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5. GOODWILL | 12 Months Ended
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Mar. 31, 2021
GOODWILL |
NOTE 5 - GOODWILL | NOTE 5—GOODWILL Goodwill represents the difference between the purchase price and the estimated fair value of the identifiable assets acquired and liabilities assumed in a business combination. The Company tests for goodwill impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the asset is more likely than not impaired. The Company has one reporting unit. The Company assesses goodwill for impairment on an annual basis on the last day of February in the fourth quarter of its fiscal year. The Company had a goodwill balance of $8.0 million as of both March 31, 2021 and 2020. The goodwill resulted from the acquisition of MikaMonu Group Ltd. (“MikaMonu”) in fiscal 2016. The Company completed its annual impairment test during the fourth quarter of fiscal 2021 and concluded that there was no impairment, as the fair value of its sole reporting unit exceeded its carrying value. The Company believes that the fair value established during the fiscal 2021 annual goodwill impairment testing was reasonable, and no triggering event has taken place subsequent to the fiscal 2021 annual assessment.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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