Annual report pursuant to Section 13 and 15(d)

Intangible Assets

v3.19.2
Intangible Assets
12 Months Ended
May 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

NOTE 5 - INTANGIBLE ASSETS

 

The following tables set forth the intangible assets, including accumulated amortization as of May 31, 2019:

 

    May 31, 2019
    Remaining         Accumulated     Net Carrying  
    Useful Life   Cost     Amortization     Value  
Non-Competes   4.50 years   $ 1,023,118     $ 85,260     $ 937,858  
Trademarks   Indefinite     588,000       -       588,000  
Internet domain   2.50 years     3,000       417       2,583  
        $ 1,614,118     $ 85,677     $ 1,528,441  

 

 

The following table sets forth the future amortization of the Company’s intangible assets at May 31, 2019:

 

    2020     2021     2022     2023     2024     Thereafter     Total  
Non-Competes   $ 204,624     $ 204,624     $ 204,624     $ 204,624     $ 119,362     $                   -     $ 937,858  
Internet domain     1,000       1,000       583       -       -       -       2,583  
Total   $ 205,624     $ 205,624     $ 205,207     $ 204,624     $ 119,362     $ -     $ 940,441  

 

Amortization expense for the years ended May 31, 2019 and 2018 was $85,677 and $0, respectively.