Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets, Net

v3.21.2
Intangible Assets, Net
 6 Months Ended
Aug. 01, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS, NET

NOTE 3 – INTANGIBLE ASSETS, NET

 

A summary of intangible assets follows:

 

        August 1, 2021  
    Estimated Life   Gross Carrying Amount     Accumulated Amortization     Net carrying amount  
Patents   10 Years   $ 2,559,400     $ (1,532,308 )   $ 1,027,092  
Trademarks   3 Years     1,282,315       (1,120,394 )     161,921  
Other intangibles   5 Years     839,737       (839,737 )    
-
  
Total       $ 4,681,452     $ (3,492,439 )   $ 1,189,013  

 

        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 $79,751 and $86,179 and $543,072 and $164,550 for the thirteen and twenty-six weeks ended August 1, 2021 and August 2, 2020, respectively.

 

As of August 1, 2021, estimated future amortization expense associated with intangible assets subject to amortization is as follows:

 

Remainder of Fiscal 2022   $ 136,604  
2023     175,868  
2024     158,462  
2025     129,307  
2026     125,848  
2027     124,195  
Thereafter     338,729  
    $ 1,189,013