v3.8.0.1
Goodwill and Intangible Assets
 12 Months Ended
Mar. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets

NOTE 6 - GOODWILL AND INTANGIBLE ASSETS

 

The carrying amount of goodwill was $496,226 at each of March 31, 2018 and 2017.

 

Intangible assets consist of the following:

 

    March 31,  
    2018     2017  
Definite life brands   $ 170,000     $ 170,000  
Trademarks     641,693       631,693  
Rights     8,271,555       8,271,555  
Product development     208,518       186,668  
Patents     994,000       994,000  
Other     55,460       55,460  
      10,341,226       10,309,376  
Less: accumulated amortization     8,485,253       8,035,018  
                 
Net     1,855,973       2,274,358  
Other identifiable intangible assets - indefinite lived*     4,112,972       4,112,972  
    $ 5,968,945     $ 6,387,330  

 

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

 

Accumulated amortization consists of the following:

 

    March 31,  
    2018     2017  
Definite life brands   $ 170,000     $ 170,000  
Trademarks     403,617       367,294  
Rights     6,954,303       6,617,062  
Product development     47,880       37,478  
Patents     909,453       843,184  
Accumulated amortization   $ 8,485,253     $ 8,035,018  

 

Amortization expense for the years ended March 31, 2018, 2017 and 2016 totaled $450,234, $663,712 and $658,811, respectively.

 

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

 

Years ending March 31,   Amount  
2019   $ 231,596  
2020     193,431  
2021     191,289  
2022     186,806  
2023     166,823  
         
Total   $ 969,945