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GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended
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Sep. 30, 2018
GOODWILL AND OTHER INTANGIBLE ASSETS |
GOODWILL AND OTHER INTANGIBLE ASSETS | 5. GOODWILL AND OTHER INTANGIBLE ASSETS: Goodwill by reporting segment at September 2018 and September 2017 was as follows:
|  | September |  | September |
|  | 2018 |  | 2017 |
Wholesale Segment |  | $ | 4,436,950 |  | $ | 4,436,950 |
Retail Segment |  |  | — |  |  | 1,912,877 |
|  | $ | 4,436,950 |  | $ | 6,349,827 |
Other intangible assets at fiscal year ends 2018 and 2017 consisted of the following:
|  | September |  | September |
|  | 2018 |  | 2017 |
Trademarks and tradenames (Retail Segment) |  | $ | 3,373,269 |  | $ | 3,373,269 |
Customer relationships (Wholesale Segment) (less accumulated amortization of approximately $2.1 million and $2.0 million at September 2018 and September 2017, respectively) |  |  | 41,667 |  |  | 121,042 |
|  | $ | 3,414,936 |  | $ | 3,494,311 |
During fiscal 2018, the Company recorded goodwill impairment charges of approximately $1.9 million in its retail reporting unit fully impairing all the goodwill in this reporting unit when it was determined that the carrying value of this reporting unit exceeded its fair value. These impairment charges arose from a range of considerations including but not limited to heightened competition in the industry, retail sector market conditions, and earning shortfalls which impacted the Company’s projections of future cash flows to be generated from this reporting unit. These impairment charges were recorded in the Company’s consolidated statement of operations as a component of operating income. At September 2018, the only remaining goodwill on the Company’s consolidated balance sheet related to goodwill allocated to our wholesale reporting unit which totaled $4.4 million. The fair value for this reporting unit was determined to exceed it carrying value at September 2018. Goodwill, trademarks and tradenames are considered to have indefinite useful lives and therefore no amortization has been taken on these assets. At September 2018 and September 2017, identifiable intangible assets considered to have finite lives were represented by customer relationships which are being amortized over eight years. These intangible assets are evaluated for accelerated attrition or amortization adjustments if warranted. Amortization expense related to these assets totaled $0.1 million and $0.3 million during fiscal 2018 and fiscal 2017, respectively. Estimated future amortization expense related to identifiable intangible assets with finite lives is as follows at September 2018:
|  | September |
|  | 2018 |
Fiscal 2019 |  | $ | 41,667 |

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- Definition The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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