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Subsequent Events
6 Months Ended
Sep. 30, 2024
Subsequent Events [Abstract]  
Subsequent Events

Note 13. Subsequent Events

On November 6, 2024, Amplex received formal approval from the United States Department of Agriculture that funding was approved for a loan (the "Loan") of up to approximately $21.3 million awarded under the Rural Development Broadband ReConnect Program. The purpose of the Loan is to finance the construction of a broadband infrastructure project to serve rural areas where at least 50% of the households are without sufficient access to broadband. Amplex has five years to draw funds under the Loan Agreement, which expires on October 31, 2029. The Loan is secured by all of Amplex’s assets. The Loan bears interest at a rate of 2% per annum, calculated by daily accrual. All accrued interest and principal on advances will be deferred for a three year period ending on October 31, 2027, at which point all unpaid accrued interest will be capitalized and added to the outstanding principal, and monthly payments will be established in an amount that amortizes the outstanding balance in equal payments over the remaining term of the Loan. The principal and remaining unpaid interest shall be due and payable on October 31, 2046. The Company has not drawn any funds related to this Loan as of the date of issuing these condensed consolidated financial statements.

The Loan includes representations and warranties, reporting covenants, affirmative covenants, negative covenants, financial covenants, and events of default customary for financings of this type. Upon the occurrence of an event of default the Lender may restrict additional advances as well as accelerate all amounts outstanding under the Loan.