Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

v3.21.2
Intangible Assets
6 Months Ended
Jul. 31, 2021
Intangible Assets [Abstract]  
Intangible Assets

Note 4. Intangible Assets



The determination of the fair value of intangible assets acquired in a business acquisition, including the Company’s acquisition of Kaspien Inc. in 2016, is subject to many estimates and assumptions. Our identifiable intangible assets that resulted from our acquisition of Kaspien Inc. consist of vendor relationships, technology and tradenames. We review amortizable intangible asset groups for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable.



Identifiable intangible assets as of July 31, 2021 consisted of the following (amounts in thousands):


   
July 31, 2021
 
   
Weighted
Average
Amortization
Period
(in months)
   
Original
Gross
Carrying
Amount
   
Accumulated
Impairment
   
Accumulated
Amortization
   
Net
Carrying
Amount
 
                               
Technology
   
60
   
$
6,700
   
$
2,587
   
$
4,048
   
$
65
 
Trade names and trademarks
   
60
     
3,200
     
-
     
3,047
     
153
 
           
$
9,900
   
$
2,587
   
$
7,095
   
$
218
 



The changes in net intangibles and goodwill from January 30, 2021 to July 31, 2021 were as follows:


(amounts in thousands)
 
January 30,
2021
   
Impairment
Expense
   
Amortization
Expense
   
July 31,
2021
 
                         
Amortized intangible assets:
                       
Technology
 
$
259
   
$
-
   
$
194
   
$
65
 
Trade names and trademarks
   
473
     
-
     
320
     
153
 
Net amortized intangible assets
 
$
732
   
$
-
   
$
514
   
$
218
 



Amortization expense of intangible assets for the thirteen and twenty-six weeks ended July 31, 2021 and August 1, 2020 consisted of the following:


   
Thirteen Weeks Ended
   
Twenty-six Weeks Ended
 
(amounts in thousands)
 
July 31,
2021
   
August 1,
2020
   
July 31,
2021
   
August 1,
2020
 
                         
Amortized intangible assets:
                       
Technology
 
$
97
   
$
97
   
$
194
   
$
194
 
Trade names and trademarks
   
160
     
160
     
320
     
320
 
Total amortization expense
 
$
257
   
$
257
   
$
514
   
$
514
 



The remaining amortization expense will be recognized in fiscal 2021, at which time all intangible assets will be fully amortized.