| Accounting Policies, by Policy (Policies) | 12 Months Ended |
| Mar. 31, 2021 |
| Accounting Policies [Abstract] | |
| COVID-19 | COVID-19 In
March 2020, the World Health Organization declared the outbreak of the novel coronavirus disease (“COVID-19”) as a pandemic.
The global impact of the COVID-19 pandemic has had a negative effect on the global economy, disrupting the financial markets creating
increasing volatility and overall uncertainty. The Company began to experience modest adverse impacts of the COVID-19 pandemic in the
fourth quarter of fiscal year ended March 31, 2020 and became more adverse throughout the fiscal year ended March 31, 2021. Although the
impact has subsided, the Company expects to continue experiencing modest adverse impacts throughout the fiscal year ending March 31, 2022.
The Company’s event and programmatic advertising revenues were directly impacted throughout the 2021 fiscal year with all on-premise
in-person live music festivals and events postponed and mixed demand from historical advertising partners. Further, one of the Company’s
larger customers also experienced a temporary halt to its production as a result of COVID-19, which negatively impacted the Company’s
near-term subscriber growth in the 2021 fiscal year. During the fiscal year ended March 31, 2021, the Company enacted several initiatives
to counteract these near-term challenges, including salary reductions, obtaining a Paycheck Protection Program loan (see Note 8 - Notes
Payable) and pivoting its live music production to 100% digital. The Company began producing, curating, and broadcasting digital music
festivals and events across its platform which has resulted in the growth in the number of live events streamed, related sponsorship revenue
and overall viewership. The Company also launched a new pay-per-view (“PPV) offering in May 2020, enabling new forms of artist revenue
including digital tickets, tipping, digital meet and greet and merchandise sales. However, there is uncertainty as to the duration and
overall impact of the COVID-19 pandemic, which could result in an adverse material change in a future period to the Company’s results
of operations, financial position and liquidity. On March 27, 2020, the
CARES Act was enacted in the United States. The CARES Act provides numerous tax provisions and other stimulus measures, including temporary
changes regarding the prior and future utilization of net operating losses and technical corrections from prior tax legislation for tax
depreciation of certain qualified improvement property. The Company evaluated the provisions of the CARES Act and does not anticipate
the associated impacts, if any, will have a material effect on its provision for income taxes. On December 29, 2020 the Consolidated
Appropriations Act (“CAA”) was enacted in the United States. The CAA provides numerous tax provisions and most notably
for the Company changes the tax treatment of those expenses paid for with a PPP loan from non-deductible to deductible. The Company
is in the process of evaluating the provisions of the CAA including second draw Paycheck Protection Program loans and potential eligibility
for Employee Retention Credits and does not anticipate the other provisions included will have a material impact on its provision for
income taxes. |
| Use of Estimates | Use of Estimates The preparation of the
Company’s consolidated financial statements in conformity with the United States of America (“US”) generally accepted
accounting principles (“GAAP”) requires the Company’s management to make estimates and assumptions that affect the reported
amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the
reported amounts of revenue and expenses during the reporting period. Significant items subject to such estimates and assumptions include
revenue, allowance for doubtful accounts, the assigned value of acquired assets and assumed and contingent liabilities associated with
business combinations and the related purchase price allocation, useful lives and impairment of property and equipment, intangible assets,
goodwill and other assets, inventory calculations and reserves, the fair value of the Company’s equity-based compensation awards
and convertible debt and debenture instruments, fair values of derivatives, and contingencies. Actual results could differ materially
from those estimates. On an ongoing basis, the Company evaluates its estimates compared to historical experience and trends, which form
the basis for making judgments about the carrying value of assets and liabilities. Given the overall uncertainty surrounding the COVID-19
pandemic, there is a reasonable possibility that actual results could differ from those estimates and such differences could be material
to the financial position and results of operations, specifically in assessing when the collectability of revenue related consideration
is probable, and the impairment assessment of goodwill, indefinite lived assets or long-lived assets that are depreciated or amortized. |
| Revenue Recognition Policy | Revenue Recognition Policy The Company accounts for a
contract with a customer when an approved contract exists, the rights of the parties are identified, payment terms are identified, the
contract has commercial substance and the collectability of substantially all of the consideration is probable. Revenue is recognized
when the Company satisfies its obligation by transferring control of the goods or services to its customers in an amount that reflects
the consideration to which the Company expects to be entitled in exchange for those goods or services. The Company uses the expected value
method to estimate the value of variable consideration on advertising and with original equipment manufacturer contracts to include in
the transaction price and reflect changes to such estimates in periods in which they occur. Variable consideration for these services
is allocated to and recognized over the related time period such advertising and subscription services are rendered as the amounts reflect
the consideration the Company is entitled to and relate specifically to the Company’s efforts to satisfy its performance obligation.
