SUBSEQUENT EVENTS |
6 Months Ended |
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Sep. 30, 2023 | |
| Subsequent Events [Abstract] | |
| SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Debt Amendments
Since September 30, 2023, the Company has entered into a series of debt amendments and the detail of which are as follows:
•On November 10, 2023, the Company entered into amendments to the Credit Agreements which among other things, waived compliance with respect to its financials for the second quarter of fiscal 2024 while the Company re-evaluates its methodology for accounting under ASC 606.
•On November 13, 2023, the Company entered into amendments to the Credit Agreements which among other things, waived compliance with respect to its financials for the second quarter of fiscal 2024 while the Company re-evaluates its methodology for accounting under ASC 606.
•On February 14, 2024, the Company entered into amendments to the Credit Agreements which among other things, waived compliance with the total net leverage ratio financial covenant, required the Company to take certain actions and make substantial progress on certain business initiatives by specified dates and requires the Company to provide certain informational updates and advisor access to the lenders. Full details were disclosed in our 8-K filed on February 20, 2024.
•On March 22, 2024, the Company entered into amendments to the Credit Agreements which among other things, permitted the sale of certain assets by the Company and required that certain proceeds from the sale of such assets be applied to partially prepay the outstanding term loans. Full details were disclosed in our 8-K filed on March 25, 2024.
•On May 24, 2024, the Company entered into amendments to the Credit Agreements which, among other things, waived compliance with the Company's net leverage covenant as of March 31, 2024 as well as any default that might arise as a result of the restatement of certain of the Company’s historical financial statements. Full details were disclosed in our 8-K filed on May 29, 2024. In connection with the May 2024 Amendments, the Company issued to the Term Loan lenders warrants to purchase an aggregate of 2,000,000 shares of the Company’s common stock at a purchase price of $0.46.
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