v2.4.0.6
Intangible assets
 9 Months Ended 12 Months Ended
Feb. 29, 2012
May 31, 2011
Intangible Assets Disclosure [Text Block]
6.         INTANGIBLE ASSETS

Intangible assets consist of the following:

       
February 29,
   
May 31,
 
   
Amortizable life
 
2012
   
2011
 
Trade name
 
Indefinite
  $ 1,720,000     $ 1,720,000  
Non-competition agreement
 
5 years
    110,000       110,000  
Non-contractual customer relationships
 
10 years
    620,000       620,000  
Goodwill
 
Indefinite
    1,420,679       1,420,678  
Total intangible assets
        3,870,679       3,870,678  
Accumulated amortization
        (381,500 )     (318,499 )
        $ 3,489,179     $ 3,552,179  

7.             INTANGIBLE ASSETS

Intangible assets consist of the following:

 
Amortizable life
 
2011
   
2010
 
Trade name
Indefinite
  $ 1,720,000     $ 1,720,000  
Non-competition  agreement
5 years
    110,000       110,000  
Non-contractual customer relationships
10 years
    620,000       620,000  
Goodwill
Indefinite
    1,420,678       1,420,678  
            Total intangible assets
      3,870,678       3,870,678  
Accumulated amortization
      (318,499 )     (234,500 )
      $ 3,552,179     $ 3,636,178  

The Company has recorded amortization on its intangibles for the years ended May 31, 2011 and 2010 of $84,000 and $77,000, respectively.