Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

v3.20.1
Intangible Assets
9 Months Ended
Feb. 29, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Disclosure [Text Block]

Note 11 – Intangible Assets


Intangible assets consisted of the following at February 29, 2020 and May 31, 2019:


           

Accumulated

         

February 29, 2020

 

Gross

   

Amortization

   

Net

 

Intellectual Property

  $ 319,600     $ (53,267

)

  $ 266,333  

License & Customer Relations

    990,000       (82,500

)

    907,500  

Tradenames - Trademarks

    301,000       (50,167

)

    250,833  

Non-compete Agreements

    27,000       (14,622

)

    12,378  

Domain Names 

    3,963       (3,254

)

    709  

Total

  $ 1,641,563     $ (203,810

)

  $ 1,437,753  

           

Accumulated

         

May 31, 2019

 

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  

Total amortization expense charged to operations for the three months ended February 29, 2020 and February 28, 2019 was $28,030 and $31,403, respectively.  Total amortization expense charged to operations for the nine months ended February 29, 2020 and February 28, 2019 was $86,334 and $83,796, respectively.  


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

       

2021

  $ 164,156  

2022

    164,073  

2023

    163,760  

2024

    163,760  

2025

    162,638  

Thereafter

    619,366  
    $ 1,437,753