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INTANGIBLE ASSETS
 12 Months Ended
Apr. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

Note 6: INTANGIBLE ASSETS

 

Intangible assets reflect only those intangible assets of our continuing operations, and consist of the following:

 

   Amortization (in years)   Carrying Value   Accumulated Amortization   Impairment Loss   Net Carrying Value 
   Weighted     
   Average Period   April 30, 2023 
   Amortization (in years)   Carrying Value   Accumulated Amortization   Impairment Loss   Net Carrying Value 
Tradenames and patents   15.26   $385,582   $24,031    260,270   $101,281 
Customer relationships   9.92    3,930,000    50,038    3,879,962    - 
Internally developed software   4.91    580,000    79,608    500,392    - 
Total intangible assets       $4,895,582   $153,677   $4,640,624   $101,281 

 

 

   Amortization (in years)   Carrying Value   Accumulated Amortization   Impairment Loss   Net Carrying Value 
   Weighted     
   Average Period   April 30, 2022 
   Amortization (in years)   Carrying Value   Accumulated Amortization   Impairment Loss   Net Carrying Value 
Tradenames   15.26   $385,582   $9,478               -   $376,104 
Customer relationships   9.92    3,930,000    33,749    -    3,896,251 
Internally developed software   4.91    580,000    9,499    -    570,501 
Total intangible assets       $4,895,582   $52,726   $-   $4,842,856 

 

Amortization expense for the years ended April 30, 2023 and 2022 was approximately $100,951 and $49,983, respectively.

 

As of April 30, 2023, 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 April 30,   Amortization Expense 
2024   $5,780 
2025    5,780 
2026    5,780 
2027    5,780 
2028    5,780 
Thereafter    72,381 
Total   $101,281