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Note 7 – Intangible Assets

3 Months Ended

Jul. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Note 7 – Intangible Assets

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


			July 31, 2022					April 30, 2022
	Gross Value		Accumulated Amortization			Net Value		Accumulated Amortization			Net Value
Proprietary technology	$	1,098,000		(267,284	)	$	830,716	$	(219,267	)	$	878,733
Non-compete agreements		81,000		(36,417	)		44,583		(29,667	)		51,333
Customer relationships		39,000		(13,928	)		25,072		(12,535	)		26,465
Total finite-lived assets		1,218,000		(317,629	)		900,371		(261,469	)		956,531
Brand name		1,722,000		—			1,722,000		—			1,722,000
Trademark		20,000		—			20,000		—			20,000
Total indefinite-lived assets		1,742,000		—			1,742,000		—			1,742,000
Total intangible assets, net	$	2,960,000		(317,629	)	$	2,642,371	$	(261,469	)	$	2,698,531

Proprietary technology and non-compete agreements are being amortized over 5 and 3 years, respectively. Customer relationships is being amortized over 7 years. Goodwill and Brand name are not amortized but evaluated for impairment on a quarterly basis.

As of July 31, 2022, expected amortization expense for finite-lived intangible assets for the next five years is as follows:

Fiscal Year Ended:
	2023	$	168,478
	2024		221,972
	2025		197,638
	2026		170,438
	2027		141,845
	Total	$	900,371

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 and July 31, 2022		$	25,138,750