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Note 8 - Notes Payable

6 Months Ended

Sep. 30, 2025

Note 8 — Notes Payable

Notes payable at September 30, 2025 and March 31, 2025 were as follows (in thousands):

	*September 30,*			*March 31,*
	*2025*			*2025*
SBA loan	$	149		$	150
Capchase loan		284			623
		433			773
Less: Current portion of Notes payable		(284	)		(623	)
Notes payable	$	149		$	150

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. There 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 the amount of $1.7 million to further develop and acquire certain podcasts acquired by PodcastOne and for general working capital. The debt is subordinated to the Debentures (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. As of September 30, 2025, the Company was in compliance with covenants under the Capchase agreement.

Maturities of notes payables as of September 30, 2025 were as follows (in thousands):

For Years Ending March 31,
2026 (remaining six months)	$	289
2027		4
2027		4
2028		4
2029		4
Thereafter		128
Total	$	433