10. Goodwill and Intangible Assets

Goodwill

We assess goodwill for impairment annually (as of January 1 of each year) or whenever significant indicators of impairment are present. We recognized no impairment in conjunction with our most recent annual impairment analysis.

The following table presents the changes in the carrying amount of goodwill:



	Software and Analytics		Network Solutions		Technology-Enabled Services		Total
Balance at March 31, 2019	$	—	$	—	$	—	$	—
Acquisitions		1,901,116		1,944,701		514,831		4,360,648
Goodwill impairment		(126,839)		(298,870)		(135,455)		(561,164)
Effects of foreign currency		(4,159)		—		—		(4,159)
Balance at March 31, 2020	$	1,770,118	$	1,645,831	$	379,376	$	3,795,325
Acquisitions		22,341		323,986		—		346,327
Dispositions		(51,136)		—		—		(51,136)
Effects of foreign currency		15,583		—		—		15,583
Adjustments		1,396		922		376		2,693
Balance at March 31, 2021	$	1,758,302	$	1,970,739	$	379,752	$	4,108,792

Fiscal Year 2020 Impairment Charge

In accordance with ASC 805, on March 10, 2020, goodwill was recognized as a result of the Merger and was allocated to the Company’s reporting units on a relative fair value basis. Subsequent to the Merger, we concluded a triggering event had occurred due to the expected impact on our financial results due to COVID-19. Therefore, we performed a goodwill impairment test as of March 31, 2020 to compare each reporting unit’s carrying value to the respective fair value. The fair value of each reporting unit was determined using a combination of an income approach based on a discounted cash flow model and a market approach based on appropriate valuation multiples observed for the reporting unit’s guideline public companies. Fair value estimates resulted from a complex series of judgments about future events and uncertainties and relied heavily on estimates and assumptions. The estimates considered most impactful to the goodwill impairment test included our expectation on the amount of time it will take to return to a normal level of healthcare activity, the discount rate used in the income approach, and the market multiples used in the market approach. Reporting unit fair values were considered a Level 3 measurement due to the significance of unobservable inputs developed using company specific information. Based on the results of the interim impairment test, we recorded a non-cash pre-tax goodwill impairment charge of $561,164 which was not deductible for income tax purposes.

Intangible Assets

Intangible assets subject to amortization consist of the following:


	March 31, 2021						March 31, 2020
	Gross Carrying		Accumulated				Gross Carrying		Accumulated
	Amount		Amortization		Net		Amount		Amortization		Net
Customer relationships	$	3,263,653	$	(276,682)	$	2,986,971	$	3,056,000	$	(13,064)	$	3,042,936
Technology-based intangible assets		1,261,285		(200,773)		1,060,512		1,188,000		(10,290)		1,177,710
Tradenames and other		150,538		(10,948)		139,590		146,000		(840)		145,160
Total	$	4,675,476	$	(488,403)	$	4,187,073	$	4,390,000	$	(24,194)	$	4,365,806

Amortization expense was $463,334, $24,194, and $0 for the years ended March 31, 2021, 2020, and 2019, respectively.

Aggregate amortization expense for intangible assets by fiscal year as of March 31, 2021 is estimated to be:


2022	$	496,544
2023		446,194
2024		406,159
2025		373,506
2026		337,532
Thereafter		2,127,138
Total	$	4,187,073