Annual report pursuant to Section 13 and 15(d)

Acquisition of Patents and Intangibles (Tables)

v3.19.2
Acquisition of Patents and Intangibles (Tables)
 12 Months Ended
May 31, 2019
Summary of the Net Purchase Price and Allocation to the Acquired Assets
A summary of the net purchase price and allocation to the acquired assets is as follows:
 
    Prostagene LLC  
CytoDyn Inc. Equity
   $ 11,558,000  
Acquisition Expenses
     741,297  
Release of Deferred Tax Asset
     2,826,919  
Total Cost of Acquisition
   $ 15,126,216  
Intangible Assets
   $ 15,126,216  
Other
     —    
Allocation of Acquisition Costs
   $ 15,126,216  
Intangible Assets Activity
The following presents intangible assets activity, inclusive of patents:
 
    May 31, 2019     May 31, 2018  
Gross carrying amounts
   $ 3,500,000     $ 3,500,000  
Intangible asset acquisition:
                
Prostagene, LLC
     15,126,216       —    
Website development costs
     19,553          
Accumulated amortization
     (3,170,315 )     (1,968,846 ) 
Total amortizable intangible assets, net
     15,475,454       1,531,154  
Patents currently not amortized
     —         35,989  
Carrying value of intangibles, net
   $ 15,475,454     $ 1,567,143