5. INTANGIBLE ASSETS |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Nov. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 5. INTANGIBLE ASSETS |
5. INTANGIBLE ASSETS
Intangible assets consist of the following at November 30, 2020 and May 31, 2020:
Amortizable intangible assets, including tradenames and non-compete agreements, are amortized on a straight-line basis over 3 to 10 years. Customer relationships are amortized on a straight-line basis over 12 to 15 years. For the three and six months ended November 30, 2020, amortization expense related to the intangible assets was $176,787 and $353,574, respectively. For the period from October 28, 2019 (inception) through November 30, 2019, there was no amortization expense related to the intangible assets due to timing of the acquisition and the Companys fiscal year-end. As of November 30, 2020, the weighted average remaining useful lives of these assets were 10.29 years.
Estimated amortization expense for the next five years and thereafter is as follows:
|