Annual report pursuant to Section 13 and 15(d)

INTANGIBLE ASSETS

v3.23.2
INTANGIBLE ASSETS
12 Months Ended
May 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Disclosure [Text Block]

NOTE 11 INTANGIBLE ASSETS

 

Intangible assets consisted of the following at May 31, 2023 and 2022:

 

   

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  

 

   

May 31, 2022

 
           

Accumulated

                 
   

Gross

   

Amortization

   

Impairment

   

Net

 

Intellectual Property

  $ 319,600     $ (125,177

)

  $ -     $ 194,423  

License & Customer Relations

    990,000       (193,875

)

    -       796,125  

Tradenames - Trademarks

    301,000       (117,892

)

    -       183,108  

Non-compete Agreements

    27,000       (27,000

)

    -       -  

Domain Names

    25,993       (9,364

)

    -       16,629  

Total

  $ 1,663,593     $ (473,308

)

  $ -     $ 1,190,285  

 

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,

 
         

2024

  $ 31,036  

2025

    31,036  

2026

    31,036  

2027

    30,972  

2028

    27,700  

Thereafter

    57,308  
    $ 209,088