Quarterly report pursuant to Section 13 or 15(d)

Acquisition of Patents and Intangibles (Tables)

v3.19.1
Acquisition of Patents and Intangibles (Tables)
 9 Months Ended
Feb. 28, 2019
Summary of the Net Purchase Price and Allocation to the Acquired Assets
A summary of the net purchase price and allocation to the acquired assets is as follows:
 
 
 
ProstaGene, LLC
 
CytoDyn Inc. Equity
 
$
11,558,000
 
Acquisition Expenses
 
 
741,297
 
Release of Deferred Tax Asset
 
 
2,826,919
 
Total Cost of Acquisition
 
$
15,126,216
 
Intangible assets
 
$
15,126,216
 
Other
 
 
—
 
Allocation of Acquisition Costs
 
$
15,126,216
 
Intangible Assets Activity
The following presents intangible assets activity:
 
 
 
February 28, 2019
 
 
May 31, 2018
 
Gross carrying amounts
 
$
3,500,000
 
 
$
3,500,000
 
Intangible asset acquisition:
 
 
 
 
 
 
 
 
ProstaGene, LLC
 
 
15,126,216
 
 
 
—
 
Accumulated amortization
 
 
(2,674,855
)
 
 
(1,968,846
)
Total amortizable intangible assets, net
 
$
15,951,361
 
 
$
1,531,154
 
Patents currently not amortized
 
$
—
 
 
$
35,989
 
Carrying value of intangibles, net
 
$
15,951,361
 
 
$
1,567,143