XML 36 R16.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

SEGMENT INFORMATION | 9 Months Ended
--- | ---
Dec. 31, 2019
Segment Reporting [Abstract] |
SEGMENT INFORMATION | 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 is 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 3,367 Systems installed nationwide in our first deployment phase (“Phase I Deployment”) to theatrical exhibitors and for 4,976 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.
The following tables present certain financial information related to our reportable segments and Corporate:
|  | As of December 31, 2019
(In thousands) |  | Intangible Assets, net |  | Goodwill |  | Total Assets |  | Notes Payable, Non-Recourse |  | Notes Payable | Operating lease liabilities
Cinema Equipment Business |  | $ | 34 |  |  | $ | — |  |  | $ | 37,939 |  |  | $ | 11,604 |  |  | $ | — |  | $ | 927 |
Content & Entertainment Business |  | 7,477 |  |  | 8,701 |  |  | 54,987 |  |  | — |  |  | — |  | 189 |
Corporate |  | 7 |  |  | — |  |  | 2,785 |  |  | — |  |  | 38,310 |  | 728 |
Total |  | $ | 7,518 |  |  | $ | 8,701 |  |  | $ | 95,711 |  |  | $ | 11,604 |  |  | $ | 38,310 |  | $ | 1,844 |
|  | 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 Business |  | 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
|  |  | Three Months Ended December 31, 2019
|  |  | (Unaudited, in thousands)
|  |  | Cinema Equipment Business |  | Content & Entertainment Business |  | Corporate |  | Consolidated
Revenues |  |  | $ | 3,129 |  |  | $ | 8,383 |  |  | $ | — |  |  | $ | 11,512 |
Direct operating (exclusive of depreciation and amortization shown below) |  |  | 312 |  |  | 5,414 |  |  | — |  |  | 5,726 |
Selling, general and administrative |  |  | 536 |  |  | 2,294 |  |  | 167 |  |  | 2,997 |
Allocation of corporate overhead |  |  | 200 |  |  | 1,249 |  |  | (1,449 | ) |  | — |
Recovery for doubtful accounts |  |  | (5 | ) |  | — |  |  | — |  |  | (5 | )
Depreciation and amortization of property and equipment |  |  | 1,475 |  |  | 77 |  |  | 42 |  |  | 1,594 |
Amortization of intangible assets |  |  | 11 |  |  | 576 |  |  | 2 |  |  | 589 |
Total operating expenses |  |  | 2,529 |  |  | 9,610 |  |  | (1,238 | ) |  | 10,901 |
Income (loss) from operations |  |  | $ | 600 |  |  | $ | (1,227 | ) |  | $ | 1,238 |  |  | $ | 611 |
Employee and director stock-based compensation expense related to the Company’s stock-based awards was $0.2 million for the three months ended December 31, 2019.
(In thousands) |  |  | Cinema Equipment Business |  | Content & Entertainment Business |  | Corporate |  | Consolidated
Direct operating |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Selling, general and administrative |  |  | — |  |  | 26 |  |  | 152 |  |  | 178 |
Total stock-based compensation |  |  | $ | — |  |  | $ | 26 |  |  | $ | 152 |  |  | $ | 178 |
|  | Statements of Operations
|  | Three Months Ended December 31, 2018
|  | (Unaudited, in thousands)
|  | Cinema Equipment Business |  | Content & Entertainment Business |  | Corporate |  | Consolidated
Revenues |  | $ | 5,320 |  |  | $ | 9,323 |  |  | $ | — |  |  | $ | 14,643 |
Direct operating (exclusive of depreciation and amortization shown below) |  | 505 |  |  | 4,741 |  |  | — |  |  | 5,246 |
Selling, general and administrative |  | 448 |  |  | 3,499 |  |  | 2,478 |  |  | 6,425 |
Allocation of Corporate overhead |  | 378 |  |  | 989 |  |  | (1,367 | ) |  | — |
Provision (recovery) for doubtful accounts |  | 141 |  |  | (28 | ) |  | — |  |  | 113 |
Depreciation and amortization of property and equipment |  | 1,942 |  |  | 87 |  |  | 45 |  |  | 2,074 |
Amortization of intangible assets |  | 11 |  |  | 1,385 |  |  | 1 |  |  | 1,397 |
Total operating expenses |  | 3,425 |  |  | 10,673 |  |  | 1,157 |  |  | 15,255 |
Income (loss) from operations |  | $ | 1,895 |  |  | $ | (1,350 | ) |  | $ | (1,157 | ) |  | $ | (612 | )
Employee and director stock-based compensation expense related to the Company’s stock-based awards was $0.4 million for the three months ended December 31, 2018.
