|9 Months Ended|
Feb. 28, 2022
|Goodwill and Intangible Assets Disclosure [Abstract]|
3. INTANGIBLE ASSETS
Intangible assets consist of the following:
SCHEDULE OF INTANGIBLE ASSETS
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 February 28, 2022 and 2021, amortization expense related to the intangible assets was $176,787. For the nine months ended February 28, 2022 and 2021, amortization expense related to the intangible assets was $530,361. As of February 28, 2022, the weighted average remaining useful lives of these assets was 7.58 years.
Estimated amortization expense for the next five years and thereafter is as follows:
SCHEDULE OF ESTIMATED AMORTIZATION EXPENSE
The entire disclosure for all or part of the information related to intangible assets.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef