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Notes Payable | 9 Months Ended
--- | ---
Dec. 31, 2021
Note Payable [Abstract] |
Notes Payable | Note 8 — Notes Payable
|  | December 31, |  |  | March 31, |
|  | 2021 |  |  | 2021 |
Senior promissory note |  | $ | - |  |  | $ | 351 |
PPP loans |  |  | 603 |  |  |  | 3,110 |
SBA loan |  |  | 158 |  |  |  | 153 |
|  |  | 761 |  |  |  | 3,614 |
Less: Current portion of Notes payable |  |  | (141 | ) |  |  | (2,729 | )
Notes payable |  | $ | 620 |  |  | $ | 885 |
Senior Promissory Note As of December 31, 2021 the promissory note and related Delaware and California judgments have been satisfied substantially in full. SBA Loan On June 17, 2020, the Company received the proceeds from a loan in the amount of less than $0.2 million from the U.S. Small Business Administration (the “SBA”). Installment payments, including principal and interest, begin 12-months from the date of the promissory note. The balance is payable 30-years from the date of the promissory note, and bears interest at a rate of 3.75% per annum. PPP Loans In April 2020, the Company received proceeds of $2.0 million from a loan under the Paycheck Protection Program (the “PPP”) of the CARES Act. In April 2021, the Company received confirmation from the SBA that the entire balance of such PPP loan was forgiven as a result of the Company’s application and acceptance under the terms of the CARES act. On July 1, 2020, the Company acquired PodcastOne that had previously obtained a PPP loan, which had a balance of $0.5 million as of March 31, 2021. On May 11, 2021, the Company received confirmation from the SBA that the entire balance of such PPP loan was forgiven as a result of the Company’s application and acceptance under the terms of the CARES act. The Company recognized a $2.5 million gain on forgiveness of PPP loans, included in other income (expense) in the accompanying condensed consolidated statement of operations as a result of the balance of PPP loans forgiven during the nine months ended December 31, 2021. On March 20, 2021, the Company received proceeds of $0.6 million from a second loan (the “PPP loan”) under the PPP of the CARES Act, which the Company intends to use to retain employees and for other qualifying expenses. The PPP Loan matures on March 20, 2026 and bears annual interest at a rate of 1.0%. Commencing on March 31, 2022, the Company is required to pay the lender equal monthly payments of principal and interest as required to fully amortize by March 20, 2026 any principal amount outstanding on the PPP Loan as of such date (Refer to Note 20 – Subsequent Events).

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