Annual report pursuant to Section 13 and 15(d)

Intangible Assets

v3.22.4
Intangible Assets
12 Months Ended
Nov. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

NOTE 3 – 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, 2022 and 2021:

 

 

 

Useful lives

 

November 30, 2022

 

 

November 30, 2021

 

Patents

 

10-20 years

 

$

697,744

 

 

$

697,744

 

Less: Accumulated amortization

 

 

 

 

(120,297

)

 

 

(80,159

)

License agreement

 

10 years

 

 

474,000

 

 

 

474,000

 

Less: Intangible asset impairment

 

 

 

 

(185,000

)

 

 

(185,000

)

Less: Accumulated amortization

 

 

 

 

(225,157

)

 

 

(201,709

)

Customer relationships – PrepaCyte®CB

 

15 years

 

 

41,000

 

 

 

41,000

 

Less: Intangible asset impairment

 

 

 

 

(26,267

)

 

 

(26,267

)

Less: Accumulated amortization

 

 

 

 

(8,711

)

 

 

(7,916

)

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

 

 

 

 

(144,000

)

 

 

(112,000

)

Net Intangible Assets

 

 

 

$

1,463,312

 

 

$

1,559,693

 

 

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:

 

 

 

2023

 

$

96,381

 

2024

 

$

96,381

 

2025

 

$

86,694

 

2026

 

$

73,132

 

2027

 

$

73,132

 

Thereafter

 

$

1,037,592

 

Total

 

$

1,463,312

 

 

Amortization expense of intangibles was approximately $96,000 and $89,000 for the twelve months ended November 30, 2022 and November 30, 2021, respectively.