XML 27 R16.htm IDEA: XBRL DOCUMENT v3.25.2
Note 10 - Related Party Transactions
 3 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Related Party Transactions Disclosure [Text Block]

Note 10 — Related Party Transactions

 

As of March 31, 2022, the Company had unsecured 8.5% Senior Secured Convertible Notes previously issued to Trinad Capital (as defined below). In  February 2023, the Trinad Notes along with accrued interest thereunder were converted into 6,177 shares of Series A Preferred Stock, with a stated value of $1,000 per share of Series A Preferred Stock and convertible at $2.10 per share, and Trinad Capital also received 200,000 shares of the Company's common stock. On  April 1, 2024, Trinad Capital converted 3,395.09 shares of Series A Preferred Stock into 1,616,709 shares of the Company’s common stock and received 535,399 three-year warrants to purchase the Company’s common stock exercisable at a price of $2.10 per share. For the three months ended June 30, 2025 and 2024, the Company issued  209.66 and 127.03 shares of its Series A Preferred Stock, respectively, to Trinad Capital as dividend payments required by the terms of the Series A Preferred Stock. As of June 30, 2025, Trinad Capital owned 4,298.81 shares of Series A Preferred Stock.

 

On September 8, 2023, PodcastOne completed its Direct Listing on the Nasdaq Capital Market which resulted in the Company owning 15,672,186 shares of common stock of PodcastOne along with 1,100,000 common stock warrants to purchase shares of PodcastOne's common stock with an exercise price of $3.00 per share, which remain outstanding of June 30, 2025. Also, on September 8, 2023, PodcastOne issued 147,044 shares of PodcastOne common stock to the Company's CEO as a result of his ownership of the Company's Series A Preferred Stock and its terms requiring such issuance.

 

During the three months ended June 30, 2025 and the year ended  March 31, 2025, the Company received 124,000 and 1,315,880 shares of PodcastOne Common stock with a fair value of $0.5 million and $2.5 million, respectively, in exchange for amounts owed under a cost sharing arrangement between PodcastOne and the Company.

 

During the three months ended June 30, 2025 and 2024, the Company issued or reserved 22,413 and 46,113 shares of its common stock with a value of $0.1 million and $0.1 million to relatives of the CEO for services performed, respectively.