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Related Party Transactions
3 Months Ended
Jun. 30, 2023
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
Refer to the Company’s 2023 Annual Report for a more complete description of the nature of its related party transactions prior to March 31, 2023. The following reflects the related party activity during the three months ended June 30, 2023 and 2022.
In connection with the transfer of its TeamConnect business and support for its pdvConnect business, the Company entered into a memorandum of understanding (“MOU”) with the principals of Goosetown on December 31, 2018. Under the MOU, the Company agreed to assign the intellectual property rights to its pdvConnect application to TeamConnect LLC (“LLC”), a new entity formed by the principals of Goosetown, in exchange for a 19.5% ownership interest in the LLC, effective April 30, 2019. The Company was obligated to pay the LLC a monthly service fee for a 24-month period ending on January 7, 2021 for its assumption of the Company’s support obligations under the A BEEP and Goosetown Agreements. The Company was also obligated to pay the LLC a certain portion of the billed revenue received by the Company from pdvConnect customers for a 48-month period. On February 22, 2023, the Company amended the LLC agreement to withdraw as a member of the LLC for no consideration and did not incur payments during the three months ended June 30, 2023. For the three months ended June 30, 2022, the Company incurred payments of $15,000 to the parties associated with the transferred business. As of June 30, 2023 and March 31, 2023, the Company did not have outstanding liabilities to the related parties associated with the transferred business.