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Note 7 – Intangible Assets
 12 Months Ended
Apr. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Note 7 – Intangible Assets

Note 7 – Intangible Assets

 

Intangible assets relate to acquisitions completed by the Company, including those described in Note 1. Intangible assets as of April 30 were as follows:

                  
  April 30, 2022  April 30, 2021
  Gross Carrying Amount  Accumulated Amortization  Net Carrying Value  Gross Carrying Amount  Accumulated Amortization  Net Carrying Value
Proprietary technology $1,098,000   $(219,267)  $878,733   $272,000   $(27,200)  $244,800 
Non-compete agreements  81,000    (29,667)   51,333    16,000    (2,667)   13,333 
Customer relationships  39,000    (12,535)   26,465    39,000    (6,964)   32,036 
Total finite-lived assets  1,218,000    (261,469)   956,531    327,000    (36,831)   290,169 
Brand name  1,722,000    —      1,722,000    1,722,000    —      1,722,000 
Trademark  20,000    —      20,000    20,000    —      20,000 
Total indefinite-lived assets  1,742,000    —      1,742,000    1,742,000    —      1,742,000 
Total intangible assets, net $2,960,000   $(261,469)  $2,698,531   $2,069,000   $(36,831)  $2,032,169 

 

As of April 30, 2022, expected amortization expense for the unamortized finite-lived intangible assets for the next five years is as follows:

 

  Fiscal Year Ended:    
  2023     $ 224,638  
  2024       221,972  
  2025       197,638  
  2026       170,438  
  2027       141,845  
  Total     $ 956,531  

  

Goodwill is a separately stated intangible asset and represents the excess of the purchase price of acquisitions above the net assets acquired.

 

The composition of, and changes in goodwill consist of:

 

Date   Acquisition   Goodwill
January 2020     Rotor Riot     $ 1,849,073  
November 2020     Fat Shark       6,168,260  
Balance at April 30, 2021           8,017,333  
May 2021     Skypersonic       2,826,918  
August 2021     Teal Drones       14,294,499  
Balance at April 30, 2022           $ 25,138,750  

 

Proprietary technology and non-compete agreements are being amortized over 5 and 3 years, respectively. Goodwill and Brand name are not amortized but evaluated for impairment on a quarterly basis.