Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets, Net

v3.21.1
Intangible Assets, Net
 3 Months Ended
May 02, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS, NET

NOTE 3 - INTANGIBLE ASSETS, NET

 

A summary of intangible assets is as follows:

 

        May 2, 2021  
    Estimated
Life		   Gross Carrying Amount     Accumulated Amortization     Net carrying
amount		  
Patents   10 Years   $ 2,495,408     $ (1,483,452 )   $ 1,011,956  
Trademarks   3 Years     1,270,111       (1,089,499 )     180,612  
Other intangibles   5 Years     839,737       (839,737 )    
-
  
Total       $ 4,605,256     $ (3,412,688 )   $
1,192,568
 

 

        January 31, 2021  
    Estimated
Life		   Gross Carrying Amount     Accumulated Amortization     Net carrying
amount		  
Patents   10 Years   $ 2,387,328     $ (1,128,997 )   $ 1,258,331  
Trademarks   3 Years     1,239,334       (980,633 )     258,701  
Other intangibles   5 Years     839,737       (839,737 )    
-
  
Total       $ 4,466,399     $ (2,949,367 )   $
1,517,032
 

 

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 $463,321 and $78,371 for the thirteen weeks ended May 2, 2021 and May 3, 2020 respectively.

 

As of May 2, 2021, estimated future amortization expense associated with intangible assets subject to amortization is as follows:

 

Remainder of Fiscal 2022   $ 206,758  
2023     165,401  
2024     147,995  
2025     121,669  
2026     119,449  
2027     117,796  
Thereafter     313,500  
    $
1,192,568