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