Intangible Assets

12 Months Ended

May 31, 2021

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 identified in the Geneva acquisition are as follows:

	September 1, 2020		Amortization		May 31, 2021
Database (estimated life 5 years)	$	230,000	$	34,500	$	195,500
Non-compete agreement (estimated life 2 years)		10,000		3,750		6,250
Trademark (estimated life 3 years)		60,000		15,000		45,000
Customer relationships (estimated life 15 years)		1,500,000		75,000		1,425,000
Total	$	1,800,000	$	128,250	$	1,671,750

No instances of triggering events or impairment indicators were identified at May 31, 2021.