| Goodwill and Intangible Assets |
NOTE 5 — GOODWILL AND INTANGIBLE
ASSETS
The carrying amount of goodwill was $496,226
at each of June 30 and March 31, 2018.
Intangible assets consist of the following:
| |
|
June 30, 2018 |
|
|
March 31, 2018 |
|
| Definite life brands |
|
$ |
170,000 |
|
|
$ |
170,000 |
|
| Trademarks |
|
|
641,693 |
|
|
|
641,693 |
|
| Rights |
|
|
8,271,555 |
|
|
|
8,271,555 |
|
| Product development |
|
|
208,518 |
|
|
|
208,518 |
|
| Patents |
|
|
994,000 |
|
|
|
994,000 |
|
| Other |
|
|
55,460 |
|
|
|
55,460 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
10,341,226 |
|
|
|
10,341,226 |
|
| Less: accumulated amortization |
|
|
8,597,851 |
|
|
|
8,485,253 |
|
| |
|
|
|
|
|
|
|
|
| Net |
|
|
1,743,375 |
|
|
|
1,855,973 |
|
| Other identifiable intangible assets — indefinite lived* |
|
|
4,112,972 |
|
|
|
4,112,972 |
|
| |
|
|
|
|
|
|
|
|
| |
|
$ |
5,856,347 |
|
|
$ |
5,968,945 |
|
* Other identifiable intangible assets —
indefinite lived consists of product formulations and the Company’s relationships with its distillers.
Accumulated amortization consists of the following:
| |
|
June 30, 2018 |
|
|
March 31, 2018 |
|
| Definite life brands |
|
$ |
170,000 |
|
|
$ |
170,000 |
|
| Trademarks |
|
|
412,726 |
|
|
|
403,617 |
|
| Rights |
|
|
7,038,614 |
|
|
|
6,954,303 |
|
| Product development |
|
|
50,491 |
|
|
|
47,880 |
|
| Patents |
|
|
926,020 |
|
|
|
909,453 |
|
| |
|
|
|
|
|
|
|
|
| Accumulated amortization |
|
$ |
8,597,851 |
|
|
$ |
8,485,253 |
|
|