Goodwill and Intangible Assets

12 Months Ended

Mar. 31, 2023

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