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Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2024
Mar. 31, 2023
Current Assets    
Cash and cash equivalents $ 5,167 $ 7,152
Accounts receivable, net of allowance for credit losses of $269 and $0, respectively 8,667 20,846
Unbilled revenue 6,439 2,036
Employee retention tax credit 1,671 2,085
Content advances 9,345 3,724
Other current assets 1,432 1,734
Total current assets 32,721 37,577
Equity investment in Metaverse, a related party, at fair value 362 5,200
Property and equipment, net 2,276 1,833
Intangible assets, net 18,328 19,868
Goodwill 6,799 20,824
Content advances, net of current portion 2,551 1,421
Other long-term assets 1,341 1,265
Total Assets 64,378 87,988
Current Liabilities    
Accounts payable and accrued expenses 20,817 34,531
Line of credit, including unamortized debt issuance costs of $81 and $76, respectively 6,301 4,924
Current portion of deferred consideration on purchase of business 3,114 3,788
Earnout consideration on purchase of business 180 1,444
Current portion of operating lease liabilities 401 418
Deferred revenue 436 226
Total current liabilities 31,249 45,331
Deferred consideration on purchase of business, net of current portion 457 2,647
Operating lease liabilities, net of current portion 462 863
Other long-term liabilities 59 74
Total Liabilities 32,227 48,915
Commitments and contingencies (see Note 6)
Stockholders’ Equity    
Preferred stock, 15,000,000 shares authorized; Series A 10% - $0.001 par value per share; 20 shares authorized; 7 shares issued and 7 shares outstanding at March 31, 2024 and March 31, 2023. Liquidation preference of $3,648. 3,559 3,559
Common Stock, $0.001 par value; Class A Stock: 275,000,000 shares authorized as of March 31, 2024, and March 31, 2023; 15,985,620 and 9,413,597 shares issued, with 15,699,135 and 9,347,805 shares outstanding as of March 31, 2024, and March 31, 2023, respectively. 194 185
Additional paid-in capital 545,996 530,998
Treasury stock, at cost; 288,554 and 65,792 shares at March 31, 2024 and March 31, 2023, respectively. (11,978) (11,608)
Accumulated deficit (504,153) (482,395)
Accumulated other comprehensive loss (345) (402)
Total stockholders' equity of Cineverse Corp. 33,273 40,337
Deficit attributable to noncontrolling interest (1,122) (1,264)
Total equity 32,151 39,073
Total Liabilities and Equity $ 64,378 $ 87,988