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Going Concern Assessment | 6 Months Ended
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Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Going Concern Assessment | Note 6. Going Concern Assessment If the lenders were to accelerate the Company’s obligations under the loan agreement, the Company would be unable to immediately meet the obligations and others without undertaking other financing or a capital raise. The lenders' right to accelerate the debt and the Company's ability to find alternative financing on economically favorable terms or at all, depends in part on factors that are beyond the Company’s control and required consideration in management’s going concern assessment for the interim reporting period. Management evaluated the significance of the lenders' right to accelerate the debt, including the likelihood of acceleration based on current discussions and the management’s understanding of the lenders' intentions to restructure the facility. While the EBITDA Ratio was not met, the Debt to Adjusted Tangible Net Worth Ratio has been maintained at a level of approximately 0.6 to one, which is significantly lower than the maximum of 3 to one permitted by the loan agreement. The Company’s tangible net worth reduces credit risk to lenders and supports management’s belief that the Company will continue having access to the lenders' credit. Importantly, based on current discussions, a restructuring of the agreement is expected to exclude the EBITDA Ratio requirement. The lenders are aware of the previously announced branch closures and reductions of workforce including the related charges. In addition, management has strong indications that another lender would be willing to provide ample financing, based on acceptable economic terms, to settle the obligation in the near term. Management’s assessment, which considers the lenders' understood intentions, is that it is probable the current loan agreement will be successfully restructured. Secondarily, based on current negotiations of terms with another lender, management assessed that the Company could obtain other financing in the near term.

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