0001304492-21-000036 | 10-Q | XBRL Viewer

June 30, 2021

March 31, 2021

Weighted average term - operating lease liabilities

Weighted average incremental borrowing rate - operating lease liabilities

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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Jun. 30, 2021	Jul. 31, 2021
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Fiscal Year Focus	2022
Document Period End Date	Jun. 30, 2021
Current Fiscal Year End Date	--03-31
Document Transition Report	false
Entity File Number	001-36827
Entity Registrant Name	Anterix Inc.
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	3 Garret Mountain Plaza
Entity Address, Address Line Two	Suite 401
Entity Address, City or Town	Woodland Park
Entity Address, State or Province	NJ
Entity Tax Identification Number	33-0745043
Entity Address, Postal Zip Code	07424
City Area Code	973
Local Phone Number	771-0300
Title of 12(b) Security	Common Stock, $0.0001 par value
Trading Symbol	ATEX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		18,116,430
Amendment Flag	false
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001304492

Consolidated Balance Sheets - USD ($)	Jun. 30, 2021	Mar. 31, 2021
Current Assets
Cash and cash equivalents	$ 106,899,000	$ 117,538,000
Accounts receivable	0	4,000
Prepaid expenses and other current assets	4,693,000	3,508,000
Total current assets	111,592,000	121,050,000
Property and equipment, net	3,416,000	3,574,000
Right of use assets, net	4,800,000	5,100,000
Intangible assets	126,994,000	122,117,000
Other assets	1,306,000	1,214,000
Total assets	248,109,000	253,055,000
Current liabilities
Accounts payable and accrued expenses	5,052,000	6,256,000
Due to related parties	120,000	152,000
Operating lease liabilities	1,431,000	1,470,000
Deferred revenue	737,000	737,000
Total current liabilities	7,340,000	8,615,000
Noncurrent liabilities
Operating lease liabilities	5,263,000	5,601,000
Contingent liability	20,000,000	20,000,000
Deferred revenue	2,064,000	2,246,000
Deferred income tax	3,355,000	3,209,000
Other liabilities	863,000	876,000
Total liabilities	38,884,000	40,547,000
Commitments and contingencies
Stockholders' equity
Preferred stock, $0.0001 par value per share, 10,000,000 shares authorized and no shares outstanding at June 30, 2021 and March 31, 2021
Common stock, $0.0001 par value per share, 100,000,000 shares authorized and 18,038,065 shares issued and outstanding at June 30, 2021 and17,669,905 shares issued and outstanding at March 31, 2021	2,000	2,000
Additional paid-in capital	481,521,000	472,854,000
Accumulated deficit	(272,298,000)	(260,348,000)
Total stockholders' equity	209,225,000	212,508,000
Total liabilities and stockholders' equity	$ 248,109,000	$ 253,055,000

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2021	Mar. 31, 2021
Consolidated Balance Sheets [Abstract]
Preferred Stock, par value	$ 0.0001	$ 0.0001
Preferred Stock, shares authorized	10,000,000	10,000,000
Preferred Stock, shares outstanding	0	0
Common Stock, par value	$ 0.0001	$ 0.0001
Common Stock, shares authorized	100,000,000	100,000,000
Common Stock, shares issued	18,038,065	17,669,905
Common Stock, shares outstanding	18,038,065	17,669,905

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Operating revenues
Operating revenues	$ 182	$ 256
Operating expenses
Direct cost of revenue (exclusive of depreciation and amortization)		548
General and administrative	9,730	7,544
Sales and support	1,055	701
Product development	1,003	801
Depreciation and amortization	278	1,208
Restructuring costs		13
Impairment of long-lived assets	15	29
Total operating expenses	12,081	10,844
Loss from disposal of intangible assets, net		4,678
Loss from disposal of long-lived assets, net	3	(1)
Loss from operations	(11,902)	(15,265)
Interest income	26	41
Other income	72	109
Loss on equity method investment		(4)
Loss before income taxes	(11,804)	(15,119)
Income tax expense	146	11
Net loss	$ (11,950)	$ (15,130)
Net loss per common share basic and diluted	$ (0.67)	$ (0.88)
Weighted-average common shares used to compute basic and diluted net loss per share	17,739,370	17,207,532
Service [Member]
Operating revenues
Operating revenues		$ 74
Spectrum [Member]
Operating revenues
Operating revenues	$ 182	$ 182

Consolidated Statement of Stockholders’ Equity - USD ($)
shares in Thousands, $ in Thousands

Common Stock [Member]

Additional Paid-in Capital [Member]

Accumulated Deficit [Member]

Total

Balance at Mar. 31, 2020

$ 2

$ 450,978

$ (205,914)

$ 245,066

Balance, Shares at Mar. 31, 2020

17,185

Equity based compensation

^[1]

1,955

Equity based compensation, Shares

^[1]

Equity payment of prior year accrued employee related expenses

1,537

Equity payment of prior year accrued employee related expenses, Shares

Stock option exercises

1,019

Stock option exercises, Shares

Net loss

(15,130)

Balance at Jun. 30, 2020

$ 2

455,489

(221,044)

234,447

Balance, Shares at Jun. 30, 2020

17,289

Balance at Mar. 31, 2021

$ 2

472,854

(260,348)

212,508

Balance, Shares at Mar. 31, 2021

17,670

Equity based compensation

^[1]

3,296

Equity based compensation, Shares

^[1]

Stock option exercises

5,371

Stock option exercises, Shares

295

Net loss

(11,950)

Balance at Jun. 30, 2021

$ 2

$ 481,521

$ (272,298)

$ 209,225

Balance, Shares at Jun. 30, 2021

18,038

[1]	includes restricted shares

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (11,950)	$ (15,130)
Adjustments to reconcile net loss to net cash used by operating activities
Depreciation and amortization	278	1,208
Non-cash compensation expense attributable to stock awards	3,296	1,955
Deferred income taxes	146	11
Net loss from disposal of intangible assets		4,678
Net loss from disposal of long-lived assets	3	(1)
Impairment of long-lived assets	15	29
Loss on equity method investment		4
Changes in operating assets and liabilities
Accounts receivable	4	36
Prepaid expenses and other assets	55	296
Right of use assets	300	411
Accounts payable and accrued expenses	(1,206)	(124)
Due to related parties	(32)	(4)
Restructuring reserve		(295)
Operating lease liabilities	(377)	(467)
Deferred revenue	(182)	(187)
Other liabilities	(13)	209
Net cash used by operating activities	(9,663)	(7,371)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of intangible assets, including refundable deposits	(6,191)	(6,232)
Purchases of equipment	(156)	(103)
Net cash used by investing activities	(6,347)	(6,335)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from stock option exercises	5,371	1,019
Net cash provided by financing activities	5,371	1,019
Net change in cash and cash equivalents	(10,639)	(12,687)
CASH AND CASH EQUIVALENTS
Beginning of the period	117,538	137,453
End of the period	106,899	124,766
Non-cash investing activity:
Network equipment provided for wireless licenses	$ 18
Non-cash financing activities:
Equity payment of prior year accrued employee related expenses		$ 1,537

Nature of Operations

3 Months Ended

Jun. 30, 2021

Nature of Operations [Abstract]

Nature of Operations

1. Nature of Operations

Anterix Inc. (the “Company”) is a wireless communications company focused on commercializing its spectrum assets to enable its targeted utility and critical infrastructure customers to deploy private broadband networks, technologies and solutions. The Company is the largest holder of licensed spectrum in the 900 MHz band (896-901/935-940 MHz) with nationwide coverage throughout the contiguous United States, Hawaii, Alaska and Puerto Rico. On May 13, 2020, the Federal Communications Commission (“FCC”) approved the Report and Order to modernize and realign the 900 MHz band to increase its usability and capacity by allowing it to be utilized for the deployment of broadband networks, technologies and solutions (the “Report and Order”). The Report and Order was published in the Federal Register on July 16, 2020 and became effective on August 17, 2020. The Company is now engaged in qualifying for and securing broadband licenses from the FCC, with a focus on pursuing licenses in those counties in which it believes it has near-term commercial opportunities. At the same time, the Company’s sales and marketing organization is pursuing opportunities to lease the broadband licenses it secures to its targeted utility and critical infrastructure customers.

The Company was originally incorporated in California in 1997 and reincorporated in Delaware in 2014. In November 2015, the Company changed its name from Pacific DataVision, Inc. to pdvWireless, Inc. On August 6, 2019, the Company changed its name from pdvWireless, Inc. to Anterix Inc. The Company maintains offices in Woodland Park, New Jersey and McLean, Virginia.

In December 2020, the Company entered into our first long-term 900 MHz broadband spectrum lease agreements (the “Lease Agreements”) with Ameren Corporation (“Ameren”). The Lease Agreements will enable Ameren to deploy a private LTE network in its service territories in Missouri and Illinois, covering approximately 7.5 million people. Each Lease Agreement is for a term of up to 40 years, consisting of an initial term of 30 years, with an option to extend for an additional 10-year term for an additional payment. The scheduled prepayments for the 30-year initial terms of the Lease Agreements total approximately $48 million dollars. Full prepayment for the 30-year initial terms is due by 2026, with approximately 50% of the total prepayments due and payable subject to the Company’s ability to clear spectrum and secure the broadband licenses for the relevant counties. The Company’s board of directors (the “Board”) approved the Lease Agreements on April 23, 2021, and Ameren’s board of directors approved the Lease Agreements on May 6, 2021. The Company is proactively clearing incumbents from the 900 MHz broadband segments in Ameren’s service territories. The Company expects to recognize revenue from the Lease Agreements commencing in fiscal year 2022. Revenue will be recognized as spectrum is delivered based on straight-line amortization over the initial 30-year terms of the Lease Agreements. On August 4, 2021, the FCC granted the first 900 MHz broadband licenses to the Company for several counties in Ameren Corporation’s Illinois service territory.

