Goodwill and Other Intangible Assets

12 Months Ended

Mar. 31, 2015

Goodwill and Other Intangible Assets [Abstract]

Note 3. Goodwill and Other Intangible Assets

Goodwill.

As described in note 2, on March 31, 2015, for accounting purposes, UPI was deemed to have acquired VSCI for a purchase price of $16.5 million, and as a result, the Company recognized $18.8 million in goodwill.

Other Intangible Assets.

Other intangible assets consisted of the following at March 31:

	2015				2014
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Developed technology	$	6,200,000	$	-	$	-	$	-
Patents		5,653,000		5,564,000		5,653,000		5,533,000
Trademarks and trade names		190,000		-		-		-
Customer relationships		7,270,000		-		-		-
		19,313,000	$	5,564,000		5,653,000	$	5,533,000
Accumulated amortization		5,564,000				5,533,000

Net book value of amortizable intangible assets	$	13,749,000			$	120,000

For the years ended March 31, 2015, 2014 and 2013, amortization of intangible assets charged to operations was approximately $31,000, $30,000 and $863,000, respectively. The weighted average remaining amortization period for intangible assets as of March 31, 2015 was approximately 6 years.

Estimated amortization expense for all intangible assets for the five years subsequent to March 31, 2015 is as follows (in thousands):

Year ending March 31,
2016	$	2,408,000
2017		2,348,000
2018		2,348,000
2019		2,348,000
2020		2,348,000

- 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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