Fair Value Measurements (Tables)

12 Months Ended

Mar. 31, 2026

Financial Assets and Liabilities Measured at Fair Value Recurring Basis

The following sets forth by level within the fair value hierarchy, the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis according to the valuation techniques the Company used to determine their fair values at:








	March 31, 2026								March 31, 2025
			Fair Value Measurements								Fair Value Measurements
			Using Inputs Considers as								Using Inputs Considered as
		Fair Value		Level 1		Level 2		Level 3		Fair Value		Level 1		Level 2		Level 3
Assets
Short-term investments
Mutual funds	$	2,028,000	$	2,028,000	$	-	$	-	$	1,881,000	$	1,881,000	$	-	$	-
Prepaid expenses and other current assets
Forward foreign currency exchange contracts		852,000		-		852,000		-		-		-		-		-

Liabilities
Other current liabilities
Deferred compensation		2,028,000		2,028,000		-		-		1,881,000		1,881,000		-		-
Forward foreign currency exchange contracts		-		-		-		-		1,663,000		-		1,663,000		-
Convertible notes, related party
Compound Net Derivative Liability		6,340,000				-		6,340,000		7,470,000		-		-		7,470,000

Fair Value Assumptions

The following assumptions were used to determine the fair value of the Compound Net Derivative Liability:


	March 31, 2026			March 31, 2025
Risk free interest rate		3.81	%		3.91	%
Cost of equity		19.4	%		21.3	%
Weighted average cost of capital		12.8	%		14.9	%
Expected volatility of MPA common stock		70	%		40	%
EBITDA volatility		40	%		45	%

Activity for Level 3 Fair Value Measurements

The following summarizes the activity for Level 3 fair value measurements:


	Years Ended March 31,
		2026			2025		2024
Beginning balance	$	7,470,000		$	7,410,000	$	8,430,000
Changes in the fair value of the Compound Net Derivative Liability included in earnings		(1,130,000	)		60,000		(1,020,000	)
Ending balance	$	6,340,000		$	7,470,000	$	7,410,000