Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

v3.20.2
Intangible Assets
3 Months Ended
Aug. 31, 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 August 31, 2020 and May 31, 2020:


           

Accumulated

         

August 31, 2020

 

Gross

   

Amortization

   

Net

 

Intellectual Property

  $ 319,600     $ (69,247

)

  $ 250,353  

License & Customer Relations

    990,000       (107,250

)

    882,750  

Tradenames - Trademarks

    301,000       (65,217

)

    235,783  

Non-compete Agreements

    27,000       (27,000

)

    -  

Domain Names 

    25,993       (3,543

)

    22,450  

Total

  $ 1,663,593     $ (272,257

)

  $ 1,391,336  

           

Accumulated

         

May 31, 2020

 

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  

Total amortization expense charged to operations for the three months ended August 31, 2020 and 2019 was $29,868 and $32,113, respectively.  


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

2021

 

$

111,989

 

2022

 

 

111,989

 

2023

 

 

111,989

 

2024

 

 

111,989

 

2025

 

 

111,989

 

Thereafter

 

 

831,391

 

 

 

$

1,391,336