| Goodwill and Intangible Assets Disclosure [Text Block] |
Note 10 – Intangible Assets
Intangible assets consisted of the following at February 28, 2022 and May 31, 2021:
| |
|
February 28, 2022
|
|
| |
|
Gross
|
|
|
Accumulated
Amortization
|
|
|
Net
|
|
|
Intellectual Property
|
|
$ |
319,600 |
|
|
$ |
(117,187 |
)
|
|
$ |
202,413 |
|
|
License & Customer Relations
|
|
|
990,000 |
|
|
|
(181,500 |
)
|
|
|
808,500 |
|
|
Tradenames - Trademarks
|
|
|
301,000 |
|
|
|
(110,367 |
)
|
|
|
190,633 |
|
|
Non-Compete Agreements
|
|
|
27,000 |
|
|
|
(27,000 |
)
|
|
|
- |
|
|
Domain Names
|
|
|
25,993 |
|
|
|
(8,521 |
)
|
|
|
17,472 |
|
|
Total
|
|
$ |
1,663,593 |
|
|
$ |
(444,575 |
)
|
|
$ |
1,219,018 |
|
| |
|
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 February 28, 2022 and 2021 was $28,023 and $28,716, respectively. Total amortization expense charged to operations for the nine months ended February 28, 2022 and 2021 was $86,172 and $87,299, respectively.
|
Amount to be amortized during the twelve months ended February 28,
|
|
|
|
|
|
2023
|
|
$ |
111,989 |
|
|
2024
|
|
|
111,989 |
|
|
2025
|
|
|
111,989 |
|
|
2026
|
|
|
111,989 |
|
|
2027
|
|
|
111,989 |
|
|
Thereafter
|
|
|
659,073 |
|
| |
|
$ |
1,219,018 |
|
|
NOTE 11 – INTANGIBLE ASSETS
Intangible assets consisted of the following at May 31, 2021 and 2020:
| |
|
May 31, 2021
|
|
| |
|
|
|
|
|
Accumulated
|
|
|
|
|
|
| |
|
Gross
|
|
|
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 |
|
| |
|
May 31, 2020
|
|
| |
|
|
|
|
|
Accumulated
|
|
|
|
|
|
| |
|
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 years ended May 31, 2021 and 2020 was $116,014 and $125,913, respectively.
|
Amount to be amortized during the twelve months ended May 31,
|
|
| |
|
|
|
|
|
2022
|
|
$ |
111,989 |
|
|
2023
|
|
|
111,989 |
|
|
2024
|
|
|
111,989 |
|
|
2025
|
|
|
111,989 |
|
|
2026
|
|
|
111,989 |
|
|
Thereafter
|
|
|
745,245 |
|
| |
|
$ |
1,305,190 |
|
|