SEGMENT INFORMATION

We operate in two reportable segments: Cinema Equipment Business and Content & Entertainment Business, or CEG. Our segments were determined based on the economic characteristics of our products and services, our internal organizational structure, the manner in which our operations are managed and the criteria used by our CODM to evaluate performance, which generally the segment's operating income (loss) before depreciation and amortization.



Operations of:	Products and services provided:
Cinema Equipment Business	Financing vehicles and administrators for 3,344 Systems installed nationwide in our first deployment phase (“Phase I Deployment”) to theatrical exhibitors and for 3,761 Systems installed domestically and internationally in our second deployment phase (“Phase II Deployment”). We retain ownership of the Systems and the residual cash flows related to the Systems in Phase I Deployment after the repayment of all non-recourse debt at the expiration of exhibitor master license agreements. For certain Phase II Deployment Systems, we do not retain ownership of the residual cash flows and digital cinema equipment in Phase II Deployment after the completion of cost recoupment and at the expiration of the exhibitor master license agreements. The Cinema Equipment Business also provides monitoring, collection, verification and management services to this segment, as well as to exhibitors who purchase their own equipment, and also collects and disburses VPFs from motion picture studios, distributors and ACFs from alternative content providers, movie exhibitors and theatrical exhibitors (collectively, “Services”).
Content & Entertainment Business	Leading distributor of independent content, and collaborates with producers and other content owners to market, source, curate and distribute independent content to targeted and profitable audiences in theatres and homes, and via mobile and emerging platforms.

Two (2) customers represented more than 10% of our consolidated revenues for fiscal year ended March 31, 2020.

The following tables present certain financial information related to our reportable segments:



	As of March 31, 2020
(In thousands)	Intangible Assets, net		Goodwill		Total Assets		Notes Payable, Non-Recourse		Notes Payable		Operating Lease Liabilities
Cinema Equipment Business	$	23	$	—	$	34,465	$	11,442	$	—	$	594
Content & Entertainment	6,895		8,701		49,923		—		—		73
Corporate	6		—		26,052		—		37,249		610
Total	$	6,924	$	8,701	$	110,440	$	11,442	$	37,249	$	1,277



	As of March 31, 2019
(In thousands)	Intangible Assets, net		Goodwill		Total Assets		Notes Payable, Non-Recourse		Notes Payable		Operating Lease Liabilities
Cinema Equipment Business	$	69	$	—	$	42,958	$	19,132	$	—	$	—
Content & Entertainment	9,607		8,701		51,531		—		—		—
Corporate	10		—		4,350		—		43,319		—
Total	$	9,686	$	8,701	$	98,839	$	19,132	$	43,319	$	—



	Statements of Operations
	For the Fiscal Year Ended March 31, 2020
		Cinema Equipment Business		Content & Entertainment			Corporate			Consolidated
Revenues		$	12,741	$	26,550		$	—		$	39,291
Direct operating (exclusive of depreciation and amortization shown below)		1,236		15,910			—			17,146
Selling, general and administrative		2,085		10,017			4,242			16,344
Allocation of corporate overhead		807		4,704			(5,511		)	—
Provision for doubtful accounts		759		(1		)	—			758
Depreciation and amortization of property and equipment		6,087		366			167			6,620
Amortization of intangible assets		46		2,722			4			2,772
Total operating expenses		11,020		33,718			(1,098		)	43,640
Income (loss) from operations		$	1,721	$	(7,168	)	$	1,098		$	(4,349	)

The following employee and director stock-based compensation expense related to our stock-based awards is included in the above amounts as follows:



	Cinema Equipment Business			Content & Entertainment		Corporate		Consolidated
Direct operating	$	—		$	—	$	—	$	—
Selling, general and administrative	(6		)	55		494		543
Total stock-based compensation	$	(6	)	$	55	$	494	$	543



	Statements of Operations
	For the Fiscal Year Ended March 31, 2019
		Cinema Equipment Business		Content & Entertainment			Corporate			Consolidated
Revenues		$	26,199	$	27,335		$	—		$	53,534
Direct operating (exclusive of depreciation and amortization shown below)		1,401		14,719			—			16,120
Selling, general and administrative		1,960		15,322			10,379			27,661
Allocation of corporate overhead		1,549		4,038			(5,587		)	—
(Benefit) provision for doubtful accounts		1,760		(140		)	—			1,620
Depreciation and amortization of property and equipment		7,599		343			182			8,124
Amortization of intangible assets		46		5,576			5			5,627
Total operating expenses		14,315		39,858			4,979			59,152
Income (loss) from operations		$	11,884	$	(12,523	)	$	(4,979	)	$	(5,618	)

The following employee and director stock-based compensation expense related to our stock-based awards is included in the above amounts as follows:



	Cinema Equipment Business		Content & Entertainment		Corporate		Consolidated
Direct operating	$	—	$	—	$	—	$	—
Selling, general and administrative	27		328		1,221		1,576
Total stock-based compensation	$	27	$	328	$	1,221	$	1,576

The following table presents the results of our operating segments for the three months ended March 31, 2020:



	Statements of Operations
	For the Three Months Ended March 31, 2020
	(Unaudited)
		Cinema Equipment Business			Content & Entertainment			Corporate			Consolidated
Revenues		$	1,974		$	5,761		$	—		$	7,735
Direct operating (exclusive of depreciation and amortization shown below)		328			3,393			—			3,721
Selling, general and administrative		449			1,908			151			2,508
Allocation of corporate overhead		202			919			(1,121		)	—
Provision for doubtful accounts		437			—			—			437
Depreciation and amortization of property and equipment		1,475			127			41			1,643
Amortization of intangible assets		12			582			—			594
Total operating expenses		2,903			6,929			(929		)	8,903
Income (loss) from operations		$	(929	)	$	(1,168	)	$	929		$	(1,168	)

The following employee and director stock-based compensation expense related to our stock-based awards is included in the above amounts as follows:



	Cinema Equipment Business		Content & Entertainment		Corporate		Consolidated
Direct operating	$	—	$	—	$	—	$	—
Selling, general and administrative	—		26		151		177
Total stock-based compensation	$	—	$	26	$	151	$	177