Note 14 - Segment Information

6 Months Ended

Sep. 30, 2025

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

Note 14. Segment Information

Segment Information - The Company’s CODM has been identified as the Chief Executive Officer, who reviews the operating results and financial metrics for the Company to make decisions about allocating resources and assessing financial performance. The Company has one segment manager who reports directly to the CODM. The Company operates as one operating segment, Telecommunications, which provides broadband internet, voice over internet protocol (VOIP), and video services within service areas located primarily in Northwest and North Central Ohio. Customers include residential clients and commercial clients. In previous years, the Company had a consumer finance segment, however, this is now reported within discontinued operations for the periods presented (refer to Note 13 for further details).

The CODM uses segment operating income (loss) and assets to assess performance and allocate resources at the Telecommunications operating segment, which excludes corporate and discontinued operations of the Company. We define operating income (loss) as revenues less operating expenses. Operating expenses include cost of wireless and fiber internet services, cost of other revenue (exclusive of depreciation shown separately), plant specific and nonspecific operations expenses, general and administrative expenses, and depreciation and amortization expenses.

Costs incurred at corporate generally include legal, salary and wages for the executive management team, professional fees for services received, human resources, finance, and taxes.

The accounting policies of the Company’s segment are the same as those described in the summary of significant accounting policies.

Reported segment revenue, segment operating income (loss), and significant segment expenses for the six months ended September 30, 2025 and 2024 are as follows:

Telecommunications	For the Three Months Ended September 30,						For the Six Months Ended September 30,
2025 ($ in thousands)	2025			2024			2025			2024
Telecommunications Segment Revenue
Wireless internet services	$	1,666		$	1,764		$	3,338		$	2,083
Fiber internet services		1,016			773			1,946			879
Other revenue		477			421			909			485
Total revenue		3,159			2,958			6,193			3,447
Operating expenses
General and administrative		1,252			1,134			2,479			1,965
Depreciation and amortization		829			465			1,401			545
Plant specific operations		363			324			790			398
Plant nonspecific operations		247			227			474			265
Cost of other revenue (exclusive of depreciation shown separately)		177			209			353			245
Cost of wireless and fiber internet services (exclusive of depreciation shown separately)		175			157			371			187
Advertising and marketing		85			-			229			-
Total segment operating expenses		3,128			2,516			6,097			3,605
Telecommunications segment operating income (loss)		31			442			96			(158	)
Total other segment (expense) income1		(1	)		30			27			30
Segment income (loss) before income taxes and discontinued operations		30			472			123			(128	)
Reconciliation to consolidated net loss before income taxes and discontinued operations:
Corporate overhead and other income
General and administrative		(956	)		(1,677	)		(1,962	)		(4,637	)
Advertising & marketing		(4	)		(12	)		(13	)		(12	)
Depreciation and amortization		(35	)		(16	)		(71	)		(27	)
Interest income, net		176			395			395			806
Emigration tax (expense)		-			-			-			(1,711	)
(Loss) on dissenting shareholders' liability		-			(274	)		-			(1,103	)
Other income		-			10			-			10
Consolidated net loss before income taxes and discontinued operations	$	(789	)	$	(1,102	)	$	(1,528	)	$	(6,802	)

¹ Other segment items included in Segment operating loss include interest expense, gain on the sale of assets, and other income.

Assets by segment as of September 30, 2025 and March 31, 2025 are as follows:

	September 30,		March 31,
($ in thousands)	2025		2025
Telecommunications operating segment assets	$	62,944	$	53,994
Corporate assets		18,124		23,678
Total Assets	$	81,068	$	77,672