XML 32 R25.htm IDEA: XBRL DOCUMENT v3.25.1
RELATED PARTY TRANSACTIONS
 6 Months Ended
Sep. 30, 2024
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 16 – RELATED PARTY TRANSACTIONS

Letter of Credit

Effective July 12, 2024, our $1.6 million letter of credit with Northern Trust for collateral for a bond related to a judgment assessed to GunBroker.com was extended until July 26, 2025. Effective July 26, 2024, our $1.6 million certificate of deposit with Northern Trust for security on the letter of credit was extended until July 28, 2025. The term of the certificate of deposit is twelve months and includes interest of approximately 5%. Per the terms of the Merger Agreement, Mr. Urvan is required to pay or be liable for these losses.

Triton Settlement Agreement Payment

 

On August 8, 2024, the Company paid $8.0 million to the escrow agent in connection with the Triton Settlement Agreement described in the Contingencies section of Note 2.

 

Gemini Accounts Receivable

 

Through our acquisition of Gemini, a related party relationship was created through one of our directors,Mr. Steve Urvan, by virtue of his ownership of entities that provided services to Gemini. There was $201,646 included in our accounts receivable at September 30, 2024 from entities owned by Mr. Urvan. For additional information on related party transactions involving Mr. Urvan, please refer to the description of the Triton Settlement Agreement in Note 2.