Intangible Asset and Goodwill

6 Months Ended

Aug. 01, 2020

Goodwill And Intangible Assets Disclosure [Abstract]

NOTE 9. Intangible Asset and Goodwill

The Company’s goodwill and definite-lived intangible asset arose from the acquisition of Simply Mac on September 25, 2019. The intangible asset is comprised solely of the Simply Mac tradename that is being amortized over 15 years. The carrying value of the intangible asset consisted of the following as of the dates presented (in thousands):

	August 1, 2020			December 31, 2019			February 1, 2020
	(unaudited)						(unaudited)
Simply Mac Tradename	$	2,092		$	2,092		$	2,092
Less accumulated amortization		(118	)		(37	)		(48	)
Total	$	1,974		$	2,055		$	2,044

Amortization expense for the 13 and 26 weeks ended August 1, 2020 was $35,000 and $70,000, respectively. Amortization expense for the transition period from January 1, 2020 to February 1, 2020 was $11,000.

The carrying amount of goodwill at December 31, 2019, February 1, 2020 and August 1, 2020 amounted to $699,000. The Company performs an impairment test of goodwill on an annual basis during the fourth quarter, or when circumstances indicate that the carrying value of goodwill might be impaired.