Quarterly report pursuant to Section 13 or 15(d)

4. GOODWILL

v3.21.1
4. GOODWILL
9 Months Ended
Feb. 28, 2021
Notes  
4. GOODWILL

4. GOODWILL  

 

The carrying amount of goodwill was $4,463,129 and $4,773,584 at February 28, 2021 and May 31, 2020, respectively. On February 19, 2021, the Company and UL HK agreed to reduce an existing $325,000 provisional note assumed by the Company in the May 29, 2020 acquisition (Note 2). The settlement amount of $310,455 was accounted for as a measurement period adjustment and resulted in a reduction to goodwill.

 

No impairment in the carrying amount of goodwill was recognized during the three and nine months ended February 28, 2021 and for the period from October 28, 2019 (inception) through February 29, 2020.