GOODWILL AND INTANGIBLE ASSETS

NOTE 5 — GOODWILL AND INTANGIBLE ASSETS

The carrying amount of goodwill was $496,226 at each of December 31 and March 31, 2014.

Intangible assets consist of the following:

	December 31,		March 31,
	2014		2014
Definite life brands	$	170,000	$	170,000
Trademarks		631,693		535,947
Rights		8,271,555		8,271,555
Product development		124,458		96,959
Patents		994,000		994,000
Other		55,460		55,460

		10,247,166		10,123,921
Less: accumulated amortization		6,546,722		6,058,005

Net		3,700,444		4,065,916
Other identifiable intangible assets — indefinite lived*		4,112,972		4,112,972

Total intangible assets, net	$	7,813,416	$	8,178,888

* Other identifiable intangible assets — indefinite lived consists of product formulations.

Accumulated amortization consists of the following:

	December 31,		March 31,
	2014		2014
Definite life brands	$	170,000	$	170,000
Trademarks		287,112		262,098
Rights		5,375,173		4,961,170
Product development		20,350		20,350
Patents		694,087		644,387
Other		-		-

Accumulated amortization	$	6,546,722	$	6,058,005

- 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.

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