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Goodwill and Intangible Assets
 12 Months Ended
Mar. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets

Note 7 — Goodwill and Intangible Assets

 

Goodwill

 

The Company currently has one reporting unit. The following table presents the changes in the carrying amount of goodwill for the years ended March 31, 2019 and 2018 (in thousands):

 

   Goodwill 
Balance as of March 31, 2017  $- 
Acquisitions   6,698 
Discontinued operations   (1,321)
Balance as of March 31, 2018  $5,377 
Acquisitions   - 
Finalization of purchase price allocation of Slacker (see Note 4*)   4,295 
Balance as of March 31, 2019  $9,672 

 

(* Increase in goodwill due to change in fair value of equity consideration transferred and final fair value of assets acquired and liabilities assumed.)

 

Indefinite-Lived Intangible Assets

 

The following table presents the changes in the carrying amount of indefinite-lived intangible assets in the Company’s reportable segment for the year ended March 31, 2019 (in thousands):

 

   Tradenames 
Balance as of March 31, 2018  $- 
Acquisitions   - 
Finalization of purchase price allocation of Slacker (see Note 4*)   4,637 
Impairment losses   - 
Balance as of March 31, 2019  $4,637 

 

(* Tradenames determined to be indefinite-lived intangible asset in final purchase accounting. Preliminarily booked as a definite lived intangible asset.)

 

Finite-Lived Intangible Assets

 

The Company’s finite-lived intangible assets were as follows as of March 31, 2019 (in thousands):

 

   Gross Carrying Value   Accumulated Amortization   Net Carrying Value 
Software  $19,280   $4,819   $14,461 
Intellectual property (patents)   5,366    447    4,919 
Customer relationships   6,570    3,665    2,905 
Domain names   29    8    21 
Total  $31,245   $8,939   $22,306 

 

The Company’s finite-lived intangible assets were as follows as of March 31, 2018 (in thousands):

 

   Gross Carrying Value   Accumulated Amortization   Net Carrying Value 
Software  $19,384   $968   $18,416 
Trademark/trade name   11,436    572    10,864 
Intellectual property (patents)   8,454    141    8,313 
Customer relationships   6,618    739    5,879 
Domain names   29    2    27 
Total  $45,921   $2,422   $43,499 

 

The Company’s amortization expense on its finite-lived intangible assets was $6.5 million and $2.4 for the years ended March 31, 2019 and 2018, respectively.

 

The Company estimated future amortization expense on its finite-lived intangible assets as of March 31, 2019 to be as follows (in thousands):

 

For Years Ended March 31,    
2020  $5,683 
2021   4,744 
2022   4,744 
2023   3,648 
2024   358 
Thereafter   3,129 
   $22,306