In February 2021, the Company entered into an agreement with SDG&E (the “SDG&E Agreement”), to provide 900 MHz broadband spectrum throughout SDG&E’s California service territory, including San Diego and Imperial Counties and portions of Orange County. The SDG&E Agreement will support SDG&E’s deployment of a private LTE network for its California service territory, with a population of approximately 3.6 million people. As part of the SDG&E Agreement, the Company and SDG&E intend to collaborate on accelerating utility industry momentum for private networks. The SDG&E Agreement includes the assignment of 6 MHz of broadband spectrum, 936.5 – 939.5 MHz paired with 897.5 – 900.5 MHz, within SDG&E’s service territory following the FCC’s issuance of broadband licenses to the Company. Delivery of the broadband spectrum by county is expected to commence in fiscal year 2023 and be completed before the end of fiscal 2024. The Company has been working with incumbents to clear the 900 MHz broadband allocation in the SDG&E service territory. Total payment of $50.0 million is comprised of an initial payment of $20.0 million received in February 2021 and reflected in the Consolidated Balance Sheets under Contingent Liabilities. The remaining $30.0 million is due through fiscal 2024 as the Company delivers broadband licenses to SDG&E.

Historical Business Operations

Historically, the Company generated revenue principally from its pdvConnect and TeamConnect businesses. pdvConnect is a mobile communication and workforce management solution. The Company historically marketed pdvConnect primarily through two Tier 1 carriers in the United States. In Fiscal 2016, it began offering a commercial push-to-talk (“PTT”) service, which was marketed as TeamConnect, in seven major metropolitan areas throughout the United States, including Atlanta, Baltimore/Washington, Chicago, Dallas, Houston, New York and Philadelphia. It primarily offered the TeamConnect service to customers indirectly through third-party sales representatives who were primarily selected from Motorola’s nationwide dealer network.

In June 2018, the Company announced its plan to restructure its operations to align and focus its business priorities on its broadband spectrum initiatives. Consistent with this restructuring plan, the Company transferred its TeamConnect business in December 2018 to A BEEP LLC (“A BEEP”) and Goosetown Enterprises, Inc (“Goosetown”), with the Company continuing to provide customer care, billing and collection services through April 1, 2019. On December 31, 2018, the Company entered into a memorandum of understanding (“MOU”) with the principals of Goosetown. Under the terms of the MOU, the Company assigned the intellectual property rights to its TeamConnect and pdvConnect related applications to TeamConnect LLC (the “LLC”). The LLC assumed customer care services related to the pdvConnect service, with the Company providing transition services to the LLC through April 1, 2019. On April 1, 2020, the Company transferred its pdvConnect customers to the LLC and the LLC agreed to pay the Company a certain portion of the recurring revenues from these customers.

Summary of Significant Accounting Policies

3 Months Ended

Jun. 30, 2021

Summary of Significant Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation and Use of Estimates

The unaudited consolidated financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information. Pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”), certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted.

Because certain information and footnote disclosures have been condensed or omitted, these unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2021, as filed on June 15, 2021 with the SEC. In the Company’s opinion all normal and recurring adjustments considered necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented have been included. The Company believes that the disclosures made in the unaudited consolidated interim financial statements are adequate to make the information not misleading. The results of operations for the interim periods presented are not necessarily indicative of the results for the year. The Company is also required to make certain estimates with regard to the valuation of awards and forfeiture rates for its share-based award programs. New estimates in the period relate to determining the Company’s estimated incremental borrowing rate in recognizing right of use assets and operating lease liabilities. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the financial statements in the applicable period. Accordingly, actual results could materially differ from those estimates.

The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries, including PDV Spectrum Holding Company, LLC formed in April 2014. All significant intercompany accounts and transactions have been eliminated in consolidation.

Correction of Immaterial Errors

In connection with preparing its financial statements for the year ended March 31, 2021, the Company determined that it incorrectly presented stock-based compensation and loss on disposal of long-lived assets, net in its Consolidated Statement of Operations for the quarter ended June 30, 2020.

The Company previously reported stock compensation expense as a separate line item in the Consolidated Statement of Operations. Stock compensation expense should have been included in the same income statement line or lines as the cash compensation paid to the individuals receiving the stock-based awards such as general and administrative costs, product development and sales and support. For the three months ended June 30, 2020, the separate line item of $2.0 million in stock compensation expense has been changed to report as $1.8 million in general and administrative, $0.1 million in product development, and $40,000 in sales and support in the Consolidated Statement of Operations.

The Company previously included loss on disposal of long-lived assets as part of other income and expenses in its Consolidated Statement of Operations. A gain or loss recognized on the transfer of a long-lived asset that is not part of discontinued operations should be included in income from continuing operations before income taxes in the income statement of a business entity. Separate lines are now added for the loss of disposal of long-lived assets, net before loss of operation amounting to $1,000 to correct the error in presentation.

In connection with preparing the financial statements for the second quarter of the fiscal year ended March 31, 2021, the Company determined that it incorrectly classified the initial refundable deposits made for purchasing spectrum as net cash used by operating activities in the Consolidated Statements of Cash Flows for the three months ended June 30, 2020. These initial deposits are made to holders of spectrum, (“incumbents”), and are refundable if the FCC does not approve the sale of the spectrum. Once the FCC approves the sale, the Company makes the final payment to the incumbent. Once the final payment is made, both the initial deposit and final payment are transferred to the intangible asset for the wireless licenses. The impact to the Consolidated Statements of Cash Flows when the final payment was made reduces the cash used by operating activities. The initial and final payments were then classified as cash used by investing activities.

Operating activities in the Consolidated Statements of Cash Flows should consist of the funds used for the Company’s ongoing business activities. Investing activities in the Consolidated Statements of Cash Flows should consist of funds used to purchase the Company’s long-term assets, such as fixed assets and its spectrum purchases. Since the initial deposits were contemplated as part of the purchase of spectrum, they should have been classified as investing activities instead of operating activities. As a result, the Company made an error in classifying the initial deposits for spectrum acquisitions as operating activities. The payments should have been classified as investing activities.

Refundable deposits amounting to approximately $2.8 million relating to acquisition of intangible assets that are pending FCC approval which were previously reported in prepaid expenses and other assets and net cash used by operating activities are now reported to purchases of intangible assets, including refundable deposits and the net cash used by investing activities in the Consolidated Statements of Cash Flows for the three months ended June 30, 2020.

The following table is a comparison of the reported results of operations and cash flows for the three months ended June 30, 2020 as a result of the correction of immaterial errors (in thousands):


	For the three months ended June 30, 2020
	As Originally Reported		Impact of Prior Period Errors		As Revised
Consolidated Statement of Operations
General and administrative	$	5,738	$	1,806	$	7,544
Product development		692		109		801
Sales and support		661		40		701
Stock compensation expense		1,955		(1,955)		—

Loss from disposal of long-lived assets, net		—		(1)		(1)
Loss from operations		(15,266)		1		(15,265)
Other Income	$	110	$	(1)	$	109

Consolidated Statements of Cash Flows
Prepaid expenses and other assets	$	3,055	$	(2,759)	$	296
Net cash used by operating activities		(4,612)		(2,759)		(7,371)

Purchases of intangible assets, including refundable deposits		(8,991)		2,759		(6,232)
Net cash used by investing activities	$	(9,094)	$	2,759	$	(6,335)

Intangible Assets

Intangible assets are wireless licenses that are used to provide the Company with the exclusive right to utilize designated radio frequency spectrum to provide wireless communication services. While licenses are issued for only a fixed time, generally ten years, such licenses are subject to renewal by the FCC. License renewals have occurred routinely and at nominal cost in the past. There are currently no legal, regulatory, contractual, competitive, economic or other factors that limit the useful life of the Company’s wireless licenses. As a result, the Company has determined that the wireless licenses should be treated as an indefinite-lived intangible asset. The Company will evaluate the useful life determination for its wireless licenses each year to determine whether events and circumstances continue to support their treatment as an indefinite useful life asset.

Historically, wireless licenses were tested for impairment on an aggregate basis, consistent with the Company’s dispatch business at a national level. Effective in the year ended March 31, 2021, (“Fiscal 2021”), the Company determined the unit of accounting for impairment testing purposes should be based on geographical markets and accordingly, tested the wireless

licenses for impairment based on these individual markets. The change in the unit of accounting was due to the Company’s expected use and marketability of its wireless licenses to support broadband operations at an individual market level as a result of the Report and Order. Due to the change in the unit of accounting, the Company performed a step one quantitative impairment test in Fiscal 2021 to determine if the fair value of the wireless licenses exceed the carrying value at the geographical market level. The estimated fair values of each unit of accounting were determined using a market-based approach based on the 600 MHz auction price as noted in the Report and Order. The Company also performed a step zero qualitative assessment on an aggregate basis to test the wireless licenses for impairment due to the change in the unit of accounting in Fiscal 2021. There are no triggering events indicating impairment in the three months ended June 30, 2021.

See Note 4 “Intangible Assets” for a discussion of the Company’s loss from the disposal of intangible assets incurred during the quarter ended June 30, 2021.

Long-Lived Asset and Right of Use Assets Impairment

The Company evaluates long-lived assets, including right of use assets, other than intangible assets with indefinite lives, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. Asset groups are determined at the lowest level for which identifiable cash flows are largely independent of cash flows of other groups of assets and liabilities. When the carrying amount of the asset groups are not recoverable and exceeds its fair value, an impairment loss is recognized equal to the excess of the asset group’s carrying value over the estimated fair value. During the three months ended June 30, 2021, the Company recorded a $15,000 non-cash impairment charge for long-lived assets for network equipment costs to reduce the carrying values to zero. During the three months ended June 30, 2020, the Company recorded a $29,000 non-cash impairment charge for long-lived assets for network site costs to reduce the carrying values to zero.

