v3.21.2
INTANGIBLE ASSETS
 3 Months Ended
Aug. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

 

3. INTANGIBLE ASSETS

 

Intangible assets consist of the following:

 

  August 31, 2021     May 31, 2021  
             
Trade names / trademarks   $ 806,000     $ 806,000  
Customer relationships     7,633,000       7,633,000  
Non-compete agreements     313,000       313,000  
      8,752,000       8,752,000  
Less: Accumulated amortization     (883,935 )     (707,147 )
    $ 7,868,065     $ 8,044,853  

 

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 months ended August 31, 2021 and 2020, amortization expense related to the intangible assets was $176,788 and $176,787, respectively. As of August 31, 2021, the weighted average remaining useful lives of these assets were 8.08 years.

 

Estimated amortization expense for the next five years and thereafter is as follows:

 

Twelve Months Ending August 31,      
2022   $ 608,814  
2023     608,814  
2024     608,814  
2025     547,953  
2026     547,953  
Thereafter     4,945,717  
Intangible assets, net   $ 7,868,065