6.	GOODWILL AND INTANGIBLE ASSETS

Goodwill

The changes in the carrying amount of goodwill for the

three

months ended

April 30, 2020

were as follows:

	Gross Carrying Amount			Accumulated Impairment			Goodwill, Net
	(in thousands)
Balance at January 31, 2020	$	27,996		$	(15,608	)	$	12,388
Impact of foreign currency translation		(332	)		-			(332	)
Balance at April 30, 2020	$	27,664		$	(15,608	)	$	12,056

The Company performed its annual goodwill impairment review during the

fourth

quarter of fiscal

2020.

The analysis compared the Company’s market capitalization to its net assets as of the test date,

November 30, 2019.

As the market capitalization significantly exceeded the Company’s net assets, there was

indication of goodwill impairment for fiscal

2020.

The Company monitors the indicators for goodwill impairment testing between annual tests. As a result of the decline in the global economy due to the global pandemic COVID-

19,

the Company reviewed goodwill for impairment in the

first

quarter and given the Company's market capitalization has remained unchanged, goodwill is

not

impaired.

Intangible Assets

	April 30, 20 20			January 31, 20 20
	(in thousands)
Amortizable intangible assets:
Customer relationships	$	1,252		$	1,379
Less accumulated amortization		(420	)		(394	)
Amortizable intangible assets, net	$	832		$	985

The Company’s intangible assets are related to the acquisitions completed in the

second

and

third

quarters of fiscal

2019.

Intangible assets are included in “Other assets, net” in the accompanying Condensed Consolidated Balance Sheets, and are amortized over an estimated

five

year useful life.

Amortization of intangible assets from acquisitions was

$0.1

million for both the

three

months ended

April 30, 2020

and

2019.

The following table summarizes the estimated amortization expense relating to the Company’s intangible assets as of

April 30, 2020:

Fiscal Years	(in thousands)
2021 remaining	$	188
2022		251
2023		251
2024		142
Thereafter		-
	$	832