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Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 9 Months Ended
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Dec. 31, 2024
Accounting Policies [Abstract] |
Schedule of estimated useful lives of property and equipment, net | Property and equipment, net are stated at cost, less accumulated depreciation and amortization. Depreciation expense is recorded using the straight-line method over the estimated useful lives of the respective assets as follows:
Computer equipment and software |  | 3 - 5 years
Internal use software |  | 3 - 5 years
Machinery and equipment |  | 3 - 10 years
Furniture and fixtures |  | 2 - 7 years
Schedule of amortization lives of intangible assets | Amortization lives of intangible assets are as follows:
Content Library |  | 3 – 20 years
Tradenames, Trademarks and Patents |  | 2 – 15 years
Customer Relationships | ` | 5 – 13 years
Advertiser Relationships and Channel |  | 2 – 13 years
Software |  | 10 years
Capitalized Content |  | 3 years
Supplier Agreements |  | 2 years
Schedule of intangible assets | The Company’s intangible assets included the following (in thousands):
|  | As of December 31, 2024 |
|  | Cost Basis |  |  | Accumulated Amortization |  |  | Net |
Content Library |  | $ | 24,226 |  |  | $ | (21,675 | ) |  | $ | 2,551 |
Advertiser Relationships and Channel |  |  | 12,832 |  |  |  | (3,782 | ) |  |  | 9,050 |
Customer Relationships |  |  | 8,690 |  |  |  | (8,077 | ) |  |  | 613 |
Software |  |  | 3,200 |  |  |  | (1,120 | ) |  |  | 2,080 |
Tradenames, Trademarks and Patents |  |  | 3,953 |  |  |  | (3,171 | ) |  |  | 782 |
Capitalized Content |  |  | 3,541 |  |  |  | (777 | ) |  |  | 2,764 |
Total Intangible Assets |  | $ | 56,442 |  |  | $ | (38,602 | ) |  | $ | 17,840 |
|  | As of March 31, 2024 |
|  | Cost Basis |  |  | Accumulated Amortization |  |  | Net |
Content Library |  | $ | 24,133 |  |  | $ | (21,492 | ) |  | $ | 2,641 |
Advertiser Relationships and Channel |  |  | 12,604 |  |  |  | (2,541 | ) |  |  | 10,063 |
Customer Relationships |  |  | 8,690 |  |  |  | (7,872 | ) |  |  | 818 |
Software |  |  | 3,200 |  |  |  | (880 | ) |  |  | 2,320 |
Tradenames, Trademarks and Patents |  |  | 3,914 |  |  |  | (3,059 | ) |  |  | 855 |
Capitalized Content |  |  | 1,821 |  |  |  | (190 | ) |  |  | 1,631 |
Total Intangible Assets |  | $ | 54,362 |  |  | $ | (36,034 | ) |  | $ | 18,328 |
Schedule of future amortization expense for intangible assets | As of December 31, 2024, future amortization expense is expected to be as follows (in thousands):
|  | Total |
In-process intangible assets |  | $ | 469 |
Remainder of fiscal year 2025 |  |  | 1,004 |
2026 |  |  | 3,734 |
2027 |  |  | 2,785 |
2028 |  |  | 1,718 |
2029 |  |  | 1,615 |
Thereafter |  |  | 6,515 |
Total |  | $ | 17,840 |
Schedule of fair value measurements of our financial assets and liabilities | The following tables summarize the levels of fair value measurements of our financial assets and liabilities (in thousands):
|  | As of December 31, 2024 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Equity investment in Metaverse, at fair value |  | $ | 53 |  |  | $ | — |  |  | $ | — |  |  | $ | 53 |
|  | $ | 53 |  |  | $ | — |  |  | $ | — |  |  | $ | 53 |
|  | As of March 31, 2024 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Equity investment in Metaverse, at fair value |  | $ | 362 |  |  | $ | — |  |  | $ | — |  |  | $ | 362 |
