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Business Combinations, Intangible Assets, and Goodwill | 12 Months Ended
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Mar. 31, 2022
Business Combination, Goodwill And Intangible Assets Disclosure [Abstract] |
Business Combinations, Intangible Assets, and Goodwill | Business Combinations, Intangible Assets, and Goodwill Curative Talent Acquisition On April 1, 2020, the Company completed the acquisition of THMED, LLC (subsequently renamed Curative Talent, LLC, “Curative”), which was accounted for as a business combination. Curative provides temporary and permanent healthcare staffing services to hospitals, medical groups, and other healthcare facilities across the United States. The acquisition-date fair value of the consideration transferred was $34.7 million, consisting of $33.6 million in cash and 689,656 shares of common stock valued at $1.1 million. The purchase consideration was allocated to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date, with the excess recorded to goodwill as shown below. The purchase consideration allocation was as follows (in thousands):
Assets acquired: |
Cash and cash equivalents | $ | 1,972 |
Accounts receivable | 4,075 |
Other assets | 1,503 |
Customer relationships | 10,280 |
Total assets acquired | $ | 17,830 |
Liabilities assumed: |
Accounts payable and accrued liabilities | $ | 2,030 |
Net assets acquired, excluding goodwill | 15,800 |
Goodwill | $ | 18,915 |
Total purchase consideration | $ | 34,715 |
Goodwill represents the future benefits as a result of the acquisition that will enhance the Company’s product available to both new and existing customers and increase the Company’s competitive position. Goodwill is deductible for income tax purposes. The Company’s acquisition-related costs were $1.2 million and were recorded as general and administrative expense in the Company’s consolidated statements of operations during the fiscal year ended March 31, 2020. Intangible assets acquired are comprised of customer relationships with an estimated useful life of 10 years. The fair value assigned to the customer relationship was determined primarily using the multiple period excess earnings method cost approach, which estimates the direct cash flows expected to be generated from the existing customers acquired. The results of operations of this business combination have been included in the Company’s consolidated financial statements from the acquisition date. In October 2020, the Company sold a portion of Curative Talent’s business for total consideration of $4.7 million, of which $4.2 million has been received in cash and the remaining $0.5 million was held in escrow, subject to standard representations and warranties. The net assets of this business were not material. The Company recognized a gain on sale for the total consideration during the fiscal year ended March 31, 2021 as a result of this sale. Intangible Assets Intangible assets, net consisted of the following (in thousands):
| As of March 31,
| 2022 |  | 2021
Customer relationships | $ | 9,869 |  |  | $ | 10,280 |
Domain names | 11 |  |  | 436 |
Total intangible assets | 9,880 |  |  | 10,716 |
Less: accumulated amortization | (1,971) |  |  | (1,120) |
Total intangible assets, net | $ | 7,909 |  |  | $ | 9,596 |
Amortization expense for intangible assets was $1.0 million, $1.1 million and not material for the fiscal years ended March 31, 2022, 2021, and 2020 respectively. As of March 31, 2022, future amortization expense is as follows (in thousands):
Years Ending March 31, | Amount
2023 | $ | 990 |
2024 | 990 |
2025 | 990 |
2026 | 990 |
2027 | 988 |
Thereafter | 2,961 |
Total future amortization expense | $ | 7,909 |
Goodwill As of March 31, 2022 and March 31, 2021, goodwill was $18.9 million. No goodwill impairment charges were recorded for each of the fiscal years ended March 31, 2022 and 2021.

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