Intangible Assets

12 Months Ended

Apr. 26, 2013

Intangible Assets [Abstract]

Intangible Assets

Note 5.  Intangible Assets

Schedules of finite-lived intangible assets:

	52 Weeks Ended April 26, 2013
	Developed Technology Rights (1)		License Agreements (2)		Other Intangible Assets (3)		Total
Beginning balance - gross carrying amount	$	5,660,000	$	125,000	$	-	$	5,785,000
Acquisitions		4,710,000		-		868,000		5,578,000
Ending balance - gross carrying amount		10,370,000		125,000		868,000		11,363,000
Accumulated amortization		(2,094,620)		(29,379)		(19,002)		(2,143,001)
Net	$	8,275,380	$	95,621	$	848,998	$	9,219,999
	52 Weeks Ended April 27, 2012
	Developed Technology Rights (1)		License Agreements (2)		Other Intangible Assets (3)		Total
Beginning balance - gross carrying amount	$	5,370,000	$	474,401	$	-	$	5,844,401
Acquisitions (4)		500,000		-		-		500,000
Impairments		(210,000)		(349,401)		-		(559,401)
Ending balance - gross carrying amount		5,660,000		125,000		-		5,785,000
Accumulated amortization (4)		(1,259,764)		(15,624)		-		(1,275,388)
Net	$	4,400,236	$	109,376	$	-	$	4,509,612

(1) Developed Technology Rights include acquired exclusive licenses and know-how. These assets have finite lives and relate primarily to seizure detection algorithms, wireless communication technology, rechargeable battery technology and an implantable lead with MRI compatibility.

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

(3) Other Intangible Assets primarily consists of clinical databases acquired from the NeuroVista bankruptcy, see   “Note 6. Investments” for further details.

(4) The intangible assets impaired during the year ended April 27, 2012 were primarily related to chip architecture written-off after the assets were determined to no longer factor into our product plans. We wrote off the related accumulated amortization of $76,800.

The weighted average amortization period in years for our intangible assets during fiscal year ended April 26, 2013:

Developed Technology Rights	12
License Agreements	9
Other Intangible Assets	7

Aggregate intangible asset amortizationwas $867,613, $1,228,245, and $554,809 for fiscal years 2013, 2012 and 2011, respectively, which was reported in research and development expense in the condensed consolidated statements of net income. The amortization in fiscal year 2012 includes impairment.

Theestimated future amortization expense based on our finite-lived intangible assets at April 26, 2013:

Fiscal year 2014	$	1,073,080
Fiscal year 2015		1,073,080
Fiscal year 2016 (53 week year)		1,093,716
Fiscal year 2017		1,073,080
Fiscal year 2018		1,062,929