Quarterly report pursuant to Section 13 or 15(d)

Note 5 - Intangible Assets

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Note 5 - Intangible Assets
3 Months Ended
Jun. 30, 2016
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 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:

 

Definite-lived intangible assets

 

 

 

 

For the Period Ending

 

 

 

 

June 30, 2016

 

March 31, 2016

Distribution agreements

 

 

 $           40,757

 

 $             40,702

Less:  Accumulated amortization

 

 

(40,757)

 

            (40,702)

Distribution agreements, net

 

 

                   —  

 

                   —  

Patents, trademarks, copyrights, and domain names

 

 

567,882

 

     567,109

Less:  Accumulated amortization

 

 

         (44,959)

 

            (37,809)

Patents, trademarks, copyrights, and domain names, net

 

 

           522,923

 

             529,300

Total definite-lived intangible assets, net

 

 

  $         522,923

 

 $          529,300

 

Indefinite-lived intangible assets

 

 

 

 

For the Period Ending

 

 

 

 

June 30, 2016

 

March 31, 2016

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, 2016:

 

For the Years Ending March 31,

Year

 

 

Amount

2017

$

28,103

2018

28,103

2019

28,103

2020

28,103

2021

28,103