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ACQUISITIONS (Tables) | 12 Months Ended
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Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract] |
Schedule of Acquisition Date's Fair Value | The acquisition date's fair value of the consideration is summarized in the table below (in thousands):
| January 31, 2023
Cash consideration | $ | 1,628 |
Seller's Note | $ | 1,370 |
Total consideration | $ | 2,998 |
Total consideration is summarized in the table below (in thousands):
| February 10, 2022
Consideration paid | $ | 15,256 |
Less: Cash acquired | (2,452) |
Less: Net assets acquired | (6,520) |
Goodwill | $ | 6,284 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The transaction was accounted for as a business combination in accordance with ASC Topic 805 "Business Combinations." Assets acquired and liabilities assumed were recorded in the accompanying consolidated balance sheet at their fair values as of January 31, 2023, with the excess of total consideration above fair value of net assets acquired recorded as goodwill. The following table outlines the consideration transferred and purchase price allocation at the respective fair values as of January 31, 2023 (in thousands):
| January 31, 2023
ASSETS |
Accounts receivable | $ | 1,037 |
Inventory | 517
Other current assets | 97
Property, plant and equipment, net | 403
Intangible -Trade Name | 342
Intangible - Non-competition Agreement | 19
Intangible - Customer Relationships | 683
Other assets | 20
Total assets | $ | 3,118 |
LIABILITIES |
Accounts payable | 61
Accrued expenses and deferred revenue | 635
Total liabilities | $ | 696 |
Net assets acquired | $ | 2,422 |
Consideration paid | 2,998 |
Less: Cash acquired | (500) |
Less: Net assets acquired | (2,422) |
Goodwill | $ | 76 |
In accordance with ASC 805, the purchase price consideration was allocated as follows (in thousands):
Land | $ | 2,794 |
Building | 8,439 |
Site Improvements | 798 |
Tenant Improvements | 269 |
In-place lease and other intangibles | 1,108 |
| $ | 13,408 |
The following table outlines the consideration transferred and purchase price allocation at the respective fair values as of February 10, 2022 (in thousands):
| February 10, 2022
ASSETS |
Accounts Receivable | $ | 715 |
Other current assets | 67
Property, plant and equipment, net | 40
Intangible - Proprietary Database | 2,576
Intangible - Customer Relationships | 7,267
Total assets | 10,665
LIABILITIES |
Accounts payable | 15
Accrued expenses and deferred revenue | 1,670
Deferred income tax liabilities, net | 2,460
Total liabilities | 4,145 |
Net assets acquired | $ | 6,520 |
Schedule of Recognized Identified Operations | The following table sets forth the revenue and expenses of WASI that are included in the Company’s condensed consolidated statement of income for the fiscal year ended March 31, 2023 (in thousands):
| Income Statement Post-Acquisition
Revenue | $ | 929 |
Cost of Sales | 676 |
Operating Expenses | 425 |
Operating Loss | (172) |
Non-operating expense | (22) |
Net loss | $ | (194) |
The following table sets forth the revenue and expenses of GdW, prior to intercompany eliminations, that are included in the Company’s condensed consolidated statement of income for the fiscal year ended March 31, 2022 (in thousands):
| Income Statement Post-Acquisition
Revenue | $ | 887 |
Cost of Sales | 145 |
Operating Expenses | 701 |
Operating Income | 41 |
Non-operating income | 19 |
Net income | $ | 60 |

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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=128092470&loc=d3e4845-128472 + Details
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