Segment Information

3 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

SEGMENT INFORMATION

10. SEGMENT INFORMATION

We operate in two reportable segments: Cinema Equipment Business and Content & Entertainment Business. Our segments were determined based on the economic characteristics of our products and services, our internal organizational structure, the manner in which our operations are managed and the criteria used by our CODM to evaluate performance, which is generally the segment’s operating income (loss) before depreciation and amortization.

Operations of:	Products and services provided:
Cinema Equipment Business	Financing vehicles and administrators for 2,519 Systems installed nationwide in our first deployment phase (“Phase I Deployment”) to theatrical exhibitors and for 3,025 Systems installed domestically and internationally in our second deployment phase (“Phase II Deployment”). We retain ownership of the Systems and the residual cash flows related to the Systems in Phase I Deployment after the repayment of all non-recourse debt at the expiration of exhibitor master license agreements. For certain Phase II Deployment Systems, we do not retain ownership of the residual cash flows and digital cinema equipment in Phase II Deployment after the completion of cost recoupment and at the expiration of the exhibitor master license agreements. The Cinema Equipment Business segment also provides monitoring, collection, verification and management services to this segment, as well as to exhibitors who purchase their own equipment, and also collects and disburses VPFs from motion picture studios, distributors and ACFs from alternative content providers, movie exhibitors and theatrical exhibitors (collectively, “Services”).
Content & Entertainment Business	Leading independent streaming company of content and channels. We collaborate with producers and other content owners to market, source, curate and distribute independent content to targeted and under-served audiences in theatres and homes, and via mobile and emerging platforms.

The following tables present certain financial information related to our reportable segments and Corporate:

	As of June 30, 2021
(In thousands)	Intangible Assets, net		Goodwill		Total Assets		Notes Payable, Non- Recourse		Notes Payable		Operating lease liabilities
Cinema Equipment Business	$	—	$	—	$	14,038	$	387	$	—	$	1
Content & Entertainment Business		12,213		10,738		50,534		—		—		40
Corporate		—		—		16,065		—		3,031		25
Total	$	12,213	$	10,738	$	80,637	$	387	$	3,031	$	66

	As of March 31, 2021
(In thousands)	Intangible Assets, net		Goodwill		Total Assets		Notes Payable, Non- Recourse		Notes Payable		Operating lease liabilities
Cinema Equipment Business	$	—	$	—	$	13,169	$	7,786	$	—	$	1
Content & Entertainment Business		9,858		8,701		42,733		—		—		69
Corporate		2		—		19,544		—		4,108		30
Total	$	9,860	$	8,701	$	75,446	$	7,786	$	4,108	$	100

	Statements of Operations
	Three Months Ended June 30, 2021
	(in thousands)
	Cinema Equipment Business		Content & Entertainment Business			Corporate			Consolidated
Revenues	$	6,231	$	8,784		$	—		$	15,015
Direct operating (exclusive of depreciation and amortization shown below)		257		4,374			—			4,631
Selling, general and administrative		429		2,818			2,796			6,043
Allocation of corporate overhead		99		660			(759	)		—
Provision for doubtful accounts		27		44			—			71
Depreciation and amortization of property and equipment		507		143			(1	)		649
Amortization of intangible assets		—		845			1			847
Total operating expenses		1,319		8,884			2,037			12,241
Income (loss) from operations	$	4,912	$	(100	)	$	(2,037	)	$	2,774

The following employee and director stock-based compensation expense related to our stock-based awards is included in the above amounts as follows:

(In thousands)	Cinema Equipment Business		Content & Entertainment Business		Corporate		Consolidated
Direct operating	$	—	$	—	$	—	$	—
Selling, general and administrative		—		166		817		983
Total stock-based compensation	$	—	$	166	$	817	$	983

	Statements of Operations
	Three Months Ended June 30, 2020 (in thousands)
	Cinema Equipment Business			Content & Entertainment			Corporate			Consolidated
Revenues	$	605		$	5,413		$	—		$	6,018
Direct operating (exclusive of depreciation and amortization shown below)		182			2,497			—			2,679
Selling, general and administrative		549			1,895			1,396			3,840
Allocation of corporate overhead		124			784			(908	)		—
Depreciation and amortization of property and equipment		1,403			103			18			1,524
Amortization of intangible assets		8			582			—			590
Total operating expenses		2,266			5,861			506			8,633
Income (loss) from operations	$	(1,661	)	$	(488	)	$	(506	)	$	(2,615	)

The following employee and director stock-based compensation expense related to our stock-based awards is included in the above amounts as follows:

	Cinema Equipment Business		Content & Entertainment		Corporate		Consolidated
Direct operating	$	—	$	—	$	—	$	—
Selling, general and administrative		—		26		151		177
Total stock-based compensation	$	—	$	26	$	151	$	177