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Segment Reporting | 9 Months Ended
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Dec. 31, 2022
Segment Reporting [Abstract] |
SEGMENT REPORTING | 6. SEGMENT REPORTING We operate in two reportable segments: Cinema Equipment and Content & Entertainment. 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 Chief Operating Decision Maker ("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 |  | Financing vehicles and administrators for 343 Systems installed nationwide in our first deployment phase (“Phase I Deployment”) to theatrical exhibitors and for 54 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 after the completion of cost recoupment and at the expiration of the exhibitor master license agreements. Provides monitoring, collection, verification and management services 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 |  | Leading independent streaming company of content and channels. We collaborate with producers and other content owners to market, source, curate and distribute independent content to targeted and under-served 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 (in thousands):
|  | As of December 31, 2022 |
|  | Intangible Assets, Net |  |  | Goodwill |  |  | Total Assets |  |  | Line of Credit, Net |
Cinema Equipment |  | $ | — |  |  | $ | — |  |  | $ | 7,977 |  |  | $ | — |
Content & Entertainment |  |  | 18,638 |  |  |  | 21,025 |  |  |  | 77,118 |  |  |  | — |
Corporate |  |  | 226 |  |  |  | — |  |  |  | 9,800 |  |  |  | 4,867 |
Total |  | $ | 18,864 |  |  | $ | 21,025 |  |  | $ | 94,895 |  |  | $ | 4,867 |
|  | As of March 31, 2022 |
|  | Intangible Assets, Net |  |  | Goodwill |  |  | Total Assets |  |  | Line of Credit, Net |
Cinema Equipment |  | $ | — |  |  | $ | — |  |  | $ | 24,445 |  |  | $ | — |
Content & Entertainment |  |  | 19,946 |  |  |  | 21,084 |  |  |  | 68,873 |  |  |  | — |
Corporate |  |  | 88 |  |  |  | — |  |  |  | 11,318 |  |  |  | — |
Total |  | $ | 20,034 |  |  | $ | 21,084 |  |  | $ | 104,636 |  |  | $ | — |
|  | Condensed Consolidated Statement of Operations |
|  | Three Months Ended December 31, 2022 |
|  | Cinema Equipment |  |  | Content & Entertainment |  |  | Corporate |  |  | Consolidated |
Revenues |  | $ | 7,186 |  |  | $ | 20,696 |  |  | $ | — |  |  | $ | 27,882 |
Direct operating |  |  | 89 |  |  |  | 14,322 |  |  |  | — |  |  |  | 14,411 |
Selling, general and administrative |  |  | 912 |  |  |  | 3,794 |  |  |  | 4,401 |  |  |  | 9,107 |
Allocation of corporate overhead |  |  | 88 |  |  |  | 2,407 |  |  |  | (2,495 | ) |  |  | — |
Depreciation and amortization |  |  | 82 |  |  |  | 734 |  |  |  | 108 |  |  |  | 924 |
Total operating expenses |  |  | 1,171 |  |  |  | 21,257 |  |  |  | 2,014 |  |  |  | 24,442 |
Operating income (loss) |  | $ | 6,015 |  |  | $ | (561 | ) |  | $ | (2,014 | ) |  | $ | 3,440 |
The following employee and director stock-based compensation expense related to our stock-based awards is included in the above amounts as follows (in thousands):
|  | Three Months Ended December 31, 2022 |
|  | Cinema Equipment |  |  | Content & Entertainment |  |  | Corporate |  |  | Consolidated |
Direct operating |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Selling, general and administrative |  |  | — |  |  |  | — |  |  |  | 708 |  |  |  | 708 |
Total stock-based compensation |  | $ | — |  |  | $ | — |  |  | $ | 708 |  |  | $ | 708 |
|  | Condensed Consolidated Statement of Operations |
|  | Three Months Ended December 31, 2021 |
|  | Cinema Equipment |  |  | Content & Entertainment |  |  | Corporate |  |  | Consolidated |
Revenues |  | $ | 2,060 |  |  | $ | 12,024 |  |  | $ | — |  |  | $ | 14,084 |
Direct operating |  |  | 139 |  |  |  | 6,320 |  |  |  | — |  |  |  | 6,459 |
Selling, general and administrative |  |  | 99 |  |  |  | 3,720 |  |  |  | 3,539 |  |  |  | 7,358 |
