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Intangible Assets
 9 Months Ended
Jan. 25, 2013
Intangible Assets [Abstract]  
Intangible Assets

Note 6.  Intangible Assets

 

Schedules of finite-lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Thirty-Nine Weeks Ended January 25, 2013

 

 

Developed Technology Rights (1)

 

License Agreements (2)

 

Total

Beginning balance gross carrying amount

 

$
5,660,000 

 

$
125,000 

 

$
5,785,000 

Investments

 

 
2,500,000 

 

 

 -

 

 
2,500,000 

Ending balance gross carrying amount

 

 
8,160,000 

 

 
125,000 

 

 
8,285,000 

Accumulated amortization

 

 
(1,882,677)

 

 
(25,940)

 

 
(1,908,617)

Net

   

$
6,277,323 

 

$
99,060 

 

$
6,376,383 

 

 

 

 

 

 

 

 

 

 

 

 

For the Thirty-Nine Weeks Ended January 27, 2012

 

 

Developed Technology Rights (1)

 

License Agreements (2)

 

Total

Beginning balance gross carrying amount

 

$
5,370,000 

 

$
474,401 

 

$
5,844,401 

Investments

 

 
500,000 

 

 

 -

 

 
500,000 

Impairments (3)

 

 
(210,000)

 

 
(349,401)

 

 
(559,401)

Ending balance gross carrying amount

 

 
5,660,000 

 

 
125,000 

 

 
5,785,000 

Accumulated amortization

 

 
(1,091,875)

 

 
(12,186)

 

 
(1,104,061)

Net

   

$
4,568,125 

 

$
112,814 

 

$
4,680,939 

 

 

(1) Developed Technology Rights include purchased exclusive patent and know-how licenses with finite lives, primarily related to seizure detection algorithms, wireless communication technology, rechargeable battery technology and a magnetic resonance imaging (“MRI”) compatible implantable lead.

 

(2) License Agreements include purchased non-exclusive technology licenses with finite lives primarily related to chip architecture for the detection and processing of heart signals.

 

(3) Intangible assets impaired during the thirteen weeks ended January 27, 2012 were primarily related to chip architecture and were written-off after the assets were determined to no longer factor into our product plans. We wrote-off accumulated amortization of $76,800.

 

 

The weighted average amortization period in years for our intangible assets at January 25, 2013:

 

 

 

 

 

 

 

Developed Technology Rights

   
11 

License Agreements

 
9 

 

 

Aggregate intangible asset amortization for the thirty-nine weeks ended January 25, 2013 and January 27, 2012 was $633,229, and $1,056,917, respectively, which was reported in research and development expense in the condensed consolidated statements of net income. Estimated future amortization expense based on our finite-lived intangible assets at January 25, 2013:

 

 

 

 

 

 

 

 

 

For the remaining fiscal year 2013

   

$
217,379 

Fiscal year 2014

 

 
869,516 

Fiscal year 2015

 

 
869,516 

Fiscal year 2016 (53 week year)

 

 
886,237 

Fiscal year 2017

 

 
869,516