Note 8 - Notes Payable

12 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Notes Payable [Text Block]

Note 8 — Notes Payable

The Company’s notes payable at March 31, 2024 and 2023 were as follows (in thousands): 

	March 31,			March 31,
	2024			2023
SBA loan	$	160		$	163
Capchase loan		1,303			-
Total		1,463			163
Less: Current portion of Notes payable		(692	)		(15	)
Notes payable - long term	$	771		$	148

SBA Loan

On June 17, 2020, the Company received the proceeds from a loan in the amount of less than $0.2 million from the United States Small Business Administration (the “SBA”). Installment payments, including principal and interest, begin 12-months from the date of the promissory note. The balance is payable 30-years from the date of the promissory note, and bears interest at a rate of 3.75% per annum. The are no covenants associated with the SBA loan.

Loan and Security Agreement

In August 2023, the Company entered into a Loan and Security Agreement with Capchase Inc. (“Capchase”) pursuant to which the Company borrowed $1.7 million to further develop and acquire certain podcasts acquired by PodcastOne and for general working capital. The debt is subordinated to the ABL Credit Facility (as defined below) and bears an interest rate of 9%, which is included in the monthly amortization payments of approximately $73,100, with the final amortization payment due on February 4, 2026.

Maturities of notes payables as of March 31, 2024 were as follows (in thousands):

For Years Ending March 31,
2025	$	692
2026		627
2027		4
2028		4
2029		4
Thereafter		132
Total	$	1,463