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Goodwill and Intangible Assets

12 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets [Abstract]

3. Goodwill and Intangible Assets

Goodwill

The Company had goodwill of $3,205,000 at March 31, 2024 and 2023, which was comprised of $2,551,000 for the Hard Parts segment and $654,000 for all others, respectively.

Intangible Assets

The following is a summary of acquired intangible assets subject to amortization:

			March 31, 2024				March 31, 2023
	Weighted Average Amortization Period		Gross Carrying Value		Accumulated Amortization		Gross Carrying Value		Accumulated Amortization
Intangible assets subject to amortization		0
Trademarks	9 years		$	705,000	$	641,000	$	705,000	$	577,000
Customer relationships	11 years			8,573,000		7,568,000		8,576,000		6,947,000
Developed technology	5 years			-		-		2,667,000		2,281,000
Total	9 years		$	9,278,000	$	8,209,000	$	11,948,000	$	9,805,000

During the year ended March 31, 2024, the Company retired $2,667,000 of fully amortized intangible assets. During the year ended March 31, 2023, the Company did not retire any fully amortized intangible assets.

Amortization expense for acquired intangible assets is as follows:

	Years Ended March 31,
	2024		2023		2022

Amortization expense	$	1,075,000	$	1,460,000	$	1,548,000

The estimated future amortization expense for acquired intangible assets subject to amortization is as follows:

Year Ending March 31,
2025		486,000
2026		341,000
2027		242,000
Total	$	1,069,000