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Fair Value Measurements
 6 Months Ended
Sep. 30, 2024
Fair Value Measurements [Abstract]  
Fair Value Measurements
15. Fair Value Measurements
The following summarizes financial assets and liabilities measured at fair value, by level within the fair value hierarchy:
   
September 30, 2024
    
March 31, 2024
  
         
Fair Value Measurements
          
Fair Value Measurements
  
         
Using Inputs Considered as
          
Using Inputs Considered as
  
   
Fair Value
    
Level 1
    
Level 2
    
Level 3
    
Fair Value
    
Level 1
    
Level 2
    
Level 3
  
Assets
                                                
Short-term investments
                                                
Mutual funds
  
$
1,901,000
    
$
1,901,000
    
$
-
    
$
-
    
$
1,837,000
    
$
1,837,000
    
$
-
    
$
-
  
Prepaid expenses and other current assets
                                                                
Forward foreign currency exchange contracts
    
-
      
-
      
-
      
-
      
2,516,000
      
-
      
2,516,000
      
-
  
                                                                 
Liabilities
                                                                
Other current liabilities
                                                                
Deferred compensation
    
1,901,000
      
1,901,000
      
-
      
-
      
1,837,000
      
1,837,000
      
-
      
-
  
Forward foreign currency exchange contracts
    4,303,000       -       4,303,000       -       -       -       -       -  
Convertible notes, related party
                                                                
Compound Net Derivative Liability
     5,210,000       -       -       5,210,000       7,410,000       -       -       7,410,000  

Short-term Investments and Deferred Compensation
 
The Company’s short-term investments, which fund its deferred compensation liabilities, consist of investments in mutual funds. These investments are classified as Level 1 as the shares of these mutual funds trade with sufficient frequency and volume to enable the Company to obtain pricing information on an ongoing basis.
Forward Foreign Currency Exchange Contracts
The forward foreign currency exchange contracts are primarily measured based on the foreign currency spot and forward rates quoted by the banks or foreign currency dealers (See Note 14).

Compound Net Derivative Liability
The Company estimates the fair value of the Compound Net Derivative Liability (see Note 7) using Level 3 inputs and the Monte Carlo simulation model at the balance sheet date. The Monte Carlo simulation model requires the input of subjective assumptions including the expected volatility of the underlying stock. These subjective assumptions are based on both historical and other information. Changes in the values assumed and used in the model can materially affect the estimate of fair value. This amount is recorded within convertible notes, related party in the condensed consolidated balance sheets at September 30, 2024 and March 31, 2024. Any changes in the fair value of the Compound Net Derivative Liability are recorded in change in fair value of compound net derivative liability in the condensed consolidated statements of operations and condensed consolidated statements of cash flows.
The following assumptions were used to determine the fair value of the Compound Net Derivative Liability:
   
September 30, 2024
    
March 31, 2024
  
Risk free interest rate
    
3.55
%
    
4.36
%
Cost of equity
    
22.00
%
    
23.20
%
Weighted average cost of capital     13.10 %     14.90 %
Expected volatility of the Company’s common stock     45.00 %     50.00 %
EBITDA volatility     40.00 %     40.00 %

The following summarizes the activity for Level 3 fair value measurements:
   
Three Months Ended
     Six Months Ended  
    September 30,
   
September 30,
 
   
2024
    
2023
   
2024
    
2023
  
Beginning balance
  
$
4,830,000
    
$
8,570,000
     $ 7,410,000     $ 8,430,000  
Changes in fair value of Compound Net Derivative Liability included in earnings
    
380,000
      
390,000
       (2,200,000 )     530,000  
Ending balance
  
$
5,210,000
     $ 8,960,000     $ 5,210,000     $ 8,960,000  

During the three and six months ended September 30, 2024, the Company had no significant measurements of assets or liabilities at fair value on a nonrecurring basis subsequent to their initial recognition.
The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate their fair value due to the short-term nature of these instruments. The carrying amounts of the revolving loan and other long-term liabilities approximate their fair value based on the variable nature of interest rates and current rates for instruments with similar characteristics. At September 30, 2024 and March 31, 2024, the net carrying amount of the Convertible Notes was $32,340,000 and $30,776,000, respectively ( see Note 7). The estimated fair value of the Company’s Convertible Notes was $37,631,000 and $38,276,000 using Level 3 inputs at September 30, 2024 and March 31, 2024, respectively.