The amount of variable consideration included in revenue is limited to the extent that it is probable that the amount will not be subject
to significant reversal when the uncertainty associated with the variable consideration is subsequently resolved. Practical Expedients The Company elected the practical
expedient and recognized the incremental costs of obtaining a contract, if any, as an expense when incurred if the amortization period
of the asset that would have been recognized is one year or less. Gross Versus Net Revenue Recognition The Company reports revenue
on a gross or net basis based on management’s assessment of whether the Company acts as a principal or agent in the transaction
and is evaluated on a transaction by transaction basis. To the extent the Company acts as the principal, revenue is reported on a gross
basis net of any sales tax from customers, when applicable. The determination of whether the Company acts as a principal or an agent in
a transaction is based on an evaluation of whether the Company controls the good or service prior to transfer to the customer. Where applicable,
the Company has determined that it acts as the principal in all of its subscription service, sponsorship, and merchandising streams and
may act as principal or agent for its ticketing/live events, advertising and licensing revenue streams. The Company’s revenue is principally derived
from the following services: Subscription Services Subscription services revenue
substantially consist of monthly to annual recurring subscription fees, which are primarily paid in advance by credit card or through
direct billings arrangements. The Company defers the portions of monthly to annual recurring subscription fees collected in advance and
recognizes them in the period earned. Subscription revenue is recognized in the period of services rendered. The Company’s subscription
revenue consists of performance obligations that are satisfied over time. This has been determined based on the fact that the nature of
services offered are subscription based where the customer simultaneously receives and consumes the benefit of the services provided regardless
of whether the customer uses the services or not. As a result, the Company has concluded that the best measure of progress toward the
complete satisfaction of the performance obligation over time is a time-based measure. The Company recognizes subscription revenue straight-line
through the subscription period. Subscription Services consist
of: Direct subscriber, mobile
service provider and mobile app services The Company generates revenue
for subscription services on both a direct basis and through subscriptions sold through certain third-party mobile service providers and
mobile app services (collectively the “Mobile Providers”). For subscriptions sold through the Mobile Providers, the subscriber
executes an on-line agreement with Slacker outlining the terms and conditions between Slacker and the subscriber upon purchase of the
subscription. The Mobile Providers promote the Slacker app through their e-store, process payments for subscriptions, and retain a percentage
of revenue as a fee. The Company reports this revenue gross of the fee retained by the Mobile Providers, as the subscriber is Slacker’s
customer in the contract and Slacker controls the service prior to the transfer to the subscriber. Subscription revenues from monthly
subscriptions sold directly through Mobile Providers are subject to such Mobile Providers’ refund or cancellation terms. Revenues
from Mobile Providers are recognized net of any such adjustments for variable consideration, including refunds and other fees. The Company’s
payment terms vary based on whether the subscription is sold on a direct basis or through Mobile Providers. Subscriptions sold on a direct
basis require payment before the services are delivered to the customer. The payment terms for subscriptions sold through Mobile Providers
vary, but are generally payable within 30 days. Third-Party Original
Equipment Manufacturers The Company generates revenue
for subscription services through subscriptions sold through a third-party Original Equipment Manufacturer (the “OEM”). For
subscriptions sold through the OEM, the OEM executes an agreement with Slacker outlining the terms and conditions between Slacker and
the OEM upon purchase of the subscription. The OEM installs the Slacker app in their equipment and provides the Slacker service to the
OEM’s customers. The monthly fee charged to the OEM is based upon a fixed rate per vehicle, multiplied by the variable number of
total vehicles which have signed up for a paid subscription. The number of customers, or the variable consideration, is reported by OEMs
and resolved on a monthly basis. The Company’s payment terms with OEM are up to 30 days. Advertising Revenue Advertising revenue primarily
consist of revenues generated from the sale of audio, video, and display advertising space to third-party advertising exchanges. Revenues
are recognized based on delivery of impressions over the contract period to the third-party exchanges, either when an ad is placed for
listening or viewing by a visitor or when the visitor “clicks through” on the advertisement. The advertising exchange companies
report the variable advertising revenue performed on a monthly basis which represents the Company’s efforts to satisfy the performance
obligation. Additionally, following the acquisition of PodcastOne, the Company began deriving revenue from podcast advertising. PodcastOne
earns advertising revenues primarily for fees earned from advertisement placement purchased by the customer during the time the podcast
is delivered to the viewing audience, under the terms and conditions as set forth in the applicable podcasting agreement calculated using
impressions. From time to time we enter
into barter transactions involving advertising provided in exchange for goods and services. Revenue from barter transactions is recognized
based on delivery of impressions and in the same manner as described above. Services received are charged to expense when received or
utilized. If services are received prior to the delivery of impressions, a liability is recorded. If delivery of impressions have occurred
before the receipt of goods or services, a receivable is recorded. Total revenues related to barter transactions were $3.5 million for
the year ended March 31, 2021. We did not enter into any barter transactions during the year ended March 31, 2020. Licensing Revenue Licensing revenue primarily
consists of sales of licensing rights to digitally stream its live music services. Licensing revenue is recognized when the Company satisfies
its performance obligation by transferring control of the goods or services to its customers in an amount that reflects the consideration
to which the Company expects to be entitled in exchange for those goods or services, which is typically when the live event has aired.
Any license fees collected in advance of an event are deferred until the event airs. Sponsorship
Revenue Sponsorship revenue primarily
consists of sales of sponsorship programs that provide sponsors with opportunities to reach our customers. Sponsorship revenue is recognized
as the event airs. Any sponsorship fees collected in advance of the contract term (typically an event) are deferred until the event airs.
The Company reports sponsorship revenue on a gross basis as the Company acts as the principal in the underlying transactions. Merchandising
Revenue Revenue is recognized upon
the transfer of control to the customer. The Company recognizes revenue and measures the transaction price net of taxes collected from
customers and remitted to governmental authorities. Sales commissions are expensed as incurred and are recorded in sales and marketing
expenses in the consolidated statements of operations. The Company's customer contracts do not have a significant financing component
due to their short durations, which are typically effective for one year or less and have payment terms that are generally 30 to 60 days.
