XML 24 R14.htm IDEA: XBRL DOCUMENT v3.22.2.2
Note 7 – Intangible Assets
 6 Months Ended
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