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Business Segments and Geographic Reporting
 12 Months Ended
Mar. 31, 2023
Business Segments and Geographic Reporting  
Business Segments and Geographic Reporting

Note 20 — Business Segments and Geographic Reporting

 

The Company determined its operating segments in accordance with ASC 280, “Segment Reporting” (“ASC 280”).

 

Beginning in the second quarter of fiscal 2023, management has determined that the Company has two operating segments (Audio Group and Media Group). The Audio Group consist of our PodcastOne and Slacker subsidiaries and the Media Group consist of our remaining subsidiaries. As a result of the PC1 Bridge Loan and the potential for a spin-off of PodcastOne the Company’s chief operating decision maker (“CODM”) began to make decisions and allocate resources based on two operating segments of the business (Audio and Media). The Company’s reporting segments reflects the manner in which its CODM reviews results and allocates resources. The CODM reviews operating segment performance exclusive of share-based compensation expense, amortization of intangible assets, depreciation, and other expenses (including legal fees, expenses, and accruals) related to acquisitions, associated integration activities, and certain other non-cash charges. As a result, the segment information for the prior periods has been recast to confirm with the current period presentation.

 

The Company’s two operating segments are also consistent with its internal organizational structure, which is the way the Company assesses operating performance and allocates resources.

 

Customers

 

The Company has one external customer that accounts for more than 10% of its revenue and accounts receivable. Such original equipment manufacturer (the “OEM”) provides premium Slacker service in its new vehicles. Total revenues from the OEM were $44.3 million and $32.3 million for the years ended March 31, 2023 and 2022, respectively. Total receivables from the OEM were 24% and 24% of total accounts receivable as of March 31, 2023 and 2022, respectively. 


Segment and Geographic Information

 

The Company’s operations are based in the United States. All material revenues of the Company are derived from the United States. All long-lived assets of the Company are located in the United States, of which $2.6 million resides in the Audio Group and $0.7 million is attributed to our Media Operations. 

 

We manage our working capital on a consolidated basis. Accordingly, segment assets are not reported to, or used by, our management to allocate resources to or assess performance of our segments, and therefore, total segment assets and related depreciation and amortization have not been presented.

 

The following table presents the results of operations for our reportable segments for the years ended March 31, 2023 and 2022: 

 

 

 

Year Ended
March 31, 2023

 

 

Audio

 

 

Media

 

 

Corporate expenses

Total

 

 

 

 

 

 

 

 

 




 

 

Revenue

 

$

86,848

 

 

$

12,763

 

 

$ -

$


99,611

 

Net income (loss)

 

$

4,277

 

$

(2,800

)

 

$ (11,496 )

$


(10,019

)

 

 

 

Year Ended
March 31, 2022

 

 

Audio

 

 

Media

 


Corporate expenses

 

Total

 

 

 

 

 

 

 

 





 

 

 

Revenue

 

$

74,545

 

 

$

42,474

 


$ -

 

$

117,019

 

Net loss

 

$

(2,266

 )

 

$

(12,754

)


$ (28,892 )

 

$

(43,912

)