Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets, Net

v3.20.2
Intangible Assets, Net
 9 Months Ended
Nov. 01, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS, NET

NOTE 3 – INTANGIBLE ASSETS, NET

 

A summary of intangible assets follows:

 

        November 1, 2020  
    Estimated Life     Gross Carrying Amount       Accumulated Amortization       Net carrying amount  
Patents    10 Years   $ 2,265,157     $ (1,083,303 )   $ 1,181,854  
Trademarks    3 Years     1,180,316       (942,643 )     237,673  
Other intangibles    5 Years     839,737       (839,737 )    
-
  
Total       $ 4,285,210     $ (2,865,683 )   $ 1,419,527  

 

        February 2, 2020  
    Estimated Life     Gross Carrying Amount       Accumulated Amortization       Net carrying amount  
Patents   10 Years   $ 1,965,794     $ (846,898 )   $ 1,118,896  
Trademarks   3 Years     982,800       (749,535 )     233,265  
Other intangibles   5 Years     839,737       (839,737 )    
-
  
Total       $ 3,788,331     $ (2,436,170 )   $ 1,352,161  

 

Amortization expense associated with intangible assets subject to amortization is included in depreciation and amortization expense on the accompanying condensed consolidated statements of operations. Amortization expense on other intangible assets was $264,963 and $67,665 and $429,513 and $191,335 for the thirteen and thirty-nine weeks ended November 1, 2020 and November 3, 2019, respectively.

 

As of November 1, 2020, estimated future amortization expense associated with intangible assets subject to amortization is as follows:

 

Remainder of Fiscal 2021   $ 73,676  
2022     247,358  
2023     199,067  
2024     163,860  
2025     145,107  
2026     143,647  
Thereafter     446,812  
    $ 1,419,527