Ya, it's not in goodwill, read the current disclos
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Posted On: 07/19/2021 9:15:21 PM
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Ya, it's not in goodwill, read the current disclosures compared to the old. This the matter to bed. MANF and ESS are back baby!
NOTE 7 – GOODWILL
The Company completed one acquisition during the year ended March 31, 2021 (See Note 1), which gave
rise to goodwill of $19,980,000.
The below table summarizes the changes in goodwill as of March 31, 2021:
Balance March 31, 2020 $ 59,862,342
Acquisition of goodwill (Note 3) 19,980,000
Impairment -
Ending balance, March 31, 2020 $ 68,313,186
6Goodwill
Goodwill represents the excess of the purchase price of the acquired business over the estimated fair value
of the identifiable net assets acquired. Goodwill is not amortized but is tested for impairment at least annually at year
year-end, at the reporting unit level or more frequently if events or changes in circumstances indicate that the asset
might be impaired. The goodwill impairment test is applied by performing a qualitative assessment before calculating
the fair value of the reporting unit. If, on the basis of qualitative factors, it is considered not more likely-than-not that
the fair value of the reporting unit is less than the carrying amount, further testing of goodwill for impairment would
not be required. Otherwise, goodwill impairment is tested using a two-step approach.
The first step involves comparing the fair value of the reporting unit to its carrying amount. If the fair value
of the reporting unit is determined to be greater than its carrying amount, there is no impairment. If the reporting unit’s
carrying amount is determined to be greater than the fair value, the second step must be completed to measure the
amount of impairment, if any. The second step involves calculating the implied fair value of goodwill by deducting
the fair value of all tangible and intangible assets, excluding goodwill, of the reporting unit from the fair value of the
reporting unit as determined in step one. The implied fair value of the goodwill in this step is compared to the carrying
value of goodwill. If the implied fair value of the goodwill is less th
NOTE 7 – GOODWILL
The Company completed one acquisition during the year ended March 31, 2021 (See Note 1), which gave
rise to goodwill of $19,980,000.
The below table summarizes the changes in goodwill as of March 31, 2021:
Balance March 31, 2020 $ 59,862,342
Acquisition of goodwill (Note 3) 19,980,000
Impairment -
Ending balance, March 31, 2020 $ 68,313,186
6Goodwill
Goodwill represents the excess of the purchase price of the acquired business over the estimated fair value
of the identifiable net assets acquired. Goodwill is not amortized but is tested for impairment at least annually at year
year-end, at the reporting unit level or more frequently if events or changes in circumstances indicate that the asset
might be impaired. The goodwill impairment test is applied by performing a qualitative assessment before calculating
the fair value of the reporting unit. If, on the basis of qualitative factors, it is considered not more likely-than-not that
the fair value of the reporting unit is less than the carrying amount, further testing of goodwill for impairment would
not be required. Otherwise, goodwill impairment is tested using a two-step approach.
The first step involves comparing the fair value of the reporting unit to its carrying amount. If the fair value
of the reporting unit is determined to be greater than its carrying amount, there is no impairment. If the reporting unit’s
carrying amount is determined to be greater than the fair value, the second step must be completed to measure the
amount of impairment, if any. The second step involves calculating the implied fair value of goodwill by deducting
the fair value of all tangible and intangible assets, excluding goodwill, of the reporting unit from the fair value of the
reporting unit as determined in step one. The implied fair value of the goodwill in this step is compared to the carrying
value of goodwill. If the implied fair value of the goodwill is less th
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