Acquisitions and Disposals (Tables)
|
12 Months Ended |
Mar. 31, 2016 |
|---|
| Disposal Groups, Including Discontinued Operations |
The Company recorded a loss on the sale of $1,502.
The following is a summary of the assets and liabilities of the discontinued operations as of February 13, 2014:
|
|
|
|
|
|
Working capital, net of cash |
|
$ |
2,833 |
|
Accounts receivable |
|
436 |
|
Prepaid expenses |
|
49 |
|
Deposits |
|
16 |
|
Property, plant and equipment |
|
32 |
|
Intangible assets |
|
228 |
|
Goodwill |
|
142 |
|
Accounts payable |
|
(1,394 |
) |
Accrued liabilities |
|
(840 |
) |
Loss on sale, net of taxes |
|
$ |
1,502 |
|
|
| Mirror Image International Holdings Pvt Ltd |
|
| Summary of Final Fair Values of Assets Acquired and Liabilities Assumed |
The following table summarizes the final fair values of the assets acquired and liabilities assumed at the date of acquisition.
|
|
|
|
|
|
Cash |
|
$ |
513 |
|
Accounts receivable |
|
2,809 |
|
Prepaid expenses and other assets |
|
896 |
|
Property, plant and equipment |
|
300 |
|
Customer relationships |
|
1,600 |
|
Developed technology |
|
3,400 |
|
Trade names/trademarks |
|
54 |
|
Library |
|
300 |
|
Goodwill |
|
2,654 |
|
Accounts payable |
|
(1,151 |
) |
Accrued liabilities |
|
(2,890 |
) |
Accrued compensation |
|
(345 |
) |
Purchase price |
|
$ |
8,140 |
|
|
| Amortization Period for Intangible Assets Acquired |
The amortization period for the intangible assets acquired in the MIA transaction is as follows:
|
|
|
|
|
|
Remaining
Useful Life
|
Customer relationships |
|
14 years |
Developed technology |
|
5 years |
Trade names/trademarks |
|
5 years |
Library |
|
5 years |
Goodwill |
|
Indefinite |
|
| DT Media (Appia) |
|
| Summary of Final Fair Values of Assets Acquired and Liabilities Assumed |
The following table summarizes the final fair values of the assets acquired and liabilities assumed at the date of acquisition.
|
|
|
|
|
|
Cash |
|
$ |
1,363 |
|
Accounts receivable |
|
7,364 |
|
Prepaid expenses and other assets |
|
171 |
|
Property, plant and equipment |
|
229 |
|
Developed technology |
|
7,700 |
|
Advertiser relationships |
|
6,500 |
|
Publisher relationships |
|
3,200 |
|
Trade names/trademarks |
|
380 |
|
Goodwill |
|
69,312 |
|
Accounts payable |
|
(5,179 |
) |
Accrued expenses |
|
(4,531 |
) |
Debt |
|
(11,600 |
) |
Purchase price |
|
$ |
74,909 |
|
|
| Amortization Period for Intangible Assets Acquired |
The amortization period for the intangible assets acquired in the DT Media transaction is as follows:
|
|
|
|
|
|
Useful Life |
Developed technology |
|
4 years |
Trade names/trademarks |
|
2 years |
Publisher relationships |
|
2 years |
Advertiser relationships |
|
2 years |
Goodwill |
|
Indefinite |
|
| Pro Forma Financial Information |
The pro forma financial information of the Company’s consolidated operations if the acquisition of DT Media, Inc. had occurred as of April 1, 2013 is presented below.
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited
Year Ended March 31,
|
|
|
2015 |
|
2014 |
Revenues |
|
$ |
57,978 |
|
|
$ |
73,533 |
|
Cost of goods sold |
|
45,580 |
|
|
52,638 |
|
Gross profit |
|
12,398 |
|
|
20,895 |
|
Operating expenses |
|
43,644 |
|
|
37,072 |
|
Loss from operations |
|
31,246 |
|
|
16,177 |
|
Non-operating expense |
|
3,372 |
|
|
1,950 |
|
Provision for income taxes |
|
541 |
|
|
864 |
|
Net loss |
|
$ |
35,159 |
|
|
$ |
18,991 |
|
Basic and diluted loss per share |
|
$ |
0.90 |
|
|
$ |
0.49 |
|
|
| Combined Consolidated Operating Results |
The operating results of DT Media are included in the accompanying consolidated statements of operations from the acquisition date. The combined consolidated operating results from the acquisition date to March 31, 2015 are included in the table below. The combined consolidated operating results for fiscal 2016 include a full year of operating results of DT Media.
|
|
|
|
|
|
|
|
Unaudited |
Revenues |
|
$ |
3,251 |
|
Cost of goods sold |
|
3,227 |
|
Gross profit |
|
24 |
|
Operating expenses |
|
1,194 |
|
Loss from operations |
|
1,170 |
|
Non-operating expense |
|
113 |
|
Provision for income taxes |
|
— |
|
Net loss |
|
$ |
1,283 |
|
|