Net Loss Per Share of Common Stock

Basic net loss per common share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration for potentially dilutive securities. For purposes of the diluted net loss per share calculation, preferred stock, stock options, restricted stock and warrants are considered to be potentially dilutive securities. Because the Company has reported a net loss for the three months ended June 30, 2021 and 2020, respectively, diluted net loss per common share is the same as basic net loss per common share for those periods.

Common stock equivalents resulting from potentially dilutive securities approximated 1,488,000 and 1,586,000 at June 30, 2021 and 2020, respectively, and have not been included in the dilutive weighted average shares of common stock outstanding, as their effects are anti-dilutive.

Recently Issued Accounting Pronouncements

In June 2016, the FASB issued ASC 326, Financial Instruments - Credit Losses and has subsequently modified several areas of the standard in order to provide additional clarity and improvements. The new standard requires entities to use a Current Expected Credit Loss impairment model based on expected losses rather than incurred losses. Under this model, an entity would recognize an impairment allowance equal to its current estimate of all contractual cash flows that the entity does not expect to collect from financial assets measured at amortized cost within the scope of the standard. The entity's estimate would consider relevant information about past events, current conditions and reasonable and supportable forecasts, which will result in recognition of lifetime expected credit losses. As a smaller reporting company, the standard will be effective for the Company's fiscal year beginning April 2023, including interim reporting periods within that fiscal year, although early adoption is permitted. The Company is evaluating the potential impact that ASC 326 and subsequent modifications may have on its consolidated financial statements.

Other accounting standards that have been issued or proposed by the FASB or other standard-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s consolidated financial statements upon adoption.

Revenue

3 Months Ended

Jun. 30, 2021

Revenue [Abstract]

Revenue

3. Revenue

Long-Term Lease of 900 MHz Broadband Spectrum. In December 2020, the Company entered into its first long-term 900 MHz broadband spectrum Lease Agreements covering Ameren’s service territories. The Lease Agreements will enable Ameren to deploy a private LTE network in its service territories in Missouri and Illinois covering approximately 7.5 million people. Each Lease Agreement is for a term of up to 40 years, consisting of an initial term of 30 years, with an option to extend

for an additional 10-year term for an additional payment. The scheduled prepayments for the 30-year initial terms of the Lease Agreements total approximately $48 million dollars. Full prepayment for the 30-year initial terms is due by 2026, with approximately 50% of the total prepayments due and payable subject to our ability to clear spectrum and secure the broadband licenses for the relevant counties. The Company is proactively clearing incumbents from the 900 MHz broadband segments in Ameren’s service territories and expects to begin delivering the broadband spectrum licenses by county during fiscal year 2022. The Board approved the Lease Agreements on April 23, 2021, and Ameren’s board of directors approved the Lease Agreements on May 6, 2021. The payments of prepaid fees under the Lease Agreements will be accounted for as deferred revenue on the Company’s consolidated balance sheets and will be recognized ratably as the Company delivers broadband spectrum by county over the contractual term of approximately 30-years.

Historical Business. In December 2018, the Board approved the transfer of its TeamConnect business and support for its pdvConnect business to help reduce operating costs and to allow the Company to focus on its FCC initiatives and future broadband opportunities. Specifically, the Company entered into: (i) a Customer Acquisition and Resale Agreement with A BEEP on January 2, 2019, (ii) a Customer Acquisition, Resale and Licensing Agreement with Goosetown on January 2, 2019 and (iii) an MOU with the principals of Goosetown on December 31, 2018. Under the A BEEP and Goosetown Agreements, the Company agreed to: (i) transfer its TeamConnect customers located in the Atlanta, Chicago, Dallas, Houston, and Phoenix metropolitan markets to A BEEP, (ii) transfer its TeamConnect customers located in the Baltimore/Washington DC, Philadelphia, and New York metropolitan markets to Goosetown, (iii) provide A BEEP and Goosetown with access to MotoTRBO Systems and (iv) grant A BEEP and Goosetown the right to resell access to the Company’s TeamConnect Metro and Campus Systems (the “MotoTRBO Systems”) pursuant to separate Mobile Virtual Network Operation arrangements for a two-year period. The Company also granted Goosetown a license to sell the business applications the Company developed for its TeamConnect service. On March 31, 2019, these agreements were amended to formally set the transition date for the businesses as April 1, 2019 and to clarify the responsibilities between the parties.

As part of the Company’s efforts to clear the 900 MHz spectrum for broadband use, A BEEP and Goosetown were required to migrate the acquired customers off the MotoTRBO Systems by December 31, 2020. In consideration for the customers and rights the Company transferred, A BEEP and Goosetown are required to pay a certain portion of the recurring revenues they receive from the acquired customers ranging from 100% to 20% during the terms of the agreements. Additionally, A BEEP is required to pay the Company a portion of recurring revenue from customers who utilize A BEEP’s push-to-talk Diga-talk Plus application service ranging from 35% to 15% for a period of two years. For a period of two years, Goosetown is required to pay the Company 20% of recurring revenues from the TeamConnect applications it licensed.

Under the terms of the MOU, the Company assigned the intellectual property rights to its TeamConnect and pdvConnect related applications to the LLC. The LLC also assumed customer care services related to the pdvConnect service, with the Company providing transition services to the LLC through April 1, 2019. On April 1, 2020, the Company transferred its pdvConnect customers to the LLC, and the LLC agreed to pay the Company a certain portion of the recurring revenues from these customers.

Service Revenue. The Company has historically derived its service revenue from a fixed monthly recurring unit price per user, with 30-day payment terms, for its pdvConnect, TeamConnect, and Diga-talk service offerings.

pdvConnect is a proprietary cloud-based mobile resource management solution which has historically been sold as a separate software-as-a-service offering for dispatch-centric business customers who utilize Tier 1 cellular networks, and to a lesser extent, who utilize land mobile radio networks not operated by the Company. pdvConnect was historically sold directly by the Company or through two Tier 1 domestic carriers. The service is contracted and billed on a month-to-month basis, and the Company satisfies its performance obligation over time as the services are delivered. On April 1, 2020, these customers were transferred to the LLC, except for one Tier 1 domestic carrier. The LLC agreed to pay the Company a certain portion of the recurring revenues from the transferred customers through the term of the agreement.

TeamConnect combines pdvConnect with push-to-talk mobile communication services involving digital network architecture and mobile devices. The contract period for the TeamConnect service varies from a month-to-month basis to 24 months. The customer is billed at the beginning of each month of the contract term. The Company recognizes revenue as it satisfies its performance obligation over time as the services are delivered. On April 1, 2019, these customers were transitioned to A BEEP and Goosetown. A BEEP and Goosetown agreed to pay the Company a certain portion of the recurring revenues during the term of the agreements. While the customer remains on the Company’s MotoTRBO Systems, the portion of recurring revenues paid by A BEEP and Goosetown is recorded as revenue.

Spectrum Revenue. In September 2014, Motorola paid the Company an upfront, fully-paid fee of $7.5 million in order to use a portion of the Company’s wireless spectrum licenses. The payment of the fee is accounted for as deferred revenue on the Company’s consolidated balance sheets and is recognized ratably as the service is provided over the contractual term of

approximately ten years. The revenue recognized for the three months ended June 30, 2021 and 2020 was approximately $182,000 each period.

Contract Assets. The Company recognizes a contract asset for the incremental costs of obtaining a contract with a customer. These costs include sales commissions. These costs are amortized ratably using the portfolio approach over the estimated customer contract period. The Company will review the contract asset on a periodic basis to determine if an impairment exists. If it is determined that there is an impairment, the contract asset will be expensed.

For the three months ended June 30, 2021, the Company incurred commission and stock compensation costs to obtain its long-term 900 MHz broadband spectrum lease agreements amounting to approximately $8,000, which was capitalized and will be amortized over the contractual term of approximately 30-years.

The following table presents the activity for the Company’s contract assets (in thousands):


	Contract Assets
Balance at March 31, 2021	$	381
Additions		8
Amortization		—
Impairment		—
Balance at June 30, 2021		389
Less amount classified as current assets - prepaid expenses and other current assets		(78)
Noncurrent assets - included in other assets	$	311

Contract liabilities. Contract liabilities primarily relate to advance consideration received from customers for spectrum services, for which revenue is recognized over time, as the services are performed. These contract liabilities are recorded as deferred revenue on the balance sheet.

The following table presents the activity for the Company’s contract liabilities (in thousands):


	Contract Liabilities
Balance at March 31, 2021	$	2,983
Additions		—
Revenue recognized		(182)
Balance at June 30, 2021		2,801
Less amount classified as current liabilities		(737)
Noncurrent liabilities	$	2,064

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Intangible Assets

3 Months Ended

Jun. 30, 2021

Intangible Assets [Abstract]

Intangible Assets

4. Intangible Assets

Wireless licenses are considered indefinite-lived intangible assets. Indefinite-lived intangible assets are not subject to amortization but instead are tested for impairment annually, or more frequently if an event indicates that the asset might be impaired. There were no impairment charges related to the Company’s indefinite-lived intangible assets during the three months ended June 30, 2021 and 2020.

During the three months ended June 30, 2021, the Company entered into agreements with several third parties in multiple U.S. markets to acquire wireless licenses for cash consideration of $4.9 million, after receiving FCC approval. As of June 30, 2021 and March 31, 2021, the Company recorded initial deposits to incumbents amounting to approximately $3.6 million and $2.3 million, respectively, that are refundable if the FCC does not approve the sale of the spectrum. Of the $3.6 million initial refundable deposit balance as of June 30, 2021, $3.1 million was included in prepaid expenses and other current assets and the remaining $0.5 million in other assets in the Consolidated Balance Sheets. Of the $2.3 million initial refundable deposit balance as of March 31, 2021, $1.9 million was included in prepaid expenses and other current assets and the remaining $0.5 million in other assets in the Consolidated Balance Sheets.

