Annual report pursuant to Section 13 and 15(d)

Acquisition of Patents and Intangibles (Tables)

v3.20.2
Acquisition of Patents and Intangibles (Tables)
 12 Months Ended
May 31, 2020
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,

2020
 
  
May 31,

2019
 
Gross carrying amounts
  
$
3,500,000
 
  
$
3,500,000
 
Intangible asset acquisition:
  
      
  
      
ProstaGene, LLC
  
 
15,126,216
 
  
 
15,126,216
 
Website development costs
  
 
19,553
 
  
 
19,553
 
Accumulated amortization
  
 
(5,189,897
) 
  
 
(3,170,315
) 
 
  
 
 
 
  
 
 
 
Total amortizable intangible assets, net
  
 
13,455,872
 
  
 
15,475,454
 
Patents currently not amortized
  
 
—  
 
  
 
—  
 
 
  
 
 
 
  
 
 
 
Carrying value of intangibles, net
  
$
13,455,872
 
  
$
15,475,454