Goodwill and Intangible Assets Disclosure [Text Block] |
NOTE 11 – INTANGIBLE ASSETS
Intangible assets consisted of the following at May 31, 2023 and 2022:
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May 31, 2023
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|
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Accumulated
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|
|
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Gross
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Amortization
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Impairment
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Net
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Intellectual Property
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$ |
319,600 |
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|
$ |
(157,137 |
)
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|
$ |
(162,463 |
) |
|
$ |
- |
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License & Customer Relations
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990,000 |
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(243,375 |
)
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(663,667 |
) |
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82,958 |
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Tradenames - Trademarks
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301,000 |
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(147,992 |
)
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(40,158 |
) |
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112,850 |
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Non-compete Agreements
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27,000 |
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(27,000 |
)
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- |
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- |
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Domain Names
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25,993 |
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(12,713 |
)
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- |
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13,280 |
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Total
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$ |
1,663,593 |
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|
$ |
(588,217 |
)
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|
$ |
(866,288 |
) |
|
$ |
209,088 |
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May 31, 2022
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Accumulated
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Gross
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Amortization
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Impairment
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Net
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Intellectual Property
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$ |
319,600 |
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|
$ |
(125,177 |
)
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|
$ |
- |
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|
$ |
194,423 |
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License & Customer Relations
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|
990,000 |
|
|
|
(193,875 |
)
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|
|
- |
|
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|
796,125 |
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Tradenames - Trademarks
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301,000 |
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(117,892 |
)
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- |
|
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183,108 |
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Non-compete Agreements
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27,000 |
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(27,000 |
)
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- |
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- |
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Domain Names
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25,993 |
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(9,364 |
)
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- |
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16,629 |
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Total
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$ |
1,663,593 |
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|
$ |
(473,308 |
)
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|
$ |
- |
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|
$ |
1,190,285 |
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Total amortization expense charged to operations for the years ended May 31, 2023 and 2022 was $114,909 and $114,905, respectively. During the year ended May 31, 2023, the Company recorded an impairment charge in the amount of $866,288 in connection with intangible assets acquired in the Company’s purchase of the membership interests of Alternative Solutions on June 27, 2018.
Amount to be amortized during the twelve months ended May 31,
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2024
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$ |
31,036 |
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2025
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31,036 |
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2026
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31,036 |
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2027
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30,972 |
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2028
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27,700 |
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Thereafter
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57,308 |
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$ |
209,088 |
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|