Intangible assets consist of the following at June 30, 2021 and March 31, 2021 (in thousands):


	Wireless Licenses
Balance at March 31, 2021	$	122,117
Acquisitions		4,877
Balance at June 30, 2021	$	126,994

Related Party Transactions

3 Months Ended

Jun. 30, 2021

Related Party Transactions

5. Related Party Transactions

Under the terms of the MOU, the Company was obligated to pay the LLC a monthly service fee for a 24-month period that ended on January 7, 2021 for its assumption of the Company’s support obligations under the A BEEP and Goosetown agreements. The Company is also obligated to pay the LLC a certain portion of the billed revenue received by the Company from pdvConnect customers for a 48-month period. For the three months ended June 30, 2021 and 2020, the Company incurred $15,000 and $176,000 under the MOU, respectively. As of June 30, 2021, the Company did not have any outstanding liabilities to the LLC. As of March 31, 2021, the Company owed $32,000 to the LLC.

The Company did not purchase any equipment from Motorola for the three months ended June 30, 2021 and 2020, respectively. The Motorola revenue recognized for the three months ended June 30, 2021 and, 2020 were approximately $182,000 each quarter. As of June 30, 2021 and March 31, 2021, the Company owed $120,000 to Motorola at the end of each period.

On May 5, 2020, the Company entered into a consulting agreement with Rachelle B. Chong under which Ms. Chong will serve as a Senior Advisor to the Company’s management team effective May 15, 2020. In connection with the consulting agreement, Ms. Chong submitted her resignation from the Company’s Board of Directors and as a member of the Board’s Nominating and Corporate Governance Committee. During the three months ended June 30, 2021 and 2020, the Company incurred $36,000 and $24,000 in consulting fees to Ms. Chong, respectively. As of June 30, 2021 and March 31, 2021, the Company did not owe Ms. Chong fees for consulting services.

On June 25, 2020, as part of its Executive Succession Plan, the Company announced that Brian D. McAuley had submitted his resignation as Executive Chairman of the Board, effective on July 1, 2020. On August 27, 2020, the Company entered into a consulting agreement (the “Consulting Agreement”) with Mr. McAuley under which Mr. McAuley will serve as a Senior Advisor to the Company’s management team and provide strategic, corporate governance and Board advisory services. The Consulting Agreement provides that Mr. McAuley will receive cash compensation of $40,000 per year. Pursuant to the existing terms of his outstanding equity awards, Mr. McAuley will continue to vest in his outstanding equity awards as he continues to provide services to the Company pursuant to the Consulting Agreement. The Consulting Agreement was effective as of September 2, 2020 and terminates by its terms on September 1, 2021, unless terminated earlier by either party or extended upon the mutual agreement of the parties at least thirty (30) days before the end of the term. The Consulting Agreement contains standard confidentiality, indemnification and intellectual property assignment provisions in favor of the Company. The Consulting Agreement also contains a waiver by Mr. McAuley to any severance benefits that he might be entitled to receive under the Company’s Executive Severance Plan in connection with his resignation and the Executive Succession Plan. In consideration for this waiver, in the event the Company terminates the Consulting Agreement without cause, Mr. McAuley dies or becomes disabled during the term of the Consulting Agreement, or the Company elects not to extend the term of the Consulting Agreement through September 1, 2023, then the vesting of all outstanding time-based equity awards held by Mr. McAuley shall accelerate on the date his consulting services end such that he will be deemed to have vested in a total of 18,761 shares of Common Stock for his services under the Consulting Agreement. In addition, Mr. McAuley’s performance-based equity awards shall remain outstanding (and shall not terminate) and he shall continue to be eligible to obtain vested option shares and vested restricted stock units under his outstanding performance-based equity awards if the “Vesting Conditions” set forth in the performance-based equity awards are satisfied. For the quarter ended June 30, 2021, the Company incurred approximately $10,000 in consulting fees to Mr. McAuley. As of June 30, 2021 and March 31, 2021, the Company did not have any outstanding liabilities to Mr. McAuley.

Impairment and Restructuring Charges

3 Months Ended

Jun. 30, 2021

Impairment and Restructuring Charges [Abstract]

Impairment and Restructuring Charges

6. Impairment and Restructuring Charges

Long-lived Assets and Right of Use Assets Impairment.

During the three months ended June 30, 2021, the Company recorded a $15,000 non-cash impairment charge for long-lived assets consisting of $15,000 for network equipment to reduce the carrying values to zero. During the three months ended June 30, 2020, the Company recorded a $29,000 non-cash impairment charge for long-lived assets consisting of $29,000 for network site costs to reduce the carrying values to zero.

Restructuring Charges.

December 2018 cost reductions. On December 31, 2018, the Company’s board of directors approved the following cost reduction actions: (i) the elimination of approximately 20 positions, or 30% of the Company’s workforce and (ii) the closure of its office in San Diego, California (collectively, the “December 2018 Cost-Reduction Actions”). For the three months ended June 30, 2020, the Company recorded an additional restructuring charge relating to the December 2018 Cost-Reduction Actions amounting to $14,000, related to employee severance and benefit costs. The Company did not incur restructuring charges for the quarter ending June 30, 2021.

Leases

3 Months Ended

Jun. 30, 2021

Leases [Abstract]

Leases

7. Leases

A lease is defined as a contract that conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. On April 1, 2019, the Company adopted ASC 842 and it primarily affected the accounting treatment for operating lease agreements in which the Company is the lessee.

Substantially all of the leases in which the Company is the lessee are comprised of corporate office space and tower space. The Company is obligated under certain lease agreements for office space with lease terms expiring on various dates from October 31, 2024 through June 30, 2027, which includes a 10-year lease extension for its corporate headquarters. The Company entered into multiple lease agreements for tower space. The lease expiration dates range from July 31, 2021 to November 30, 2027.

Substantially all of the Company’s leases are classified as operating leases, and as such, were previously not recognized on the Company’s Consolidated Balance Sheet. With the adoption of Topic 842, operating lease agreements are required to be recognized on the Consolidated Balance Sheet as Right of Use (“ROU”) assets and corresponding lease liabilities.

ROU assets include any prepaid lease payments and exclude any lease incentives and initial direct costs incurred. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. The lease terms may include options to extend or terminate the lease if it is reasonably certain that the Company will exercise that option.

Weighted-average remaining lease term and discount rate for the Company’s operating leases are as follows:

Rent expense amounted to approximately $0.5 million for the three months ended June 30, 2021 are included in general and administrative expenses in the Consolidated Statements of Operations. Rent expense amounted to approximately $0.7 million for the three months ended June 30, 2020, of which approximately $0.4 million was included as direct cost of revenue and the remainder of approximately $0.3 million was included in general and administrative expenses in the Consolidated Statements of Operations.

In June 2020, the Company terminated an operating tower space lease early resulting in a non-cash reductions in ROU assets by $19,000, operating lease liabilities by $20,000 and gain in disposal of long-lived asset by $1,000.

The following table presents net lease cost for the three months ended June 30, 2021 and 2020 (in thousands):


	Three months ended June 30,
	2021		2020
Lease cost
Operating lease cost (cost resulting from lease payments)	$	513	$	659
Short term lease cost		4		3
Sublease income		—		(3)
Net lease cost	$	517	$	659

The following table presents supplemental cash flow and non-cash activity information for the three months ended June 30, 2021 and 2020 (in thousands):


	Three months ended June 30,
	2021		2020
Operating cash flow information:
Operating lease - operating cash flows (fixed payments)	$	587	$	723
Operating lease - operating cash flows (liability reduction)	$	377	$	467
Non-cash activity:
Right of use assets obtained in exchange for new operating lease liabilities	$	66	$	—

The following table presents supplemental balance sheet information as of June 30, 2021 and March 31, 2021 (in thousands):


	June 30, 2021		March 31, 2021
Non-current assets - right of use assets, net	$	4,800	$	5,100
Current liabilities - operating lease liabilities	$	1,431	$	1,470
Non-current liabilities - operating lease liabilities	$	5,263	$	5,601

Future minimum payments under non-cancelable leases for office and tower spaces (exclusive of real estate tax, utilities, maintenance and other costs borne by the Company), for the remaining terms of the leases following the three months ended June 30, 2021 are as follows (in thousands):


		Operating
Fiscal Year		Leases
2022 (excluding the three months ended June 30, 2021)	$	1,669
2023		2,099
2024		1,953
2025		1,553
2026		866
After 2026		596
Total future minimum lease payments		8,736
Amount representing interest		(2,042)
Present value of net future minimum lease payments	$	6,694

Income Taxes	3 Months Ended
Income Taxes	Jun. 30, 2021
Income Taxes [Abstract]
Income Taxes	8. Income Taxes The Company's net operating losses (“NOLs’) generated after March 31, 2018 may be used as an indefinite-lived asset to offset its deferred tax liability, but limited to 80 percent of future taxable income. The deferred tax liabilities as of June 30, 2021 is approximately $2.0 million for federal and $1.4 million for state. For the year ended March 31, 2021, the Company had federal and state NOL carryforwards of approximately $266.3 million and $152.3 million, respectively. Of these federal and state NOLs, approximately $125.1 million and $114.4 million respectively, are expiring in various amounts from 2021 through 2041. The remaining federal and state NOLs of approximately $141.2 million and $37.9 million, respectively, have an indefinite life but the federal NOLs may only offset 80% of taxable income when used. For the three months ended June 30, 2021, the Company incurred federal and state net operating losses of approximately $24.9 million and $20.1 million, respectively, to offset future taxable income, of which $31.9 million can be carried forward indefinitely, but can only offset 80% of taxable income when used. The Company used a discrete effective tax rate method to calculate taxes for the three months ended June 30, 2021. The Company determined that applying an estimate of the annual effective tax rate would not provide a reasonable estimate as small changes in estimated “ordinary” loss would result in significant changes in the estimated annual effective tax rate. Accordingly, for the three months ending June 30, 2021, the Company recorded a total deferred tax expense of $146,000 due to the inability to use some portion of federal and state NOL carryforwards against the deferred tax liability created by amortization of indefinite-lived intangibles.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Stock Acquisition Rights, Stock Options and Warrants

3 Months Ended

Jun. 30, 2021

Stock Acquisition Rights, Stock Options and Warrants [Abstract]

Stock Acquisition Rights, Stock Options and Warrants

9. Stock Acquisition Rights, Stock Options and Warrants

The Company established the 2014 Stock Plan (the “2014 Stock Plan”) to attract, retain and reward individuals who contribute to the achievement of the Company’s goals and objectives. This 2014 Stock Plan superseded previous stock plans.

