Intangible Assets

12 Months Ended

Jan. 30, 2021

Intangible Assets [Abstract]

Intangible Assets

(5)  Intangible Assets

Intangible assets in the accompanying consolidated balance sheets consisted of the following:

		January 30,2021				February 1,2020
	Estimated	Gross				Gross
	Useful Life	Carrying			Accumulated	Carrying		Accumulated
	(In Years)	Amount		Amortization		Amount		Amortization
Trade Names	3-15	$	1,568,000	$	(124,000)	$	1,568,000	$	(19,000)
Technology	4		772,000		(228,000)		772,000		(35,000)
Customer Lists	3-5		339,000		(93,000)		339,000		(14,000)
Vendor Exclusivity	5		192,000		(67,000)		192,000		(29,000)
Total finite-lived intangible assets		$	2,871,000	$	(512,000)	$	2,871,000	$	(97,000)

Finite-lived Intangible Assets

The finite-lived intangible assets are included in other assets in the accompanying balance sheets and consist of the J.W. Hulme trade name and customer list; the Float Left developed technology, customer relationships and trade name; and a vendor exclusivity agreement. Amortization expense related to the finite-lived intangible assets was $415,000, $1,353,000 and $165,000 for fiscal 2020, fiscal 2019 and fiscal 2018. Estimated amortization expense is $415,000 for fiscal 2021, $410,000 for fiscal 2022, $352,000 for fiscal 2023, $156,000 for fiscal 2024 and $105,000 for fiscal 2025.

In November 2019, the Company completed the acquisition of J.W. Hulme Company ("J.W. Hulme"). The intangible assets acquired through the business combination include the J.W. Hulme trade name and J.W. Hulme customer list valued at $1,480,000 and $86,000 and are being amortized over their estimated useful lives of 15 and three years. See Note 13 - "Business Acquisitions" for additional information.

In November 2019, the Company completed the acquisition of Float Left Interactive, Inc. ("Float Left"). The intangible assets acquired through the business combination include the Float Left developed technology, the Float Left customer relationships and the Float Left trade name valued at $772,000, $253,000 and $88,000, respectively, and are being amortized over their estimated useful lives of four, five and 15 years, respectively.

In May 2019, the Company announced the decision to change the name of the Evine network back to ShopHQ, which was the name of the network in 2014. The remaining carrying amount of the Evine trademark was amortized prospectively over the revised remaining useful life through August 21, 2019, the date of the network name change.

In May 2019, we entered into a five-year vendor exclusivity agreement with Sterling Time, LLC ("Sterling Time") and Invicta Watch Company of America, Inc. ("IWCA") in connection with the closing under the private placement securities purchase agreement described in Note 10 below. The vendor exclusivity agreement grants the Company the exclusive right in television shopping to market, promote and sell the products from IWCA. The Company issued five-year warrants to purchase 350,000 shares of our common stock in connection with and as consideration for primarily entering into a vendor exclusivity agreement with the Company, which represented an aggregate value of $193,000. The vendor exclusivity agreement is being amortized as cost of sales over the five-year agreement term. See Note 10 - "Shareholders’ Equity" for additional information.

Sale of Boston Television Station, WWDP and FCC Broadcast License

In August 2017, the Company entered into two agreements with unrelated parties to sell its Boston television station, WWDP, including the Company’s FCC broadcast license, for an aggregate of $13,500,000. During fiscal 2017, the Company closed on the asset purchase agreement to sell substantially all the assets primarily related to its television broadcast station, WWDP(TV), Norwell, Massachusetts (the “Station”), which included an intangible FCC broadcasting license asset. During fiscal 2018, the Company received the remainder of the sales price, which resulted from the satisfaction of the Station being carried by certain designated carriers, and recorded a pre-tax operating gain of $665,000 upon the resolution of this gain contingency.