Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets, Net

v3.20.2
Intangible Assets, Net
 6 Months Ended
Aug. 02, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS, NET

NOTE 3 – INTANGIBLE ASSETS, NET

 

A summary of intangible assets follows:

 

        August 2, 2020  
    Estimated
Life		   Gross
Carrying
Amount		     Accumulated
Amortization		     Net
carrying
amount		  
Patents    10 Years   $ 2,174,116     $ (921,751 )   $ 1,252,365  
Trademarks    3 Years     1,128,621       (839,232 )     289,389  
Other intangibles    5 Years     839,737       (839,737 )    
-
  
Total       $ 4,142,474     $ (2,600,720 )   $ 1,541,754  

 

        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 $86,179 and $74,087 and $164,550 and $123,670 for the thirteen and twenty-six weeks ended August 2, 2020 and August 4, 2019, respectively.

 

As of August 2, 2020, estimated future amortization expense associated with intangible assets subject to amortization is as follows:

 

Remainder of Fiscal 2021   $ 173,713  
2022     283,003  
2023     206,309  
2024     165,050  
2025     153,749  
2026     151,083  
Thereafter     408,847  
    $ 1,541,754