Intangible Assets

9 Months Ended

Dec. 25, 2022

Intangible Assets

Intangible Assets

Note 3. Intangible Assets

Intangible assets, net on our Consolidated Balance Sheets as of December 25, 2022, consists of capitalized software for internal use, and indefinite-lived intangible assets. Capitalized software for internal use, net of accumulated amortization, was $38,859,000 and $29,463,100 as of December 25, 2022 and March 27, 2022, respectively. Amortization expense of capitalized software for internal use was $143,400 and $263,200 for the three months ended December 25, 2022 and December 26, 2021, respectively. Amortization expense of capitalized software for internal use was $498,600 and $658,400 for the nine months ended December 25, 2022 and December 26, 2021, respectively.  During the nine months ended December 25, 2022, and December 26, 2021, the Company continued to capitalize costs related to an ongoing information technology project. This project was launched during the fourth quarter of fiscal 2023; accordingly, amortization of the project costs will commence in the fourth quarter of fiscal 2023.

Indefinite-lived intangible assets were $795,400 as of December 25, 2022 and March 27, 2022.