Intangible Assets

9 Months Ended

Feb. 28, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

15. Intangible Assets

The Company amortizes its intangible assets over their estimated useful lives and will review these assets for impairment when there is evidence that events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of these assets is measured by comparing the carrying amounts to the future undiscounted cash flows the assets are expected to generate. If intangible assets are considered to be impaired, the impairment to be recognized equals the amount by which the carrying value of the asset exceeds its fair market value.

Intangible assets are as follows:

	May 31,				February 28,
	2021		Amortization		2022
Database (estimated life 5 years)	$	195,500	$	34,500	$	161,000
Non-compete agreement (estimated life 2 years)		6,250		3,750		2,500
Trademark (estimated life 3 years)		45,000		15,000		30,000
Customer relationships (estimated life 15 years)		1,425,000		75,000		1,350,000
Total	$	1,671,750	$	128,250	$	1,543,500

No instances of triggering events or impairment indicators were identified at February 28, 2022.