Quarterly report pursuant to sections 13 or 15(d)

Intangible Assets

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Intangible Assets
 3 Months Ended
Jun. 30, 2012
Intangible Assets
  9. Intangible Assets

 

The components of intangible assets as at June 30, 2012 and March 31, 2012 were as follows:

 

    As of June 30, 2012  
          Accumulated        
    Cost     Amortization     Net  
                   
Software   $ 1,611     $ (1006 )   $ 605  
Trade name / Trademark     154       -     $ 154  
Customer list     1,220       (1,220 )   $ (0 )
License agreements     443       (443 )   $ (0 )
    $ 3,428     $ (2,669 )   $ 759  

 

We complete our annual impairment tests in the fourth quarter of each year unless events or circumstances indicate that an asset may be impaired. There were no indications of impairment present during the period ended June 30, 2012. The Company recorded an impairment charge of $2,319 for the year ended March 31, 2012.

 

    As of March 31, 2012  
          Accumulated        
    Cost     Amortization     Net  
                   
Software   $ 1,611     $ (948 )   $ 663  
Trade name / Trademark     154       -     $ 154  
Customer list     1,220       (1,220 )   $ (0 )
License agreements     443       (443 )   $ (0 )
    $ 3,428     $ (2,611 )   $ 817  

 

The Company has included amortization of acquired intangible assets directly attributable to revenue-generating activities in cost of revenues. During the periods ended June 30, 2012 and 2011, the Company recorded amortization expense in the amount of $58 and $58, respectively, in cost of revenues.

 

Based on the amortizable intangible assets as of June 30, 2012, we estimate amortization expense for the next three years to be as follows:

 

      Amortization  
Year Ending June 30,     Expense  
      (in thousands)  
         
  2013     $ 232  
  2014       232  
  2015       141  
        $ 605