Fair Value Measurements (Tables)

6 Months Ended

Sep. 30, 2023

Fair Value Measurements [Abstract]

Financial Assets and Liabilities Measured at Fair Value Recurring Basis

The following summarizes financial assets and liabilities measured at fair value, by level within the fair value hierarchy:

	September 30, 2023								March 31, 2023
			Fair Value Measurements								Fair Value Measurements
			Using Inputs Considered as								Using Inputs Considered as
	Fair Value		Level 1		Level 2		Level 3		Fair Value		Level 1		Level 2		Level 3
Assets
Short-term investments
Mutual funds	$	2,036,000	$	2,036,000	$	-	$	-	$	2,011,000	$	2,011,000	$	-	$	-
Prepaid expenses and other current assets
Forward foreign currency exchange contracts		1,577,000		-		1,577,000		-		3,889,000		-		3,889,000		-
Liabilities
Other current liabilities
Deferred compensation		2,036,000		2,036,000		-		-		2,011,000		2,011,000		-		-
Convertible notes, related party
Compound Net Derivative Liability		8,960,000		-		-		8,960,000		8,430,000		-		-		8,430,000

Fair Value Assumptions

The following assumptions were used to determine the fair value of the Compound Net Derivative Liability:

	September 30, 2023			March 31, 2023
Risk free interest rate		4.70	%		3.64	%
Cost of equity		22.90	%		21.80	%
Weighted average cost of capital		15.10	%		14.60	%
Expected volatility of MPA common stock		50.00	%		50.00	%
EBITDA volatility		40.00	%		35.00	%

Activity for Level 3 Fair Value Measurements

The following summarizes the activity for Level 3 fair value measurements:

	Three Months Ended		Six Months Ended
	September 30,		September 30,
	2023		2023
Beginning balance	$	8,570,000	$	8,430,000
Changes in fair value of Compound Net Derivative Liability included in earnings		390,000		530,000
Ending balance	$	8,960,000	$	8,960,000