Quarterly report pursuant to Section 13 or 15(d)

Acquisition of Patents and Intangibles (Tables)

v3.19.3
Acquisition of Patents and Intangibles (Tables)
 3 Months Ended
Aug. 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:
 
    August 31, 2019     May 31, 2019  
Gross carrying amounts
   $ 3,500,000     $ 3,500,000  
Development of new Company website
     19,552     $ 19,553  
Intangible asset acquisition:
                
ProstaGene, LLC
     15,126,216       15,126,216  
Accumulated amortization
     (3,698,646 )      (3,170,315 )
Total amortizable intangible assets, net
      14,947,122       15,475,454  
Patents currently not amortized
     —       —  
Carrying value of intangibles, net
   $ 14,947,122     $ 15,475,454