5. INTANGIBLE ASSETS |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Feb. 28, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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5. INTANGIBLE ASSETS |
5. INTANGIBLE ASSETS
Intangible assets consist of the following at February 28, 2021 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 nine months ended February 28, 2021, amortization expense related to the intangible assets was $176,787 and $530,361, respectively. For the period from October 28, 2019 (inception) through February 29, 2020, there was no amortization expense related to the intangible assets due to timing of the acquisition and the Companys fiscal year-end. As of February 28, 2021, the weighted average remaining useful lives of these assets were 10.05 years.
Estimated amortization expense for the next five years and thereafter is as follows:
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