The Board has reserved 5,027,201 shares of common stock for issuance under the 2014 Stock Plan as of June 31, 2021, of which 1,435,468 shares are available for future issuance. Historically, the number of shares reserved under the 2014 Stock Plan were increased, based on Board approval, each January 1 through January 1, 2021 by an amount equal to the lesser of (i) 5% of the number of shares of common stock issued and outstanding on the immediately preceding December 31 or (ii) a lesser amount determined by the Board (the “evergreen provision”). Effective January 1, 2021, the Board elected to increase the shares authorized under the 2014 Stock Plan by 879,216 shares, which represented 5% of the of the Company’s common stock issued and outstanding as of December 31, 2020. On June 14, 2021, the Compensation Committee of the Board approved Amendment No. 1 to 2014 Stock Plan to eliminate the evergreen provision for all future years (i.e., January 1, 2022 through January 1, 2024).

Restricted Stock and Restricted Stock Units

A summary of non-vested restricted stock activity for the three months ended June 30, 2021 is as follows:



		Weighted
		Average
	Restricted	Grant Day
	Stock	Fair Value
Non-vested restricted stock outstanding at March 31, 2021	475,759	$	42.48
Granted	270,802		48.12
Vested	(75,011)		(42.10)
Forfeited	(31,677)		(44.86)
Non-vested restricted stock outstanding at June 30, 2021	639,873	$	44.79

The Company recognizes compensation expense for restricted stock on a straight-line basis over the explicit vesting period. Vested restricted stock units are settled and issuable upon the earlier of the date the employee ceases to be an employee of the Company or a date certain in the future. Stock compensation expense related to restricted stock was approximately $2.6 million for the three months ended June 30, 2021 of which 2.3 million are included in general and administrative expenses, $0.2 million in product and development and the remainder of $0.1 million in sales and support expenses reported in the Consolidated Statement of Operations. Stock compensation expense related to restricted stock was approximately $1.7 million for the three months ended June 30, 2020 of which $1.6 million are included in general and administrative expenses, $0.1 million in product and development and the remainder of the expense, $41,000, in sales and support reported in the Consolidated Statement of Operations.

At June 30, 2021, there was $22.7 million of unvested compensation expense for restricted stock, which is expected to be recognized over a weighted average period of 3.0 years.

Performance Stock Units

A summary of the performance stock unit activity for the three months ended June 30, 2021 is as follows:



		Weighted
		Average
	Performance	Grant Day
	Stock	Fair Value
Performance stock outstanding at March 31, 2021	75,049	$	58.65
Granted	—		—
Vested	—		—
Forfeited/cancelled	—		—
Performance stock outstanding at June 30, 2021	75,049	$	58.65

CEO Performance Units

Cumulative Spectrum Proceeds Monetized

On December 31, 2020, the Compensation Committee awarded performance-based restricted units to the Company’s President and Chief Executive Officer (“CEO”) as part of the Succession Plan, (the “CEO Performance Units”). The performance-based

restricted units will vest on a determination date of June 24, 2024 (“Determination Date”) (unless sooner triggered by an earlier involuntary termination), based on Cumulative Spectrum Proceeds Monetized (“CSPM”) metric over a four-year measurement period commencing on June 24, 2020, with 15,025 units vesting if the minimum CSPM level is achieved, 30,049 units vesting if the target CSPM metric is achieved and up to 60,098 vesting if the maximum CSPM metric is achieved.

The Company recorded approximately $0.1 million of stock compensation expense included in general and administrative expenses reported in the Consolidated Statements of Operations relating to the CEO Performance Units - CSPM for the quarter ended June 30, 2021. As of June 30, 2021, there was approximately $1.0 million of unvested compensation expense for the outstanding performance-based restricted stock units related to the December 31, 2020 CEO Performance Units, which is expected to be recognized over a weighted average period of 3.24 years.

Total Stockholder Return

On February 1, 2021, the Compensation Committee awarded performance-based restricted units to the President and Chief Executive Officer based on Total Stockholder Return metrics (“TSR Performance Units”). The performance-based restricted units will vest upon continued service and achievement of certain stock price levels calculated using a four-year compound annual growth rate and based on the average closing bid price per share of the Company’s common stock measured over a sixty-trading day period (“Stock Price Levels”). Shares will vest in a range of 25% to 350% of the 45,000 target reported units based on achieving specified Stock Price Levels. The vesting end measurement date is February 1, 2025, with earlier vesting determination dates upon a change in control of the Company, involuntary termination of the CEO or twelve months following the achievement of the maximum stock price level. If after February 1, 2023, the CEO achieves a Stock Price Level, there will be a vesting determination date the earlier of twelve months thereafter or February 1, 2025.

The Company recorded approximately $0.2 million of stock compensation expense relating to the TSR Performance Units for the quarter ended June 30, 2021 included in general and administrative expenses reported in the Consolidated Statements of Operations. As of June 30, 2021, there was approximately $2.9 million of unvested compensation expense for the outstanding performance-based restricted stock units related to the February 1, 2021 TSR Performance Units, which is expected to be recognized over a weighted average period of 3.68 years.

Stock Options

A summary of stock option activity for the three months ended June 30, 2021 is as follows:



	Options	Weighted Average Exercise Price
Options outstanding at March 31, 2021	1,663,223	$	24.96
Options granted	—		—
Options exercised	(315,937)		(20.80)
Options forfeited/expired	—		—
Options outstanding at June 30, 2021	1,347,286	$	25.93

There were no stock options granted for the three months ended June 30, 2021.

In May 2021, the Company reacquired 20,132 shares when a participant surrendered already-owned shares of the Company’s common stock to cover the exercise price of an outstanding stock option exercised by the participant. The 20,132 shares surrendered are constructively retired by the Company as of June 30, 2021 which resulted in the reduction of approximately $1.0 million in additional paid in capital in the Consolidated Statement of Stockholders’ Equity.

For the three months ended June 30, 2021 and 2020, stock compensation expense related to the amortization of the fair value of stock options issued was approximately $0.4 million and $0.2 million, respectively, and is included in general and administrative expenses reported in the Consolidated Statements of Operations.

As of June 30, 2021, there was approximately $1.5 million of unrecognized compensation expense related to non-vested stock options granted under the Company’s stock option plans which is expected to be recognized over a weighted-average period of 1.6 years.

Performance Stock Options

A summary of the performance stock options as of June 30, 2021 is as follows:



	Performance Options	Weighted Average Exercise Price
Performance Options outstanding at March 31, 2021	48,417	$	46.85
Performance Options granted	—		—
Performance Options exercised	(6,635)		(46.85)
Performance Options forfeited/expired	—		—
Performance Options outstanding at June 30, 2021	41,782	$	46.85

There were no performance stock options granted for the three months ended June 30, 2021.

Motorola Investment

On September 15, 2014, Motorola invested $10.0 million to purchase 500,000 Class B Units of the Company’s subsidiary, PDV Spectrum Holding Company, LLC (at a price equal to $20.00 per unit). The Company owns 100% of the Class A Units in this subsidiary. Motorola has the right at any time to convert its 500,000 Class B Units into 500,000 shares of the Company’s common stock. The Company also has the right to force Motorola’s conversion of these Class B Units into shares of its common stock at its election. Motorola is not entitled to any assets, profits or distributions from the operations of the subsidiary. In addition, Motorola’s conversion ratio from Class B Units to shares of the Company’s common stock is fixed on a one-for-one basis, and is not dependent on the performance or valuation of either the Company or the subsidiary. The Class B Units have no redemption or call provisions and can only be converted into shares of the Company’s common stock. Management has determined that this investment does not meet the criteria for temporary equity or non-controlling interest due to the limited rights that Motorola has as a holder of Class B Units, and accordingly has presented this investment as part of its permanent equity within Additional Paid-in Capital in the accompanying consolidated financial statements.

Contingencies

3 Months Ended

Jun. 30, 2021

Contingencies [Abstract]

Contingencies

10. Contingencies

Contingent Liability

In February 2021, the Company entered into the SDG&E Agreement to provide 900 MHz broadband spectrum throughout SDG&E’s California service territory, including San Diego and Imperial Counties and portions of Orange County. The SDG&E Agreement will support SDG&E’s deployment of a private LTE network for its California service territory, with a population of approximately 3.6 million people. As part of the SDG&E Agreement, the Company and SDG&E intend to collaborate on accelerating utility industry momentum for private networks. The SDG&E Agreement include the assignment of 6 MHz of broadband spectrum, 936.5 – 939.5 MHz paired with 897.5 – 900.5 MHz, within SDG&E’s service territory following FCC’s issuance of broadband licenses to the Company. Delivery of the broadband spectrum by county is expected to commence in fiscal year 2023 and completed before the end of fiscal 2024. The Company has been proactively working with incumbents to clear the 900 MHz broadband allocation in the SDG&E service territory. Total payment of $50.0 million is comprised of an initial payment of $20.0 million and the remaining $30.0 million is due through fiscal 2024 as broadband spectrum is provided to SDG&E upon clearing of the 900 MHz incumbents by the Company and the granting of broadband licenses by the FCC.

