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INTANGIBLE ASSETS
 3 Months Ended
Jul. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

Note 7: INTANGIBLE ASSETS

 

Intangible assets, net consisted of the following:

 

                                   
   Weighted     
   Average Period   July 31, 2022 
   Amortization (in years)  

Carrying

Value

   Accumulated Amortization  

Impairment

Loss

  

Net Carrying

Value

 
Tradenames and patents   15.26   $2,085,582   $45,866    -   $2,039,716 
Customer relationships   9.92    19,520,000    368,996            -    19,151,004 
Internally developed software   4.91    3,010,000    241,392    -    2,768,608 
Total intangible assets       $24,615,582   $656,254   $-   $23,959,328 

 

 

                                   
   Weighted     
   Average Period   April 30, 2022 
  

Amortization

(in years)

  

Carrying

Value

   Accumulated Amortization  

Impairment

Loss

  

Net Carrying

Value

 
Tradenames   15.26   $2,154,551   $24,102    (68,969)  $2,061,480 
Customer relationships   9.92    20,412,491    169,070    (892,491)   19,350,930 
Internally developed software   4.91    3,105,139    105,908    (95,139)   2,904,092 
Total intangible assets       $25,672,181   $299,080   $(1,056,599)  $24,316,502 

 

Amortization expense for the three months ended July 31, 2022 and 2021 was approximately $358,960 and $41,169, respectively.

 

Intangible assets for Foundation Sports have been fully impaired as of April 30, 2022. This resulted in an impairment loss of $1,056,599.

 

As of July 31, 2022, the estimated future amortization expense associated with the Company’s intangible assets for each of the five succeeding fiscal years is as follows:

 

For the Periods Ended July 31,  Amortization
Expense		 
2023  $1,572,905 
2024   1,824,808 
2025   2,569,690 
2026   3,330,667 
2027   3,122,430 
Thereafter   11,538,828 
Total  $23,959,328