5. INTANGIBLES, PREPAID BANK FEES AND OTHER ASSETS, NET

Intangible assets consist of the following at January 31, 2014:

	2014		2013
Trademarks and tradenames in Brazil and prepaid costs for Certificate of Approval (“CA”) by the ministry of Labor in Brazil, net of accumulated amortization of $98,000 at January 31, 2014, and $0 at January 31, 2013	$	335,635	$	312,238
Appraised value of customer contracts acquired in Qualytextil acquisition, amortized over estimated remaining life ending April 2013, net of accumulated amortization of $349,095 at January 31, 2013		—		31,779
Bank fees net of accumulated amortization of $267,718 at 2014 and $96,228 at 2013		1,197,714		133,183
	$	1,533,349	$	477,200

Amortization expense included in general and administrative expense was $409,297 and $235,828 for FY14 and FY13, respectively.

Amortization expense for the next five years is as follows: Bank fees: $451,374 for 2015, $451,374 for 2016, $243,051 for 2017, $33,661 for 2018 and $18,254 for 2019. CA certification in Brazil: $130,840 for 2015, $130,840 for 2016 and $31,378 for 2017.

The changes in the carrying amount of trademarks and trade names during the fiscal years 2014 and 2013 are summarized in the following table:

	Balance Beginning of Year		Changes Resulting from Foreign Exchange Differences		Additions During Year		Changes from Impairment Charges		Balance End of Year

Year ended January 31, 2014	$	312,238	$	(66,817)	$	90,214	$	—	$	335,635
Year ended January 31, 2013	$	4,282,100	$	(615,614)	$	—	$	(3,354,248)	$	312,238

Goodwill

On August 1, 2005, the Company purchased Mifflin Valley, Inc., a Pennsylvania manufacturer, the operations of which now comprise the Company’s Reflective division. This acquisition resulted in the recording of $0.9 million in goodwill in FY06. Management has determined this did not meet “more likely than not” threshold for impairment at January 31, 2014. This goodwill is included in the US segment for reporting purposes.

The changes in the carrying value of goodwill during the fiscal years 2014 and 2013 are summarized in the following table:

	USA		Brazil		Total
Balance as of January 31, 2012	$	871,296	$	5,261,658	$	6,132,954
During fiscal year 2013:
Effect of foreign currency translation		—		(526,073)		(526,073)
Rounding		1		—		1
Goodwill and other intangibles impairment charge		—		(4,735,585)		(4,735,585)
Balance as of January 31, 2013	$	871,297	$	—	$	871,297
During fiscal year 2014:
Effect of foreign currency translation		—		—		—
Goodwill and other intangibles impairment charge		—		—		—
Balance as of January 31, 2014	$	871,297	$	—	$	871,297

For Brazilian tax purposes, the Company is deducting goodwill over a five-year period which commenced with the merger of its holding company into the operating company in Brazil, which took place in November 2008.