XML 31 R14.htm IDEA: XBRL DOCUMENT
v3.24.1.1.u2

Intangible and Other Assets, Net | 12 Months Ended
--- | ---
Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible and Other Assets, Net | Intangible and Other Assets, Net Intangible assets and other assets, net consisted of the following (in thousands):
| Useful Life |  | Gross Value |  | Accumulated Amortization |  | Net Carrying Value |  | Weighted Average Remaining Useful Life (Years)
March 31, 2024 |  |  |  |  |  |  |  |  |
Intangible Assets |  |  |  |  |  |  |  |  |
Toll-free telephone number | Indefinite |  | $ | 375 |  |  | $ | — |  |  | $ | 375 |  |  | Indefinite
Internet domain names | Indefinite |  | 485 |  |  | $ | — |  |  | 485 |  |  | Indefinite
Trade Names - PetCareRx | Indefinite |  | 2,600 |  |  | $ | — |  |  | 2,600 |  |  | Indefinite
Customer Relationships -PetCareRx | 7 years |  | 6,700 |  |  | (957) |  |  | 5,743 |  |  | 6.25
Developed Technology - PetCareRx | 3 years |  | 3,000 |  |  | (1,000) |  |  | 2,000 |  |  | 2.25
|  |  | $ | 13,160 |  |  | $ | (1,957) |  |  | $ | 11,203 |  |  |
Other Assets |  |  |  |  |  |  |  |  |
Minority interest investment in Vetster | N/A |  | 5,300 |  |  | — |  |  | 5,300 |  |  | N/A
Balance March 31, 2024 |  |  | $ | 18,460 |  |  | $ | (1,957) |  |  | $ | 16,503 |  |  |
March 31, 2023 |  |  |  |  |  |  |  |  |
Intangible Assets |  |  |  |  |  |  |  |  |
Toll-free telephone number | Indefinite |  | $ | 375 |  |  | $ | — |  |  | $ | 375 |  |  | Indefinite
Internet domain names | Indefinite |  | 485 |  |  | $ | — |  |  | 485 |  |  | Indefinite
Balance March 31, 2023 |  |  | $ | 860 |  |  | $ | — |  |  | $ | 860 |  |  |
Other Assets |  |  |  |  |  |  |  |  |
Minority interest investment in Vetster | N/A |  | $ | 5,000 |  |  | $ | — |  |  | $ | 5,000 |  |  | N/A
Balance March 31, 2023 |  |  | $ | 5,860 |  |  | $ | — |  |  | $ | 5,860 |  |  |
The Company evaluated its intangible assets for indicators of impairment as of March 31, 2024 and concluded that no impairment existed. Amortization expense for intangible assets was $2.0 million for the twelve months ended March 31, 2024 and zero for the twelve months ended March 31, 2023 and 2022, respectively. The indefinite life intangibles are not being amortized and are subject to an annual review for impairment in accordance with the ASC Topic 350 (“Goodwill and Other Intangible Assets”). The following table summarizes expected amortization of our intangible assets at March 31, 2024 (in thousands):
Year Ending March 31, |  |
2025 |  | $ | 1,957 |
2026 |  | 1,957 |
2027 |  | 957 |
2028 |  | 957 |
2029 |  | 957 |
Thereafter |  | 957 |
Total |  | $ | 7,743 |
On April 19, 2022, the Company engaged in a three-year partnership agreement with Vetster Inc. (“Vetster”), a Canadian veterinary telehealth company. The Company also purchased a 5% minority interest in Vetster in the amount of $5.0 million and received warrants for additional equity in Vetster, which are tied to future performance milestones. Under the terms of the agreement, the Company became the exclusive e-commerce provider for Vetster, and Vetster became the exclusive provider of telehealth and telemedicine services to the Company. The minority interest investment is being valued on the cost basis and the investment will be evaluated periodically for any impairment. On October 3, 2023, the Company purchased additional shares in Vetster in the amount of $0.3 million. This increased the minority interest investment to $5.3 million. Following this round, the Company’s minority ownership changed to approximately 4.8% of Vetster’s outstanding shares. The minority interest investment is being valued on the cost basis. At March 31, 2024, we evaluated the investment in accordance with ASC Topic 321 (Accounting for Equity Interests) and determined it was not impaired. Under the terms of the agreement, Vetster earns from 10% to 20% of revenue generated from its customers on orders fulfilled by the Company. For the years ended March 31, 2024 and 2023, the Company earned approximately $0.8 million and $0.4 million in net sales for orders placed through Vetster and incurred fees to Vetster of approximately $153 thousand and $80 thousand, respectively.

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350-30/tableOfContent + Details
Name: | us-gaap_IntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration