Annual report pursuant to Section 13 and 15(d)

Intangible Assets

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Intangible Assets
12 Months Ended
Nov. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

Note 4– Intangible Assets

The Company incurs certain legal and related costs in connection with patent and trademark applications. If a future economic benefit is anticipated from the resulting patent or trademark or an alternate future use is available to the Company, such costs are capitalized and amortized over the expected life of the patent or trademark. The Company’s assessment of future economic benefit involves considerable management judgment. A different conclusion could result in the reduction of the carrying value of these assets.

Intangible assets were as follows as of November 30, 2018 and 2017:

 

     Useful lives      November 30, 2018      November 30, 2017  

Patents

     10-20 years      $ 234,570      $ 34,570  

Less: Accumulated amortization

        (23,663      (11,800

License agreement

     10 years        470,000        470,000  

Less: Intangible asset impairment

        (185,000      (185,000

Less: Accumulated amortization

        (123,528      (91,861

Customer relationships – Prepacyte®CB

     15 years        41,000        41,000  

 

Less: Intangible asset impairment

        (26,267      (26,267

Less: Accumulated amortization

        (5,276      (4,224

Brand

   1 year      31,000        —    

Less: Accumulated amortization

        (15,500      —    

Customer relationships – Cord:Use

   30 years      960,000        —    

Less: Accumulated amortization

        (16,000      —    
     

 

 

    

 

 

 

Net Intangible Assets

   $ 1,341,336      $ 226,418  
     

 

 

    

 

 

 

Expected amortization related to these intangible assets for each of the next five fiscal years and for periods thereafter is as follows:

Fiscal years ending November 30:

 

2019

   $ 92,081  

2020

   $ 76,343  

2021

   $ 76,343  

2022.

   $ 76,343  

2023

   $ 76,343  

Thereafter

   $ 943,883  
  

 

 

 

Total

   $ 1,341,336  
  

 

 

 

Amortization expense of intangibles was approximately $76,000 and $35,000 for the twelve months ended November 30, 2018 and November 30, 2017, respectively.