Basis of Presentation and Summary of Significant Accounting Policies (Tables)

9 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Schedule of estimated useful lives of property and equipment, net

Property and equipment, net are stated at cost, less accumulated depreciation and amortization. Depreciation expense is recorded using the straight-line method over the estimated useful lives of the respective assets as follows:

Computer equipment and software	3 - 5 years
Internal use software	3 - 5 years
Machinery and equipment	3 - 10 years
Furniture and fixtures	2 - 7 years

Schedule of amortization lives of intangible assets

Amortization lives of intangible assets are as follows:

Content Library		3 – 20 years
Tradenames, Trademarks and Patents		2 – 15 years
Customer Relationships	`	5 – 13 years
Advertiser Relationships and Channel		2 – 13 years
Software		10 years
Capitalized Content		3 years
Supplier Agreements		2 years

Schedule of intangible assets

The Company’s intangible assets included the following (in thousands):

	As of December 31, 2024
	Cost Basis		Accumulated Amortization			Net
Content Library	$	24,226	$	(21,675	)	$	2,551
Advertiser Relationships and Channel		12,832		(3,782	)		9,050
Customer Relationships		8,690		(8,077	)		613
Software		3,200		(1,120	)		2,080
Tradenames, Trademarks and Patents		3,953		(3,171	)		782
Capitalized Content		3,541		(777	)		2,764
Total Intangible Assets	$	56,442	$	(38,602	)	$	17,840

	As of March 31, 2024
	Cost Basis		Accumulated Amortization			Net
Content Library	$	24,133	$	(21,492	)	$	2,641
Advertiser Relationships and Channel		12,604		(2,541	)		10,063
Customer Relationships		8,690		(7,872	)		818
Software		3,200		(880	)		2,320
Tradenames, Trademarks and Patents		3,914		(3,059	)		855
Capitalized Content		1,821		(190	)		1,631
Total Intangible Assets	$	54,362	$	(36,034	)	$	18,328

Schedule of future amortization expense for intangible assets

As of December 31, 2024, future amortization expense is expected to be as follows (in thousands):

	Total
In-process intangible assets	$	469
Remainder of fiscal year 2025		1,004
2026		3,734
2027		2,785
2028		1,718
2029		1,615
Thereafter		6,515
Total	$	17,840

Schedule of fair value measurements of our financial assets and liabilities

The following tables summarize the levels of fair value measurements of our financial assets and liabilities (in thousands):

	As of December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Equity investment in Metaverse, at fair value	$	53	$	—	$	—	$	53
	$	53	$	—	$	—	$	53

	As of March 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Equity investment in Metaverse, at fair value	$	362	$	—	$	—	$	362
	$	362	$	—	$	—	$	362
Liabilities:
Current portion of earnout consideration on purchase of a business	$	—	$	—	$	180	$	180
	$	—	$	—	$	180	$	180

Schedule of accounts payable and accrued expenses

Accounts payable and accrued expenses consisted of the following (in thousands):

	As of
	December 31, 2024		March 31, 2024
Accounts payable	$	7,207	$	5,804
Amounts due to producers		18,358		9,889
Accrued compensation and benefits		3,498		1,119
Accrued other expenses		6,911		4,005
Total Accounts Payable and Accrued Expenses	$	35,974	$	20,817

Schedule of revenue disaggregation

The following tables present the Company’s disaggregated revenue by source (in thousands):

	Three Months Ended December 31,				Nine Months Ended December 31,
	2024		2023		2024		2023
Streaming and digital	$	14,128	$	9,537	$	31,920	$	29,006
Podcast and other		2,058		864		4,374		1,953
Base distribution		24,481		2,811		26,153		4,529
Other non-recurring		73		64		159		3,780
Total Revenue	$	40,740	$	13,276	$	62,606	$	39,268

Summary of Allowances of Credit Losses

A summary of the movements of our allowances for credit losses follows (in thousands):

Allowance for credit losses at the beginning of the year	$	269
Decrease in estimated provision		(118	)
Allowance for credit losses as at December 31, 2024	$	151

Computation of Basic and Diluted Earnings Per Share and Reconciliation of Weighted Average Number of Common and Common Equivalent Shares Outstanding

The following table sets forth the computation of basic and diluted earnings per share and a reconciliation of the weighted average number of common and common equivalent shares outstanding for the three and nine months ended December 31, 2024:

	Three Months Ended December 31,						Nine Months Ended December 31,
	2024			2023			2024			2023
	(in thousands, except share & per share data)
Numerator:
Net income (loss) attributable to common stock holders	$	7,024		$	(2,864	)	$	2,485		$	(6,946	)
Less: earnings attributable to participating common warrant holders		(1,009	)		—			(359	)		—
Net income (loss) attributable to common stock holders - basic and diluted	$	6,015		$	(2,864	)	$	2,126		$	(6,946	)
Denominator:
Weighted average shares of common stock - basic		15,879,951			12,828,011			15,765,996			11,677,870
Effect of dilutive common stock equivalents		1,894,289			—			1,806,734			—
Weighted average shares of common stock - diluted		17,774,240			12,828,011			17,572,730			11,677,870
Earnings per share:
Basic earnings (loss) per share	$	0.38		$	(0.22	)	$	0.13		$	(0.59	)
Effect of dilutive common stock equivalents		(0.04	)		—			(0.01	)		—
Diluted earnings (loss) per share	$	0.34		$	(0.22	)	$	0.12		$	(0.59	)