Wholesale revenue is generally recognized when products are shipped, depending on the applicable contract terms. The Company records a
refund liability for expected returns based on prior returns history, recent trends, and projections for returns on sales in the current
period. The refund liability at March 31, 2021 was less than $0.1 million. Ticket/Event Revenue Ticket/Event revenue is primarily
from the sale of tickets and promoter fees earned from venues or other co-promoters under one of several formulas, including a fixed guaranteed
amount and/or a percentage of ticket sales or event profits. Revenue from the promotion
or production of an event is recognized at a point in time when the show occurs. Revenue collected in advance of the event is recorded
as deferred revenue until the event occurs. Revenue collected from sponsorship agreements, which is not related to a single event, is
classified as deferred revenue and recognized over the term of the agreement or operating season as the benefits are provided to the sponsor. Revenue from our ticketing
operations primarily consists of service fees charged at the time a ticket for an event is sold in either the primary or secondary markets,
including both online pay-per-view (“PPV”) tickets as well as ticket physically purchased through a ticket sale vendor. For
primary tickets sold to the Company’s PPV and festival events the revenue for the associated ticket service charges collected in
advance of the event is recorded as deferred revenue until the event occurs. For PPV arrangements that include multiple performance obligations,
i.e. delivery of the online stream, sponsorships, digital meet and greet, or physical merchandise, we allocate the total contract consideration
to each performance obligation using the standalone selling price. If the standalone selling price is not readily determinable, it is
estimated using observable inputs including an adjusted market based approach, expected cost plus margin, or the residual approach. Cost of Sales Cost of Sales principally
consist of royalties paid for the right to stream video, music and non-music content to the Company’s customers and the cost of
securing the rights to produce and stream live events from venues and promoters. Royalties are calculated using negotiated and regulatory
rates documented in content license agreements and are based on usage measures or revenue earned. Music royalties to record labels, professional
rights organizations and music publishers relate to the consumption of music listened to on Slacker’s radio services. As of March
31, 2021, and 2020, the Company accrued $12.3 million and $13.1 million of royalties, respectively, due to artists from use of Slacker’s
radio services. Cost of sales for the Company’s
advertising revenue primarily includes PodcastOne direct costs comprised of revenue sharing and commissions. Cost of sales for the Company’s
merchandising revenue includes purchase costs and related direct costs. Direct costs include all costs for personalization, production,
planning, quality control, fulfillment and inbound freight. Sales and Marketing Sales and Marketing include
the direct and indirect costs related to the Company’s product and event advertising and marketing. Additionally, sales and marketing
include merchandising advertising and royalty costs. Product Development Product development costs
primarily are expenses for research and development, product and content development activities, including internal software development
and improvement costs which have not been capitalized by the Company. Stock-Based Compensation Stock-based compensation cost
is measured at the grant date based on the fair value of the award and is recognized as expense over the requisite service period, which
is the vesting period, on an accelerated basis. The Company accounts for awards with graded vesting as if each vesting tranche is valued
as a separate award. The Company uses the Black-Scholes-Merton option pricing model to determine the grant date fair value of stock options.
This model requires the Company to estimate the expected volatility and the expected term of the stock options which are highly complex
and subjective variables. The variables take into consideration, among other things, actual and projected employee stock option exercise
behavior. The Company uses a predicted volatility of its stock price during the expected life of the options that is based on the historical
performance of the Company’s stock price as well as including an estimate using guideline companies. The expected term is computed
using the simplified method as the Company’s best estimate given its lack of actual exercise history. The Company has selected a
risk-free rate based on the implied yield available on U.S. Treasury securities with a maturity equivalent to the expected term of the
stock. Compensation expense resulting from granted restricted stock units and restricted stock awards is measured at fair value on the
date of grant and is recognized as share-based compensation expense over the applicable vesting period. Stock-based awards are comprised
principally of stock options, restricted stock, restricted stock units (“RSUs”), and restricted stock awards (“RSAs”). Forfeitures
are recognized as incurred. Stock option awards issued
to non-employees are accounted for at grant date fair value determined using the Black-Scholes-Merton option pricing model. Management
believes that the fair value of the stock options is more reliably measured than the fair value of the services received. The Company
records the fair value of these equity-based awards and expense at their cost ratably over related vesting periods. Income Taxes The Company accounts for income
taxes using the asset and liability method, which requires recognition of deferred tax assets and liabilities for the expected future
tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets
and liabilities are based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax
rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance
to the extent management concludes it is more likely than not that the assets will not be realized. Deferred tax assets and liabilities
are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected
to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the Company’s
Statements of Operations in the period that includes the enactment date. Net Income (Loss) Per Share Basic earnings (loss) per
share is computed using the weighted-average number of common shares outstanding during the period. Diluted earnings (loss) per share
is computed using the weighted-average number of common shares and the dilutive effect of contingent shares outstanding during the period.
Potentially dilutive contingent shares, which primarily consist of stock options issued to employees, directors and consultants, restricted
stock units, warrants issued to third parties and accounted for as equity instruments and convertible notes would be excluded from the
diluted earnings per share calculation because their effect is anti-dilutive. At March 31, 2021 and 2020,
the Company had 0 and 167,363 warrants outstanding, 3,946,584 and 4,428,334 options outstanding, respectively, 4,512,916 and 4,530,705
restricted stock units outstanding, respectively, 0 and 24,675 restricted stock awards outstanding, respectively, and 5,723,685 and 4,206,437
shares of common stock issuable underlying the Company’s convertible notes and convertible debentures, respectively. Business Combinations The Company accounts for its
business combinations using the acquisition method of accounting where the purchase consideration is allocated to the underlying net tangible
and intangible assets acquired, based on their respective fair values. The excess of the purchase consideration over the estimated fair
values of the net assets acquired is recorded as goodwill. Identifiable assets acquired, liabilities assumed and any noncontrolling interest
in the acquiree are recognized and measured as of the acquisition date at fair value. Additionally, any contingent consideration is recorded
at fair value on the acquisition date and classified as a liability. Goodwill is recognized to the extent by which the aggregate of the
acquisition-date fair value of the consideration transferred and any noncontrolling interest in the acquiree exceeds the recognized basis
of the identifiable assets acquired, net of assumed liabilities. Determining the fair value of assets acquired, liabilities assumed and
noncontrolling interests requires management’s judgment and often involves the use of significant estimates and assumptions, including,
but not limited to, the selection of appropriate valuation methodology, projected revenue, expenses and cash flows, weighted average cost
of capital, discount rates, estimates of customer turnover rates, estimates of terminal values, and royalty rates. Cash and Cash Equivalents Cash and cash equivalents
include all highly liquid investments with original maturities, when purchased, of three months or less. The following table provides
amounts included in cash, cash equivalents and restricted cash presented in the consolidated statements of cash flows for the fiscal years
ended March 31 (in thousands):
2021 2020
Cash and cash equivalents $ 18,635 $ 5,702
Restricted cash 135 6,735
Total cash and cash equivalents and restricted cash $ 18,770 $ 12,437 Restricted Cash and Cash Equivalents The Company maintains certain
letters of credit agreements with its banking provider, which are secured by the Company’s cash for periods of less than one year.
