Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

v3.23.2
Intangible Assets
6 Months Ended
May 31, 2023
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 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.