Intangible Assets

3 Months Ended

Aug. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

13. 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,				August 31,
	2022		Amortization		2022
Database (estimated life 5 years)	$	149,500	$	11,500	$	138,000
Non-compete agreement (estimated life 2 years)		1,250		1,250		-
Trademark (estimated life 3 years)		25,000		5,000		20,000
Customer relationships (estimated life 15 years)		1,325,000		25,000		1,300,000
Total	$	1,500,750	$	42,750	$	1,458,000

No instances of triggering events or impairment indicators were identified at August 31, 2022.