Allocation of corporate overhead |  |  | 143 |  |  |  | 964 |  |  |  | (1,107 | ) |  |  | — |
Depreciation and amortization |  |  | 196 |  |  |  | 831 |  |  |  | 4 |  |  |  | 1,031 |
Total operating expenses |  |  | 577 |  |  |  | 11,835 |  |  |  | 2,436 |  |  |  | 14,848 |
Operating income (loss) |  | $ | 1,483 |  |  | $ | 189 |  |  | $ | (2,436 | ) |  | $ | (764 | )
The following employee and director stock-based compensation expense related to our stock-based awards is included in the above amounts as follows (in thousands):
|  | Three Months Ended December 31, 2021 |
|  | Cinema Equipment |  |  | Content & Entertainment |  |  | Corporate |  |  | Consolidated |
Direct operating |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Selling, general and administrative |  |  | — |  |  |  | 552 |  |  |  | 797 |  |  |  | 1,349 |
Total stock-based compensation |  | $ | — |  |  | $ | 552 |  |  | $ | 797 |  |  | $ | 1,349 |
|  | Condensed Consolidated Statement of Operations |
|  | Nine Months Ended December 31, 2022 |
|  | Cinema Equipment |  |  | Content & Entertainment |  |  | Corporate |  |  | Consolidated |
Revenues |  | $ | 11,218 |  |  | $ | 44,260 |  |  | $ | — |  |  | $ | 55,478 |
Direct operating |  |  | 359 |  |  |  | 29,500 |  |  |  | — |  |  |  | 29,859 |
Selling, general and administrative |  |  | 2,553 |  |  |  | 11,452 |  |  |  | 15,011 |  |  |  | 29,016 |
Allocation of corporate overhead |  |  | 284 |  |  |  | 7,651 |  |  |  | (7,935 | ) |  |  | — |
Depreciation and amortization |  |  | 303 |  |  |  | 2,282 |  |  |  | 323 |  |  |  | 2,908 |
Total operating expenses |  |  | 3,499 |  |  |  | 50,885 |  |  |  | 7,399 |  |  |  | 61,783 |
Operating income (loss) |  | $ | 7,719 |  |  | $ | (6,625 | ) |  | $ | (7,399 | ) |  | $ | (6,305 | )
The following employee and director stock-based compensation expense related to our stock-based awards is included in the above amounts as follows (in thousands):
|  | Nine Months Ended December 31, 2022 |
|  | Cinema Equipment |  |  | Content & Entertainment |  |  | Corporate |  |  | Consolidated |
Direct operating |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Selling, general and administrative |  |  | — |  |  |  | — |  |  |  | 3,906 |  |  |  | 3,906 |
Total stock-based compensation |  | $ | — |  |  | $ | — |  |  | $ | 3,906 |  |  | $ | 3,906 |
|  | Condensed Consolidated Statement of Operations |
|  | Nine Months Ended December 31, 2021 |
|  | Cinema Equipment |  |  | Content & Entertainment |  |  | Corporate |  |  | Consolidated |
Revenues |  | $ | 11,544 |  |  | $ | 27,658 |  |  | $ | — |  |  | $ | 39,202 |
Direct operating |  |  | 560 |  |  |  | 13,863 |  |  |  | — |  |  |  | 14,423 |
Selling, general and administrative |  |  | 856 |  |  |  | 10,081 |  |  |  | 9,583 |  |  |  | 20,520 |
Allocation of corporate overhead |  |  | 412 |  |  |  | 2,763 |  |  |  | (3,175 | ) |  |  | — |
Depreciation and amortization |  |  | 1,001 |  |  |  | 2,658 |  |  |  | 4 |  |  |  | 3,663 |
Total operating expenses |  |  | 2,829 |  |  |  | 29,365 |  |  |  | 6,412 |  |  |  | 38,606 |
Operating income (loss) |  | $ | 8,715 |  |  | $ | (1,707 | ) |  | $ | (6,412 | ) |  | $ | 596 |
The following employee and director stock-based compensation expense related to our stock-based awards is included in the above amounts as follows (in thousands):
|  | Nine Months Ended December 31, 2021 |
|  | Cinema Equipment |  |  | Content & Entertainment |  |  | Corporate |  |  | Consolidated |
Direct operating |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Selling, general and administrative |  |  | — |  |  |  | 1,063 |  |  |  | 2,215 |  |  |  | 3,278 |
Total stock-based compensation |  | $ | — |  |  | $ | 1,063 |  |  | $ | 2,215 |  |  | $ | 3,278 |

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- 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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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