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Note 3 - Revenue
 6 Months Ended
Sep. 30, 2025
Notes to Financial Statements  
Revenue from Contract with Customer [Text Block]

Note 3 — Revenue

 

The following table represents a disaggregation of revenue from contracts with customers for the three months ended  September 30, 2025 and 2024 (in thousands):

 

  

Three Months Ended

  

Six Months Ended

 
  

September 30,

  

September 30,

 
  

2025

  

2024

  

2025

  

2024

 

Revenue

                

Membership Services

 $3,072  $19,477  $6,397  $38,326 

Advertising

  15,183   12,309   30,275   25,383 

Merchandising

  507   808   1,297   1,963 

Total Revenue

 $18,762  $32,594  $37,969  $65,672 

 

For some contracts, the Company may invoice up front for services recognized over time or for contracts in which the Company has unsatisfied performance obligations. Payment terms and conditions vary by contract type, although terms generally cover monthly payments. In the circumstances where the timing of invoicing differs from the timing of revenue recognition, the Company has determined its contracts do not include a significant financing component. The Company has elected to apply the practical expedient under ASC 606-10-50-14 and not provide disclosure of the amount and timing of performance obligations as the performance obligations are part of a contract that has an original expected duration of one year or less.

 

For the three months ended September 30, 2025 and 2024, two customers accounted for 45% and 75% of the Company’s consolidated revenues, respectively. For the six months ended September 30, 2025 and 2024, two customers accounted for 45% and 73% of the Company’s consolidated revenues, respectively.

 

The following table summarizes the significant changes in the deferred revenue balances during the six months ended September 30, 2025 (in thousands):

 

  

Deferred

 
  

Revenue

 

Balance as of March 31, 2025

 $2,141 

Revenue recognized that was included in the contract liability at beginning of period

  (1,518)

Increase due to cash received, excluding amounts recognized as revenue during the period

  344 

Balance as of September 30, 2025

 $967