XML 58 R13.htm IDEA: XBRL DOCUMENT v2.4.1.9
Acquired Technology
9 Months Ended
Dec. 31, 2014
Acquired Technology  
Acquired Technology

Note 7 – Acquired Technology

 

On July 5, 2012, the Company acquired the rights to certain technology from Technew Technology Limited in exchange for 3,000,000 restricted shares of the Company's common stock.  These restricted shares were valued at $0.79 per share, discounted at 69% taking into consideration its restricted nature and lack of liquidity and consistent trading in the market, or $1,635,300, which was recorded as acquired technology and is being amortized on a straight-line basis over the acquired technology's estimated useful life of fifteen (15) years.

 

(i) Impairment

 

The Company completed its annual impairment testing of acquired technology and determined that there was no impairment as the fair value of patent, exceeded its carrying value at March 31, 2014.

 

(ii) Amortization Expense

 

Amortization expense was $81,765 each for the reporting period ended December 31, 2014 and 2013, respectively.