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v2.4.0.6
Note 7 - Intangible Assets
12 Months Ended
May 31, 2012
Goodwill and Intangible Assets Disclosure [Text Block]
7.             INTANGIBLE ASSETS

Intangible assets consist of the following:

 
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
    1,420,678       1,420,678  
Total intangible assets
      3,870,678       3,870,678  
Accumulated amortization
      (402,499 )     (318,499 )
      $ 3,468,179     $ 3,552,179  

The Company has recorded amortization on its intangibles for the years ended May 31, 2012 and 2011 of $84,000 and $84,000, respectively.