As of March 31, 2021 and 2020, the Company had restricted cash of $0.1 million and $6.7 million, respectively. The decrease in restricted
cash as of March 31, 2021 as compared to March 31, 2020, was a result of the repayment of the senior secured convertible debentures in
August 2020 (see Note 9 –Senior Secured Convertible Debentures). Allowance for Doubtful Accounts The Company evaluates the
collectability of its accounts receivable based on a combination of factors. Generally, it records specific reserves to reduce the amounts
recorded to what it believes will be collected when a customer’s account ages beyond typical collection patterns, or the Company
becomes aware of a customer’s inability to meet its financial obligations. The Company believes that
the credit risk with respect to trade receivables is limited due to the large and established nature of its largest customers and the
short-term nature of its subscription receivables. At March 31, 2021, the Company had two customers that made up 21% and 15% of the total
accounts receivable balance. At March 31, 2020, the Company had two customers that made up 22% and 57% of the total accounts receivable
balance. The following table provides
amounts included in accounts receivable, net for the fiscal years ended March 31 (in thousands):
2021 2020
Accounts receivable $ 10,679 $ 4,109
Less: Allowance for doubtful accounts 112 220
Accounts receivable, net $ 10,567 $ 3,889 Inventories Inventories, principally raw
materials awaiting final customization process, are stated at the lower of cost or net realizable value. Inventories are relieved on a
first-in, first-out basis. The carrying value of inventories
is reduced for any excess and obsolete inventory. Excess and obsolete reductions are determined based on currently available information,
including the likely method of disposition, such as through sales to individual customers and liquidations, and the age of inventory. Property and Equipment Property and equipment are
recorded at cost. Costs of improvements that extend the economic life or improve service potential are also capitalized. Capitalized costs
are depreciated over their estimated useful lives. Costs for normal repairs and maintenance are expensed as incurred. Depreciation is recorded using
the straight-line method over the assets’ estimated useful lives, which are generally as follows: buildings and improvements (5
years), furniture and equipment (3 to 5 years) and computer equipment and software (3 to 5 years). Leasehold improvements are depreciated
over the shorter of the estimated useful life, based on the estimates above, or the lease term. The Company evaluates the
carrying value of its property and equipment if there are indicators of potential impairment. If there are indicators of potential impairment,
the Company performs an analysis to determine the recoverability of the asset group carrying value by comparing the expected undiscounted
future cash flows to the net book value of the asset group. If it is determined that the expected undiscounted future cash flows are less
than the net book value of the asset group, the excess of the net book value over the estimated fair value is recorded in the Company’s
consolidated statements of operations. Fair value is generally estimated using valuation techniques that consider the discounted cash
flows of the asset group using discount and capitalization rates deemed reasonable for the type of assets, as well as prevailing market
conditions, appraisals, recent similar transactions in the market and, if appropriate and available, current estimated net sales proceeds
from pending offers. Capitalized Internal-Use Software The Company capitalizes certain
costs incurred to develop software for internal use. Costs incurred in the preliminary stages of development are expensed as incurred.
Once software has reached the development stage, internal and external costs, if direct and incremental, are capitalized until the software
is substantially complete and ready for its intended use. The Company also capitalizes costs related to specific upgrades and enhancements
when it is probable the expenditures will result in additional functionality. Capitalized costs are recorded as part of property and equipment.
Costs related to minor enhancements, maintenance and training are expensed as incurred. Capitalized internal-use software
costs are amortized on a straight-line basis over their three- to five-year estimated useful lives. The Company evaluates the useful lives
of these assets and test for impairment whenever events or changes in circumstances occur that could impact the recoverability of these
assets. During the years ended March 31, 2021 and 2020, the Company capitalized $3.4 million and $2.8 million of internal use software,
respectively. Goodwill and Indefinite-Lived Assets Goodwill represents the excess
of the purchase consideration over the fair value of the net tangible and identifiable intangible assets acquired in a business combination
and is carried at cost. Acquired trademarks and trade names are assessed as indefinite lived assets if there are no foreseeable limits
on the periods of time over which they are expected to contribute cash flows. Goodwill and indefinite-lived assets are not amortized,
but are subject to an annual impairment testing, as well as between annual tests when events or circumstances indicate that the carrying
value may not be recoverable. We perform our annual impairment testing at January 1 of each year. Our annual goodwill impairment
test is performed at the reporting unit level. As of March 31, 2021 and 2020, our single reporting unit is the same as our operating segment,
as described in Note 19. We generally test goodwill for possible impairment by first performing a qualitative assessment to determine
whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If a qualitative assessment
is not used, or if the qualitative assessment is not conclusive, a quantitative impairment test is performed. If a quantitative test is
performed, we determine the fair value of the related reporting unit and compare this value to the recorded net assets of the reporting
unit, including goodwill. The fair value of our reporting unit is determined using a market approach based on quoted prices in active
markets. In the event the recorded net assets of the reporting unit exceed the estimated fair value of such assets, an impairment charge
is recorded. Based on our annual impairment assessment, no impairments of goodwill were identified in the fiscal years ended March 31,
2021 and 2020. Estimations and assumptions
regarding, future performance, results of the Company’s operations and comparability of its market capitalization and net book value
will be used. We test our acquired trademarks
and trade names for possible impairment by applying the same process as for goodwill. In the instance when a qualitative test is not performed
or is inconclusive, a quantitative test is performed by using a discounted cash flow model to estimate fair value of our acquired trademarks
and trade names. Based on our annual impairment assessment, no impairments of acquired trademarks and trade names were identified in the
fiscal years ended March 31, 2021 and 2020. Intangible Assets with Finite Useful Lives The Company has certain finite-lived
intangible assets that were initially recorded at their fair value at the time of acquisition. These intangible assets consist of Intellectual
Property, Customer Relationships, Content Creator Relationships, Wholesale Relationships, Domain Names, Customer List, Capitalized Software
Development Costs, and Non-compete Agreements resulting from business combinations. Intangible assets with finite useful lives are amortized
using the straight-line method over their respective estimated useful lives, which are generally as follows: Intellectual Property (15
years), Customer, Content Creator and Wholesale Relationships (1-6 years), Domain Names, Customer Lists, and Software (5 years), Patents
(15 years), and Non-Compete Agreements (3 years). The Company reviews all finite
lived intangible assets for impairment when circumstances indicate that their carrying values may not be recoverable. If the carrying
value of an asset group is not recoverable, the Company recognizes an impairment loss for the excess carrying value over the fair value
in its consolidated statements of operations. In our assessment for potential impairment we identified triggering events due to the events
resulting from the global COVID-19 pandemic which caused the temporary halting of car production of our OEM partner as well as overall
advertising spend decrease from our advertising partners. No impairment losses have been recorded in the fiscal years ended March 31,
2021 and 2020. The outbreak could have a continued adverse impact on economic and market conditions and trigger a period of global economic
slowdown, which may impair the Company’s asset values, including intangible assets. Deferred Revenue and Costs Deferred revenue consists
substantially of amounts received from customers in advance of the Company’s performance service period. Deferred revenue is recognized
as revenue on a systematic basis that is proportionate to the period that the underlying services are rendered, which in certain arrangements
is straight line over the remaining contractual term or estimated customer life of an agreement. In the event the Company receives
cash in advance of providing its music services, the Company will also defer an amount of such future royalty and costs to 3rd party music
labels, publishers and other providers on its balance sheets. Deferred costs are amortized to expense concurrent with the recognition
of the related revenue and the expense is included in cost of sales. Fair Value Measurements - Valuation Hierarchy Fair value is defined as the
price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on
the measurement date (i.e., an exit price). The Company uses the three-level valuation hierarchy for classification of fair value measurements.