As the Company is required to refund the initial payment in the event of termination or non-delivery of the broadband spectrum, it recorded $20.0 million for the upfront payment received from SDG&E in February 2021 as contingent liability in the Consolidated Balance Sheet as of March 31, 2021. There was no additional contingent liability incurred for the quarter ended June 30, 2021.

Litigation

From time to time, the Company may be involved in litigation that arises from the ordinary operations of the business, such as contractual or employment disputes or other general actions. The Company is not involved in any material legal proceedings at this time.

COVID-19 Pandemic

In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (“COVID-19”) as a pandemic and COVID-19 continues to cause significant disruptions throughout the United States. The Company instituted numerous

precautionary measures intended to help ensure the well-being as majority of the Company’s employees continue to work from home, remotely negotiate and work with customers, covered incumbents and the FCC. Virtually all employees remain subject to travel restrictions and access to the Company’s premises is restricted. The Company will continue to closely monitor the risks posed by COVID-19 and adjust its practices accordingly.

In order to manage the financial impact caused by the pandemic, the Company also deferred payroll taxes under the CARES Act amounting to approximately $0.3 million as of June 30, 2021. As a result of prioritizing the use of our cash and measures implemented, no significant adverse impact on our results of operations through and financial position as of June 30, 2021, has occurred as a result of the pandemic.

The ultimate extent of the impact of COVID-19 on future financial performance of the Company and its ability to secure broadband licenses pursuant to the terms of the 900 MHz Report and Order and to commercialize any broadband licenses it secures, will depend on ongoing developments, including the duration and further spread of COVID-19, the laws, orders and restrictions imposed by federal, state and local governmental agencies, and the overall economy, all of which remain uncertain and cannot be predicted. If the financial markets and/or the overall economy are impacted for an extended period, the Company's operating results may be materially and adversely affected. The Company is managing its cash flow and believes that it has adequate liquidity.

Concentrations of Credit Risk

3 Months Ended

Jun. 30, 2021

Concentrations of Credit Risk [Abstract]

Concentrations of Credit Risk

11. Concentrations of Credit Risk

Financial instruments which potentially expose the Company to concentrations of credit risk consist primarily of cash and trade accounts receivable.

The Company places its cash and temporary cash investments with financial institutions for which credit loss is not anticipated.

Business Concentrations

3 Months Ended

Jun. 30, 2021

Business Concentrations [Abstract]

Business Concentrations

12. Business Concentrations

For the three months ended June 30, 2021, the Company’s operating revenue was entirely from the upfront, fully-paid fee received from Motorola, as discussed in Note 3 to the Consolidated Financial Statements in this Quarterly Report. For the three months ended June 30, 2020, the Company had one reseller that accounted for approximately 14% of total operating revenues.

As of June 30, 2021, the Company does not have an outstanding accounts receivable balance. As of March 31, 2021, the Company had one Tier 1 domestic carrier that accounted for the entire total accounts receivable.

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Jun. 30, 2021

Summary of Significant Accounting Policies [Abstract]

Basis of Presentation and Use of Estimates

Correction of Immaterial Errors

The following table is a comparison of the reported results of operations and cash flows for the three months ended June 30, 2020 as a result of the correction of immaterial errors (in thousands):


	For the three months ended June 30, 2020
	As Originally Reported		Impact of Prior Period Errors		As Revised
Consolidated Statement of Operations
General and administrative	$	5,738	$	1,806	$	7,544
Product development		692		109		801
Sales and support		661		40		701
Stock compensation expense		1,955		(1,955)		—

Loss from disposal of long-lived assets, net		—		(1)		(1)
Loss from operations		(15,266)		1		(15,265)
Other Income	$	110	$	(1)	$	109

Consolidated Statements of Cash Flows
Prepaid expenses and other assets	$	3,055	$	(2,759)	$	296
Net cash used by operating activities		(4,612)		(2,759)		(7,371)

Purchases of intangible assets, including refundable deposits		(8,991)		2,759		(6,232)
Net cash used by investing activities	$	(9,094)	$	2,759	$	(6,335)

Intangible Assets

See Note 4 “Intangible Assets” for a discussion of the Company’s loss from the disposal of intangible assets incurred during the quarter ended June 30, 2021.

Long-Lived Asset and Right of Use Asset Impairment

Long-Lived Asset and Right of Use Assets Impairment

Net Loss Per Share of Common Stock

Recently Issued Accounting Pronouncements

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Jun. 30, 2021

Summary of Significant Accounting Policies [Abstract]

Comparison of Reported Results of Operations and Cash Flows as a Result of Reclassifications


	For the three months ended June 30, 2020
	As Originally Reported		Impact of Prior Period Errors		As Revised
Consolidated Statement of Operations
General and administrative	$	5,738	$	1,806	$	7,544
Product development		692		109		801
Sales and support		661		40		701
Stock compensation expense		1,955		(1,955)		—

Loss from disposal of long-lived assets, net		—		(1)		(1)
Loss from operations		(15,266)		1		(15,265)
Other Income	$	110	$	(1)	$	109

Consolidated Statements of Cash Flows
Prepaid expenses and other assets	$	3,055	$	(2,759)	$	296
Net cash used by operating activities		(4,612)		(2,759)		(7,371)

Purchases of intangible assets, including refundable deposits		(8,991)		2,759		(6,232)
Net cash used by investing activities	$	(9,094)	$	2,759	$	(6,335)

Revenue (Tables)

3 Months Ended

Jun. 30, 2021

Revenue [Abstract]

Schedule of Contract Assets


	Contract Assets
Balance at March 31, 2021	$	381
Additions		8
Amortization		—
Impairment		—
Balance at June 30, 2021		389
Less amount classified as current assets - prepaid expenses and other current assets		(78)
Noncurrent assets - included in other assets	$	311

Schedule of Contract Liabilities


	Contract Liabilities
Balance at March 31, 2021	$	2,983
Additions		—
Revenue recognized		(182)
Balance at June 30, 2021		2,801
Less amount classified as current liabilities		(737)
Noncurrent liabilities	$	2,064

Intangible Assets (Tables)

3 Months Ended

Jun. 30, 2021

Intangible Assets [Abstract]

Schedule of Indefinite-Lived Intangible Assets


	Wireless Licenses
Balance at March 31, 2021	$	122,117
Acquisitions		4,877
Balance at June 30, 2021	$	126,994

Leases (Tables)

3 Months Ended

Jun. 30, 2021

Leases [Abstract]

Additional Lease Cost Information

Lease Cost


	Three months ended June 30,
	2021		2020
Lease cost
Operating lease cost (cost resulting from lease payments)	$	513	$	659
Short term lease cost		4		3
Sublease income		—		(3)
Net lease cost	$	517	$	659

Supplemental Lease Information

The following table presents supplemental cash flow and non-cash activity information for the three months ended June 30, 2021 and 2020 (in thousands):


	Three months ended June 30,
	2021		2020
Operating cash flow information:
Operating lease - operating cash flows (fixed payments)	$	587	$	723
Operating lease - operating cash flows (liability reduction)	$	377	$	467
Non-cash activity:
Right of use assets obtained in exchange for new operating lease liabilities	$	66	$	—

The following table presents supplemental balance sheet information as of June 30, 2021 and March 31, 2021 (in thousands):


	June 30, 2021		March 31, 2021
Non-current assets - right of use assets, net	$	4,800	$	5,100
Current liabilities - operating lease liabilities	$	1,431	$	1,470
Non-current liabilities - operating lease liabilities	$	5,263	$	5,601

Future Minimum Payments


		Operating
Fiscal Year		Leases
2022 (excluding the three months ended June 30, 2021)	$	1,669
2023		2,099
2024		1,953
2025		1,553
2026		866
After 2026		596
Total future minimum lease payments		8,736
Amount representing interest		(2,042)
Present value of net future minimum lease payments	$	6,694

Stock Acquisition Rights, Stock Options and Warrants (Tables)

3 Months Ended

Jun. 30, 2021

Stock Acquisition Rights, Stock Options and Warrants [Abstract]

Summary of Restricted Stock and Restricted Stock Units Activity



		Weighted
		Average
	Restricted	Grant Day
	Stock	Fair Value
Non-vested restricted stock outstanding at March 31, 2021	475,759	$	42.48
Granted	270,802		48.12
Vested	(75,011)		(42.10)
Forfeited	(31,677)		(44.86)
Non-vested restricted stock outstanding at June 30, 2021	639,873	$	44.79

Summary of Performance Stock Activity



		Weighted
		Average
	Performance	Grant Day
	Stock	Fair Value
Performance stock outstanding at March 31, 2021	75,049	$	58.65
Granted	—		—
Vested	—		—
Forfeited/cancelled	—		—
Performance stock outstanding at June 30, 2021	75,049	$	58.65

Summary of Stock Option Activity



	Options	Weighted Average Exercise Price
Options outstanding at March 31, 2021	1,663,223	$	24.96
Options granted	—		—
Options exercised	(315,937)		(20.80)
Options forfeited/expired	—		—
Options outstanding at June 30, 2021	1,347,286	$	25.93

Summary of Performance Stock Options



	Performance Options	Weighted Average Exercise Price
Performance Options outstanding at March 31, 2021	48,417	$	46.85
Performance Options granted	—		—
Performance Options exercised	(6,635)		(46.85)
Performance Options forfeited/expired	—		—
Performance Options outstanding at June 30, 2021	41,782	$	46.85

