Note 7 – Goodwill

Goodwill is subject to an annual impairment test. The Company considers many factors which may indicate the requirement to perform additional, interim impairment tests. These include:

A significant adverse long term outlook for any of its industries;

An adverse finding or rejection from a regulatory body involved in new product regulatory approvals;

Failure of an anticipated commercialization of a product or product line;

Unanticipated competition or the introduction of a disruptive technology;

The testing for recoverability under the Impairment or Disposal of Long-Lived Assets Subsections of Subtopic 360-10 of a significant asset group within a reporting unit;

A loss of key personnel; and

An expectation that a reporting unit carrying goodwill, or a significant portion of a reporting unit, will be sold or otherwise disposed of.

There were no changes, aside from foreign exchange rate fluctuations, in the carrying value of goodwill during the three months ended December 31, 2015.