SUBSEQUENT EVENTS

9 Months Ended

Dec. 31, 2016

Subsequent Event [Line Items]

Subsequent Events [Text Block]

SUBSEQUENT EVENTS

In January 2017, we entered into an agreement to terminate the operating lease on our corporate office space in Century City, California and entered into a new operating lease for office space in Sherman Oaks, California. Cost savings from this relocation is expected to be more than $0.7 million on an annualized basis. In connection with the termination of the lease in Century City, we entered into a lease termination agreement with the landlord, whereby we agreed to pay $0.5 million (the "Lease Termination Fee") over a period of 5 years, at an interest rate of 5% per annum. The Lease Termination Fee will be recorded as a deferred cost and note payable on our Consolidated Balance Sheet in the fourth fiscal quarter of the year ended March 31, 2017, with the deferred cost amortized over the five-year term of the note payable using the effective interest method. The new lease commences on March 31, 2017 for a five-year term.

On February 8, 2017, we entered into an exchange agreement pursuant to which we agreed to issue 450,000 shares of our Class A common stock and notes in the principal amount of $1.4 million pursuant to the Loan Agreement entered into in July 2016 in exchange for $4.0 million principal amount of 5.5% Convertible Notes with the holder of such Convertible Notes. The exchange was consummated on February 14, 2017 and the exchanged Convertible Notes were immediately canceled upon their surrender.