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Goodwill and Other Intangible Assets
12 Months Ended
Mar. 29, 2020
Goodwill  
Goodwill

Note 4. Goodwill and Other Intangible Assets

 

Due to lower than expected results and a significant reduction in market capitalization (due to reduced stock price), we performed a quantitative impairment test for goodwill during the third and fourth quarters of fiscal year 2020. Based on these quantitative tests, goodwill was fully impaired, and we recorded $11.7 million of non-cash goodwill impairment loss during fiscal year 2020, which was included on the goodwill impairment line on the consolidated statements of (loss) income. Based on the quantitative tests we did in the third quarter, we recorded $2.6 million of non-cash goodwill impairment loss related to the retail segment. Based on the quantitative tests we did in the fourth quarter, we recorded $9.1 million of non-cash goodwill impairment loss related to the commercial segment. There was no change in the carrying amount of goodwill for the fiscal year ended March 31, 2019.

 

Intangibles, net on our Consolidated Balance Sheets as of March 29, 2020 and March 31, 2019, consists of capitalized internally development computer software and an indefinite lived intangible assets. Capitalized internally developed computer software, net of accumulated amortization, as of March 29, 2020 and March 31, 2019 was $10,362,100 and $5,097,800, respectively. Certain intangibles previously classified as other long-term assets as reported for the prior periods reflected in this Annual Report on Form 10-K have been reclassified accordingly. Amortization expense of capitalized internally developed computer software was $1,954,700,  $1,620,800, and $1,721,000 for fiscal years 2020, 2019, and 2018. Indefinite lived intangible assets were $795,400 as of March 29, 2020 and March 31, 2019.