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Note 7 – Intangible Assets | 6 Months Ended
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Oct. 31, 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 were as follows:
|  | October 31, 2022 |  | April 30, 2022
|  | Gross Value |  | Accumulated Amortization |  | Net Value |  | Gross Value |  | Accumulated Amortization |  | Net Value
Proprietary technology |  | $ | 4,967,000 |  |  |  | (422,773 | ) |  | $ | 4,544,227 |  |  | $ | 1,098,000 |  |  | $ | (219,267 | ) |  | $ | 878,733 |
Non-compete agreements |  |  | 81,000 |  |  |  | (43,166 | ) |  |  | 37,834 |  |  |  | 81,000 |  |  |  | (29,667 | ) |  |  | 51,333 |
Customer relationships |  |  | 39,000 |  |  |  | (15,320 | ) |  |  | 23,680 |  |  |  | 39,000 |  |  |  | (12,535 | ) |  |  | 26,465 |
Total finite-lived assets |  |  | 5,087,000 |  |  |  | (481,259 | ) |  |  | 4,605,741 |  |  |  | 1,218,000 |  |  |  | (261,469 | ) |  |  | 956,531 |
Brand name |  |  | 3,152,000 |  |  |  | — |  |  |  | 3,152,000 |  |  |  | 1,722,000 |  |  |  | — |  |  |  | 1,722,000 |
Trademark |  |  | 20,000 |  |  |  | — |  |  |  | 20,000 |  |  |  | 20,000 |  |  |  | — |  |  |  | 20,000 |
Total indefinite-lived assets |  |  | 3,172,000 |  |  |  | — |  |  |  | 3,172,000 |  |  |  | 1,742,000 |  |  |  | — |  |  |  | 1,742,000 |
Total intangible assets, net |  | $ | 8,259,000 |  |  | $ | (481,259 | ) |  | $ | 7,777,741 |  |  | $ | 2,960,000 |  |  | $ | (261,469 | ) |  | $ | 2,698,531 |
Proprietary technology and non-compete agreements are being amortized over five to six years and three years, respectively. Customer relationships is being amortized over seven years. Goodwill and Brand name are not amortized but evaluated for impairment on a quarterly basis. As of October 31, 2022, expected amortization expense for finite-lived intangible assets for the next five years is as follows:
Fiscal Year Ended: |  |
| 2023 |  |  | $ | 434,738 |
| 2024 |  |  |  | 866,805 |
| 2025 |  |  |  | 842,471 |
| 2026 |  |  |  | 815,271 |
| 2027 |  |  |  | 786,679 |
| Thereafter |  |  |  | 859,777 |
| Total |  |  | $ | 4,605,741 |
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 |  |  | 8,995,499 |
| Balance at April 30, 2022 and October 31, 2022 |  |  |  |  | $ | 19,839,750 |

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- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -URI https://asc.fasb.org/subtopic&trid=2144471 + Details
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