The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date.
Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability. Inputs may be observable
or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability
developed based on market data obtained from independent sources. Unobservable inputs are inputs that reflect the Company’s own
assumptions about the data market participants would use in pricing the asset or liability developed based on the best information available
in the circumstances. The three-tier hierarchy of inputs is summarized below:
Level 1 Valuation is based upon quoted prices (unadjusted) for identical assets or liabilities in active markets.
Level 2 Valuation is based upon quoted prices for similar assets and liabilities in active markets, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the instrument.
Level 3 Valuation is based upon other unobservable inputs that are significant to the fair value measurement. The classification of assets
and liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement
in its entirety. Proper classification of fair value measurements within the valuation hierarchy is considered each reporting period.
The use of different market assumptions or estimation methods may have a material effect on the estimated fair value amounts. Concentration of Credit Risk The Company maintains cash
balances at commercial banks. Cash balances commonly exceed the $250,000 amount insured by the Federal Deposit Insurance Corporation.
The Company has not experienced any losses in such accounts, and management believes that the Company is not exposed to any significant
credit risk with respect to such cash and cash equivalents. Seasonality Our CPS merchandising
business is affected by seasonality, which typically results in higher sales volume during our third quarter, which ends December 31. Adoption of New Accounting Pronouncements In August 2018, the FASB issued
ASU No. 2018-15. Intangibles - Goodwill and Other – Internal-Use Software, In
November 2018, the FASB issued ASU 2018-18 which clarified the interaction between Topic 808 and Topic 606, which makes targeted improvements
for collaborative arrangements as follows: a) clarifies that certain transactions between collaborative arrangement participants are within
the scope of ASC 606 when the collaborative arrangement participant is a customer in the context of a unit of account. b) adds unit-of-account
(i.e. |
| Cost of Sales | Cost of Sales Cost of Sales principally
consist of royalties paid for the right to stream video, music and non-music content to the Company’s customers and the cost of
securing the rights to produce and stream live events from venues and promoters. Royalties are calculated using negotiated and regulatory
rates documented in content license agreements and are based on usage measures or revenue earned. Music royalties to record labels, professional
rights organizations and music publishers relate to the consumption of music listened to on Slacker’s radio services. As of March
31, 2021, and 2020, the Company accrued $12.3 million and $13.1 million of royalties, respectively, due to artists from use of Slacker’s
radio services. Cost of sales for the Company’s
advertising revenue primarily includes PodcastOne direct costs comprised of revenue sharing and commissions. Cost of sales for the Company’s
merchandising revenue includes purchase costs and related direct costs. Direct costs include all costs for personalization, production,
planning, quality control, fulfillment and inbound freight. |
| Sales and Marketing | Sales and Marketing Sales and Marketing include
the direct and indirect costs related to the Company’s product and event advertising and marketing. Additionally, sales and marketing
include merchandising advertising and royalty costs. |
| Product Development | Product Development Product development costs
primarily are expenses for research and development, product and content development activities, including internal software development
and improvement costs which have not been capitalized by the Company. |
| Stock-Based Compensation | Stock-Based Compensation Stock-based compensation cost
is measured at the grant date based on the fair value of the award and is recognized as expense over the requisite service period, which
is the vesting period, on an accelerated basis. The Company accounts for awards with graded vesting as if each vesting tranche is valued
as a separate award. The Company uses the Black-Scholes-Merton option pricing model to determine the grant date fair value of stock options.
This model requires the Company to estimate the expected volatility and the expected term of the stock options which are highly complex
and subjective variables. The variables take into consideration, among other things, actual and projected employee stock option exercise
behavior. The Company uses a predicted volatility of its stock price during the expected life of the options that is based on the historical
performance of the Company’s stock price as well as including an estimate using guideline companies. The expected term is computed
using the simplified method as the Company’s best estimate given its lack of actual exercise history. The Company has selected a
risk-free rate based on the implied yield available on U.S. Treasury securities with a maturity equivalent to the expected term of the
stock. Compensation expense resulting from granted restricted stock units and restricted stock awards is measured at fair value on the
date of grant and is recognized as share-based compensation expense over the applicable vesting period. Stock-based awards are comprised
principally of stock options, restricted stock, restricted stock units (“RSUs”), and restricted stock awards (“RSAs”). Forfeitures
are recognized as incurred. Stock option awards issued
to non-employees are accounted for at grant date fair value determined using the Black-Scholes-Merton option pricing model. Management
believes that the fair value of the stock options is more reliably measured than the fair value of the services received. The Company
records the fair value of these equity-based awards and expense at their cost ratably over related vesting periods. |
| Income Taxes | Income Taxes The Company accounts for income
taxes using the asset and liability method, which requires recognition of deferred tax assets and liabilities for the expected future
tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets
and liabilities are based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax
rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance
to the extent management concludes it is more likely than not that the assets will not be realized. Deferred tax assets and liabilities
are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected
to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the Company’s
Statements of Operations in the period that includes the enactment date. |
| Net Income (Loss) Per Share | Net Income (Loss) Per Share Basic earnings (loss) per
share is computed using the weighted-average number of common shares outstanding during the period. Diluted earnings (loss) per share
is computed using the weighted-average number of common shares and the dilutive effect of contingent shares outstanding during the period.
