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Goodwill and Intangible Assets | 12 Months Ended
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Mar. 31, 2023
Goodwill and Intangible Assets |
Goodwill and Intangible Assets | Note 6 — Goodwill and Intangible Assets Goodwill The Company currently has two reporting units. The following table presents the changes in the carrying amount of goodwill for the years ended March 31, 2023 and 2022 (in thousands):
|  | Goodwill |
Balance as of April 1, 2021 |  | $ | 22,619 |
Acquisitions |  |  | 459 |
Purchase price adjustment (See Note 4 – Business Combinations) |  |  | 301 |
Balance as of March 31, 2022 |  | $ | 23,379 |
Acquisitions |  |  | - |
Balance as of March 31, 2023 |  | $ | 23,379 |
Indefinite-Lived Intangible Assets The following table presents the changes in the carrying amount of indefinite-lived intangible assets in the Company’s reportable segment for the year ended March 31, 2023 (in thousands):
|  | Tradenames |
Balance as of April 1, 2021 |  | $ | 4,637 |
Acquisitions |  |  | - |
Impairment losses |  |  | - |
Balance as of March 31, 2022 |  | $ | 4,637 |
Acquisitions |  |  | - |
Impairment losses |  |  | - |
Balance as of March 31, 2023 |  | $ | 4,637 |
Finite-Lived Intangible Assets The Company’s finite-lived intangible assets were as follows as of March 31, 2023 (in thousands):
|  |  | Gross Carrying Value |  |  |  | Accumulated Amortization |  |  |  | Net Carrying Value |
Software |  | $ | 19,281 |  |  | $ | 19,281 |  |  | $ | - |
Intellectual property (patents) |  |  | 5,366 |  |  |  | 1,878 |  |  |  | 3,488 |
Customer relationships |  |  | 6,570 |  |  |  | 6,570 |  |  |  | - |
Content creator relationships |  |  | 772 |  |  |  | 772 |  |  |  | - |
Domain names |  |  | 523 |  |  |  | 137 |  |  |  | 386 |
Brand and trade names |  |  | 1,143 |  |  |  | 347 |  |  |  | 796 |
Customer list |  |  | 2,767 |  |  |  | 1,039 |  |  |  | 1,728 |
Total |  | $ | 36,422 |  |  | $ | 30,024 |  |  | $ | 6,398 |
The Company’s finite-lived intangible assets were as follows as of March 31, 2022 (in thousands):
|  |  | Gross Carrying Value |  |  |  | Accumulated Amortization |  |  |  | Net Carrying Value |
Software |  | $ | 19,281 |  |  | $ | 16,389 |  |  | $ | 2,892 |
Intellectual property (patents) |  |  | 5,366 |  |  |  | 1,520 |  |  |  | 3,846 |
Customer relationships |  |  | 6,570 |  |  |  | 6,177 |  |  |  | 393 |
Content creator relationships |  |  | 772 |  |  |  | 772 |  |  |  | - |
Domain names |  |  | 514 |  |  |  | 83 |  |  |  | 431 |
Brand and trade names |  |  | 2,643 |  |  |  | 454 |  |  |  | 2,189 |
Non-compete agreement |  |  | 250 |  |  |  | 181 |  |  |  | 69 |
Customer list |  |  | 2,998 |  |  |  | 735 |  |  |  | 2,263 |
Total |  | $ | 38,394 |  |  | $ | 26,311 |  |  | $ | 12,083 |
The Company’s amortization expense on its finite-lived intangible assets was $6.0 million and $6.0 million for the years ended March 31, 2023 and 2022, respectively. The Company recorded an impairment charge of $1.4 million for the year ended March 31, 2023, which is classified under impairment of intangible assets within the statement of operations. The impairment was the result of a reduction in the events held within React Presents, therefore the Company has stopped marketing the brand name. The Company estimated future amortization expense on its finite-lived intangible assets as of March 31, 2023 to be as follows (in thousands):
For Years Ended March 31, |  |  |
2024 |  | $ | 985 |
2025 |  |  | 985 |
2026 |  |  | 985 |
2027 |  |  | 977 |
2028 |  |  | 842 |
Thereafter |  |  | 1,624 |
|  | $ | 6,398 |

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