XML 25 R14.htm IDEA: XBRL DOCUMENT

Goodwill and Intangible Assets

9 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Note 6 — Goodwill and Intangible Assets

Goodwill

The Company currently has one reporting unit. The following table presents the changes in the carrying amount of goodwill for the nine months ended December 31, 2022 (in thousands):

	Goodwill
Balance as of March 31, 2022	$	23,379
Acquisitions		-
Balance as of December 31, 2022	$	23,379

Indefinite-Lived Intangible Assets

The following table presents the changes in the carrying amount of indefinite-lived intangible assets for the nine months ended December 31, 2022 (in thousands):

	Tradenames
Balance as of March 31, 2022	$	4,637
Acquisitions		-
Impairment losses		-
Balance as of December 31, 2022	$	4,637

Finite-Lived Intangible Assets

The Company’s finite-lived intangible assets were as follows as of December 31, 2022 (in thousands):

	Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Software	$	19,281	$	19,281	$	-
Intellectual property (patents)		5,366		1,789		3,577
Customer relationships		6,570		6,570		-
Content creator relationships		772		772		-
Domain names		523		125		398
Brand and trade names		1,143		322		821
Customer lists		2,767		921		1,846
Total	$	36,422	$	29,780	$	6,642

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 lists		2,998		735		2,263
Total	$	38,394	$	26,311	$	12,083

The Company’s amortization expense on its finite-lived intangible assets was $1.3 million and $4.1 million for the three and nine months ended December 31, 2022, respectively, and $1.5 million and $4.6 million for the three and nine months ended December 31, 2021, respectively. The Company recorded an impairment charge of $1.4 million for the three and nine months ended December 31, 2022 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 expects to record amortization of intangible assets for fiscal years ending March 31, 2023 and future fiscal years as follows (in thousands):

For Years Ending March 31,
2023 (remaining three months)	$	246
2024		985
2025		985
2026		977
2027		842
Thereafter		2,607
	$	6,642