Potentially dilutive contingent shares, which primarily consist of stock options issued to employees, directors and consultants, restricted
stock units, warrants issued to third parties and accounted for as equity instruments and convertible notes would be excluded from the
diluted earnings per share calculation because their effect is anti-dilutive. At March 31, 2021 and 2020,
the Company had 0 and 167,363 warrants outstanding, 3,946,584 and 4,428,334 options outstanding, respectively, 4,512,916 and 4,530,705
restricted stock units outstanding, respectively, 0 and 24,675 restricted stock awards outstanding, respectively, and 5,723,685 and 4,206,437
shares of common stock issuable underlying the Company’s convertible notes and convertible debentures, respectively. |
| Business Combinations | Business Combinations The Company accounts for its
business combinations using the acquisition method of accounting where the purchase consideration is allocated to the underlying net tangible
and intangible assets acquired, based on their respective fair values. The excess of the purchase consideration over the estimated fair
values of the net assets acquired is recorded as goodwill. Identifiable assets acquired, liabilities assumed and any noncontrolling interest
in the acquiree are recognized and measured as of the acquisition date at fair value. Additionally, any contingent consideration is recorded
at fair value on the acquisition date and classified as a liability. Goodwill is recognized to the extent by which the aggregate of the
acquisition-date fair value of the consideration transferred and any noncontrolling interest in the acquiree exceeds the recognized basis
of the identifiable assets acquired, net of assumed liabilities. Determining the fair value of assets acquired, liabilities assumed and
noncontrolling interests requires management’s judgment and often involves the use of significant estimates and assumptions, including,
but not limited to, the selection of appropriate valuation methodology, projected revenue, expenses and cash flows, weighted average cost
of capital, discount rates, estimates of customer turnover rates, estimates of terminal values, and royalty rates. |
| Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents
include all highly liquid investments with original maturities, when purchased, of three months or less. The following table provides
amounts included in cash, cash equivalents and restricted cash presented in the consolidated statements of cash flows for the fiscal years
ended March 31 (in thousands):
2021 2020
Cash and cash equivalents $ 18,635 $ 5,702
Restricted cash 135 6,735
Total cash and cash equivalents and restricted cash $ 18,770 $ 12,437 |
| Restricted Cash and Cash Equivalents | Restricted Cash and Cash Equivalents The Company maintains certain
letters of credit agreements with its banking provider, which are secured by the Company’s cash for periods of less than one year.
As of March 31, 2021 and 2020, the Company had restricted cash of $0.1 million and $6.7 million, respectively. The decrease in restricted
cash as of March 31, 2021 as compared to March 31, 2020, was a result of the repayment of the senior secured convertible debentures in
August 2020 (see Note 9 –Senior Secured Convertible Debentures). |
| Allowance for Doubtful Accounts | Allowance for Doubtful Accounts The Company evaluates the
collectability of its accounts receivable based on a combination of factors. Generally, it records specific reserves to reduce the amounts
recorded to what it believes will be collected when a customer’s account ages beyond typical collection patterns, or the Company
becomes aware of a customer’s inability to meet its financial obligations. The Company believes that
the credit risk with respect to trade receivables is limited due to the large and established nature of its largest customers and the
short-term nature of its subscription receivables. At March 31, 2021, the Company had two customers that made up 21% and 15% of the total
accounts receivable balance. At March 31, 2020, the Company had two customers that made up 22% and 57% of the total accounts receivable
balance. The following table provides
amounts included in accounts receivable, net for the fiscal years ended March 31 (in thousands):
2021 2020
Accounts receivable $ 10,679 $ 4,109
Less: Allowance for doubtful accounts 112 220
Accounts receivable, net $ 10,567 $ 3,889 |
| Inventories | Inventories Inventories, principally raw
materials awaiting final customization process, are stated at the lower of cost or net realizable value. Inventories are relieved on a
first-in, first-out basis. The carrying value of inventories
is reduced for any excess and obsolete inventory. Excess and obsolete reductions are determined based on currently available information,
including the likely method of disposition, such as through sales to individual customers and liquidations, and the age of inventory. |
| Property and Equipment | Property and Equipment Property and equipment are
recorded at cost. Costs of improvements that extend the economic life or improve service potential are also capitalized. Capitalized costs
are depreciated over their estimated useful lives. Costs for normal repairs and maintenance are expensed as incurred. Depreciation is recorded using
the straight-line method over the assets’ estimated useful lives, which are generally as follows: buildings and improvements (5
years), furniture and equipment (3 to 5 years) and computer equipment and software (3 to 5 years). Leasehold improvements are depreciated
over the shorter of the estimated useful life, based on the estimates above, or the lease term. The Company evaluates the
carrying value of its property and equipment if there are indicators of potential impairment. If there are indicators of potential impairment,
the Company performs an analysis to determine the recoverability of the asset group carrying value by comparing the expected undiscounted
future cash flows to the net book value of the asset group. If it is determined that the expected undiscounted future cash flows are less
than the net book value of the asset group, the excess of the net book value over the estimated fair value is recorded in the Company’s
consolidated statements of operations. Fair value is generally estimated using valuation techniques that consider the discounted cash
flows of the asset group using discount and capitalization rates deemed reasonable for the type of assets, as well as prevailing market
conditions, appraisals, recent similar transactions in the market and, if appropriate and available, current estimated net sales proceeds
from pending offers. |
| Capitalized Internal-Use Software | Capitalized Internal-Use Software The Company capitalizes certain
costs incurred to develop software for internal use. Costs incurred in the preliminary stages of development are expensed as incurred.
Once software has reached the development stage, internal and external costs, if direct and incremental, are capitalized until the software
is substantially complete and ready for its intended use. The Company also capitalizes costs related to specific upgrades and enhancements
when it is probable the expenditures will result in additional functionality. Capitalized costs are recorded as part of property and equipment.
