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Long-Term Liabilities

9 Months Ended

Dec. 31, 2020

Note 13 — Long-Term Liabilities

On October 30, 2020, Slacker entered into an amendment to existing agreements with a certain licensor of music content (the "Music Partner") which own and license rights to Slacker to certain sound recordings. Pursuant to this amendment, payment terms on $5.9 million of outstanding balances to the Music Partner were extended over periods between 12 and 24 months, and recorded as other long-term liabilities along with the fair value of the PodcastOne earnout, as follows:

	December 31,		March 31,
	2020		2020

Due to Music Partner	$	5,422	$	-
Fair value of contingent consideration liability		1,061		-
Other long-term liabilities	$	6,483	$	-

The Company evaluated the agreements with the Music Partner and it was required to be accounted for as troubled debt restructuring under ASC 470-60, Troubled Debt Restructuring by Debtor. As a result of the evaluation, the Company reclassified the portion of the payable balance due after 12-months to non-current liabilities.

The contingent consideration liability resulted from the business combination with PodcastOne (Note 4- Business Combinations) and is carried at fair value (see Note 18- Fair Value Measurements).