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Goodwill | 6 Months Ended
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Nov. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill | 5. GOODWILL The following table summarizes goodwill by reportable segment:
|  | Food Safety |  |  | Animal Safety |  |  | Total |
May 31, 2024 |  | $ | 2,054,205 |  |  | $ | 81,427 |  |  | $ | 2,135,632 |
Impairment |  |  | (461,175 | ) |  |  | - |  |  |  | (461,175 | )
Foreign currency translation and other |  |  | (1,755 | ) |  |  | (201 | ) |  |  | (1,956 | )
November 30, 2024 |  | $ | 1,591,275 |  |  | $ | 81,226 |  |  | $ | 1,672,501 |
In the second quarter of fiscal year 2025, the Company identified that the impact of integration challenges and end market conditions on the recent overall financial performance of the Food Safety reporting unit represented a triggering event to test goodwill within that reporting unit for impairment as of September 1, 2024. Management utilized a third-party to quantitatively assess its Food Safety reporting unit. Fair value of the reporting unit was estimated based on a combination of an income-based approach, consisting of a discounted cash flows analysis, and a market-based approach, consisting of pricing multiples derived from an analysis of comparable public companies multiplied against historical and/or anticipated financial metrics of the reporting unit. The inputs to the fair value are defined in the fair value hierarchy as Level 3 inputs. Based on the results of the analysis, the carrying value of the Food Safety reporting unit exceeded its fair value as of September 1, 2024. Accordingly, an impairment charge of $461,390 was recorded. Differences in the balance sheet change and impairment charge are due to foreign exchange.

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