Intangible Asset and Goodwill

3 Months Ended

May 01, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

NOTE 9. Intangible Asset and Goodwill

The Company’s goodwill and definite-lived intangible asset arose primarily from the acquisition of Simply Mac on September 25, 2019. The intangible asset is comprised of the Simply Mac tradename, that is being amortized over 15 years, and the simplyinc.com domain name, that is being amortized over 5 years. The carrying value of the intangible assets consisted of the following as of the dates presented (in thousands):

	May 1, 2021			January 30, 2021
	(unaudited)
Simply Mac Tradename	$	2,092		$	2,092
SimplyInc Domain Name		10			10
Subtotal		2,102			2,102
Less accumulated amortization		(224	)		(189	)
Total	$	1,878		$	1,913

Amortization expense for the 13 weeks ended May 1, 2021 and May 2, 2020 was $35,000 and $35,000, respectively.

The carrying amount of goodwill at January 30, 2021 and May 1, 2021 amounted to $699,000. The Company performs an impairment test of goodwill on an annual basis during the fourth quarter, and performs an impairment test of goodwill, intangibles and other long-lived assets when circumstances indicate that the carrying value of these assets might be impaired. No impairment charges were recorded for the 13 weeks ended May 1, 2021 and May 2, 2020.