|  | $ | 362 |  |  | $ | — |  |  | $ | — |  |  | $ | 362 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Current portion of earnout consideration on purchase of a business |  | $ | — |  |  | $ | — |  |  | $ | 180 |  |  | $ | 180 |
|  | $ | — |  |  | $ | — |  |  | $ | 180 |  |  | $ | 180 |
Schedule of accounts payable and accrued expenses | Accounts payable and accrued expenses consisted of the following (in thousands):
|  | As of |
|  | December 31, 2024 |  |  | March 31, 2024 |
Accounts payable |  | $ | 7,207 |  |  | $ | 5,804 |
Amounts due to producers |  |  | 18,358 |  |  |  | 9,889 |
Accrued compensation and benefits |  |  | 3,498 |  |  |  | 1,119 |
Accrued other expenses |  |  | 6,911 |  |  |  | 4,005 |
Total Accounts Payable and Accrued Expenses |  | $ | 35,974 |  |  | $ | 20,817 |
Schedule of revenue disaggregation | The following tables present the Company’s disaggregated revenue by source (in thousands):
| Three Months Ended December 31, |  |  | Nine Months Ended December 31, |
| 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Streaming and digital | $ | 14,128 |  |  | $ | 9,537 |  |  | $ | 31,920 |  |  | $ | 29,006 |
Podcast and other |  | 2,058 |  |  |  | 864 |  |  |  | 4,374 |  |  |  | 1,953 |
Base distribution |  | 24,481 |  |  |  | 2,811 |  |  |  | 26,153 |  |  |  | 4,529 |
Other non-recurring |  | 73 |  |  |  | 64 |  |  |  | 159 |  |  |  | 3,780 |
Total Revenue | $ | 40,740 |  |  | $ | 13,276 |  |  | $ | 62,606 |  |  | $ | 39,268 |
Summary of Allowances of Credit Losses | A summary of the movements of our allowances for credit losses follows (in thousands):
Allowance for credit losses at the beginning of the year |  | $ | 269 |
Decrease in estimated provision |  |  | (118 | )
Allowance for credit losses as at December 31, 2024 |  | $ | 151 |
Computation of Basic and Diluted Earnings Per Share and Reconciliation of Weighted Average Number of Common and Common Equivalent Shares Outstanding | The following table sets forth the computation of basic and diluted earnings per share and a reconciliation of the weighted average number of common and common equivalent shares outstanding for the three and nine months ended December 31, 2024:
﻿ |  | Three Months Ended December 31, |  |  | Nine Months Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
|  | (in thousands, except share & per share data) |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) attributable to common stock holders |  | $ | 7,024 |  |  | $ | (2,864 | ) |  | $ | 2,485 |  |  | $ | (6,946 | )
Less: earnings attributable to participating common warrant holders |  |  | (1,009 | ) |  |  | — |  |  |  | (359 | ) |  |  | — |
Net income (loss) attributable to common stock holders - basic and diluted |  | $ | 6,015 |  |  | $ | (2,864 | ) |  | $ | 2,126 |  |  | $ | (6,946 | )
Denominator: |  |  |  |  |  |  |  |  |  |  |  |
Weighted average shares of common stock - basic |  |  | 15,879,951 |  |  |  | 12,828,011 |  |  |  | 15,765,996 |  |  |  | 11,677,870 |
Effect of dilutive common stock equivalents |  |  | 1,894,289 |  |  |  | — |  |  |  | 1,806,734 |  |  |  | — |
Weighted average shares of common stock - diluted |  |  | 17,774,240 |  |  |  | 12,828,011 |  |  |  | 17,572,730 |  |  |  | 11,677,870 |
Earnings per share: |  |  |  |  |  |  |  |  |  |  |  |
Basic earnings (loss) per share |  | $ | 0.38 |  |  | $ | (0.22 | ) |  | $ | 0.13 |  |  | $ | (0.59 | )
Effect of dilutive common stock equivalents |  |  | (0.04 | ) |  |  | — |  |  |  | (0.01 | ) |  |  | — |
Diluted earnings (loss) per share |  | $ | 0.34 |  |  | $ | (0.22 | ) |  | $ | 0.12 |  |  | $ | (0.59 | )

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