Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Other Intangible Assets, Net

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Goodwill and Other Intangible Assets, Net
6 Months Ended
Aug. 05, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND OTHER INTANGIBLE ASSETS, NET

Note 3 – Goodwill and Other Intangible Assets, Net

 

In accordance with US GAAP, goodwill is not amortized, but rather tested for impairment at least annually by comparing the estimated fair values to their carrying values. There were no triggering events that occurred during the thirteen and twenty-six weeks ended August 5, 2018 or July 30, 2017 that required the Company to test for impairment.

 

A summary of other intangible assets follows:

 

          August 5, 2018  
          Gross           Net  
      Estimated   Carrying     Accumulated     Carrying  
      Life   Amount     Amortization     Amount  
                         
  Patents   10 Years   $ 1,246,409     $ (702,879 )   $ 543,530  
  Trademarks   3 Years     657,252       (541,874 )     115,378  
  Other Intangibles   5 Years     839,737       (807,362 )     32,375  
  Total       $ 2,743,398     $ (2,052,115 )   $ 691,283  

 

          February 4, 2018  
          Gross           Net  
      Estimated   Carrying     Accumulated     Carrying  
      Life   Amount     Amortization     Amount  
                         
  Patents   10 Years   $ 1,056,604     $ (674,660 )   $ 381,944  
  Trademarks   3 Years     603,807       (500,763 )     103,044  
  Other Intangibles   5 Years     839,738       (798,356 )     41,382  
  Total       $ 2,500,149     $ (1,973,779 )   $ 526,370  

 

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 $40,182 and $52,324 for the thirteen weeks and $78,336 and $112,631 for the twenty-six weeks ended August 5, 2018 and July 30, 2017, respectively.

 

As of August 5, 2018, estimated future amortization expense associated with intangible assets subject to amortization is as follows:

 

  Remainder of Fiscal 2019   $ 98,159  
  2020     110,523  
  2021     90,253  
  2022     65,562  
  2023     59,474  
  Thereafter     267,312  
           
      $ 691,283