v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net income $ 7,826,515 $ 7,731,397
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of intangible assets 30,556,213 26,073,069
Depreciation of property and equipment 226,798 226,164
Share-based compensation 4,271,714 4,385,255
Amortization of deferred financing costs 1,710,973 1,343,147
Loss on fair value of swaps 350,960 4,213,819
Loss from equity method investments 506,021 100,000
Impairment of equity investment   499,998
Gain on disposition of equity investment   (103,715)
Deferred income taxes 2,326,972 467,197
Changes in operating assets and liabilities:    
Accounts receivable (2,983,464) (4,621,229)
Other current assets 874,225 1,496,423
Royalty advances 333,504 (777,475)
Other assets and liabilities 815,933 729,779
Accounts payable, accrued expenses and deferred revenue (1,383,063) (3,578,183)
Royalties payable 4,962,099 6,729,653
Income taxes payable (255,410) 364,190
Net cash provided by operating activities 50,139,990 45,279,489
Cash flows from investing activities:    
Purchases of music catalogs (101,601,263) (96,482,556)
Loan to third party   (2,517,896)
Repayment of loan from third party   2,517,896
Investments in equity affiliates (2,236,787) (1,100,000)
Sale of equity investment   945,071
Purchases of property and equipment (482,000) (81,538)
Net cash used for investing activities (104,320,050) (96,719,023)
Cash flows from financing activities:    
Proceeds from secured line of credit 86,000,000 66,000,000
Repayments of secured line of credit (19,000,000) (10,000,000)
Proceeds from stock option exercises 13,684 100,921
Taxes paid related to net share settlement of restricted stock units (1,382,794) (1,432,864)
Deferred financing costs paid (1,140,259)  
Acquisition of noncontrolling interests (287,650)  
Distribution to noncontrolling interest holders   (149,701)
Net cash provided by financing activities 64,202,981 54,518,356
Foreign exchange impact on cash (107,828) 175,303
Net increase in cash, cash equivalents and restricted cash 9,915,093 3,254,125
Cash, cash equivalents and restricted cash at beginning of year 21,386,140 18,132,015
Cash, cash equivalents and restricted cash at end of year 31,301,233 21,386,140
Cash and cash equivalents as presented in Consolidated Balance Sheets 25,927,462 21,386,140
Restricted cash included in Other current assets [1] $ 5,373,771  
Restricted Cash, Current, Statement of Financial Position [Extensible Enumeration] [1] Other Assets, Current  
Cash, cash equivalents and restricted cash as presented in Consolidated Statements of Cash Flows $ 31,301,233 $ 21,386,140
[1] Restricted cash included in Other current assets at March 31, 2026 consists of funds placed in escrow in connection with the Viral Wave Acquisition that was completed in April 2026 and are legally restricted as to withdrawal or use. Restricted cash is recorded at cost which approximates fair value. See Note 18, Subsequent Events.