(7)INTANGIBLE ASSETS, NET

 

The following table summarizes the Company’s intangible assets, as of March 31, 2014 and 2015.

 

 

 

(i)  Contracts in progress of RMB 569,087 and RMB 346,140 recognized at the acquisition date was deducted from the billing upon completion of certain contracts as of March 31, 2014 and 2015. The Company recognized an impairment charge of RMB 310,153 upon the cancellation of certain contracts during the year ended March 31, 2015.

 

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. The TOEIC distributor contract with ETS was terminated on February 28, 2014 and the Company recognized an impairment loss of RMB 12,009,457 for the year ended March 31, 2014.

 

Amortization expenses for intangible assets recognized as cost of revenues were RMB 2,514,392, RMB 2,359,475 and RMB 192,873 for the years ended March 31, 2013, 2014 and 2015, respectively.

 

As of March 31, 2015, the estimated amortization expense for the next five years is as follows: