Intangible Assets

3 Months Ended

Aug. 31, 2019

Goodwill And Intangible Assets Disclosure [Abstract]

5. INTANGIBLE ASSETS

Intangible assets are initially recorded at their fair market values determined by quoted market prices in active markets, if available, or recognized valuation models. Intangible assets that have finite useful lives are amortized over their useful lives and are tested for impairment when events or changes in circumstances occur that indicate possible impairment.

Our intangible assets represent the fair value for trade name, customer relationships, non-compete agreements and technology acquired in connection with our acquisitions. Intangible assets subject to amortization were as follows (in thousands):

	August 31, 2019		June 1, 2019
Gross Amounts:
Trade Name	$	659	$	659
Customer Relationships⁽¹⁾		3,384		3,394
Non-compete Agreements		177		177
Technology		230		230
Total Gross Amounts	$	4,450	$	4,460
Accumulated Amortization:
Trade Name	$	659	$	659
Customer Relationships		841		796
Non-compete Agreements		144		139
Technology		110		103
Total Accumulated Amortization	$	1,754	$	1,697
Net Intangible Assets	$	2,696	$	2,763

(1)	Change from prior periods reflect impact of foreign currency translation.

The amortization expense associated with the intangible assets subject to amortization for the next five years is presented in the following table (in thousands):

Fiscal Year	Amortization Expense
Remaining 2020	$	192
2021		245
2022		251
2023		245
2024		231
Thereafter		1,532
Total amortization expense	$	2,696

The weighted average number of years of amortization expense remaining is 14.3 years.