2023 and 2022 was $7,751 and $28,745, respectively.

 

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

       

2024

  $ 31,036  

2025

    31,036  

2026

    31,036  

2027

    30,146  

2028

    24,000  

Thereafter

    54,083  
    $ 201,337