(In thousands) |  |  | Cinema Equipment Business |  | Content & Entertainment Business |  | Corporate |  | Consolidated
Direct operating |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Selling, general and administrative |  |  | 3 |  |  | 96 |  |  | 262 |  |  | 361 |
Total stock-based compensation |  |  | $ | 3 |  |  | $ | 96 |  |  | $ | 262 |  |  | $ | 361 |
|  | Statements of Operations
|  | Nine Months Ended December 31, 2019
|  | (Unaudited, in thousands)
|  | Cinema Equipment Business |  | Content & Entertainment Business |  | Corporate |  | Consolidated
Revenues |  | $ | 10,767 |  |  | $ | 20,789 |  |  | $ | — |  |  | $ | 31,556 |
Direct operating (exclusive of depreciation and amortization shown below) |  | 908 |  |  | 12,517 |  |  | — |  |  | 13,425 |
Selling, general and administrative |  | 1,636 |  |  | 8,109 |  |  | 4,090 |  |  | 13,834 |
Allocation of corporate overhead |  | 605 |  |  | 3,785 |  |  | (4,390 | ) |  | — |
Provision (recovery) for doubtful accounts |  | 322 |  |  | (1 | ) |  | — |  |  | 321 |
Depreciation and amortization of property and equipment |  | 4,612 |  |  | 239 |  |  | 126 |  |  | 4,977 |
Amortization of intangible assets |  | 34 |  |  | 2,140 |  |  | 4 |  |  | 2,178 |
Total operating expenses |  | 8,117 |  |  | 26,789 |  |  | (170 | ) |  | 34,735 |
Income (loss) from operations |  | $ | 2,650 |  |  | $ | (6,000 | ) |  | $ | 170 |  |  | $ | (3,179 | )
Employee and director stock-based compensation expense related to the Company’s stock-based awards was $0.4 million for the nine months ended December 31, 2019.
(In thousands) |  | Cinema Equipment Business |  | Content & Entertainment Business |  | Corporate |  | Consolidated
Direct operating |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Selling, general and administrative |  | (6 | ) |  | 29 |  |  | 344 |  |  | 367 |
Total stock-based compensation |  | $ | (6 | ) |  | $ | 29 |  |  | $ | 344 |  |  | $ | 367 |
|  | Statements of Operations
|  | Nine Months Ended December 31, 2018
|  | (Unaudited, in thousands)
|  | Cinema Equipment Business |  | Content & Entertainment Business |  | Corporate |  | Consolidated
Revenues |  | $ | 19,926 |  |  | $ | 21,539 |  |  | $ | — |  |  | $ | 41,465 |
Direct operating (exclusive of depreciation and amortization shown below) |  | 1,227 |  |  | 11,060 |  |  | — |  |  | 12,287 |
Selling, general and administrative |  | 1,446 |  |  | 11,219 |  |  | 6,790 |  |  | 19,455 |
Allocation of Corporate overhead |  | 1,167 |  |  | 3,042 |  |  | (4,209 | ) |  | — |
Provision (recovery) for doubtful accounts |  | 1,384 |  |  | (139 | ) |  | — |  |  | 1,245 |
Depreciation and amortization of property and equipment |  | 5,844 |  |  | 256 |  |  | 139 |  |  | 6,239 |
Amortization of intangible assets |  | 34 |  |  | 4,149 |  |  | 4 |  |  | 4,187 |
Total operating expenses |  | 11,102 |  |  | 29,587 |  |  | 2,724 |  |  | 43,413 |
Income (loss) from operations |  | $ | 8,824 |  |  | $ | (8,048 | ) |  | $ | (2,724 | ) |  | $ | (1,948 | )
Employee and director stock-based compensation expense related to the Company’s stock-based awards was $0.8 million for the nine months ended December 31, 2018.
(In thousands) |  | Cinema Equipment Business |  | Content & Entertainment Business |  | Corporate |  | Consolidated
Direct operating |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Selling, general and administrative |  | 8 |  |  | 161 |  |  | 594 |  |  | 763 |
Total stock-based compensation |  | $ | 8 |  |  | $ | 161 |  |  | $ | 594 |  |  | $ | 763 |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration