GOODWILL AND INTANGIBLE ASSETS (Tables)

12 Months Ended

Mar. 31, 2015

The changes in the carrying amount of goodwill for the years ended March 31, 2015 and 2014 were as follows:

	Amount
Balance as of March 31, 2013	$	490,286
Payments under McLain and Kyne agreement		5,940
Balance as of March 31, 2014	$	496,226
Year ended March 31, 2015		—
Balance as of March 31, 2015	$	496,226

Intangible assets consist of the following:

	March 31,
	2015		2014
Definite life brands	$	170,000	$	170,000
Trademarks		631,693		535,947
Rights		8,271,555		8,271,555
Product development		161,321		96,959
Patents		994,000		994,000
Other		55,460		55,460
		10,284,029		10,123,921
Less: accumulated amortization		6,713,774		6,058,005

Net		3,570,255		4,065,916
Other identifiable intangible assets — indefinite lived*		4,112,972		4,112,972
	$	7,683,227	$	8,178,888

* Other identifiable intangible assets — indefinite lived consists of product formulations and the Company’s relationships with its distillers.

Accumulated amortization consists of the following:

Estimated aggregate amortization expense for each of the next five fiscal years is as follows: