(6) INTANGIBLE ASSETS, NET
The following table summarizes the Company’s intangible assets, all of which were acquired during the year ended March 31, 2009, as of March 31, 2011 and 2012.
|
|
March 31, 2012
|
|
|
|
|
|
|
|
|
|
Weighted
|
|
|
|
Gross
|
|
|
|
Net
|
|
Average
|
|
|
|
carrying
|
|
Accumulated
|
|
carrying
|
|
Amortization
|
|
|
|
amount
|
|
amortization
|
|
amount
|
|
Period
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
Years
|
|
ETS TOEIC license
|
|
24,126,706
|
|
(7,495,275
|
)
|
16,631,431
|
|
10
|
|
Testing service technology
|
|
800,000
|
|
(800,000
|
)
|
—
|
|
3
|
|
Customer relationships
|
|
1,300,000
|
|
(334,165
|
)
|
965,835
|
|
12
|
|
|
|
|
|
|
|
|
|
|
|
Total intangible assets
|
|
26,226,706
|
|
(8,629,440
|
)
|
17,597,266
|
|
|
|
|
|
March 31, 2011
|
|
|
|
|
|
|
|
|
|
Weighted
|
|
|
|
Gross
|
|
|
|
Net
|
|
Average
|
|
|
|
carrying
|
|
Accumulated
|
|
carrying
|
|
Amortization
|
|
|
|
amount
|
|
amortization
|
|
amount
|
|
Period
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
Years
|
|
ETS TOEIC license
|
|
24,126,706
|
|
(5,089,214
|
)
|
19,037,492
|
|
10
|
|
Testing service technology
|
|
800,000
|
|
(555,556
|
)
|
244,444
|
|
3
|
|
Customer relationships
|
|
1,300,000
|
|
(225,832
|
)
|
1,074,168
|
|
12
|
|
|
|
|
|
|
|
|
|
|
|
Total intangible assets
|
|
26,226,706
|
|
(5,870,602
|
)
|
20,356,104
|
|
|
|
ETS TOEIC license represents the amounts paid to Educational Testing Service (“ETS”) under a master distributor agreement for the exclusive right to market, distribute, administer and sell the Test of English for International Communication (“TOEIC”) in mainland PRC for ten years commencing from March 2009.
Amortization expenses for intangible assets were RMB 2,787,670, RMB 2,850,487 and RMB 2,758,838 for the year ended March 31, 2010, 2011 and 2012, respectively. Estimated amortization expense is RMB 2,514,394 for each of the next five years.
|