Nature of Operations (Details) $ in Millions	1 Months Ended	3 Months Ended
Nature of Operations (Details) $ in Millions	Feb. 28, 2021 USD ($)	Jun. 30, 2021 USD ($) item
Conversion of Stock [Line Items]
Number of people \| item		7,500,000
Lease term		30 years
Lease extension		10 years
Scheduled prepayments		$ 48.0
Percentage of prepayments		50.00%
Payments to Acquire Productive Assets	$ 20.0
TeamConnect LLC [Member]
Conversion of Stock [Line Items]
Metropolitan market areas \| item		7
Ameren [Member]
Conversion of Stock [Line Items]
Number of people \| item		7,500,000
Lessor Operating Lease Term Of Contract, Combined		40 years
Lease term		30 years
Lease extension		10 years
Scheduled prepayments		$ 48.0
Percentage of prepayments		50.00%
SDG&E [Member]
Conversion of Stock [Line Items]
Number of people \| item		3,600,000
Payments to Acquire Productive Assets	20.0
Asset Acquisition, Consideration Transferred	50.0
Asset Acquisition, Contingent Consideration, Liability	$ 30.0

Summary of Significant Accounting Policies (Narrative) (Details) - USD ($)	1 Months Ended	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2021
Summary Of Significant Accounting Policies [Line Items]
Equity based compensation		$ 3,296,000	$ 1,955,000
Net loss from disposal of long-lived assets	$ (1,000)	3,000	(1,000)
Impairment of long-lived assets		15,000	$ 29,000
Property and equipment, net		$ 3,416,000		$ 3,574,000
Potentially dilutive securities outstanding but excluded from computation of earnings per share		1,488,000	1,586,000
Prepaid expenses and other assets		$ 55,000	$ 296,000
Revision of Prior Period, Error Correction, Adjustment [Member]
Summary Of Significant Accounting Policies [Line Items]
Net loss from disposal of long-lived assets			1,000
Impact of Prior Period Errors [Member]
Summary Of Significant Accounting Policies [Line Items]
Net loss from disposal of long-lived assets			(1,000)
Prepaid expenses and other assets			(2,759,000)
Selling, General and Administrative Expenses [Member]
Summary Of Significant Accounting Policies [Line Items]
Equity based compensation			1,800,000
Research and Development Expense [Member]
Summary Of Significant Accounting Policies [Line Items]
Equity based compensation			100,000
Cost of Revenue [Member]
Summary Of Significant Accounting Policies [Line Items]
Equity based compensation			40,000
Property, Plant and Equipment [Member]
Summary Of Significant Accounting Policies [Line Items]
Impairment of long-lived assets		15,000	29,000
Property and equipment, net	0	0	0
Network Equipment [Member]
Summary Of Significant Accounting Policies [Line Items]
Impairment of long-lived assets		15,000
Property and equipment, net		$ 0
Network Sites [Member]
Summary Of Significant Accounting Policies [Line Items]
Impairment of long-lived assets			(29,000)
Property and equipment, net	$ 0		$ 0

Summary of Significant Accounting Policies (Comparison of Reported Results of Operations and Cash Flows as a Result of Reclassifications) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
General and administrative		$ 9,730	$ 7,544
Product development		1,003	801
Sales and support		1,055	701
Loss from disposal of long-lived assets, net	$ (1)	3	(1)
Loss from operations		(11,902)	(15,265)
Other income		72	109
Prepaid expenses and other assets		55	296
Net cash flows used by operating activities		(9,663)	(7,371)
Purchases of intangible assets, including refundable deposits		(6,191)	(6,232)
Net cash used by investing activities		$ (6,347)	(6,335)
As Originally Reported [Member]
General and administrative			5,738
Product development			692
Sales and support			661
Stock compensation expense			1,955
Loss from operations			(15,266)
Other income			110
Prepaid expenses and other assets			3,055
Net cash flows used by operating activities			(4,612)
Purchases of intangible assets, including refundable deposits			(8,991)
Net cash used by investing activities			(9,094)
Impact of Prior Period Errors [Member]
General and administrative			1,806
Product development			109
Sales and support			40
Stock compensation expense			(1,955)
Loss from disposal of long-lived assets, net			(1)
Loss from operations			1
Other income			(1)
Prepaid expenses and other assets			(2,759)
Net cash flows used by operating activities			(2,759)
Purchases of intangible assets, including refundable deposits			2,759
Net cash used by investing activities			$ 2,759

Revenue (Narrative) (Details) item in Millions	3 Months Ended
Revenue (Narrative) (Details) item in Millions	Jun. 30, 2021 USD ($) item	Jun. 30, 2020 USD ($)	Mar. 31, 2021 USD ($)	Sep. 30, 2014 USD ($)
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Number of people \| item	7.5
Lessor Operating Lease Term Of Contract, Net	40 years
Lease term	30 years
Lease extension	10 years
Scheduled prepayments	$ 48,000,000
Percentage of prepayments	50.00%
Revenue recognized	$ (182,000)
Contract liability	2,801,000		$ 2,983,000
Contract and contract acquisition costs	8,000
Spectrum [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue recognized	$ 182,000	$ 182,000
Contract liability				$ 7,500,000
Contractual term	10 years
PdvConnect, TeamConnect, And Diga-talk [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Service fee term	30 days
TeamConnect LLC [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Service fee term	24 months
Maximum [Member] \| Goosetown And A BEEP [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Recurring revenue	100.00%
Minimum [Member] \| Goosetown And A BEEP [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Recurring revenue	20.00%
Diga-Talk Plus [Member] \| A BEEP [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Recurring revenue term	2 years
Diga-Talk Plus [Member] \| Maximum [Member] \| A BEEP [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Recurring revenue	35.00%
Diga-Talk Plus [Member] \| Minimum [Member] \| A BEEP [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Recurring revenue	15.00%
Ameren [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Number of people \| item	7.5
Lease term	30 years
Lease extension	10 years
Scheduled prepayments	$ 48,000,000
Percentage of prepayments	50.00%
TeamConnect LLC [Member] \| Goosetown [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Recurring revenue	20.00%
Recurring revenue term	2 years

Revenue (Schedule of Contract Assets) (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2021 USD ($)
Revenue [Abstract]
Balance	$ 381
Additions	8
Balance	389
Capitalized Contract Cost, Net, Classified [Abstract]
Balance	389
Less amount classified as current assets - included in prepaid expenses and other current assets	(78)
Noncurrent assets - included in other assets	$ 311

Revenue (Schedule of Contract Liabilities) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021
Revenue [Abstract]
Balance	$ 2,983
Revenue recognized	(182)
Balance	2,801
Contract with Customer, Liability [Abstract]
Balance	2,801	$ 2,983
Less amount classified as current liabilities	(737)	(737)
Noncurrent liabilities	$ 2,064	$ 2,246

Intangible Assets (Narrative) (Details) - USD ($)	3 Months Ended
Intangible Assets (Narrative) (Details) - USD ($)	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2021
Acquired Indefinite-lived Intangible Assets [Line Items]
Initial Deposits	$ 3,600,000		$ 2,300,000
Impairment charges	0	$ 0
Acquisitions	4,900,000
Prepaid Expenses and Other Current Assets [Member]
Acquired Indefinite-lived Intangible Assets [Line Items]
Initial Deposits	3,100,000		1,900,000
Other Assets [Member]
Acquired Indefinite-lived Intangible Assets [Line Items]
Initial Deposits	500,000		$ 500,000
Wireless Licenses [Member]
Acquired Indefinite-lived Intangible Assets [Line Items]
Acquisitions	$ 4,877,000

Intangible Assets (Schedule of Indefinite-Lived Intangible Assets) (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2021 USD ($)
Indefinite-lived Intangible Assets [Line Items]
Balance	$ 122,117
Acquisitions	4,900
Balance	126,994
Wireless Licenses [Member]
Indefinite-lived Intangible Assets [Line Items]
Balance	122,117
Acquisitions	4,877
Balance	$ 126,994

Related Party Transactions (Details) - USD ($)	1 Months Ended	3 Months Ended
Related Party Transactions (Details) - USD ($)	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2021
Related Party Transaction [Line Items]
Revenue recognized		$ (182,000)
Contract liability		2,801,000		$ 2,983,000
Motorola [Member]
Related Party Transaction [Line Items]
Revenue recognized		182,000	$ 182,000
Purchase of equipment		0	0
Equipment Supplier [Member]
Related Party Transaction [Line Items]
Payable to related parties		120,000		120,000
Rachelle B. Chong [Member]
Related Party Transaction [Line Items]
Consulting fees		36,000	24,000
Payable to related parties		0		0
Brian D. McAuley [Member]
Related Party Transaction [Line Items]
Consulting fees		10,000
Payable to related parties		0		0
Consulting agreement, cash compensation per year		$ 40,000
Shares issued for services	18,761
Early Termination, Term		30 days
TeamConnect LLC [Member]
Related Party Transaction [Line Items]
Service fee term		24 months
TeamConnect LLC [Member] \| PDVConnect [Member]
Related Party Transaction [Line Items]
Contract liability				$ 32,000
Recurring revenue term		48 months
Goosetown And A BEEP [Member] \| PDVConnect [Member]
Related Party Transaction [Line Items]
Revenue recognized		$ 15,000	$ 176,000

Impairment and Restructuring Charges (Narrative) (Details)		3 Months Ended
	Dec. 31, 2018 employee	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Mar. 31, 2021 USD ($)
Restructuring Cost and Reserve [Line Items]
Impairment of long-lived assets		$ 15,000	$ 29,000
Property and equipment, net		3,416,000		$ 3,574,000
December 2018 Cost Reductions [Member]
Restructuring Cost and Reserve [Line Items]
Positions eliminated \| employee	20
Percentage of positions eliminated	30.00%
Network Sites and Equipment [Member]
Restructuring Cost and Reserve [Line Items]
Impairment of long-lived assets		15,000	29,000
Property, Plant and Equipment [Member]
Restructuring Cost and Reserve [Line Items]
Impairment of long-lived assets		15,000	29,000
Property and equipment, net		$ 0	$ 0

Impairment and Restructuring Charges (Schedule of Accrued Restructuring Charges) (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2020 USD ($)
December 2018 Cost Reductions [Member]
Restructuring Reserve [Roll Forward]
Severance costs	$ 14

