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Subsequent Events
 12 Months Ended
Mar. 31, 2022
Subsequent Events [Abstract]  
Subsequent Events

Note 21 — Subsequent Events

 

Subsequent to March 31, 2022 and as of June 28, 2022, the Company repurchased 1,186,221 shares of its common stock at an average price of $0.84 per share.

 

On June 28, 2022, SoundExchange, Inc. (“SX”) filed a complaint in the U.S. District Court, Central District of California, against the Company and Slacker (“the defendants”). As of the date of this Annual Report, the complaint has not yet been served on the defendants. The complaint alleges that the defendants have failed to make the necessary music royalty payments and corresponding late fees required under the Digital Millennium Copyright Act late allegedly due to SX. As SX also filed an application for an order to file under seal the complaint, the amount allegedly owed by the defendants is unknown on the face of the complaint. The Company believes it has already adequately reserved for the amounts due to SX. The Company is currently evaluating its options related to this litigation and if necessary, intends to hire counsel to defend the defendants in this matter.