Quarterly report pursuant to Section 13 or 15(d)

Acquisition of Patents and Intangibles (Tables)

v3.20.1
Acquisition of Patents and Intangibles (Tables)
 9 Months Ended
Feb. 29, 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 of ProstaGene 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:
 
     February 29, 2020      May 31, 2019  
Gross carrying amounts
    $ 3,500,000      $ 3,500,000  
Development of new Company website
    $ 19,552      $ 19,552  
Intangible asset acquisition:
      
ProstaGene, LLC
      15,126,216        15,126,216  
Accumulated amortization
      (4,692,813 )       (3,170,314 ) 
  
 
 
     
 
 
  
Total amortizable intangible assets, net
    $ 13,952,955      $ 15,475,454  
  
 
 
     
 
 
  
Patents currently not amortized
    $ —        $ —    
  
 
 
     
 
 
  
Carrying value of intangibles, net
    $ 13,952,955      $ 15,475,454