v3.21.4
INTANGIBLE ASSETS
 6 Months Ended
Nov. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

 

3. INTANGIBLE ASSETS

 

Intangible assets consist of the following:

 

    November 30, 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  
Finite lived intangible assets, gross     8,752,000       8,752,000  
Less: Accumulated amortization     (1,060,721 )     (707,147 )
Finite lived intangible assets, net   $ 7,691,279     $ 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 November 30, 2021 and 2020, amortization expense related to the intangible assets was $176,787. For the six months ended November 30, 2021 and 2020, amortization expense related to the intangible assets was $353,574. As of November 30, 2021, the weighted average remaining useful lives of these assets was 7.83 years.

 

 

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

 

Twelve Months Ending November 30,      
2022   $ 353,574  
2023     707,148  
2024     602,814  
2025     602,814  
2026     602,814  
Thereafter     4,822,114  
Intangible assets, net   $ 7,691,279