Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets, Net

v3.3.1.900
Intangible Assets, Net
 6 Months Ended
Nov. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, Net
INTANGIBLE ASSETS, NET

Intangible assets, net consisted of the following:
 
November 30, 2015
 
May 31, 2015
 
Gross Amount
 
Accumulated Amortization
 
Carrying Value
 
Gross Amount
 
Accumulated Amortization
 
Carrying Value
Trade names and trademarks
$
196,900

 
$
—

 
$
196,900

 
$
199,481

 
$
—

 
$
199,481

Purchased technology
28,343

 
(8,263
)
 
20,080

 
21,413

 
(7,135
)
 
14,278

Customer relationships
86,334

 
(28,007
)
 
58,327

 
86,513

 
(23,518
)
 
62,995

Leases
2,150

 
(110
)
 
2,040

 
—

 
—

 
—

Total
$
313,727

 
$
(36,380
)
 
$
277,347

 
$
307,407

 
$
(30,653
)
 
$
276,754



In October 2015, the Company acquired certain licensing rights in technology assets on an exclusive and perpetual basis for the amount of $7,000 from Q30 Sports, LLC, a privately held entity. Q30 Sports, LLC and its parent company, Q30 Sports Science, LLC, have acquired and developed, and are currently testing, proprietary technology that has the potential to reduce indicators of mild traumatic brain injury. The Company paid $3,000 in cash on October 15, 2015, and the balance of $4,000 was paid on January 4, 2016. The Company maintained restricted cash balances of $4,000 through January 4, 2016 at which time, the amount decreased to $2,000. Future licensing payments of up to $18,000 are conditional upon the achievement of certain product development and sales milestones. In addition, the Company purchased a $1,000 non-controlling interest in Q30 Sports Science, LLC, also a privately held entity. Refer to Note 6 - Other Non-Current Assets for details on the Company’s investment in Q30 Sports Science, LLC.