Leases (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
Leases (Narrative) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Lease [Line Items]
Lease extension		10 years
Lease rent expense		$ 500	$ 700
Decrease in ROU	$ 19
Decrease in liability	20
Gain on disposal of long-lived assets	$ 1	$ (3)	1
Cost of Revenue [Member]
Lease [Line Items]
Lease rent expense			400
Selling, General and Administrative Expenses [Member]
Lease [Line Items]
Lease rent expense			$ 300

Leases (Additional Lease Cost Information) (Details)	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020
Lease, Cost [Abstract]
Weighted average term - operating lease liabilities	4 years 2 months 26 days	4 years 4 months 24 days
Weighted average incremental borrowing rate – operating lease liabilities	13.00%		13.00%

Leases (Lease Cost) (Details) - USD ($) $ in Thousands	3 Months Ended
Leases (Lease Cost) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020
Lease, Cost [Abstract]
Operating lease cost (cost resulting from lease payments)	$ 513	$ 659
Short term lease cost	4	3
Sublease income		(3)
Net lease cost	$ 517	$ 659

Leases (Supplemental Lease Information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2021
Leases [Abstract]
Operating lease - operating cash flows (fixed payments)	$ 587	$ 723
Operating lease - operating cash flows (liability reduction)	377	467
Right of use assets obtained in exchange for new operating lease liabilities	66
Non-current assets - right of use assets, net	4,800	5,100	$ 5,100
Current liabilities - operating lease liabilities	1,431	1,470	1,470
Non-current liabilities - operating lease liabilities	$ 5,263	$ 5,601	$ 5,601

Leases (Future Minimum Payments) (Details) $ in Thousands	Jun. 30, 2021 USD ($)
Leases [Abstract]
2022 (excluding the three months ended June 30, 2021)	$ 1,669
2023	2,099
2024	1,953
2025	1,553
2026	866
After 2026	596
Total future minimum lease payments	8,736
Amount representing interest	(2,042)
Present value of net future minimum lease payments	$ 6,694

Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021
Income Tax Disclosure [Line Items]
Net operating loss carryforwards, no expiration	$ 31,900
Deferred tax expense	300
Federal and State [Member]
Income Tax Disclosure [Line Items]
Deferred tax expense	146
Federal [Member]
Income Tax Disclosure [Line Items]
Deferred tax liability	2,000
Net NOL carryforwards	24,900	$ 266,300
Net operating loss carryforwards		125,100
Net operating loss carryforwards, no expiration		141,200
State [Member]
Income Tax Disclosure [Line Items]
Deferred tax liability	1,400
Net NOL carryforwards	$ 20,100	152,300
Net operating loss carryforwards		114,400
Net operating loss carryforwards, no expiration		$ 37,900

Stock Acquisition Rights, Stock Options and Warrants (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands				1 Months Ended		3 Months Ended
	Feb. 01, 2021	Jan. 01, 2021	Sep. 15, 2014	May 31, 2021	Dec. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Subsidiary equity units for which investor has right to convert to common stock						500,000
General and administrative						$ 9,730	$ 7,544
Product development						1,003	801
Sales and support						$ 1,055	701
2014 Stock Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock authorized and reserved for issuance						5,027,201
Shares available						1,435,468
Percentage of increase in number of shares of common stock issued and outstanding		5.00%				5.00%
Additional common stock authorized and reserved for future issuance		879,216
Common Class B Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion ratio						one
Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of units owned						100.00%
PDV Spectrum Holding Company, LLC [Member] \| Common Class B Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued during period value to purchase of assets			$ 10,000
Proceeds from investment, shares			500,000
Sale of stock, price per share			$ 20.00
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense						$ 2,600	1,700
Unvested compensation expense						$ 22,700
Weighted average period of recognition of unrecognized compensation cost						3 years
Awards issued						270,802
Awards forfeited						31,677
Restricted Stock [Member] \| Selling, General and Administrative Expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense						$ 2,300	1,600
Restricted Stock [Member] \| Research and Development Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense						200	100
Restricted Stock [Member] \| Cost of Revenue [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense						$ 100	41
Performance-Based Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards issued
Awards forfeited
Performance-Based Restricted Stock Units [Member] \| Chief Executive Officer [Member] \| CSPM [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested compensation expense						$ 1,000
Weighted average period of recognition of unrecognized compensation cost						3 years 2 months 26 days
Performance-Based Restricted Stock Units [Member] \| Chief Executive Officer [Member] \| Selling, General and Administrative Expenses [Member] \| CSPM [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense						$ 100
Performance-Based Restricted Stock Units [Member] \| First Anniversary [Member] \| Chief Executive Officer [Member] \| CSPM [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting if target metric achieved					15,025
Performance-Based Restricted Stock Units [Member] \| Second Anniversary [Member] \| Chief Executive Officer [Member] \| CSPM [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting if target metric achieved					30,049
Performance-Based Restricted Stock Units [Member] \| Third Anniversary [Member] \| Chief Executive Officer [Member] \| CSPM [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting if target metric achieved					60,098
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense						400	$ 200
Unvested compensation expense						$ 1,500
Weighted average period of recognition of unrecognized compensation cost						1 year 7 months 6 days
Stock options forfeited				20,132
Adjustments to Additional Paid in Capital, Other				$ (1,000)
Stock options awarded						0
Performance-Based Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options awarded						0
TSR Performance Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense						$ 200
Unvested compensation expense						$ 2,900
Weighted average period of recognition of unrecognized compensation cost						3 years 8 months 4 days
Awards issued	45,000
TSR Performance Units [Member] \| Continued Service And Stock Price Levels [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of vesting for stock granted to employees						25.00%
TSR Performance Units [Member] \| Continued Service And Stock Price Levels [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of vesting for stock granted to employees						350.00%

Stock Acquisition Rights, Stock Options and Warrants (Summary of Restricted Stock and Restricted Stock Units Activity) (Details) - Restricted Stock [Member]	3 Months Ended
	Jun. 30, 2021 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Outstanding \| shares	475,759
Stock, Granted \| shares	270,802
Stock, Vested \| shares	(75,011)
Stock, Forfeited \| shares	(31,677)
Stock Outstanding \| shares	639,873
Weighted Average Grant Date Fair Value, Stock Outstanding \| $ / shares	$ 42.48
Weighted Average Grant Date Fair Value, Stock, Granted \| $ / shares	48.12
Weighted Average Grant Date Fair Value, Stock, Vested \| $ / shares	(42.10)
Weighted Average Grant Date Fair Value, Stock, Forfeited \| $ / shares	(44.86)
Weighted Average Grant Date Fair Value, Stock Outstanding \| $ / shares	$ 44.79

Stock Acquisition Rights, Stock Options and Warrants (Summary of Performance Stock Activity) (Details) - Performance-Based Restricted Stock Units [Member]	3 Months Ended
	Jun. 30, 2021 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Outstanding \| shares	75,049
Stock, Granted \| shares
Stock, Forfeited \| shares
Stock Outstanding \| shares	75,049
Weighted Average Grant Date Fair Value, Stock Outstanding \| $ / shares	$ 58.65
Weighted Average Grant Date Fair Value, Stock, Granted \| $ / shares
Weighted Average Grant Date Fair Value, Stock, Forfeited \| $ / shares
Weighted Average Grant Date Fair Value, Stock Outstanding \| $ / shares	$ 58.65

Stock Acquisition Rights, Stock Options and Warrants (Summary of Stock Option Activity) (Details) - Stock Options [Member]	3 Months Ended
	Jun. 30, 2021 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Outstanding \| shares	1,663,223
Options, Granted \| shares	0
Options, Exercised \| shares	(315,937)
Options Outstanding \| shares	1,347,286
Weighted Average Exercise Price, Options outstanding	$ 24.96
Weighted Average Exercise Price, Granted
Weighted Average Exercise Price, Exercised	20.80
Weighted Average Exercise Price, Forfeited/Expired
Weighted Average Exercise Price, Options outstanding	$ 25.93

Stock Acquisition Rights, Stock Options and Warrants (Summary of Performance Stock Options) (Details) - Performance-Based Stock Options [Member]	3 Months Ended
	Jun. 30, 2021 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Outstanding \| shares	48,417
Options, Granted \| shares	0
Options, Exercised \| shares	(6,635)
Options, Forfeited/Expired \| shares
Options Outstanding \| shares	41,782
Weighted Average Exercise Price, Options outstanding \| $ / shares	$ 46.85
Weighted Average Exercise Price, Granted \| $ / shares
Weighted Average Exercise Price, Exercised \| $ / shares	(46.85)
Weighted Average Exercise Price, forfeited/expired \| $ / shares
Weighted Average Exercise Price, Options outstanding \| $ / shares	$ 46.85

Contingencies (Details) $ in Thousands, item in Millions	1 Months Ended	3 Months Ended
Contingencies (Details) $ in Thousands, item in Millions	Feb. 28, 2021 USD ($)	Jun. 30, 2021 USD ($) item	Mar. 31, 2021 USD ($)
Commitments And Contingencies [Line Items]
Number of people \| item		7.5
Contingent liability		$ 20,000	$ 20,000
Payments to Acquire Productive Assets	$ 20,000
Asset Acquisition, Consideration Transferred, Contingent Consideration	30,000
Deferred Tax Liabilities, Deferred Expense		$ 300
SDG&E [Member]
Commitments And Contingencies [Line Items]
Number of people \| item		3.6
Asset Acquisition, Consideration Transferred	50,000
Payments to Acquire Productive Assets	$ 20,000

Business Concentrations (Details)	3 Months Ended
Business Concentrations (Details)	Jun. 30, 2021 USD ($) item	Mar. 31, 2021 USD ($)
Concentration Risk [Line Items]
Accounts receivable \| $	$ 0	$ 4,000
Reseller [Member] \| Sales Revenue, Services, Net [Member] \| Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Number of resellers \| item	1
Concentration risk, percentage	14.00%