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Intangible Assets | 6 Months Ended
--- | ---
Oct. 28, 2018
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets |
7. | Intangible Assets
A summary of intangible assets follows:
(dollars in thousands) |  | October 28, 2018 |  |  | October 29, 2017 |  |  | April 29, 2018 |
Tradenames |  | $ | 7,232 |  |  | $ | — |  |  | $ | 683 |
Customer relationships, net |  |  | 2,688 |  |  |  | 638 |  |  |  | 2,839 |
Non-compete agreement, net |  |  | 716 |  |  |  | 790 |  |  |  | 753 |
|  | $ | 10,636 |  |  | $ | 1,428 |  |  | $ | 4,275 |
Tradename A summary of the carrying amount of our tradenames from our recent acquisitions (see Note 3) follow:
(dollars in thousands) |  | October 28, 2018 |  |  | October 29, 2017 |  |  | April 29, 2018 |
Read |  | $ | 683 |  |  | $ | — |  |  | $ | 683 |
ELUX |  |  | 6,549 |  |  |  | — |  |  |  | — |
|  | $ | 7,232 |  |  | $ | — |  |  | $ | 683 |
Our tradenames were recorded at their fair market values at the effective date of their acquisitions (see Note 3) and were based on the relief from royalty method. These tradenames were determined to have an indefinite useful life and therefore, are not being amortized. However, these tradenames will be assessed annually for impairment. Customer Relationships A summary of the change in the carrying amount of our customer relationships follows:
|  | Six months ended |
(dollars in thousands) |  | October 28, 2018 |  |  | October 29, 2017 |
Beginning balance |  | $ | 2,839 |  |  | $ | 664 |
Acquisition of assets |  |  | — |  |  |  | — |
Amortization expense |  |  | (151 | ) |  |  | (26 | )
Loss on impairment |  |  | — |  |  |  | — |
Ending balance |  | $ | 2,688 |  |  | $ | 638 |
In connection with our asset purchase agreement with Read (see note 3) on April 1, 2018, we purchased certain customer relationships. We recorded these customer relationships at fair market value totaling $2.2 million based on a multi-period excess earnings valuation model. These customer relationships will be amortized on a straight-line basis over their nine-year useful life. Additionally, we have customer relationships from a prior acquisition with a carrying amount of $587,000 at October 28, 2018. These customer relationships are being amortized on a straight-line basis over their seventeen-year useful life. The gross carrying amount of our customer relationships were $3.1 million, $868,000 and $3.1 million at October 28, 2018, October 29, 2017, and April 29, 2018, respectively. Accumulated amortization for these customer relationships were $427,000, $230,000 and $276,000 at October 28, 2018, October 29, 2017, and April 29, 2018, respectively. The remaining amortization expense for the next five fiscal years and thereafter follows: FY 2019 - $150,000; FY 2020 - $301,000; FY 2021 - $301,000; FY 2022 - $301,000; FY 2023 - $301,000; and Thereafter - $1,334,000. The weighted average amortization period for our customer relationships is 9.1 years as of October 28, 2018. Non-Compete Agreement A summary of the change in the carrying amount of our non-compete agreement follows:
|  | Six months ended |
(dollars in thousands) |  | October 28, 2018 |  |  | October 29, 2017 |
Beginning balance |  | $ | 753 |  |  | $ | 828 |
Amortization expense |  |  | (37 | ) |  |  | (38 | )
Loss on impairment |  |  | — |  |  |  | — |
Ending balance |  | $ | 716 |  |  | $ | 790 |
We have a non-compete agreement from a prior acquisition that is being amortized on a straight-line basis over the fifteen-year life of the agreement. The gross carrying amount of this non-compete agreement was $2.0 million at October 28, 2018, October 29, 2017, and April 29, 2018, respectively. Accumulated amortization for this non-compete agreement was $1.3 million at October 28, 2018 and April 29, 2018, and $1.2 million at October 29, 2017. The remaining amortization expense for the next five years and thereafter follows: FY 2019 - $38,000; FY 2020 - $75,000; FY 2021 - $75,000; FY 2022 - $75,000; FY 2023 - $75,000, and Thereafter - $378,000. The weighted average amortization period for the non-compete agreement is 9.5 years as of October 28, 2018.

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- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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