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
9 Months Ended
Nov. 04, 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 thirty-nine weeks ended November 4, 2018 or October 29, 2017 that required the Company to test for impairment.

 

A summary of other intangible assets follows:

 

          November 4, 2018  
      Estimated   Gross Carrying     Accumulated     Net Carrying  
      Life   Amount     Amortization     Amount  
                         
  Patents   10 Years   $ 1,370,409     $ (724,424 )   $ 645,985  
  Trademarks   3 Years     730,188       (563,987 )     166,201  
  Other Intangibles   5 Years     839,737       (823,634 )     16,103  
  Total       $ 2,940,334     $ (2,112,045 )   $ 828,289  

 

          February 4, 2018  
      Estimated   Gross Carrying     Accumulated     Net 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 $59,930 and $65,311 for the thirteen weeks and $138,266 and $177,942 for the thirty-nine weeks ended November 4, 2018 and October 29, 2017, respectively.

 

As of November 4, 2018, estimated future amortization expense associated with intangible assets subject to amortization is as follows:

 

  Remainder of Fiscal 2019   $ 53,125  
  2020     147,235  
  2021     126,964  
  2022     92,999  
  2023     71,874  
  Thereafter     336,092  
           
      $ 828,289