Costs related to minor enhancements, maintenance and training are expensed as incurred. Capitalized internal-use software
costs are amortized on a straight-line basis over their three- to five-year estimated useful lives. The Company evaluates the useful lives
of these assets and test for impairment whenever events or changes in circumstances occur that could impact the recoverability of these
assets. During the years ended March 31, 2021 and 2020, the Company capitalized $3.4 million and $2.8 million of internal use software,
respectively. |
| Goodwill and Indefinite-Lived Assets | Goodwill and Indefinite-Lived Assets Goodwill represents the excess
of the purchase consideration over the fair value of the net tangible and identifiable intangible assets acquired in a business combination
and is carried at cost. Acquired trademarks and trade names are assessed as indefinite lived assets if there are no foreseeable limits
on the periods of time over which they are expected to contribute cash flows. Goodwill and indefinite-lived assets are not amortized,
but are subject to an annual impairment testing, as well as between annual tests when events or circumstances indicate that the carrying
value may not be recoverable. We perform our annual impairment testing at January 1 of each year. Our annual goodwill impairment
test is performed at the reporting unit level. As of March 31, 2021 and 2020, our single reporting unit is the same as our operating segment,
as described in Note 19. We generally test goodwill for possible impairment by first performing a qualitative assessment to determine
whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If a qualitative assessment
is not used, or if the qualitative assessment is not conclusive, a quantitative impairment test is performed. If a quantitative test is
performed, we determine the fair value of the related reporting unit and compare this value to the recorded net assets of the reporting
unit, including goodwill. The fair value of our reporting unit is determined using a market approach based on quoted prices in active
markets. In the event the recorded net assets of the reporting unit exceed the estimated fair value of such assets, an impairment charge
is recorded. Based on our annual impairment assessment, no impairments of goodwill were identified in the fiscal years ended March 31,
2021 and 2020. Estimations and assumptions
regarding, future performance, results of the Company’s operations and comparability of its market capitalization and net book value
will be used. We test our acquired trademarks
and trade names for possible impairment by applying the same process as for goodwill. In the instance when a qualitative test is not performed
or is inconclusive, a quantitative test is performed by using a discounted cash flow model to estimate fair value of our acquired trademarks
and trade names. Based on our annual impairment assessment, no impairments of acquired trademarks and trade names were identified in the
fiscal years ended March 31, 2021 and 2020. |
| Intangible Assets with Finite Useful Lives | Intangible Assets with Finite Useful Lives The Company has certain finite-lived
intangible assets that were initially recorded at their fair value at the time of acquisition. These intangible assets consist of Intellectual
Property, Customer Relationships, Content Creator Relationships, Wholesale Relationships, Domain Names, Customer List, Capitalized Software
Development Costs, and Non-compete Agreements resulting from business combinations. Intangible assets with finite useful lives are amortized
using the straight-line method over their respective estimated useful lives, which are generally as follows: Intellectual Property (15
years), Customer, Content Creator and Wholesale Relationships (1-6 years), Domain Names, Customer Lists, and Software (5 years), Patents
(15 years), and Non-Compete Agreements (3 years). The Company reviews all finite
lived intangible assets for impairment when circumstances indicate that their carrying values may not be recoverable. If the carrying
value of an asset group is not recoverable, the Company recognizes an impairment loss for the excess carrying value over the fair value
in its consolidated statements of operations. In our assessment for potential impairment we identified triggering events due to the events
resulting from the global COVID-19 pandemic which caused the temporary halting of car production of our OEM partner as well as overall
advertising spend decrease from our advertising partners. No impairment losses have been recorded in the fiscal years ended March 31,
2021 and 2020. The outbreak could have a continued adverse impact on economic and market conditions and trigger a period of global economic
slowdown, which may impair the Company’s asset values, including intangible assets. |
| Deferred Revenue and Costs | Deferred Revenue and Costs Deferred revenue consists
substantially of amounts received from customers in advance of the Company’s performance service period. Deferred revenue is recognized
as revenue on a systematic basis that is proportionate to the period that the underlying services are rendered, which in certain arrangements
is straight line over the remaining contractual term or estimated customer life of an agreement. In the event the Company receives
cash in advance of providing its music services, the Company will also defer an amount of such future royalty and costs to 3rd party music
labels, publishers and other providers on its balance sheets. Deferred costs are amortized to expense concurrent with the recognition
of the related revenue and the expense is included in cost of sales. |
| Fair Value Measurements - Valuation Hierarchy | Fair Value Measurements - Valuation Hierarchy Fair value is defined as the
price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on
the measurement date (i.e., an exit price). The Company uses the three-level valuation hierarchy for classification of fair value measurements.
The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date.
Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability. Inputs may be observable
or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability
developed based on market data obtained from independent sources. Unobservable inputs are inputs that reflect the Company’s own
assumptions about the data market participants would use in pricing the asset or liability developed based on the best information available
in the circumstances. The three-tier hierarchy of inputs is summarized below:
Level 1 Valuation is based upon quoted prices (unadjusted) for identical assets or liabilities in active markets.
Level 2 Valuation is based upon quoted prices for similar assets and liabilities in active markets, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the instrument.
Level 3 Valuation is based upon other unobservable inputs that are significant to the fair value measurement. The classification of assets
and liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement
in its entirety. Proper classification of fair value measurements within the valuation hierarchy is considered each reporting period.
The use of different market assumptions or estimation methods may have a material effect on the estimated fair value amounts. Concentration of Credit Risk The Company maintains cash
balances at commercial banks. Cash balances commonly exceed the $250,000 amount insured by the Federal Deposit Insurance Corporation.
