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Business Combination (Tables) | 6 Months Ended
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Sep. 30, 2024
Business Combinations [Abstract] |
Schedule of assets acquired and liabilities assumed | The Company's preliminary allocation of the purchase price to the assets acquired, liabilities assumed, and noncontrolling interest recognized and redeemable as of the Closing Date were as follows:
(In thousands) |  |  |
Cash and cash equivalents |  | $ | 32 |
Accounts receivable |  |  | 124 |
Materials and supplies |  |  | 538 |
Operating lease right-of-use |  |  | 502 |
Prepaid expenses and other assets |  |  | 266 |
Property, plant, and equipment |  |  | 23,750 |
Intangible assets |  |  | 11,130 |
Goodwill |  |  | 10,434 |
Total assets acquired |  |  | 46,776 |
Accounts payable |  |  | 1,260 |
Accrued expenses and other liabilities |  |  | 231 |
Lease liabilities |  |  | 502 |
Deferred income taxes |  |  | 4,668 |
Deferred revenue |  |  | 556 |
Total liabilities assumed |  |  | 7,217 |
Total fair value of net assets acquired |  |  | 39,559 |
Less: redeemable noncontrolling interest |  |  | (17,644 | )
Less: noncontrolling interest |  |  | (3,551 | )
Total purchase price |  | $ | 18,364 |
Schedule of net impact of the Acquisition on the Company's condensed consolidated statements of operations | The following is the net impact of the Amplex Acquisition on the Company's condensed consolidated statements of operations since the Closing Date:
|  | For the Three Months Ended September 30, 2024 |  |  | For the Six Months Ended September 30, 2024 |
|  | (In thousands) |
Total revenue |  | $ | 2,958 |  |  | $ | 3,447 |
Income (loss) from continuing operations |  | $ | 410 |  |  | $ | (190 | )
Schedule of business acquisition, pro forma information | The following table represents the supplemental consolidated financial results of the Company on an unaudited pro forma basis, as if the acquisition had been consummated on April 1, 2023.
|  | (In thousands) |
|  | For the Three Months Ended September 30, |  |  | For the Six Months Ended September 30, |
|  | 2024 (Actual) |  |  | 2023 (Pro Forma) |  |  | 2024 (Pro Forma) |  |  | 2023 (Pro Forma) |
Revenue |  | $ | 2,958 |  |  | $ | 2,841 |  |  | $ | 5,858 |  |  | $ | 5,495 |
Net (loss) income from continuing operations |  |  | (975 | ) |  |  | (1,303 | ) |  |  | (10,453 | ) |  |  | (2,574 | )
Net income (loss) from discontinued operations |  |  | 801 |  |  |  | (8,827 | ) |  |  | 2,860 |  |  |  | (5,783 | )
Net (loss) income |  |  | (174 | ) |  |  | (10,130 | ) |  |  | (7,593 | ) |  |  | (8,357 | )
Per share amounts: |  |  |  |  |  |  |  |  |  |  |  |
Basic (loss) earnings per share from continuing operations |  |  | (0.15 | ) |  |  | (0.18 | ) |  |  | (1.56 | ) |  |  | (0.35 | )
Diluted (loss) earnings per share from continuing operations |  |  | (0.15 | ) |  |  | (0.18 | ) |  |  | (1.56 | ) |  |  | (0.35 | )
Basic earnings (loss) per share from discontinued operations |  |  | 0.12 |  |  |  | (1.21 | ) |  |  | 0.43 |  |  |  | (0.79 | )
Diluted earnings (loss) per share from discontinued operations |  |  | 0.12 |  |  |  | (1.21 | ) |  |  | 0.43 |  |  |  | (0.79 | )
Basic (loss) earnings per share |  |  | (0.03 | ) |  |  | (1.39 | ) |  |  | (1.13 | ) |  |  | (1.15 | )
Diluted (loss) income per share |  |  | (0.03 | ) |  |  | (1.39 | ) |  |  | (1.13 | ) |  |  | (1.15 | )
Schedule of noncash investing and financing activities | The following table represents the supplemental schedule of noncash investing and financing activities:
|  | (In thousands) |
|  | For the Six Months Ended September 30, |
|  | 2024 |  |  | 2023 |
Supplemental schedule of noncash investing and financing activities |  |  |  |  |  |
Fair value of Amplex assets acquired |  | $ | 46,776 |  |  | $ | - |
Less: redeemable noncontrolling interest |  |  | (17,644 | ) |  |  | - |
Less: noncontrolling interest |  |  | (3,551 | ) |  |  | - |
Less: cash paid for Amplex common stock |  |  | (18,364 | ) |  |  | - |
Amplex liabilities assumed |  | $ | 7,217 |  |  | $ | - |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(3) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 + Details
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- Definition Tabular disclosure of the sale of an asset or business through a noncash (or part noncash) transaction. It may include the nature and purpose of the divesture, as well as the asset divested of and the noncash consideration received (that is, debt, stock, and so forth.) Noncash is defined as transactions during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482913/230-10-50-4 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482913/230-10-50-3 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482913/230-10-50-5 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-1 + Details
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