Annual report pursuant to Section 13 and 15(d)

INTANGIBLE ASSETS

v3.24.2.u1
INTANGIBLE ASSETS
 12 Months Ended
May 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Disclosure [Text Block]

NOTE 10 – INTANGIBLE ASSETS

 

Intangible assets consisted of the following at May 31, 2024 and 2023:

 

   

May 31, 2024

  
           

Accumulated

                  
   

Gross

    

Amortization

    

Impairment

    

Net

  

License & Customer Relations

     110,000       (110,000 )     -       -  

Tradenames - Trademarks

     222,000       (222,000 )     -       -  

Domain Names

     25,993       (16,015 )     -       9,978  

Total

   $ 357,993     $ (348,015 )   $ -     $ 9,978  

 

   

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 years ended May 31, 2024 and 2023 was $199,110 and $114,909, respectively. During the year ended May 31, 2023, the Company recorded an impairment charge in the amount of $866,288 in connection with intangible assets acquired in the Company’s purchase of the membership interests of Alternative Solutions on June 27, 2018.

 

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

  
         

2025

   $ 3,304  

2026

     3,304  

2027

     3,304  

2028

     66  
    $ 9,978