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Note 7 - Notes Payable | 12 Months Ended
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Mar. 31, 2025
Notes to Financial Statements |
Notes Payable [Text Block] | Note 7 — Notes Payable The Company’s notes payable at March 31, 2025 and 2024 were as follows (in thousands):
|  | March 31, |  |  | March 31, |
|  | 2025 |  |  | 2024 |
SBA loan |  | $ | 150 |  |  | $ | 160 |
Capchase loan |  |  | 623 |  |  |  | 1,303 |
Total |  |  | 773 |  |  |  | 1,463 |
Less: Current portion of Notes payable |  |  | (623 | ) |  |  | (692 | )
Notes payable - long term |  | $ | 150 |  |  | $ | 771 |
SBA Loan On June 17, 2020, the Company received the proceeds from a loan in the amount of less than $0.2 million from the United States Small Business Administration (the “SBA”). Installment payments, including principal and interest, begin 12-months from the date of the promissory note. The balance is payable 30-years from the date of the promissory note, and bears interest at a rate of 3.75% per annum. The Company recorded interest expense of less than $10,000 of interest expense associated with the SBA loan for both the years ended March 31, 2025 and 2024, respectively. The are no covenants associated with the SBA loan. Loan and Security Agreement In August 2023, the Company entered into a Loan and Security Agreement with Capchase Inc. (“Capchase”) pursuant to which the Company borrowed $1.7 million to further develop and acquire certain podcasts acquired by PodcastOne and for general working capital. The debt is subordinated to the ABL Credit Facility (as defined below) and bears an interest rate of 9%, which is included in the monthly amortization payments of approximately $73,100, with the final amortization payment due on February 4, 2026. The Company recorded interest expense of $0.2 million and $0.4 million of interest expense associated with the Capchase loan for the years ended March 31, 2025 and 2024, respectively. Maturities of notes payables as of March 31, 2024 were as follows (in thousands):
For Years Ending March 31, |  |  |  |
2026 |  | $ | 627 |
2027 |  |  | 4 |
2028 |  |  | 4 |
2029 |  |  | 4 |
2030 |  |  | 4 |
Thereafter |  |  | 130 |
Total |  | $ | 773 |

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