XML 45 R30.htm IDEA: XBRL DOCUMENT v3.25.1
Related Party Transactions
 12 Months Ended
Mar. 31, 2025
Related Party Transactions [Abstract]  
Related Party Transactions
22. Related Party Transactions
 
Lease
 
In December 2022, the Company entered into an operating lease for its 35,000 square foot manufacturing, warehouse, and office facility in Ontario, Canada, with a company co-owned by a member of management. The lease, which commenced January 1, 2023, has an initial term of one year with a base rent of approximately $27,000 per month and includes options to renew for up to four years. In November 2023, the Company exercised one of these options to renew for an additional one-year period. In February 2025, the Company exercised a second extension term for an additional three-year period with a base rent of approximately $30,000 per month, which took effect on January 1, 2025.The rent expense recorded for the related party lease was $332,000, $328,000 and $82,000 for the years ended March 31, 2025, 2024 and 2023, respectively.
 
Convertible Note and Election of New Director
 
On March 31, 2023, the Company entered into the Note Purchase Agreement with Bison Capital Partners VI, L.P. and Bison Capital Partners VI-A, L.P., and Bison Capital Partners VI, L.P. as the Purchaser Representative, for the issuance and sale of the Convertible Notes. In connection with the issuance of the Convertible Notes and at the recommendation of the Nominating and Corporate Governance Committee of the Board and in connection with the bylaws of the Company, the Board appointed Douglas Trussler, a co-founder of Bison Capital in 2001, to the Board. Mr. Trussler’s compensation is consistent with the Company’s previously disclosed standard compensation practices for non-employee directors, other than Mr. Trussler does not accept the annual grant of equity to non-employee directors, which are described in the Company’s Definitive Proxy Statement, filed with the SEC on July 26, 2024. There are no other transactions between Mr. Trussler and the Company that would be reportable under Item 404(a) of Regulation S-K.