Cryo-Cell International, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

Intangible Assets

6 Months Ended

May 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

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 May 31, 2023 and November 30, 2022:


	Useful lives	May 31, 2023			November 30, 2022
Patents	10-20 years	$	697,744		$	697,744
Less: Accumulated amortization			(140,366	)		(120,297	)
License agreement	10 years		474,000			474,000
Less: Intangible asset impairment			(185,000	)		(185,000	)
Less: Accumulated amortization			(236,882	)		(225,157	)
Customer relationships – PrepaCyte®CB	15 years		41,000			41,000
Less: Intangible asset impairment			(26,267	)		(26,267	)
Less: Accumulated amortization			(9,108	)		(8,711	)
Brand	1 year		31,000			31,000
Less: Accumulated amortization			(31,000	)		(31,000	)
Customer relationships – Cord:Use	30 years		960,000			960,000
Less: Accumulated amortization			(160,000	)		(144,000	)
Net Intangible Assets		$	1,415,121		$	1,463,312

Amortization expense of intangibles was approximately $24,000 and $24,000 for the three months ended May 31, 2023 and 2022, respectively. Amortization expense of intangibles was approximately $48,000 and $48,000 for the six months ended May 31, 2023 and 2022.