Goodwill And Other Intangible Assets

3 Months Ended

Jul. 31, 2014

Goodwill And Other Intangible Assets [Abstract]

Note E - Goodwill and Other Intangible Assets

Goodwill

The change in carrying amount of goodwill for the three months ended July 31, 2014, are as follows:


	Total

Balance at April 30, 2014	$	3,222,899
Changes in carrying amount		-
Balance at July 31, 2014	$	3,222,899

Other Intangible Assets

Intangible assets subject to amortization are summarized as of July 31, 2014 as follows:



	Weighted Average
	Remaining	Gross
	Amortization	Carrying		Accumulated
	Period (Years)	Amount		Amortization

Other intangible assets – Able	-	$	375,000	$	375,000
Customer relationships – Able	-		2,395,000		2,395,000
Spitfire:
Non-contractual customer relationships	12.8		4,690,000		323,790
Backlog	-		22,000		22,000
Trade names	17.8		980,000		106,158
Non-compete agreements	4.8		50,000		15,470
Patents	2.8		400,000		173,342
Total		$	8,912,000	$	3,410,760

Note E - Goodwill and Other Intangible Assets - Continued

Intangible assets subject to amortization are summarized as of April 30, 2014, as follows:



	Weighted Average
	Remaining	Gross
	Amortization	Carrying		Accumulated
	Period (Years)	Amount		Amortization

Other intangible assets – Able	-	$	375,000	$	375,000
Customer relationships – Able	-		2,395,000		2,395,000
Spitfire:
Non-contractual customer relationships	13.1		4,690,000		256,311
Backlog	-		22,000		22,000
Trade names	18.1		980,000		93,909
Non-compete agreements	5.1		50,000		13,685
Patents	3.1		400,000		153,341
Total		$	8,912,000	$	3,309,246

Estimated aggregate amortization expense for intangible assets, which become fully amortized in 2032, for the remaining periods is as follows:



For the remaining 9 months of the fiscal year ending April 30:	2015	$	327,096
For the fiscal year ending April 30:	2016		470,899
	2017		490,010
	2018		435,043
	2019		423,721
	2020		411,406
	Thereafter		2,943,065
		$	5,501,240

Amortization expense was $101,514 and $87,246 for the quarters ended July 31, 2014 and 2013, respectively.

- 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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