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

Annual report pursuant to Section 13 and 15(d)

Intangible Assets

Intangible Assets

12 Months Ended

Nov. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

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.