Quarterly report pursuant to Section 13 or 15(d)

Note 5 - Intangible Assets

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Note 5 - Intangible Assets
6 Months Ended
Sep. 30, 2015
Notes  
Note 5 - Intangible Assets

NOTE 5 – INTANGIBLE ASSETS

 

Definite-lived intangible assets consist of distribution agreements, patents, trademarks, copyrights, and domain names. The costs of distribution agreements are amortized over the remaining life of the agreements. The costs of the patents are to be amortized over 20 years once the patent has been approved.  Indefinite-lived intangible assets consist of goodwill. 

 

In accordance with ASC 350, goodwill is not amortized but tested for impairment annually or more frequently when events or circumstances indicates that the carrying value of a reporting unit more likely than not exceeds its fair value.  The Company’s annual goodwill impairment testing date is March 31 of each year. Intangible assets consisted of the following as of September 30, 2015 and March 31, 2015:

 

Definite-lived intangible assets

September 30, 2015

March 31, 2015

Distribution agreements

 $ 39,957

 $ 41,638

Less:  Accumulated amortization

(39,957)

                       (27,757)

Distribution agreements, net

-

                        13,881

Patents, trademarks, copyrights, and domain names

548,377

                      580,138

Less:  Accumulated amortization

(22,850)

                                  -

Patents, trademarks, copyrights, and domain names, net

                      525,527

                      580,138

Total definite-lived intangible assets, net

 $ 525,527

 $ 594,019

 

Indefinite-lived intangible assets

September 30, 2015

March 31, 2015

Goodwill

 $ 997,701

 $ 997,701

 

Estimated amortization expense for the distribution agreements, patents, trademarks, copyrights, and domain names for the next five years consists of the following as of March 31, 2015:

 

Year Ending March 31,

 

 

 

2016

$

                        27,581

2017

                        29,007

2018

                        29,007

2019

                        29,007

2020

                        29,007