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Fair Value Measurements
 3 Months Ended
Jun. 30, 2023
Fair Value Disclosures [Abstract]  
Fair Value Measurements

Note 17 — Fair Value Measurements

 

The following table presents the fair value of the Company’s financial liabilities that are measured at fair value on a recurring basis (in thousands):

  

   June 30, 2023 
   Fair   Hierarchy Level 
   Value   Level 1   Level 2   Level 3 
Assets:                
Prepaid expenses - common stock issued subject to market adjustment at settlement  $320   $320   $
       -
   $
-
 
Total  $320   $320   $
-
   $
-
 
                     
Liabilities:                    
Contingent consideration liability from Gramophone acquisition  $174   $
-
   $
-
   $174 
Warrant liability on PodcastOne bridge loan   1,249    
-
    
-
    1,249 
Bifurcated embedded derivative on PodcastOne bridge loan   590    
-
    
-
    590 
Bifurcated embedded derivative on Series A Preferred Stock   859    
-
    
-
    859 
   $2,872   $
-
   $
-
   $2,872 

 

   March 31, 2023 
   Fair   Hierarchy Level 
   Value   Level 1   Level 2   Level 3 
Assets:                
Prepaid expenses - common stock issued subject to market adjustment at settlement  $140   $140   $      -   $- 
Total  $140   $140   $-   $- 
                     
Liabilities:                    
Contingent consideration liability from Gramophone acquisition  $174   $
-
   $
-
   $174 
Warrant liability on PodcastOne bridge loan   1,860    -    -    1,860 
Bifurcated embedded derivative on PodcastOne bridge loan   1,288    -    -    1,288 
Bifurcated embedded derivative on Series A Preferred Stock   376    -    -    376 
   $3,698   $
-
   $
-
   $3,698 

 

The following table presents a reconciliation of the Company’s financial liabilities that are measured at Level 3 within the fair value hierarchy (in thousands):

 

   Amount 
Balance as of March 31, 2023  $3,698 
Change in fair value of bifurcated embedded derivatives, reported in earnings   (826)
Change in fair value of contingent consideration liabilities, reported in earnings   
-
 
Balance as of June 30, 2023  $2,872 

 

The Company did not elect the fair value measurement option for the following financial assets or liabilities. The fair values of certain financial instruments measured at amortized cost and the hierarchy level the Company used to estimate the fair values are shown below (in thousands):

 

   June 30, 2023 
   Carrying   Hierarchy Level 
   Value   Level 1   Level 2   Level 3 
Liabilities:                
PodcastOne bridge loan  $2,711   $
-
   $
-
   $4,245 

 

   March 31, 2023 
   Carrying   Hierarchy Level 
   Value   Level 1   Level 2   Level 3 
Liabilities:                
PodcastOne bridge loan  $4,726   $
-
   $
-
   $9,152