9.	INTANGIBLE ASSETS AND GOODWILL

Amortizable intangible assets consisted of the following:

	March 31, 2019
	Gross		Accumulated			Net Book
	Carrying Amount		Amortization			Value
Tradenames	$	580,000		(319,913	)	$	260,087
Customer relationships		751,000		(194,270	)		556,730
Non-compete		69,700		(37,638	)		32,062
Certification		47,000		(25,380	)		21,620
License		250,000		(59,967	)		190,033
Patents		1,090,000		(1,090,000	)		-
Software		571,507		(428,309	)		143,198
Other		22,242		(715	)		21,527

Intangible assets		3,381,449		(2,156,192	)		1,225,257

	March 31, 2018
	Gross		Accumulated			Net Book
	Carrying Amount		Amortization			Value
Tradenames	$	442,000		(229,480	)	$	212,520
Customer relationships		751,000		(119,170	)		631,830
Non-compete		69,700		(23,698	)		46,002
Certification		47,000		(15,980	)		31,020
License		250,000		(18,058	)		231,942
Patents		1,090,000		(1,090,000	)		-
Software		429,128		(291,405	)		137,723
Other		22,242		(808	)		21,435

Intangible assets		3,101,070		(1,788,598	)		1,312,472

Amortization expense was approximately

$368,000

and

$323,000

for the fiscal year

2019

and

2018,

respectively. Most of the net book value of the Company’s amortizable intangibles stems from the Company’s acquisition of Contrail Aviation.

Annual future amortization expense for these intangible assets for the

five

succeeding years and thereafter is as follows:

Year ending March 31,
2020	$	300,539
2021		280,126
2022		205,016
2023		156,470
2024		83,970
Thereafter		199,136
	$	1,225,257

Goodwill consisted of the following:

	Year Ended March 31,
	2019			2018

Goodwill, at original cost	$	4,793,013		$	4,793,013

Less accumulated impairment		(375,408	)		(375,408	)
Goodwill, net of impairment	$	4,417,605		$	4,417,605

Certain business acquisitions have resulted in the recording of goodwill, which is

not

amortized. As of

March 31, 2019

and

2018,

the Company had approximately

$4.4

million of goodwill, of which

$4.2

million is related to the acquisition of Contrail Aviation. We performed our annual impairment assessment for goodwill of the Contrail reporting unit. In conducting a qualitative assessment, the Company analyzes a variety of events or factors that

may

influence the fair value of the Contrail reporting unit including, but

not

limited to: changes in the carrying amount of the reporting unit; actual and projected revenue and operating margin; relevant market data for both the Company and its peer companies; industry outlooks; macroeconomic conditions; liquidity; changes in key personnel; and the Company's competitive position. Significant judgment is used to evaluate the totality of these events and factors to make the determination of whether it is more likely than

not

that the fair value of the reporting unit is less than its carrying value. Based on the results of our annual qualitative assessment conducted as of

March 31, 2019

and

2018,

the fair value of our Contrail reporting unit exceeded its carrying value and management concluded that

impairment charge was warranted.