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Note 6 - Intangible Assets and Goodwill | 12 Months Ended
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Mar. 31, 2017
Notes to Financial Statements |
Goodwill and Intangible Assets Disclosure [Text Block] |
6. | INTANGIBLE ASSETS AND GOODWILL
Amortizable i ntangible assets consisted of the following:
|  | Year Ended March 31, |
|  | 2017 |  |  | 2016 |
Tradenames |  | $ | 442,000 |  |  | $ | 120,000 |
Customer relationships |  |  | 751,000 |  |  |  | - |
Non-compete |  |  | 69,700 |  |  |  | - |
Certification |  |  | 47,000 |  |  |  | - |
Patents |  |  | 1,090,000 |  |  |  | 1,090,000 |
Software |  |  | 420,360 |  |  |  | - |
Other |  |  | 22,242 |  |  |  | - |
|  |  | 2,842,302 |  |  |  | 1,210,000 |
Less accumulated amortization and impairment |  |  | (1,465,603 | ) |  |  | (100,888 | )
Intangible assets, net |  | $ | 1,376,699 |  |  | $ | 1,109,112 |
Amortizati on expense was approximately $105,000 for the fiscal year 2017 compared to $51,000 for the prior fiscal year. Most of the net book value of the Company’s amortizable intangibles stems from the Company’s acquisitions of Contrail Aviation, D&D and Jet Yard (see Note 8 ). The Company’s consolidated statement of income (loss) for the year ended March 31, 2017 reflects a tradename and patent impairment charge in the amount of $1,110,000 compared to $50,000 for the prior fiscal year. These impairment charges were incurred by Delphax (see Note 8 ). Annual future amortization expense for these intangible assets for the five succeeding years is as follows:
Year ending March 31, |  |  |  |
2018 |  | $ | 350,146 |
2019 |  |  | 268,021 |
2020 |  |  | 162,840 |
2021 |  |  | 162,840 |
2022 |  |  | 101,422 |
Goodwill consisted of the following:
|  | Year Ended March 31, |
|  | 2017 |  |  | 2016 |
Goodwill, at original cost |  | $ | 4,793,013 |  |  | $ | 375,408 |
|  |  | 4,793,013 |  |  |  | 375,408 |
Less accumulated impairment |  |  | (375,408 | ) |  |  | (100,000 | )
Goodwill, net of impairment |  | $ | 4,417,605 |  |  | $ | 275,408 |
The Company recorded goodwill of approximately $375,000 in connection with its investment in Delphax (Note 8 ). The Company estimated a subsequent impairment of this goodwill during the fiscal year ended March 31, 2016 of $100,000 and an additional impairment of $275,000 during the quarter ended June 30, 2016. The Company undertook as of March 31, 2017 a qualitative assessment of goodwill associated with its acquisitions of Contrail Aviation and D&D and concluded that no impairment charge was warranted.

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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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