A reconciliation of the changes to the Company’s carrying amount of goodwill for the periods or as of the dates indicated:

Fair value is defined under ASC 820, Fair Value Measurements and Disclosures as, “The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date”. The Company considered the income and market approaches to derive an opinion of value. Under the income approach, the Company utilized the discounted cash flow method, and under the market approach, consideration was given to the guideline public company method, the merger and acquisition method, and the market capitalization method.

Goodwill is tested annually during the fourth fiscal quarter and whenever events or circumstances indicate an impairment may have occurred. Based on the results of the annual impairment tests, performed during the fourth quarter of Fiscal 2015, no impairment of goodwill existed at March 31, 2015. In the period ended June 30, 2014, we finalized the purchase price allocation of MIA, which resulted in an adjustment to goodwill of $1,472. There was an increase in goodwill in the fiscal year ended March 31, 2015 for the acquisition of XYO of $1,000 and DT Media (Appia) of $69,438, respectively.