Goodwill and Intangible Assets

6 Months Ended

Jan. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Note 7 – Goodwill and Intangible Assets 

Intangible assets consist of the following at:

	Estimated	January 31,			July 31,
	Useful Lives	2020			2019
In-Process Research & Development		$	8,761,427		$	8,761,427
Non-compete agreements	3 years		1,566,700			1,210,000
Developed software/technology	5 years		172,500			131,000
Vendor agreements and other intangibles			775,674			51,274
			11,276,301			10,153,701
Less accumulated amortization			(628,794	)		(319,432	)
		$	10,647,507		$	9,834,269

Intangible assets are generally amortized on a straight-line basis over the useful lives of the assets. The Company is currently not amortizing the in-process research and development until it becomes commercially viable and placed in service. At the time when the intangible assets are placed in service the Company will determine a useful life.

Amortization expense amounted to $309,362 and $323,774 for the six months ended January 31, 2020 and January 31, 2019, respectively.

The estimated amortization expense remainder of the current fiscal year and for the next five years and thereafter is as follows:

Year Ending July 31,	Amount
For the period February 1, 2020 to July 31, 2020	$	308,119
2021		616,744
2022		346,794
2023		94,510
2024		75,018
Thereafter		445,166
Total	$	1,886,351

Changes in the value of goodwill:

Balance as of July 31, 2019	$	38,297,573
Acquisition of MediSource and Pantheon		603,553
Balance as of January 31, 2020	$	38,901,126