Intangible Assets

9 Months Ended

Feb. 29, 2020

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):

	February 29, 2020		June 1, 2019
Gross Amounts:
Trade Name	$	659	$	659
Customer Relationships⁽¹⁾		3,398		3,394
Non-compete Agreements		177		177
Technology		230		230
Total Gross Amounts	$	4,464	$	4,460
Accumulated Amortization:
Trade Name	$	659	$	659
Customer Relationships		955		796
Non-compete Agreements		155		139
Technology		123		103
Total Accumulated Amortization	$	1,892	$	1,697
Net Intangible Assets	$	2,572	$	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	$	64
2021		245
2022		252
2023		245
2024		232
Thereafter		1,534
Total amortization expense	$	2,572

The weighted average number of years of amortization expense remaining is 13.9 years.