The Company has not experienced any losses in such accounts, and management believes that the Company is not exposed to any significant
credit risk with respect to such cash and cash equivalents. Seasonality Our CPS merchandising
business is affected by seasonality, which typically results in higher sales volume during our third quarter, which ends December 31. Adoption of New Accounting Pronouncements In August 2018, the FASB issued
ASU No. 2018-15. Intangibles - Goodwill and Other – Internal-Use Software, In
November 2018, the FASB issued ASU 2018-18 which clarified the interaction between Topic 808 and Topic 606, which makes targeted improvements
for collaborative arrangements as follows: a) clarifies that certain transactions between collaborative arrangement participants are within
the scope of ASC 606 when the collaborative arrangement participant is a customer in the context of a unit of account. b) adds unit-of-account
(i.e. |
| Concentration of Credit Risk | Concentration of Credit Risk The Company maintains cash
balances at commercial banks. Cash balances commonly exceed the $250,000 amount insured by the Federal Deposit Insurance Corporation.
The Company has not experienced any losses in such accounts, and management believes that the Company is not exposed to any significant
credit risk with respect to such cash and cash equivalents. |
| Seasonality | Seasonality Our CPS merchandising
business is affected by seasonality, which typically results in higher sales volume during our third quarter, which ends December 31. |
| Adoption of New Accounting Pronouncements | Adoption of New Accounting Pronouncements In August 2018, the FASB issued
ASU No. 2018-15. Intangibles - Goodwill and Other – Internal-Use Software, In
November 2018, the FASB issued ASU 2018-18 which clarified the interaction between Topic 808 and Topic 606, which makes targeted improvements
for collaborative arrangements as follows: a) clarifies that certain transactions between collaborative arrangement participants are within
the scope of ASC 606 when the collaborative arrangement participant is a customer in the context of a unit of account. b) adds unit-of-account
(i.e., distinct good or service) guidance to ASC 808 to align with the guidance in ASC 606 to determine whether the collaborative arrangement,
or a part of the arrangement, is within the scope of ASC 606. And c) specifies that in a transaction with a collaborative arrangement
participant that is not directly related to sales to third parties, if the collaborative arrangement participant is not a customer, an
entity is precluded from presenting the transaction together with revenue recognized under ASC 606. The ASU was effective for public business
entities for fiscal years ending after December 15, 2019. For all other entities, the ASU was effective for annual reporting periods ending
after December 15, 2020. The Company adopted this guidance in the first quarter of 2021. The adoption of this standard did not have a
material impact to the consolidated financial statements. |
| Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In June 2016, the FASB issued
ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which requires
the measurement and recognition of expected credit losses for financial assets held at amortized cost. It also eliminates the concept
of other-than-temporary impairment and requires credit losses related to available-for-sale debt securities to be recorded through an
allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. These changes will result in more
timely recognition of credit losses. The guidance is effective for fiscal years beginning after December 15, 2022 for SEC filers that
are eligible to be smaller reporting companies under the SEC’s definition, and interim periods within those fiscal years. The Company
is currently evaluating the impact this guidance will have on the Company’s consolidated financial statements. In November 2019, the FASB
issued ASU 2019-10 which amends the effective dates for the accounting standard, and ASU 2019-11 which clarifies narrow issues within
the new credit losses standard. The Company is currently evaluating the impact this ASU will have on its financial statements and related
disclosures as well as the timing of adoption and the application method. In December 2019, the FASB
issued ASU No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” as part of its initiative
to reduce complexity in the accounting standards. The standard eliminates certain exceptions related to the approach for intraperiod tax
allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside
basis differences. The standard also clarifies and simplifies other aspects of the accounting for income taxes. The standard is effective
for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted. The Company
is currently evaluating the impact that this guidance will have upon its financial position and results of operations, if any. In
August 2020, The Financial Accounting Standards Board issued ASU No. 2020-06, Debt – Debt with Conversion and Other Options (subtopic
470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40). This update simplifies the accounting
for convertible debt instruments by removing the beneficial conversion and cash conversion separation models for convertible instruments.
Under the update, the embedded conversion features are no longer separated from the host contract for convertible instruments with conversion
features that are not required to be accounted for as derivatives or that do not result in substantial premiums accounted for as paid-in
capital. The update also amends the accounting for certain contracts in an entity’s own equity that are currently accounted for
as derivatives because of specific settlement provisions. In addition, the new guidance modifies how particular convertible instruments
and certain contracts that may be settled in cash or shares impact the computation of diluted EPS. The amendments in this update are effective
for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted,
but no earlier than fiscal years beginning after December 15, 2020. The Company is currently evaluating the impact of this guidance on
its consolidated financial statements. In October 2020, the FASB
issued ASU 2020-10, Codification Improvements. The amendments in this ASU affect a wide variety of Topics in the Codification. This ASU
contains amendments that improve the consistency of the Codification by including all disclosure guidance in the appropriate Disclosure
Section (Section 50). Many of the amendments arose because the FASB provided an option to give certain information either on the face
of the financial statements or in the notes to financial statements and that option only was included in the Other Presentation Matters
Section (Section 45) of the Codification. The option to disclose information in the notes to financial statements should have been codified
in the Disclosure Section as well as the Other Presentation Matters Section (or other Section of the Codification in which the option
to disclose in the notes to financial statements appears). Those amendments are not expected to change current practice. The amendments
in this ASU do not change GAAP and, therefore, are not expected to result in a significant change in practice. However, the FASB is aware
that some entities may have applied the guidance being amended in an inconsistent manner. The inconsistent application of the guidance
may result in some entities changing their current accounting practices and financial statement reporting. Therefore, the FASB is providing
transition guidance for all the amendments in this ASU. The amendments in Sections B and C of this ASU are effective for annual periods
beginning after December 15, 2020, for public business entities. For all other entities, the amendments are effective for annual periods
beginning after December 15, 2021, and interim periods within annual periods beginning after December 15, 2022. Early application of the
amendments in this ASU is permitted for public business entities for any annual or interim period for which financial statements have
not been issued. For all other entities, early application of the amendments is permitted for any annual or interim period for which financial
statements are available to be issued. The amendments in this ASU should be applied retrospectively. An entity should apply the amendments
at the beginning of the period that includes the adoption. The Company is currently evaluating the impact this ASU will have on its financial
statements and related disclosures, as well as the timing of adoption and the application method. Other recent accounting pronouncements
issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the U.S. Securities
and Exchange Commission (the “SEC”) did not or are not believed by management to have a material impact on the Company’s
present or future consolidated financial statement presentation or disclosures. |
